What Credit Cards Do Millionaires Use?

The ultra-wealthy have access to exclusive black cards with luxury perks, no preset spending limits, and prestige. But what specific credit cards do millionaires carry in their wallets? Here‘s an in-depth look at the top credit cards favored by high-net-worth individuals and the reasons why they meet the needs of the affluent lifestyle.

Centurion® Card from American Express

The American Express Centurion Card, also known as the "Black Card," is the most iconic and recognizable credit card of the wealthy elite. To receive an invitation, you must meet Amex‘s highest spending thresholds. While the eligibility criteria is secret, it‘s estimated you‘ll need a minimum annual income and spending of around $500,000 to $1 million.

Once invited, there‘s a one-time initiation fee of $10,000 and annual fee of $5,000. But for frequent travelers who can maximize the rewards, the perks far outweigh the yearly costs.

Here‘s why millionaires love the Amex Centurion:

• No preset spending limit – With no cap on monthly spending, you can use the card for extravagant purchases without hassle.

• Elite travel benefits – The Centurion provides elite status at Hotel Collection properties, airport lounge access, and upgrades/perks with cruise lines and car rental companies.

• Personal concierge – A dedicated concierge can assist with restaurant reservations, event tickets, travel arrangements, and any request imaginable.

• Valuable membership rewards – You‘ll earn points on everyday purchases that can be redeemed for flights, hotels, experiences, and more.

According to American Express, there are only about 15,000 Centurion cardholders in the total U.S. It‘s exclusivity makes it a status symbol among the wealthy.

JP Morgan Reserve Credit Card

JP Morgan‘s invite-only Reserve card is tailored to their highest net worth private clients. To qualify, you‘ll likely need at least $10 million in investable assets with Chase.

This metal credit card has a $10,000 initiation fee and $450 annual fee. Cardholders earn:

• 15,000 Chase Ultimate Rewards® points when you spend $75,000 in a calendar year
• 30,000 points for $125,000 yearly spend
• 50,000 points for $250,000 yearly spend

Priority Pass Select airport lounge membership is complimentary. There‘s also statement credits up to $100 for CLEAR expedited airport security enrollment.

Perks also include elite status with Hyatt, Ritz-Carlton, and Marriott hotels. If you frequent these chains, the upgrades and amenities can be extremely valuable.

Citi Chairman Card

The Citi Chairman American Express Card is the flagship card for Citi‘s ultra-high-net-worth clients. It‘s available exclusively to Citi Private Bank customers with a minimum of $1 million in assets managed by Citi.

There‘s no preset spending limit, allowing you to use the card for large purchases without restrictions. The earning rates on categories are competitive:

• 2 ThankYou® Points per $1 spent on dining and airfare
• 1 ThankYou® Point per $1 on other purchases

A $300 annual fee applies, which seems reasonable given the rewards potential and lack of spending cap. Chairman cardholders also get complimentary access to American Airline airport lounges when flying with the airline.

Dubai First Royal Mastercard

On the more opulent end of luxury cards is the invitation-only Dubai First Royal Mastercard. Issued by Emirates NBD bank in the United Arab Emirates, it‘s embedded with real gold and .235 carats of diamonds.

Benefits cater to an affluent Middle Eastern lifestyle:

• Complimentary first class air tickets on Emirates Airline
• Automatic upgrades to hotel suites within the Emirates Hotel Group
• Free limo transportation service
• Personal shopper for luxury retail items
• Airport lounge access
• Up to $1 million credit limit

To be invited, you‘ll likely need $1 million+ in liquid assets with Emirates NBD. There are multiple tiers of the card for varying levels of wealth and spending power.

Stratus Rewards Visa Card

The Stratus Rewards Visa is offered by Stratus Wealth Partners, a wealth management firm catering to high net worth individuals.

To qualify, you need at least $100,000 invested in assets managed by Stratus. The $495 annual fee grants you rack up points quickly with:

• 3X points on dining and travel
• 1X points on other purchases

New cardmembers get 50,000 bonus miles after spending $5,000 in the first 90 days. Points can be redeemed for cash back or transferred to airline/hotel partners.

This is a great option for family offices, foundations, and nonprofits who want to earn rewards on investments.

Comparing the Top Cards for Millionaires

Here‘s a comparison of two of the top premium cards favored by millionaires and their elite benefits:

As shown above, the invite-only JP Morgan Reserve provides exceptional earnings potential in addition to high-end travel perks. But the Centurion card is in a class of its own when it comes to luxury benefits and cachet.

Millionaire Card Habits and Behaviors

Millionaires exhibit distinct credit card habits compared to the average American:

• According to Experian, those with a net worth over $1 million average around 4 credit cards compared to 2.5 cards for lower income brackets.

• Wealthy consumers favor premium travel rewards cards which allow them to earn points on high monthly spending for free flights and hotel stays.

• High net worth households dedicate a larger portion of spending to travel and dining where cards maximize rewards.

• The affluent are more likely to pay bills in full each month and avoid interest charges, since they have ample liquidity.

• Wealthy cardholders have bigger credit limits on average, which gives them flexibility to charge major expenses without bumping up against a cap.

• Millionaires tend to optimize their rewards earnings by using the right card for each transaction category.

By leveraging these same strategies – maximizing rewards categories, paying in full, and floating a balance until payment due dates – savvy consumers can emulate millionaire habits even without an exclusive black card.

Which Banks Cater to Millionaires?

In additional to issuing exclusive credit cards, certain banks provide specialized services to cater to the needs of their ultra-high-net-worth clientele:

Citi Private Bank – Dedicated banking teams provide personalized solutions including investments, trusts, and asset management for clients with $25 million+ in investable assets.

Chase Private Client – Concierge banking teams assist those with $250,000+ at Chase. You‘ll receive fee waivers, boosted lending limits, and specialty credit cards like the JP Reserve.

UBS – This global wealth management firm offers premium banking for the ultra-wealthy including tailored lending, tax/estate guidance, philanthropy services, and VIP access.

Northern Trust – Personal bankers help families with $20 million+ in assets manage complex financial lives including investments, trusts, foundations, and family office administration.

HSBC Premier – HSBC‘s Premier program starts at $100,000 in U.S. assets. You‘ll benefit from global reach, travel privileges, and access to investment insights.

Wells Fargo Private Bank – Private bankers work closely with families who have $10 million or more in investable wealth to deliver highly customized solutions.

Takeaways: Emulate Millionaires‘ Card Strategies

Millionaires clearly have access to exclusive black cards the average person can‘t obtain. But you can still spend like a millionaire by following some of their credit card strategies:

• Optimize spending by using the right card for each purchase category
• Take advantage of high welcome bonuses and rewards rates
• Charge big expenses instead of writing checks to earn more points
• Pay off statement balances in full each month
• Ask for credit limit increases periodically as income grows

Putting these tips into practice and being more strategic with your cards can help maximize rewards and points over time. You don‘t need a black card to benefit from elite credit card habits.