What credit cards do millionaires have?

Millionaires tend to have excellent credit and access to exclusive credit cards with luxury perks and benefits. While each millionaire’s spending habits and financial goals are different, there are a few credit cards that are popular among the wealthy elite.

High-End and Exclusive Cards

Many millionaires hold credit cards that have luxury perks, exclusive benefits, and premium status symbols. Some popular high-end cards include:

American Express Centurion Card (Invitation Only) – Known as the “Black Card,” has a $10,000 initiation fee and $5,000 annual fee. Offers unlimited airport lounge access, personal concierge, elite status and more.
JP Morgan Reserve Card – Has a $575 annual fee. Offers airport lounge access, $300 annual travel credit, elite status and more. Requires $5 million+ in assets with Chase Private Client.
Citi Chairman Card – No preset spending limit and access to a personal banker. Invite only for Citi’s wealthiest clients.
Dubai First Royale Mastercard – Encrusted with diamonds and limited to 100 members. Has a $10,000 annual fee.
Stratus Rewards Visa – Made with .925 sterling silver and carbon. By invite only and has a $1,500 annual fee.

These exclusive cards offer luxury perks, status, and service levels catered specifically to millionaires and the ultra-wealthy. Holding them can open doors and signify prestige.

Cards with Lucrative Rewards

In addition to status symbols, millionaires also look for credit cards that offer rewards aligned with their spending patterns and financial goals. Popular options include:

Chase Sapphire Reserve – Offers 3x points on dining and travel and other premium perks. Annual fee of $550.
American Express Platinum – Provides 5x points on flights and hotels. Has a $695 annual fee.
Citi Prestige – Gives 5x points on dining and air travel. Has a $495 annual fee.
Capital One Venture X – Offers 2x miles on all purchases and valuable travel benefits. Has a $395 annual fee.
Bank of America Premium Rewards – Provides 2x points on dining and travel with a $95 annual fee.

For millionaires who spend heavily on travel, dining, entertainment, etc., cards that provide multiplied points/miles can deliver huge rewards value. This gives them luxury vacations, flights, and more.

Low APR Cards

While millionaires have substantial assets, some still choose credit cards focused on low interest rates. Benefits include:

Making large purchases over time without accruing major interest fees.
Consolidating debt from other cards at a lower rate.
Having access to low-rate financing for businesses or investments.
Avoiding interest charges if a balance is carried month-to-month.

Some popular low APR cards include:

Citi Simplicity Card – Offers 0% APR for 21 months on purchases and balance transfers.
BankAmericard – Provides 0% APR for 18 months on purchases and balance transfers.
U.S. Bank Visa Platinum – Comes with 0% APR for 20 months on balance transfers.
Wells Fargo Platinum – Has 0% APR for 18 months on purchases and balance transfers.

Business and Corporate Cards

Millionaire business owners often hold specialized business credit cards, including:

Business Platinum Card from American Express – Provides 5x points on flights and hotels, airport lounge access, and other premium perks.
Ink Business Preferred Credit Card – Offers 3x points on travel, shipping, internet/cable/phone services, and advertising with Chase.
Capital One Spark Cash Plus – Gives 2% cash back on all purchases.
Blue Business Plus Credit Card from American Express – Offers 2x points on everyday business purchases up to $50,000 annually.

These cards provide robust rewards on common business spending categories. Some offer valuable benefits like lounge access, credits, and status with hotel chains and airlines.

Secured Cards

Some millionaires may start off building credit with secured credit cards if they don’t qualify for premium rewards cards yet. These require an upfront security deposit that acts as the credit limit. Secured cards that are popular among wealthy business owners and investors include:

Discover it Secured Credit Card
Capital One Secured Mastercard
Bank of America Customized Cash Secured Credit Card
Chase Secured Credit Card

After establishing good payment history with a secured card, millionaires can qualify for premium rewards and status cards.

Charge Cards for Big Spenders

Millionaires with substantial wealth sometimes qualify for exclusive charge cards that have no preset spending limit. These cater specifically to big spenders who can afford large purchases and pay off balances in full each month. Popular options include:

American Express Centurion Card
JP Morgan Reserve Card
American Express Platinum Card
Citi Chairman Card

Charge cards allow millionaires flexibility in purchasing luxury goods, travel, and other expenses without worrying about hitting a limit.

What Credit Cards Do Millionaires Avoid?

There are certain types of credit cards millionaires tend to avoid, including:

Store Retail Cards – Retail store cards tend to have less attractive rewards programs, higher APRs, and fewer benefits compared to general rewards cards.
Cards with Annual Fees Over $500 – Unless the benefits match spending levels and lifestyle, most millionaires avoid ultra-premium cards with excessive annual fees.
Prepaid Debit Cards – Prepaid cards have lower acceptance and lack the flexibility and benefits of true credit cards.
Credit Builder Cards – Designed for those looking to establish credit, not ideal for millionaires who already have high scores.

Do All Millionaires Use Credit Cards?

While credit cards are ubiquitous among high-net-worth households, not all millionaires rely on them equally. Usage depends on factors like:

Spending habits – Minimalists may use credit cards sparingly or not at all.
Privacy concerns – Those wanting increased privacy and security may avoid cards.
Debt philosophies – Some millionaires avoid debt altogether and don’t believe in credit as a personal finance tool.
Frugality – Those who live frugally likely minimize credit card spending and rewards programs.

Ultimately, credit card use among millionaires varies substantially based on personal philosophy and financial management strategies.

Do Millionaires Pay Off Credit Cards Every Month?

Most millionaires do pay off their credit card balances in full each month. Benefits of paying in full include:

Avoiding interest charges – Carrying a balance can negate the value of rewards.
Building credit – Demonstrates responsible use and helps maintain excellent scores.
Maintaining liquidity – Allows funds to remain invested or in savings accounts earning interest.
Simplification – Paying monthly helps tracking finances and managing cash flow.

That said, some millionaires may occasionally carry a balance to make a large purchase over time or lower opportunity costs by keeping investments intact.

Do Millionaires Use Debit Cards or Cash More than Credit?

Most millionaires use credit cards for the majority of purchases and rarely rely on debit cards or cash. Benefits of credit cards for the wealthy include:

Consumer protections – Better fraud protection and ability to dispute claims.
Rewards – Can take advantage of lucrative points, miles, and cash back.
Perks – Cardholder benefits like airport lounge access, credits, and status.
Convenience – Easy tracking of expenses. Don’t need to carry cash.
Build credit – Helps maintain excellent scores and approval for top cards.

Debit cards lack many of those benefits. And cash offers no chance to earn rewards or perks in return for spending.

Strategies Millionaires Use to Maximize Credit Card Rewards

To maximize their credit card rewards, millionaires employ strategies like:

Using the right card for the purchase – Making sure to use cards that offer the most rewards for each spending category.
Welcome bonuses – Signing up for cards with lucrative welcome offers and meeting minimum spend.
Everyday spending – Putting all regular purchases on cards that provide accelerated earn rates.
Meeting annual thresholds – Hitting cardholder tier levels to earn enhanced rewards.
Point/mile transfers – Transferring rewards to partner loyalty programs to enhance value.
Redeeming for outsized value – Using points for high-end travel, events, and unique experiences.

Maximizing rewards takes research and often having multiple cards to use strategically. But it allows millionaires to get enormous value from their spending.

How Many Credit Cards Do Most Millionaires Have?

Most millionaires have 2 to 4 credit cards, on average. However, more affluent individuals may have 5 or more cards. Reasons millionaires can benefit from multiple cards include:

Maximizing rewards for different spending categories
Ability to earn multiple welcome bonuses
Separating personal and business expenses
Having access to different benefits like airport lounge programs
Ensuring available credit for large purchases
Taking advantage of 0% intro APR offers

Having several cards provides flexibility and allows structuring spending to maximize value. But it requires diligence to avoid unnecessary fees or interest.

How Credit Cards Help Millionaires Manage Their Finances

For millionaires, credit cards provide tools that facilitate managing substantial wealth and assets, including:

Tracking expenses – Itemized monthly statements help monitor spending.
Managing cash flow – Delayed payment timing compared to cash or debit payments.
concurrency – Ability to separate personal and business spending.
Earning rewards – Points and miles redeemable for luxury experiences.
Consolidating – Can consolidate and pay off other debts at lower interest rates.

Credit cards provide both convenience and strategic advantage for millionaires in managing their finances and leveraging their spending.

Credit Card Habits to Avoid

While credit cards provide many benefits, millionaires are careful to avoid habits that can lead to financial mismanagement or debt issues. Some key habits to avoid include:

Paying only minimums – Leads to accruing interest and negates rewards value.
Charging more than affordability allows – Overspending and inability to pay off monthly.
Too many cards – Difficult to track and manage rewards and benefits.
Carrying card balances – Interest charges outweigh rewards earning.
Late fees – Lead to additional charges and credit score damage.
Multiple cash advances – Expensive way to get quick cash.

Avoiding these habits requires both discipline and organization for millionaires to maximize the benefits credit cards provide.

Tips for Managing Credit Cards

Millionaires are judicious in how they choose and manage their credit cards. Here are some best practice tips:

Have a set budget for spending across all cards each month.
Automate payments to avoid late fees and interest.
Match cards to spending categories to maximize rewards.
Pay off balances every month and don’t carry a revolving balance.
Review statements carefully to catch any unauthorized charges.
Check credit reports regularly and monitor credit utilization.
Take advantage of cardholder benefits like purchase protection and credits.

Proactive credit card management helps millionaires access rewards and perks while avoiding downsides like debt accumulation.

How Credit Cards Support Millionaire Lifestyles

For millionaires, credit cards provide unmatched convenience and flexibility to match their lifestyles. Key advantages include:

Travel – Rewards points for airfare and hotels, lounge access, elite status, and travel protections.
Luxury goods – Ability to purchase high-end items and pay over time if needed.
Special access – Cardholder events, experiences, and lifestyle managers provide VIP treatment.
Cash flow – Delayed payment flexibility compared to debit/cash for large purchases or investments.
Security – Protection against fraud and ability to dispute unauthorized charges.

Credit cards provide both practical and aspirational value that supports affluent lifestyles in tangible ways.

The Bottom Line

Millionaires tend to leverage credit cards to match their affluent lifestyles and find ones that provide exclusive status, robust rewards aligned with spending patterns, and valuable benefits. While habits vary based on personal philosophies, credit cards are powerful financial tools that the majority of millionaires use strategically and judiciously to maximize value while building their net worth.