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- I polled financial advisors to find out which credit cards are most popular with the ultra-wealthy.
- Cards that offer simplicity and travel perks are among the most appealing to high-net-worth clients.
- A high rate of cash back earning also ranks highly for some.
- Read Insider's guide to the best rewards credit cards.
The information for the following product(s) has been collected independently by Business Insider: Centurion® Card from American Express. The details for these products have not been reviewed or provided by the issuer.
Daphne Youree
For the past few months, I've spent quality time researching new credit cards. As someone who only opens up a new credit card every five to seven years, I want the next card I go with to have the perks and benefits that make the most sense for my lifestyle.
Before I make my final decision, I want to make sure I'm considering all of the credit cards out there — even ones that seem out of my reach because of their high annual fees or income requirements. While these cards might not be in my scope of affordability today, knowing what they offer and why some people are eager to get their hands on them can help me see what perks matter to those who have a lot of money.
What credit cards do the wealthy use?
To help me enter the mindset of the rich, I decided to ask financial advisors, who have millionaire and billionaire clients, which credit cards they flock toward.
"Millionaires want simplicity," says financial planner R.J. Weiss.
So while some people use credit cards in a strategic way to optimize their spending for rewards, Weiss says that most millionaires he works with don't.
"They've stuck with a small handful of cards over the course of sometimes decades and aren't looking to do anything new here, even though they understand they might not be fully optimized," says Weiss.
Here are the credit cards that seem to be the most swoon-worthy for those with a high net worth.
Amex Platinum Card
According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express.
While this card comes with a wide range of perks that make it seem too good to be true, it also comes with a hefty annual fee, which is higher than most other credit cards. It's also not so easy to get your hands on. There is no official income requirement, however, Amex will take your income into consideration when they decide whether or not to approve you for the Amex Platinum Card.
Weiss says that some of the perks of this card that his clients highly regard include:
- Increased point earning on eligible travel when booked directly with American Express
- Annual prepaid hotel credit for eligible expenses
- Monthly digital entertainment credits**
- Best-in-class lounge access
- Monthly Uber Cash credits**
- Flexible points that can be used for statement credits or transferred to airline and hotel partners
Read our American Express Platinum Card review.
Chase Sapphire Reserve
One credit card that's accessible to people who aren't millionaires is the Chase Sapphire Reserve. However, this card usually requires an excellent credit score for approval and has a high annual fee.
But when it comes to perks, it offers benefits that are in line with some of the more premium cards out there, which is why Gene McManus, CFP and CFA, says it's popular with his high-net-worth clients.
"The Chase Sapphire Reserve card has some excellent privileges that the higher net worth client who is, also, a consumer of travel services would find beneficial, and they would meet the financial requirements to be approved for the card," says McManus.
As for the annual fee, McManus says it's worth the cost since there's a strong bonus for new customers — plus an annual travel credit that can help justify the cost of the annual fee.
Some of those perks that McManus says are popular with his clients include:
- Enhanced rewards on flights purchased through the Chase Ultimate Rewards portal
- Annual travel credit
- Lounge access
- Fee credit for Global Entry, TSA PreCheck, or NEXUS
- 50% more redemption value on travel purchased through Chase
Read our Chase Sapphire Reserve card review.
American Express Centurion 'Black' Card
The Centurion® Card (more commonly known as the American Express Black Card) doesn't accept applications — instead, you'll have to be selected by Amex. The information for The Centurion® Card has been collected independently by Business Insider and has not been reviewed by the issuer.
"This card is offered by American Express primarily by invitation only," says McManus. "The 'classified' benefits range from having someone escort you through security at airports to reservations at restaurants that are impossible to get. Just having the Centurion card in the wallet or purse is a status symbol for some."
The cost of this card is one of the highest and includes:
- An initiation fee of $10,000
- An annual fee of $5,000 for the primary cardholder
- An annual fee of $5,000 for each additional cardholder (maximum of two additional cardholders)
While this credit card is tough to get, here's how someone can get access to this card:
- Be an existing Amex cardholder for at least one year
- Make at least $250,000 in purchases on your Amex cards
- While most people are invited to apply for this card, you can also request an invite by visiting the Centurion card portal
The perks of this card that seem to attract the wealthy include:
- Access to Centurion International Arrival Services
- Exclusive lounge access
- Annual airline incidental fee credit for an eligible airline you select each year
- Biannual Saks Fifth Avenue credits
- Centurion Shopping Program
- Exclusive event sales and VIP experience access
- Return and purchase protection
- Extended warranty protection
Read our Amex Centurion card review.
Capital One Spark Cash Plus
One small-business credit card that financial planner Evon Mendrin, says is popular with clients is the Capital One Spark Cash Plus† . While it doesn't have as robust benefits as a travel rewards card, Mendrin says its unlimited 2% cash back is a perk wealthy clients appreciate.
However, one thing to consider about this card is that it does have an annual fee.
"If you're spending beyond $7,500 per year and want a simple cash back benefit with no cap, the annual fee may be worth it," says Mendrin. "Many business owners prefer function over flair, and this simple benefit can provide a nice cash benefit without worrying about different point systems."
Benefits of this card include:
- A strong welcome bonus offer.
- No preset spending limit because it's a charge card. However, you must pay off your balance in full every month to avoid a fee.
Read our Capital One Spark Cash Plus card review.
This article was originally published in April 2022.
† The information related to the Capital One Spark Cash Plus has been collected by Business Insider and has not been reviewed by the issuer.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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