Do billionaires/multimillionaires/celebs use credit cards?

[Anonymous]

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@Anonymous wrote:
I guarantee you if I'm walking around with a wad full of cash in one pocket, I'm also carrying 22 close to half inch wide reasons why no one should try to rob me.

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lol I hear ya. Most of the individuals the OP described would likely be traveling with a full entourage at all times complete with private security so it's really not that big of an issue for them.

[Anonymous]

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@Anonymous wrote:
I guarantee you if I'm walking around with a wad full of cash in one pocket, I'm also carrying 22 close to half inch wide reasons why no one should try to rob me.

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Yeah I'd just hire a private military to follow me around and clear out the area so no one could even try to rob me in the first place, but that's just me.

[Anonymous]

Really wealthy famous people do wire transfers via their accountant for major purchases. I knew a Salon shoe salesperson at the Nordstrom at San Francisco Center. He said the high end customers have an open end no limit card and many times they make an appointment to sho

Millionaires vary in how they handle money. One that I know doesn't believe in debt and always has $100 bills in his wallet. He is frugal but will buy quality items after analyzing his potential purchases. Him and his wife buy a new vehicle every two years through an auto broker and always seek the best deal and pay for it with a cashiers check.

The other one carries a Wells Fargo debit card and a Discover card. He usually has  a chunk of cash in a money clip, but runs a lot through his Discover card and pays in full each month.

[Anonymous]

Google the quote below and Tori Spelling, Ed McMahon,and  Kim Kardashion, and you'll find that the rich not only use credit cards, they sometimes get into trouble with them too.  

"Celebrities and their high-powered attorneys need to understand that when it comes to responsibly using credit, the same rules apply to them as to the rest of us. " said Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling.

[Anonymous]

Tori Spelling pretty much admitted she was flat broke. She spent all that money over the last couple of years on that oxygen show acting like she was rich and having Kid after kid. She screwed herself.

[Imperfectfuture]

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@Anonymous wrote:

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@Anonymous wrote:
I guarantee you if I'm walking around with a wad full of cash in one pocket, I'm also carrying 22 close to half inch wide reasons why no one should try to rob me.

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Yeah I'd just hire a private military to follow me around and clear out the area so no one could even try to rob me in the first place, but that's just me.

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That's just the President's club (not something one can join).

[Anonymous]

I'm pretty sure it all depends on people, but i'm sure they have couple hundred to grand in their wallet as emergency cash, just like i carry about 50 bucks as emergency cash. But use credit cards for everything else.

oh... unless you know... they "make it rain", can't do that with couple credit cards.

[-Cal-]

To further elaborate on my answer since the title is changed. I know a few dozen people who are either celebrity/athelete/executive or worth 8-9 figures. We periodically grab lunch or dinner and they always cover the bill. Almost all of them pay with their Centurion or Amex Platinum card (most of them use Platinum). There is one executive I know who is worth 8 figures who almost uses their Capital One Platinum (or it could be Platinum Prestige) exclusively. 

[Anonymous]

If I were a multimillionaire I certainly would use a credit card. Fraud protection would be the biggest reason why - I wouldn't want my debit card info skimmed and end up with the pain and hassle of having to deal with that, just like I don't want to deal with it with my real life paltry account balances.  I already don't carry cash so if I were worth some serious money I don't see why I'd start carrying cash, and there's already a built in reason why credit cards are safer than debit cards, so I'd take the extra layer of protection.

[black_citi]

One celebrity that comes to mind is Floyd Mayweather. If you don't know his spending habits look him up. From what I've read, he hates credit cards and pays only in cash. I'm sure he has some type of financial lawyer to help with his cash flow because the man is worth sum 300 million and after this fight, he might be close to 400 million regardless whether he wins or looses. Also it is said he keeps 123 million in ONE bank account. I am sure his yearly interest earnings are north of 500k.

The man has 3 buggatti's and a whole bunch of other luxury cars and sports cars. Don't know if he pays cash for all that or finances it but since his money is growing then its good for him.

I've heard Warren Buffet is a very conservative spender. Despite being worth 80 billion or so, I've heard he wears cheap suits. Bill Gates also seems to be rather conservative. Nothing wrong with that of course. I've heard of Kim K. and others spending 10s of thousands in one day at one store. Wow.