How the rich use credit cards

[takeshi74]

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@Anonymous wrote:

You should see my grocery bill for 2 of us.  No problems in meeting that $6K.

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Same here.  You don't have to have kids to exceed that cap.

[Berk]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Here's information on how the wealthy use which credit cards:

http://www.nextadvisor.com/blog/2014/09/22/how-To-use-credit-cards-like-wealthy/?kw=tbla_tab_wealthy4-17&site=rs-rawstory

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Eh, hardly anything related to being rich.  Just another blogger giving his opinion on what cards are best for what.  You get better advice here.

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What's that they say about opinions?

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Mine are the only ones that are right.

[Anonymous]

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@Berk wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Here's information on how the wealthy use which credit cards:

http://www.nextadvisor.com/blog/2014/09/22/how-To-use-credit-cards-like-wealthy/?kw=tbla_tab_wealthy4-17&site=rs-rawstory

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Eh, hardly anything related to being rich.  Just another blogger giving his opinion on what cards are best for what.  You get better advice here.

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What's that they say about opinions?

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Mine are the only ones that are right.

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Your opinion.

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:

Here's information on how the wealthy use which credit cards:

http://www.nextadvisor.com/blog/2014/09/22/how-To-use-credit-cards-like-wealthy/?kw=tbla_tab_wealthy4-17&site=rs-rawstory

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Eh, hardly anything related to being rich.  Just another blogger giving his opinion on what cards are best for what.  You get better advice here.

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I like the beginning of the first comment on the article:

"I'd love to know how many "wealthy" people this author interviewed before writing this ad for credit card companies and banks. I'm guessing the number is well below three."

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Here's information on how the wealthy use which credit cards:

http://www.nextadvisor.com/blog/2014/09/22/how-To-use-credit-cards-like-wealthy/?kw=tbla_tab_wealthy4-17&site=rs-rawstory

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Eh, hardly anything related to being rich.  Just another blogger giving his opinion on what cards are best for what.  You get better advice here.

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I like the beginning of the first comment on the article:

"I'd love to know how many "wealthy" people this author interviewed before writing this ad for credit card companies and banks. I'm guessing the number is well below three."

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No doubt.  

[Anonymous]

Didn't read the article, but my opinion is as good as any.  The average wealthy person probably has little clue about the benefits of various cards, but probably likes the idea in general of having access to airline lounges and no foreign transaction fees.  They probably also like cool looking cards that come with some status, like AMEX gold, platinum or black, or one of the cards that is made of metal.  I doubt there is some grand master plan that the rich have for their cards that this forum would be ignorant of. 

There are also some I imagine that enjoy maximizing card benefits the way people do on this forum, but most people, rich or poor, have little clue about their cards. 

[Anonymous]

A case study, I have an uncle that is worth over $5 million.  He uses exclusively his Chase United Plus card.  He likes the lounges and thinks he is getting the best benefits possible for getting airline tickets with United -- lives in the Woodlands of Houston and flies to New Orleans and Las Vegas regularly.  If he wanted money for airline tickets, he would be better off with DoubleCash.  Save the $395 annual fee, and just stack the cash back bonuses until he's ready to travel, of course he would have to kiss the lounge access good-bye, but he would have an extra free airline ticket or more each year. 

[longtimelurker]

I assume there is a lot of variation among wealthy people: those that continue to watch every penny would indeed use reward cards for much the same reason as the "Free money" crowd here, but for others this will be well down the list.   Even say a 10% back everywhere credit card isn't going to build wealth, compared to the many opportunties available for the really rich.