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I've been thinking lately and have been heavily debating between going the AMEX Platinum+EDP route (for the simplicty of only two cards) or continue on with the Chase trio (CSR+FU+Freedom) and citi prestige for hotels. I take at least 2 large trips a year ($4k+ each). Baiscally I'm debating on weather the time juggling multiple cards is worth it vs the simplicity of a charge card, a credit card, and 1 visa or mastercard just incase AMEX isn't taken.
What card do most wealthy people use? (I heard that most wealthy people only have and use 1-2 cards)
What company do most wealthy people use? (If it's AMEX right now, will that change now that they have been slacking a bit with making their platinum on par with the others?)
why does it matter what card wealthy people use? who are you impressing when you pay for an item...
@Anonymous wrote:why does it matter what card wealthy people use? who are you impressing when you pay for an item...
Not just this but if one has 10K to spend on two vacations in a year, consider yourself "the wealthy people."
@Anonymous wrote:why does it matter what card wealthy people use? who are you impressing when you pay for an item...
It isn't about impressing at all. It's more of the fact that after I thought about it, I wondered if the time and effort it takes to have a full wallet and juggle cards is worth the extra few $$$ that you can get from maximizing rewards. Time is more valueable than 1cent per dollar in my opinion. A better company, customer service, and perks are more valuable than one thinks. I am curious as to which company is better, which one treats its customers better, which company has the best customer service and conceirge service? I'm curious as to everyone elses opinions on this.
I could care less about impressing or looks. I would never get the black card, and currently happily use my sapphire reserve which honestly doesn't look very flashy and nobody besides credit card communities or people who have it know how nice it is either. I would happily use a piece of pita bread with a chip in it as my card if someone told me I had to if it was the best card for me.
We do, but I'm not wealthy...I'm a good saver.
@SecretAzure wrote:
@Anonymous wrote:why does it matter what card wealthy people use? who are you impressing when you pay for an item...
Not just this but if one has 10K to spend on two vacations in a year, consider yourself "the wealthy people."
I never said that I considered myself a wealthy person . I'm only trying to ask if juggling cards for rewards is worth the time and effort, or are other things more valuable in the long run? My question is directed to people who I hope are finacially better off than me. I'm asking for advice, not bragging. And vacation wise in the past few years I have traveled more personally and for work but I'm starting grad school soon so it will probably limit me to 2-3 decent trips for the next 3-4 years (again not bragging or saying I travel every week on a private jet, or more than anyone else here)
Wealthy people would probably have a JP Morgan Palladium or a American Express Centaurion card. There also the gold luxury card with the $995 annual fee. In general I doubht most wealthy people care about the appearing to be wealthy. They probably just use what works for them. Some of the wealthiest people are also some of the most frual. There's a reason why they have money.
personally i think it is.
@Anonymous wrote:I've been thinking lately and have been heavily debating between going the AMEX Platinum+EDP route (for the simplicty of only two cards) or continue on with the Chase trio (CSR+FU+Freedom) and citi prestige for hotels. I take at least 2 large trips a year ($4k+ each). Baiscally I'm debating on weather the time juggling multiple cards is worth it vs the simplicity of a charge card, a credit card, and 1 visa or mastercard just incase AMEX isn't taken.
What card do most wealthy people use? (I heard that most wealthy people only have and use 1-2 cards)
What company do most wealthy people use? (If it's AMEX right now, will that change now that they have been slacking a bit with making their platinum on par with the others?)
What do you mean by wealthy? The vast majority of us living in the U.S. are very wealthy compared to the majority of the world's population.
Also, if you have to ask, then you don't qualify for a "wealthy" card since they are exclusive and by invitation only - at least based on my definition of "wealthy."
Consider the South African grocery store mogul who was caught by customs with $1,000,000.00 in his carry on luggage. It was confiscated. He sued to get it back. His grounds? $1,000,000.00 to him was "pocket money and no different than the average person carrying cash when they travel. He won his case. Due to his wealth, the court accepted his explanation and ordered that all his money be returned. Is he wealthy? Maybe. He's only worth 3.1 billion dollars.
Wealth is relative, my friend.
The reference to wealthy people has obviously sidetracked the discussion from OPs question. So to continue this trend:
Lots of different types of wealthy people. As others have said, some are very frugal, but I think most aren't. Thus they are probably not the best group to look to for a guide. Many will do what is most convenient, or what they have always done, without any cost-benefit analysis, which might not meet your needs at all. Maybe "busy people' is a better, but equally ill-defined group.
But it comes down to the individual circumstances of how much effort it is to use several cards vs the improved rewards (which depends on spending pattern and the cards involved). We have a lot of people here who put considerable effort into tracking their multiple cards. My thought always is that I hope they enjoy it (and I'm sure some do) as, from a pure rewards view, the effort involved usually far outweight that gains over using say a 2% card. (And those doing for other purposes, such as score maximization, well, any effort is too much for that IMO!)