Given how much liquid cash many of them seem to have on hand, you wouldn’t think the richest individuals would need to use credit cards. However, they may not always do it with the same degree of credit that the majority of us do.
Not every credit card has the same features or even ones that most people could ever envision using. The credit cards on this list are perhaps the most exclusive and exclusive credit cards in use, demanding money beyond the reach of the typical American and offering benefits that are commensurate with the fees they demand.
There is no assurance that you could get access, even if you had enough money to make utilizing one worthwhile.
American Express Centurion Black Card
Chances of obtaining this premium credit card are minimal, even if you had the significant sum of money to pay the annual fee. According to Business Insider, this is because attendance is by invitation only. Only a small percentage of clients are eligible for this credit card.
CondeNast Traveler reports that Oprah, Beyoncé, and Jerry Seinfeld are among the famous persons who are known to possess this card. You could catch the Centurion’s attention if you’re rich enough to have used and paid off between $350,000 and $500,000 across any of your American Express accounts. You allegedly need to have sizable savings in order to make use of this card because it reportedly has an introductory cost of $7,500 and an annual fee of $5,000.
And why would you spend so much money on this card? One issue is that the card apparently has no spending cap. The advantages and privileges, which include special status at hotel companies like Marriott, Hilton, Intercontinental Hotels Group, and Relais & Châteaux, are the second reason you’d want it. With this level, the cardholder is eligible for upgrades, later checkout hours, resort and spa credit, and free breakfast.
According to The Points Guy, this card will also earn you airline benefits like priority check-in, fee waivers, access to airport lounges and meals, a free worldwide admission pass, and benefits specifically with Delta Airlines including free upgrades, extra miles, and cash-back incentives when you redeem miles. Additionally, you may get savings and special offers on cruises, vehicle rentals, wine, and restaurants.
And just when you thought those benefits were great, Business Insider reports that you can use this card to earn up to $1,000 in annual credit at the upscale Saks Fifth Avenue.
However, the exclusive concierge service that comes with an AmEx Centurion is perhaps the most prized reason anyone would want one. Although AmEx promotes these services as things like finding babysitters, bodyguards, tour guides, sending presents, handling business-related stuff, and making reservations, rumors have it that they’ve gone above and beyond for clients. Concierges have reportedly bought unusual goods including the horse Kevin Costner rode in “Dances with Wolves” (sent to Europe) and Dead Sea sand, acquired by motorbike, according to CNBC’s “Make It.”
JP Morgan Reserve (Palladium) Card
The J.P. Morgan Reserve (Palladium) card is another status symbol credit card, but it shouts “hedge fund manager” rather than “jet-setting celebrity.” What does it have to do with the Palladium? As if plastic wasn’t high status enough, the card is constructed of the precious (expensive) metal, according to Credit Card Insider. Due to the metal, it is the heaviest credit card you have ever carried in your wallet, which was also necessary given the card’s financial criteria.
Additionally, you must be a member of J.P. Morgan Private Bank to receive this card. The Wall Street Journal reports that you need to have at least $10 million in “investable assets” to be a member of such bank.
Benefits include several methods to earn rewards points, including via meals and travel as well as additional points for using Lyft (through March 2022).
Annual travel credits, priority pass membership that enables you to access airport lounges at over 1,200 airports, a free DoorDash subscription that waives delivery fees, travel insurance, and rental vehicle coverage are additional benefits. At Chase’s upscale hotels and resorts, you’ll also get access to complimentary room upgrades and breakfast, among other perks.
However, most importantly, you’ll have a status symbol that few can claim when you pull out your gleaming metal card.
Dubai First Royale MasterCard
If you thought Palladium sounded impressive, wait till you hear about the Dubai First Royale MasterCard, which, according to CNBC, has a genuine diamond weighing.235 carats in the card’s center and is lighted in real gold. It is said to have an annual charge of $2,000, according to one of our earlier articles.
It is regarded as “the most exclusive credit card in the world,” according to LendedU.com, and may only have 200 total users, the majority of whom are members of the Dubai and Saudi royal families as well as other exceedingly wealthy individuals. Little is known regarding its costs. This is one card that can be so exclusive that not even the typical millionaire has a chance of being invited to use it.
LendingU says that this card is stated to come with a “special relationship manager and lifestyle manager” who is available 24/7 and can arrange pretty much everything your heart wants, despite the fact that little is also marketed about the benefits.