Credit Card Usage Among Millionaires
Millionaires use exclusive credit cards that offer luxury perks like airport lounge access and concierge services. The wealthy also favor cards with rewards programs tailored for high-net-worth individuals. Additionally, many millionaires prioritize travel. They use cards that offer extensive travel rewards, airline miles, and hotel points to optimize spending for maximum benefits.
However, some financial experts argue millionaires carry too many cards, beyond recommended limits. Multiple cards can increase available credit and improve credit scores. But they also pose risks like overspending and debt accumulation.
Credit Card Habits of Millionaires
The majority of millionaires have at least two credit cards. A few use premium cards like the Chase Sapphire Reserve. But overall, millionaires stick to mainstream banks used by average Americans.
Seventy percent of millionaires carry two or more credit cards, according to The Ascent data. Of those, about half possess three or more cards. That’s pushing the limit of expert credit card advice, which typically recommends people stick to one or two cards at any time.
Building a Positive Financial History
Having credit cards for millionaires can help you build a positive financial history. By using these cards responsibly and paying your bills on time, you can establish a good credit history that will benefit you in the future.