American Express and rich people
Introduction
Are you one of those who have questions like why rich people love American Express or why wealthy Americans use American Express black cards? Then don’t worry because you are not alone who thinks about the relationship between American Express black cards and the rich people of America.
Before going forward, we need to know what a black card is and how it is a brand among most celebrities worldwide.
American Express’s famous Card, the Centurion card ( Also known as Black Card), has built a reputation as the Card of wealthy and influential people for many years.
In this blog, we will explore how black cards became luxurious among the rich and analyze facts and myths on whether American Express cards are for rich people or if anyone can apply for them.
Is American Express a card for rich people?
American Express has a total of 18 cards that are available for the average income citizens in America with different features and prices.
So it is based on the capacity of the American who can apply for the Card if you are eligible for a particular card.
Among 18 American Express, let’s discuss the famous cards such as The Platinum Card®, American Express® Gold Card, and Cash Magnet® Card.
The Platinum Card®
1. Rec. A credit score in the range of 690-850 (Good – Excellent)
2. Annual fee of $695
American Express® Gold Card
1. Rec. A credit score in the range of 690-850 (Good – Excellent)
2. Annual fee of $250
Cash Magnet® Card
1. Rec. Credit score should be 670+ (Good – Excellent)
2. Annual fee of $0 (No Annual Fee)
Note: All cards have separate reward points based on a spending limit and eligibility.
Why are American Express cards for rich people?
Rich people who spend big are the company’s main assets because the report released in 2022 by American Express officials claims that the cardholder spends 3x times more than the non-cardholder.
Amex provides discounts and offers that the rich cannot refuse; thus, American Express became a favorite card among wealthy people and celebrities.
Why is Amex considered a luxury?
Amex is considered a luxury card because it has a high annual fee, High credit requirements, Premium rewards, and perks.
Over the years, Amex has built its reputation as a luxury brand because it has provided high-end services to its customers.
The most famous Card of American Express, known as the Centurion Card (Black Card), has an annual fee of $5,000, which is high compared to any other card in the world, making it the luxury Card.
Why do people love American Express?
People love American Express because of its exclusive features, such as Premium 27/7 customer support, fraud protection policy, and high rewards.
In the modern world, People love to travel and make most of their payments through cards. Thus, it is crucial to protect against any fraudulent transaction.
Since American Express provides the best security and personalized customer support, it becomes easy to protect the money.
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2. Importance of money in the modern economy
3. How to make money using ChatGPT
The most powerful credit card in the world
American Express Centurion Card ( Black Card ) is considered the most powerful Card in the world because of its luxurious customer benefits.
Remember, Centurion Card is an invitation-only card; hence, many low-income individuals cannot afford it, and only rich people can afford it.
Do celebrities use American Express cards?
American Express does not reveal its customers/users/cardholders’ data to the public, but many celebrities admitted that they use American Express cards, especially Centurion cards.
What celebrities are on American Express?
Some famously rich Celebrities who enrolled in the Amex Black cards include Beyonce, Oprah, Mark Cuban, John Mayer, Kanye West, Eva Longoria, and so many others.
What salary do I need for Amex Platinum?
There is no fixed income specified in the official documents. Still, it is rumored that a person with a minimum of $100,000 income and a good credit score can apply for the Amex platinum card, and there are high chances of getting approval.
Conclusion
Finally, it is a fact that most American Express cards have been associated with wealthy people worldwide.
The Centurion black card is the most powerful. Wealthy Americans can only afford it because of its high premium features, such as 24/7 personalized customer support, fraud protection, and many other benefits.
How was this article reviewed for accuracy and trust?
Written and Edited By
Manish, Financial Blogger and SEO Expert
Financial data Reviewed By
Harish, Chartered Accountant
