Why Billionaires Pay $15,000 For These Exclusive Credit Cards
Written by
Nicholas Morine
Edited by
Angela Corry
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While most of us might never reach the level of wealth to become billionaires, it’s always interesting to ponder the lives these ultra-high-net-worth individuals lead — and part of the fantasy hinges around the lavish spending habits of the billionaire class.
It may be surprising to note that billionaires also hold credit cards, although it’s unlikely that they face the same struggles everyday Americans might when paying down the balance. As a matter of fact, the extremely wealthy often hold exclusive credit cards that are very difficult to get for the majority of persons across the globe — with a pair in particular having achieved notable status.
The Amex Centurion (Black) Card Club: Perks and Points
Described by The Points Guy as a card which Amex only offers to an exclusive club — cardholders achieve this status on an invite-only basis — the Amex Centurion American Express credit card is an unassuming but prestigious black card crafted from anodized titanium, with a price tag to match.
Opening an Amex Centurion card involves an initiation fee of $10,000, alongside an annual fee of $5,000. This means you’ll be down $15,000 before swiping the card a single time.
What do the few who manage to snag this card get in return? Significant discounts and points bonuses when staying Marriott Bonvoy, Hilton, and IHG properties; Delta SkyMiles Platinum Medallion status; Hertz Platinum status; Avis President’s Club status; $369 in credit against a Clear Plus membership, allowing members to skip the security line while traveling; $1,000 in Saks Fifth Avenue purchase credits, offered in quarterly $250 installments; $3,600 in annual credits for Equinox All-Access membership; Amex Fine Hotels + Resorts benefits; access to Amex’s Global Lounge Collection; and last, but certainly not least, a personal Centurion concierge service.
The Insignia Jewelry Credit Card: For the Art Aficionado
The Insignia website makes it very clear that its bejeweled credit cards are for the world’s wealthiest, an array of precious gemstones, gold and silver combining to produce a one-of-a-kind piece of art that is the physical credit card itself.
Insignia profiled the card’s cost — as much as $200,000 by most estimates — as well as the various benefits attached to becoming a cardholder:
- Bespoke customization: The card can reflect the holder’s personality and preferences, with each card being tailor-made based on customer desires in each design element.
- Financial freedom, worldwide: No spending limits, and ostensibly designed for those with “complex international financial needs,” Insignia promises ease-of-use wherever one travels.
- Dedicated lifestyle management and VIP access: A 24/7 concierge at one’s beck and call, as well as “private aviation and luxury travel arrangements to backstage passes and VIP invitations,” sweeten the deal for the luxury set even further.
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