These days, almost everyone has at least two or three credit cards in their possession. This can be a good thing or something that’s not so great, depending on how you handle it. It’s always a good idea to have a couple of credit cards around in case you’re faced with some type of emergency where you need to come up with a fairly substantial amount of cash and you don’t have much time to do it. This saves you from having to go to the bank and negotiate a loan. However, if you’re like most people, it’s easy to fall into that type of thinking where you just whip out the credit card in order to pay for things that you don’t really need to buy right then and there. This might be okay if you only do it once in awhile and the purchases aren’t all that expensive. If you make a habit out of it, you can quickly find yourself in a situation where you can’t even afford the minimum payments on all of your credit cards and you’re stuck on a hamster wheel where you’re not able to get out from under those payments for years to come.
With that being said, you might be surprised how people use credit cards when they already have more money than they know what to do with. Suffice it to say, the five credit cards that are listed below are not for people that are just starting out, or even for your typical blue-collar worker. These credit cards are for the exclusive individuals that make more money than most will ever see in a lifetime. If you want to know more about how the so-called one percent handles credit cards, keep reading.
5. JP Morgan Chase Palladium VISA
This card is different in almost every way. It’s actually made from a combination of palladium and gold. Therefore, the cardholder’s information has to be etched onto the card. You can’t get one unless you have a brokerage account with the bank but if you’re lucky enough to be invited, you don’t get charged for late payments and you have no spending limit, allowing you to have all the credit you want.
4. Citigroup Chairman Card
The only people that are allowed to have this card are people that have a brokerage account with Citigroup. If you do qualify, you have to pay a $500 fee to activate the account but you get a credit limit to the tune of $300,000. The card also opens special access for you at airports and hotels that non-card holders will never have access to.
3. American Express Centurion Card
In order to get this card, you have to first have an American Express Platinum Card. In addition, you have to have made charges of at least $250,000 on that particular card within the last 12 months and the charges have to be paid in full by the end of the year. If you can manage all of that, you might get invited to open an account using this particular credit card. Anybody that accepts the invitation has to pay $7,500 right off the bat in order to activate their account. Once that’s done, the fee drops down to $2,500 per year.
2. Stratus Rewards VISA
Just like the World silk MasterCard, you have to receive an invitation to open an account for this particular credit card, regardless of your credit history or any other factors. In other words, it takes more than just having great credit to get this card. Invitations are only open to individuals that have a net worth that literally places them in the one percent of the population. Furthermore, the annual fee is $1,500. That probably feels like pocket change to anybody that actually qualifies for this card. It’s most frequently used to book business jets and similar luxuries.
1. Coutts World Silk MasterCard
If you think you have a hard time getting a credit card, think about what it must be like to get this one. First and foremost, you don’t apply for the credit card and then wait for a decision. Instead, you have to be invited to open an account. In addition, you can only do it if you have an account with this particular bank. The real kicker is that you have to have a minimum balance of one million dollars before you’re even invited to open an account for this card.