Main reason, best service in the industry. Outside of banner ads published through the Boarding Area network, this compensation does not impact how and where products appear on this site. Tip: Use WalletFlo for all your credit card needs. Wow I have had one for years and I am not even close to the medium, Net worth $2.2m The $500 AF therefore pays for itself with benefits and convenience. Is it a credit card now? Ultimately they are investments. Let's go to opinions. When I temporarily moved outside the U.S., the continued sending it to me to my overseas address. Interest-free days Up to 55. . "The facts on the ground" are not the objective data I don't have access to -- maybe it was a poor choice of phrase -- but the facts of whatever limited insight I might have based on my personal experience. This computed average, of course, is meaningless to describe how an actual worker in this room is actually living. It's the people who package you the numbers who lie. Most folks are adding their primary residence to their net worth just as one example to overinflate that figure. In other words, the younger ages with this card hold it only when the benefits are useful and they easily break even. The American Express Platinum Card comes with so many valuable perks and perhaps one of the most valuable is the Global Lounge Collection providing cardholders access to over 1,200 airport lounges worldwide. I have had the platinum card since I was 20. They want brand recognition from the mass. The black card no need these average. Us avgeeks feel like were getting away with murder with bonus signups and free first class tickets. Has a net worth of $4.3 million It has relevant bonus point categories such as dining at restaurants and U.S. supermarkets, plus it earns valuable American . FEDS actually came trying to collect me. household income 120k The small fee is worth the time to someone worth that much money. This has to be an ad for AMEX. [2], U.S. consumers, on average, use 25.3% of their credit card limits. Think we will skip the 3rd. Wont many young earners actually be turned off by figures? These stats are BS give the sample size. So even if you never make it to the top 1% doesn't mean Amex doesn't care about you. The datapoints included are only for cardholders outside of the US, where platinum card is a lot more of a mini centurion whereas it's a mass-market product in the states, Stop any transaction that not from this phone. [5], In the first quarter of 2020, 5.31% of credit card account balances were at least 90 days late. So each one of those would bring up the average of around 25 people. I am not surprised. After the 3rd year I received the phone call as well the luxurious invitation in the mail. From the demographics of the included magazine subscriptions that come with each card. I know a couple guys who have a Platinum and their incomes are no where near those figures. From that point of view I think the numbers make total sense;) Citi is an advertising partner. They're instead assessing brand value. In 1983, American Express ran a campaign for the restoration of the Statue of Liberty where it gave one cent to the cause every time one of their cards was used. It helps fulfil their egos of having a status symbol that isn't gold chains and Nike shoes. Its not true. Access to the Centurion Lounge, Delta Sky Club, and Priority Pass Lounges. People who use American Express as their primary card spend the most per month on average around $1,687, according to a chart published by Morgan Stanley's Cheryl Pate. Similarly, significant portion of my income isnt addressed directly to me. I make a little over$ 70,000 and have one property. $0 for up to 5 Additional Cards, then $35 for each Additional Card thereafter. For example, in the case of the Amex Centurion Card - also known as "the Black . Doesn't make any sense. A few billionaire cardholders with properties all over the place are going to skew those numbers a lot. For people with income in the top 1% and are 56-57 yrs old, I'd think the asset/income ratio should be much higher than 6-9x. American Express acquired digital payments automation platfrorm Acompay in 2019. net worth. .Is NOT one same person. Two physicians (both ER docs) making $400k each is that unreasonable to you? However, the preference for debit cards and credit has been increasing steadily year-over-year. You can read about the black card here. Might be representative for centurion. Any one of us could be wildly higher than one of them and lower than another. [8], Respondents expectation of their credit card application being rejected also increased sharply during this period, from 12.9% in February 2020 to 35.1% in October 2020. Many would be amazed at what most wealthy people look like and how they live. In general, take these figures as propaganda or whatever they intend them to be. American Express acquired financial services company Investors Diversified Services (IDS) for about $773 million in 1983. Feel like this article is just a big promotion to stand the card up lol, Need to talk to some one about my accounts. You should drop by the centurion club (airports)overcrowded. I know because ..I KNOW. In addition to all the enhanced travel and lifestyle benefits, new cardholders have the opportunity to earn a very generous welcome bonus. The majority of people who own these cards do not care about points, the $200 airline credit or the centurion lounge. You can expect the annual fee to increase further. Interesting metrics. American Express has partnered with Uber to offer Amex Platinum cardholders Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. I dont know how anyone would consider a credit card a status symbol. If they were "our" kind of people, they'd be paying with a Blue Business Plus or an Everyday Preferred or a Freedom Unlimited. The correlation between income and bank card ownership is as follows: Low income ($18,500-$26,500) - 50.6%. Those numbers are intended to get advertisers onboard, not to provide accurate demographics. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125). The top 1% of US earners have an income of at least $488K according to Bloomberg; the UK is slightly lower at $248K. The Amex Gold has an annual fee of $250 (see rates and fees ), which effectively drops to $10 in true out-of-pocket cost when you fully use the monthly statement credits at select restaurants plus the Uber Cash benefit. There are very likely some folks who drag that number way up based on the number of income properties they own. For every one of us who subscribes annually to LifeLock through Rakuten, there are a thousand typical Platinum cardmembers who enrich the pot by ignoring their MR points, or redeeming them hopelessly. The American Express Black Card gives the cardholder access to benefits and perks such as round-the-clock concierge services, access to airport lounges, Equinox gym membership, credit that can be spent at high-end stores and elite status at hotels. Not sure about all, but I received my departures magazines in the U.S. regularly. He and the missus clearly piss everything up against the wall. 35 years Most live in average homes and drive good older cars. $100 yearly Saks credit. I am really dragging them down. . Date: Feb 12, 2021. Elite memberships. Ive been a platinum AMEX card holder for years and dont even come close to any of those numbers in terms of salary or net worth. Becky Pokora, Dia Adams. Check a lot of boxes though, but those stats are hefty. Let's not forget, having 100x more wealth doesn't equal to spending 100x more on Amex cards. Sounds too much offer For a very bah customer. I get about $1K in value out of the card without any of the points thingies. If you are an Amex Platinum cardholder, you can bring two guests with you for free. Statistically I'm sure that I'm one of the many who drives the numbers down in every category. While most of the readers here are way off the average, I don't believe this means the group is not Amex's target demographic. I'm a platinum card member and although I have good income it's nowhere near 3.4 MM annually. You mean normal Plat and not the billionaire outliers. [8], Credit access also decreased: The per-applicant credit approval rate (for all types of credit) fell from 39.1% in February 2020 to 28.3% in October 2020. Close enough for me. While 3.6-6 properties may be a lot if you are managing them yourself but once you get to that level, you are typically hiring a management company to handle the properties for you. The stats are, to some extent, misleading and unscientific. Doctors make very little straight out of school unless you specialize. I've been an American Express member since 2019 and hold the Platinum Card. Many would be amazed at what most wealthy people look like and how they live. [7], Residents of Minnesota have the highest average credit score in the nation at 709, while residents of Mississippi have the lowest at 647. The average person The average household income at the time combined for Platinum and Centurion cardholders was reported to be $741,170. The true outliers at the top end (ultra high net worth individuals) always greatly skew numbers like this. The median should also be described to give an idea of the complete distribution. Owns 3.6 properties Credit card ownership and usage are, at least partly, driven by a few key credit card industry trends, like easy access to credit. A better measure might be the median, or the middle 50% of the entire population. Takeaway, averages are bad metric. I think the numbers are fairly accurate. The average American Express card holder spent $23,496 using their Amex card in 2022, up from $20,392 in 2021. With a Schwab account if $1 million or more the fee gets reduced by $200 per year. Umm, I don't know where they got these stats but I've been a platinum card holder for 22 years and no where near those statistics. Well, my wife and I earn the "AMEX Pt" salary and are quite young, but don't have the card and have only 2 properties. The Platinum Card comes with a $695 annual fee (see rates and fees) and has so many benefits that it's often referred to as a "membership card" a card that you keep for its benefits rather than its earning potential. Is 57 years old. Reply Gyuudon . Thankfully AMEX isnt worried about little ol me and how much I dont make cause these stats are never living up to my profile! NW: $3 million 36% of Amex customers are individuals in the US. Despite having fewer users, American Express consistently earns more in revenue than Mastercard and Visa combined. Owns 6.0 properties Earn up to 120,000 bonus points with the Platinum cards from American Express. American Express spent $14 billion on card member rewards in 2022, up from $11 billion in 2021. It is a great option for . $175 for up to 3 Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. In the real estate business, most wouldnt register the properties directly to themselves but rather through LLCs or a business. Funny people still don't believe in statistics. The Platinum, not so much. A Gold card's annual fee is $250 per year; the Platinum card's annual fee is $695 . With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous . $695 is not a big deal to them and might even be seen as necessary to be at parity with their peers who also have one. Numbers don't lie. There are over 30 times more Visa cards than Amex cards in the world, and over 20 times more Mastercards. I don't see how the average can be above 3. .Is NOT one same person. The Centurion Card is often referred to as the Black Card, and its invitation-only. Taking care of that many places seems like a full-time job in and of itself, Nowadays I feel like so many millennials have picked up this card for the perks, and youd think in general that would lower these numbers significantly. Would be amazed at what most wealthy people look like and how they live Additional Platinum card card it... Estate business, most wouldnt register the properties directly to me to my overseas address average and. 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