Why the Wealthy Choose American Express: 7 Perks Most Cardholders Miss
Wealthy Americans can qualify for almost any credit card, but many still gravitate toward American Express. According to financial influencer John Liang, that preference isn’t just about prestige — it comes down to specific advantages that can benefit cardholders at any income level.
Here's why the wealthy love American Express cards — and why you might want to get one, too.
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1. No Preset Spending Limits With Charge Cards
American Express offers two types of cards: credit cards and charge cards. With charge cards, there is no preset spending limit, allowing the wealthy to make large purchases without friction.
"Not having a credit limit is so much more helpful than [having to] to put [a large purchase] across multiple credit cards," Liang said in a recent YouTube video.
2. Massive Welcome Bonuses
Wealthy cardholders are often best positioned to maximize large sign-up offers.
"If there is something the wealthy love, it's a good deal," Liang said. "American Express has some of the best deals to get very large sign-up bonuses."
The American Express Gold card has offered a sign-up bonus as high as 100,000 points, while the American Express Platinum card has offered a bonus as high as 175,000 points. Liang noted that these elevated bonus offers are often not promoted publicly, but it's possible to find them if you do some digging.
3. Built-In Status and Social Signaling Power
American Express cards — especially the Platinum card — function as a widely recognized status symbol that indicates real wealth.
"Ninety to 99% of people out there will perceive it as something that's elevated," Liang said. "And if there's something the wealthy love, it's to subtly hint to other wealthy folk that they are wealthy."
While part of this is thanks to marketing, it does actually reflect reality.
"People perceive American Express cardholders … to be of certain status or wealth — they actually are," Liang said.
According to Liang, the average American Express cardholder makes $474,000 a year and has an average net worth of $4.3 million, while the average American Express Centurion cardholder makes $1.8 million a year and has an average net worth of $14 million.
4. Best-in-Class Purchase Protection
Integrated, in-house protections make claims faster, easier and more reliable.
“American Express has some of the best [purchase protections] in the industry," Liang said. "The reason that I like the purchase and shop protections from American Express is the fact that it's ... a frictionless experience. American Express is the issuer. They are also the bank; they also have their own insurance company, and so all of this is integrated in-house."
5. The Black Card Is the Ultimate Status Symbol
The American Express Centurion Card, or "Black Card," offers invite-only access, extreme spending power and elite perks, making it the pinnacle of exclusivity. To get this card, you need to pay a $10,000 initiation fee and then an annual fee of $5,000. While the spending requirements are not public, you must be in the top percentile within your local area to get an invite.
"If a person ... takes out this card, that social signaling is 100% proof: This person has money," Liang said.
The perks also go beyond what you'd get with a typical credit card, and include no preset spending limit, access to hard-to-book reservations and hard-to-find concert tickets, planning help for last-minute travel changes, and access to higher-tier airport lounges and higher-tier airline status.
6. High-Touch Customer Service
Speedy response times and in-house support create a more customer-first experience.
"I've had all the premium cards, [and compared to the other card providers, American Express] picks up quick," Liang said. "Overall, to me, it feels more customer-centric. Because they have everything in-house, generally, they tend to side more with customers, especially in cases of chargeback disputes."
American Express also has a dedicated concierge team that can help you book and plan trips.
7. Luxury Travel Perks and Automatic Elite Status
Even if you don't get an invite for a Black Card, many cardholders still can unlock instant access to travel perks, lounges and premium benefits.
"Having certain cards gets you elite statuses with hotels, with airlines," Liang said. "These are things that other people would have to spend a lot of time proving their loyalty. But just by having an American Express, you get it automatically."
For frequent travelers, that kind of built-in status can translate to thousands of dollars in saved time and upgraded experiences each year.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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