With only 3 properties an $500k, you would totally manage your own properties. Remember, Wal-Mart membership is a benefit now. I feel a great sense of underachievement however, as I am not even close to these averages. I don't think it's a bad thing to be a point enthusiast, but honestly, having a Platinum Card and worrying about points is a bit like driving a Ferrari and worrying about the price of premium gas. It might be the case that this score is lower than you were expecting, but the truth is you don't need an 800+ credit score in order to get approved for premium credit cards! However, the preference for debit cards and credit has been increasing steadily year-over-year. 65.3 million of the 121.7 million active American Express cards at the end of 2021 were outside the US. My fee is $450 because I get a $100 credit in my brokerage account for meeting the balance requirement. NW: $25K Where do we belong - 'stupid' or 'dumb' category? Yes, or even TWO households (out of 100) making $15 million per year, with the rest of the 98 households averaging $150,000/yr. If one clicks a little bit on that departures Website, one can see that the audience of this magazine is outside the US, with almost 200k living in Asia and 167K in Europe amongst others. Has a household income of $1.8 million Funny people still don't believe in statistics. 'Puzzling' is the same word that came to mind when I read these stats and thought about the 'coupon book' strategy. The Amex Gold card is geared toward people who shop frequently, eat out a lot, and do a lot of everyday spending. In 2019, American Express unveiled a new design for its Platinum Charge Card and Platinum Business Charge Cards, offered to Australians for the very first time in metal - a perk previously reserved for Centurion (AKA 'Black Card') holders. Amex Platinum Annual Fee and Suite of Credits and Benefits. But you need a solid income to carry this card because of the high annual fee, but worth every penny. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous . First is because they may be more willing to pay that kind of annual fee. When it comes to cards that offer top-notch benefits, you'd be hard-pressed to find a better card out there than The Platinum Card from American Express. If they are just using public records, I can assure you the number is lower than reality. Each calendar . Save your money and invest in real estate or hege funds. American Express card holders spent $139.9 billion using Amex cards issued by third-party partners in 2020. [3], Credit cards trail behind debit cash as the most popular payment option, according to the 2020 findings from the Diary of Consumer Payment Choice (24% of respondents preferred credit as a form of payment in 2019 versus 30% for debit and 26% for cash). These statistics make absolutely no sense. It's free and will help you optimize your rewards and savings! For the record, Im on the higher side of all those averages. Those of us in here who care about the individual benefits of the card or even our MR balances are a niche part 2. Elite memberships. They arent easily traced unless Amex has a 24/7 sleuth team or hired an external party for this. Your typical Platinum card holder, based on my experience, is not performing the value analysis that you are. Despite having fewer users, American Express consistently earns more in revenue than Mastercard and Visa combined. I cannot imagine even a single digit percentage of Platinum holders at those income and net worth numbers. They can let us play our games without affecting their real market for it. Holders of The Platinum Card from American Express and The Business Platinum Card from American Express need to pay $50 for each guest ($30 for children aged 2 through 17) unless they meet an . net worth of umm 500k on a good day The exclusive magazines for Amex Platinum and Centurion cardmembers have a media kit that shares some alleged statistics about readers (and therefore cardmembers). Reward credit cards generally have high interest rates and are not . Takeaway, averages are bad metric. It's the people who package you the numbers who lie. Numbers don't lie. Amex isn't focused on us, our strategies, our maximizing or our occasional mischief. Lol. In that case, 1. *Your capital is at risk. Once you reach that point, you will learn how to organize your assets differently. But science is hard for too many people. [1], Out of 176 million credit card users, most cardholders carry a balance month to month. The deciding factor on the Centurion is volume spent in a calendar year. 50.2% of Amex employees in the U.S. in 2021 were white. Note: Our report uses VantageScore as a proxy for a consumer's credit score. Similarly, significant portion of my income isnt addressed directly to me. The average credit limit for a new account was $3,952 in the third quarter of 2020 (down from $5,284 in the third quarter of 2019), according to a TransUnion report. Points enthusiasts are a niche market for the card. We currently own (no mortgage) 19 properties all but one commercial. They are likely overstated to a certain extent. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. "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. You do realize AMEX does not check these figures; they are given by card holders by and about themselves I believe. in my country you only need to have around $400,000 in your account to get amex platinum card. People get misled by basic statistics because they can't even differentiate between median and mean. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. The American Express Platinum card has a pricey annual fee, at $695, but it is worth the cost for people who earn the card's initial bonus (80,000 points for spending $6,000 in the first 6 months) and take advantage of its assorted benefits. In all seriousness, when you see "average" antennas always go up. Chase, Citi and Amex need to stop focusing on ludicrous, insignificant data. Amex Centurion average age 57; Amex Centurion average properties owned 6.0; A few things to know about Black Cards - American Express Centurion Cards. I dont know how anyone would consider a credit card a status symbol. Statistics are accurate. Properties: 1 primary home, 2 Real Estate syndication deals. Unless you're an authorized user or has been one for 21 years, you are probably the other extreme end of outliers. p/m. Venture X cardholders earn 10x miles on hotels and rental cars booked . In other words, the younger ages with this card hold it only when the benefits are useful and they easily break even. What an absolute crock. I was invited to the Centurion card a number of years ago and never saw the value for the cost. I've had mine since 1988. American Express acquired small business lender Kabbage in 2020. I think 2 properties is reasonable. 3. Sure, booking your summer trips is an important step, but there are also some housekeeping items to take care of to make sure your summer travel goes off without a hitch. net worth. How would you know this? I've been an American Express member since 2019 and hold the Platinum Card. But to someone making, say, $150,000 a year, which is still a lot of money to most people, they're still going to think twice or three times before spending $695 on a credit card, if the perception of the value of the credit card is, after all, to conveniently defer payment for purchases. These figures are so far from accurate. Not surprising at all if you look at the wealth gap. They have an pay with an Amex Platinum because it's part of their lifestyle. This has to be an ad for AMEX. Primary residence that isn't paid off at that. One can only wish. American Express handles more transactions than any other processor except Visa and Mastercard. Advertiser Disclosure: Some links to credit cards and other products on this website will earn an affiliate commission. Makes sense, if you go based on average. American Express acquired Japan-based restaurant reservation booking service Pocket Concierge in 2019. [6], A survey conducted by the Federal Reserve in 2019 revealed that 86% of respondents owned at least one credit card. They basically have no pre-set spending limit but they do not allow you to pay over time. Hollywood and society has made up what we should look like. NW: $3 million Let's not forget, having 100x more wealth doesn't equal to spending 100x more on Amex cards. They invite me but I don't travel that much, all the point benefits are booking flights and hotels. Most have one or two. If you multiply our net worth by 100 and then add on the Queen of England, along with the entire Royal family's worth, then you'd still be short by some margin. Owns 6.0 properties Pure fiction for the platinum. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). 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. I doubt that's true, AMEX must be excluding the military. That's simply not true, as a 30 second glance at the opening paragraph of the relevant Wikipedia page would tell you. Average != median. Physicians should be getting 1/4 of what they're getting and there should be 10 times as many as what we have now. Benefits of Adding Amex Platinum Card Authorized Users. More work = more income. Credit limits vary widely depending on a consumer's creditworthiness. No Fee. 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. The American Express Platinum Card is one tier lower. 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. What is the average credit utilization rate? It's not ber luxury. This information is from READER SURVEYS, not sworn statements of their accountants. As a member of this group these numbers seem fine. The income for the black card is lower than I expected. Rerun the data and find the mean for a more accurate reflection of Amex Plat users. Statistics on How People Use Credit Cards Source: Getty Images, Credit Card Ownership and Debt Statistics, Credit Card Application and Rejection Rates, 2020 Findings from the Diary of Consumer Payment Choice, American Bankers Association: Q2 2020 Report, Federal Reserve Bank of New York: Household Debt and Credit Report, U.S. Federal Reserve: Survey of Household Economics and Decisionmaking, Federal Reserve Bank of New York: Survey of Consumer Expectations, U.S. Census: Banking, Finance and Insurance. The platinum card yes. U.S. Departures is the magazine for Amex Platinum cardmembers. Income, wealth, and age seem right. American Express customers spent $1.338 trillion on their Amex cards in 2022, up from $1.09 trillion in 2021. Has a household income of $474,000 American Express was founded in 1850 following a consolidation of three express companies: Wells & Company (owned by Henry Wells), Livingston, Fargo & Company (owned by William G. Fargo), and Wells, Butterfield & Company (owned by John Warren Butterfield). As such, AmEx knows how to overlay its files with geo-demographic data, thus knowing--not guessing, but knowing--the crad members' incomes, age, marital status, number of children, residential type (single family versus multi-family), etc., etc. Probably true for the Centurian. Good for them, they worked for it. People are just misled by the labels. They seem to be targeting towards much more price-sensitive customers. 77,300 people were employed by American Express at the end of 2022, up from 64,000 in 2021. This site may be compensated through a credit card issuer partnership. There's now new data making the rounds. Prospective cardholders may apply online and must meet minimum eligibility requirements. They want brand recognition from the mass. I certainly don't fall within their criteria. The Amex Black Card carries a $5,000 annual fee. Which is what most people use credit cards for. The different metrics are independent of each other. Stats are scientific. As an older millennial, a good number of my friends and family have real estate investments at this point, so that number doesn't surprise me. editor. A MEDIAN here would be more of interest, and also a 25th/75th percentile - obviously that likely would be more than what Amex would like to reveal Id be more inclined to believe the accuracy of the Black Card statistics. I know that more millennials are getting the card just for the perks, but they tend to be high earning millennials if they are are traveling often enough to make a $700 card worth it for them. While most readers here don't change the mean, you're forgetting that you still represent a large group of cardholders. Platinum definitely is skewed. American Express card holders in the U.S. spent $693.1 billion on their Amex cards in 2020. In the UK, inflation (CPI) is measured using a geometric mean, for example. I know a number of people worth over a hundred million that have platinum cards and don't care for a centurion card. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Just like anything else, this is just another job. From that point of view I think the numbers make total sense;) I feel a great sense of underachievement however, as I am not even close to these averages. A geometric mean, you will learn how to organize your assets differently been increasing steadily year-over-year $! 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