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The author, Jen Glantz.
I polled financial advisors to find out which credit cards are most popular with the ultra-wealthy.
Cards that offer simplicity and travel perks are among the most appealing to high-net-worth clients.
A high rate of cash back earning also ranks highly for some.
Read Insider’s guide to the best rewards credit cards.
For the past few months, I’ve spent quality time researching new credit cards. As someone who only opens up a new credit card every 5 to 7 years, I wanted to make sure the next card I go with has the perks and benefits that make the most sense for my lifestyle.
Before I make my final decision, I want to make sure I’m considering all of the credit cards out there — even ones that seem out of my reach because of their high annual fees or income requirements. While these cards might not be in my scope of affordability today, knowing what they offer and why some people are eager to get their hands on them can help me see what perks matter to those who have a lot of money.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
What credit cards do the wealthy use?
To help me enter the mindset of the rich, I decided to ask financial advisors, who have millionaire and billionaire clients, which credit cards they flock toward.
“Millionaires want simplicity,” says R.J. Weiss, a CFP.
So while some people use credit cards in a strategic way to optimize their spending for rewards, Weiss says that most millionaires he works with don’t.
“They’ve stuck with a small handful of cards over the course of sometimes decades and aren’t looking to do anything new here, even though they understand they might not be fully optimized,” says Weiss.
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Source:: Business Insider