Credit Cards of Millionaires

Credit Cards of Millionaire Household Members

One interesting survey done in USA on literally several hundred millionaire households. And according to the survey, here are the top 5 Credit Cards that millionaires love to own.

But before reading further, just guess that which credit cards do millionaires in America prefer? Of course, you will say that after all they are millionaires so they will prefer American Express Platinum, Diners Club & Carte Blanche credit cards right?

But well, This is not true. Most of the millionaires are money savvy and they prefer simple and cheap credit cards just like regular households in United States. Here is a List.

Choice: 1 Visa

Choice: 2 Master Card

Choice: 3 Sears

Choice: 4 Penney’s

Choice: 5 American Express Gold

Only less than 5% Millionaires in USA prefer to use luxurious and high cost credit cards such as American Express Platinum and Diners Club.

Lack of Financial Education is the root of all the bad money habits. Most of the people think since childhood that, Rich people use luxurious credit cards. And the reason behind developing this kind of thinking is their parents. If the parents are high Income but low net worth group of people than it is very likely that their children will develop bad financial spending habits.

Children of High Income but low net worth group think that rich people use luxurious and expensive credit cards. And that’s why they grow in age, they buy those luxurious credit cards.

You will be surprised by knowing that less than 5% millionaires use those luxurious credit cards. Than who are using these luxurious credit cards? Well, these are the high income but low net worth group (Upper Middle Class) of people.