This is a decrease from the first quarter of 2019, when 5.32% of credit card accounts had a delinquency greater than 90 days. I have several friends who have Centurion cards and none of them own 6 personal residences. In the real estate business, most wouldnt register the properties directly to themselves but rather through LLCs or a business. I have it to get in the sky club. Urban Parking Space aka that slum lord charging $40 a day to park. The kind of perks and offers Amex is adding tells a different story. They don't have to send you a survey, most of these data are public record (like the number of properties you own) and are put together by marketing firms behind the scenes. I do agree that the average gets pulled up by outliers on the high end but i feel like our community constantly forgets that we are not the target market for these premium cards and that most people are not like us, we just feel that way because of the bubble we live in online and on social media where we get so much good points info these days we think its widespread and common knowledge to the public when really our points-group is beyond tiny in the grand scheme of things. Most have one or two. You can do hypothetical math to see how ONE high income can skew the average. For me the key takeaways from the post and the discussion are: 1. You can expect the annual fee to increase further. Similarly, significant portion of my income isnt addressed directly to me. No way that's true. We currently own (no mortgage) 19 properties all but one commercial. In other words, its possible that this comes from reader surveys rather than from Amex data. $0 for Additional Gold Cards. The rate of credit card ownership decreases by age bracket: 86% for people ages 45 to 59, 80% for people ages 30 to 44, and 75% . According to this, the average Centurion reader (and therefore average Amex Centurion cardmember): Let me again emphasize that the above numbers are according to a magazine for cardmembers, rather than from Amex directly. American Express card holders in the U.S. spent $693.1 billion on their Amex cards in 2020. 77,300 people were employed by American Express at the end of 2022, up from 64,000 in 2021. 'Puzzling' is the same word that came to mind when I read these stats and thought about the 'coupon book' strategy. At the local Ferrari dealership, an overwhelming number of customers have an Amex card as primary due to their excellent customer service. Most live in average homes and drive good older cars. Doesn't make any sense. 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. Income, wealth, and age seem right. Platinum Card and U.S. Business Platinum Card Members will be charged a $50 USD fee for each guest (or $30 for children aged 2 through 17, with proof of age). Apparently not. LOL The simple answer is that historically your American Express "member since" date has been the year that the first account was opened on which you're a user, whether you're the primary cardmember or an authorized user. If you're applying for the Amex Business Platinum card using an EIN, then we recommend that your business credit score be 75 or higher. American Express customers spent $1.338 trillion on their Amex cards in 2022, up from $1.09 trillion in 2021. Just like anything else, this is just another job. It's free and will help you optimize your rewards and savings! U.S. [4], Credit card application rates declined in 2020: According to a survey conducted by the New York Federal Reserve, 15.7% of survey participants reported submitting a credit card application in October 2020. As has been said, there are three kinds of lies.(lies, damn lies, and statistics). I suspect its heavy but easily offset by outlying high earners. Not surprising at all if you look at the wealth gap. My peers and I have the said cards and fit with the numbers. 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. Yes those that are American Express platinum cardholders are in that demographic as Surveys dont lie . Maybe were just a needle in the haystack and they dont care about us as we dont affect their bottom line. My peers and I have the said cards and fit with the numbers. Hotel upgrades and benefits. This is still a high end travel card, and the perks tend to benefit wealthier travelers (private jet perks, airport lounges, bonus points on airfare alone). These statistics make absolutely no sense. I would say that these stats for either card are not relevant. They need to show the media vs average (mean). And FYI "mean" is also called "average". Also, 31% own a retail credit card, 25% own a low-interest card and 19% own an airline or other travel credit card. Most don't realize that the last 40 years of America's trajectory means massive inequality. Are Huge Pilot Pay Raises Sustainable For Airlines? Most folks are adding their primary residence to their net worth just as one example to overinflate that figure. What amazes me is what Warren Buffet said: "Theres class warfare, all right, but its my class, the rich What amazes me is what Warren Buffet said: "Theres class warfare, all right, but its my class, the rich class, thats making war, and were winning.". eponymous has it exactly correct! 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. And no need more then 1 single house. Note: Our report uses VantageScore as a proxy for a consumer's credit score. CC companies rely on self reported income and net worth numbers. The true outliers at the top end (ultra high net worth individuals) always greatly skew numbers like this. Primary residence that isn't paid off at that. Venture X cardholders earn 10x miles on hotels and rental cars booked . Platinum definitely is skewed. Convenience. You have been approved for the American Express Green Card. Amex is the third largest payments processor by volume, after Visa and Mastercard. 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). Given how easy it is to get the card, I found that the number of copies is a little low. Talking about average, the top 1% is worth 16 times more than the bottom 50%. Earn 5 points per . My guess is the very high earners (and self-reporters if this is survey based) are skewing the arithmetic average really high. Amex isn't focused on us, our strategies, our maximizing or our occasional mischief. Still probably large, but the "average" you're thing of as the majority of people isn't quite as large as you were originally thinking (phew!). I've had mine since 1988. The bottom line. Main reason, best service in the industry. 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. We currently own (no mortgage) 19 properties all but one commercial. Uber Cash and Uber VIP status available to Basic Card Member only. Is 57 years old. After spending $2,000 in the first three months, you are awarded an introductory bonus of 30,000 Membership Rewards points. Amex Platinum Annual Fee and Suite of Credits and Benefits. American Express card holders spent $139.9 billion using Amex cards issued by third-party partners in 2020. See more about our ethics policies here. There is no "vs." between the two. I think 2 properties is reasonable. The Platinum Card from American Express is a very good card for high-spending frequent travelers with credit scores of 700+. Let's get real here. Has a net worth of $11.4 million When I use my Amex platinum, people see that your doing great, then they start to ask you questions, like, if your income was one hundred and seventy-five billion dollars, would you give 1 million dollars to each particular person in the nation, so our nation can achieve greatness, I would but, with that type of power, you have to believe, even in the right people's hands, there will always be differences in the iterations of responsibilities, and for other nations to witness this transition, it just wouldn't be fair, well, as long as everyone follows the same strategy to respect, and help each other, only then it might work. They are the investments for our future which we have obtained over several years. 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. The majority of people who own these cards do not care about points, the $200 airline credit or the centurion lounge. They can't wait to pay you less! This has to be an ad for AMEX. 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. A year ago American Express halted print publication of Departures moving online only. I certainly don't fall within their criteria. Pure fiction for the platinum. The Centurion Card is often referred to as the Black Card, and its invitation-only. Meanwhile, those using . 55.3% of American Express employees in the U.S. in 2021 were women. The black card no need these average. But it's reasonble to surmise that we're not the principal profile of the Platinum cardmember. Amex Platinum cardholder breakdown courtesy of Departures Magazine Minimum income R62,500. I have a Platinum card because I can get more than I pay for right off the bat. This is good for us because as long as the numbers stay like this these card will have incentives that we can take advantage of. Platinum definitely is skewed. Remember, Wal-Mart membership is a benefit now. Takeaway, averages are bad metric. Good for them, they worked for it. Terms apply to American Express benefits and offers. Citi is an advertising partner. Had Amex since 1988. Wow I have had one for years and I am not even close to the medium, Net worth $2.2m Let's not forget, having 100x more wealth doesn't equal to spending 100x more on Amex cards. I find that accumulation and flaunting of wealth is refreshingly low amongst the younger populace; for reference, Im 35. Other fees apply. Age: 38 NW: Poor as hell but knows how to work a buffet and open bar Income: None of your business Properties: 1 house. Depending on your spending preferences, that can mean big travel . Eg. Is it a credit card now? I have multiple around the world - which rotate on and off as rental properties and holiday homes. 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). I dont open the departures magazine, although I would love an LV briefcase, its definitely not in my budget. Just like you say, Amex is trying to sell ads. Age: 39 Millionaires use credit cards like the Centurion Card from American Express, the J.P. Morgan Reserve Credit Card. Go hang out in Atlanta and Miami and you'll see exactly what I mean. Average and median are two very different things. If they are just using public records, I can assure you the number is lower than reality. I doubt that's true, AMEX must be excluding the military. I own a residential parking space in a large condo building and rent it to someone in the building who wants an extra space. Some brands actually do advertise in these elusive group but seen by mass medium. They also ask you for your income from time to time, so they know that. They're trying to sell ads for fractional jet ownership and luxury brands (i.e., the goods the EU has exempted from Russian sanctions) in a rapidly non-relevant paper magazine Age: 38 From the demographics of the included magazine subscriptions that come with each card. I though you needed minimum of 60K income and over 700 credit score? Funny people still don't believe in statistics. editor. Nonetheless I think these are numbers people will find interesting. Each calendar . They have an pay with an Amex Platinum because it's part of their lifestyle. I know a couple guys who have a Platinum and their incomes are no where near those figures. 35 years It's only 695 per year. Not surprised at all about the black card. There are very likely some folks who drag that number way up based on the number of income properties they own. *Your capital is at risk. I would say that these stats for either card are not relevant. 9. The deciding factor on the Centurion is volume spent in a calendar year. That said, it does come with a welcome bonus of 80,000 Membership Rewards points after you . Platinum since 1995. 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. Amex Platinum authorized users receive many of the same benefits as primary cardholders, including the Global Entry/TSA TSA PreCheck credit, Shoprunner membership, elite status . p/m. How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. net worth. However, with the exception of the number of properties, their stats are pretty close! Why would Amex disclose such demographics ? Sadly in this case, Amex is trying to sell ads. If those numbers did come from the magazine's information for advertisers they're audited by a third party that's unlikely to allow false information to get to the advertisers. Even if you have a few people who own dozens of rental properties and the average owner has 2-3 properties, the ratio of 6 properties to 12M Second the average of 6 properties and 12M net worth does not make sense. Review: New British Airways First Class 777 (EWR-LHR). So all sorts of marketing data are available. These responses are not provided or commissioned by the bank advertiser. Properties 4 (commercial), Im not paying for that annual fee they went from $450 to 550 now almost $700 keep that bs, We have two places and OMG it's nonstop maintenance and money. The Platinum is overrated and pricey. So even if you never make it to the top 1% doesn't mean Amex doesn't care about you. Unless you're an authorized user or has been one for 21 years, you are probably the other extreme end of outliers. The Q2 2020 report by the American Bankers Association reveals that 44.6% of credit card users are revolvers, meaning they carry a balance to the next month at least once every quarter. The card can be useful for those who know how to work it, but it's just a charge card. 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. The average American Express card holder in the U.S. charged $22,477 to their Amex card in 2021, up from $18,085 in 2020. The site does not review or include all companies or all available products. Take their figures with a boulder of salt. Owned properties could include investment rentals. My household income in nowhere near those numbers on the downside. To everyone else, the Amex Platinum is a status symbol first and foremost, and it is priced like one. You do realize AMEX does not check these figures; they are given by card holders by and about themselves I believe. Good morning ' Aloha* I had American Express/try not to owe them . There is no "vs." between the two. So, if i get the card, my wealth will substantially increase. Date: Feb 12, 2021. Average is tilted because of extreme high earnings. LOL, Im a Amex Platinum card member and I can only wish to have such income. But they don't come without some downside: American Express has increased the annual fee for the Platinum Card to $695, from $550, which makes this rewards card one of the priciest on the market . Averages can be skewed by a small group of outliers. 2 physician household I, on the other hand, was underreported bigley in this report. 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. Funny people still don't believe in statistics. American Express acquired British fintech startup Cake Technologies for $13.3 million in 2017. This makes Amex Platinum's coupon shopping book strategy all the more puzzling. They should have used median. Since the magazine is specifically for those with the Amex Platinum, I think its safe to assume that this is also intended to reflect Amex Platinum cardmember demographics. 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. However, I'll take the perks all day, any day! The rate of credit card ownership decreases by age bracket: 86% for people ages 45 to 59, 80% for people ages 30 to 44, and 75% for people ages 18 to 29. Property too high. Modern physicians only interest is helping their bank accounts instead of sick people. 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. The small fee is worth the time to someone worth that much money. This is still a high end travel card, and the perks tend to benefit wealthier travelers (private jet perks, airport lounges, bonus points on airfare alone). I think the numbers are fairly accurate. We want the best lounges! Owns 6.0 properties Its just easier to qualify with the aforementioned stats. p/m. For Plat, AMEX waives the AF for active military, I see them all the time in the airport lounges (90% chance if they're fit, clean shaven and have a buzz cut, they're military) and very few make even six-figures Net worth ~5.9m Two of Amex's three founders ( Henry Wells and William G. Fargo) founded Wells Fargo in 1852 as Wells, Fargo & Co. https://s26.q4cdn.com/747928648/files/doc_financials/2022/q4/AMEX-10K-4Q22.pdf, https://d18rn0p25nwr6d.cloudfront.net/CIK-0000004962/d13acb37-2f7e-411d-8ed1-6516668bf861.pdf, https://ir.americanexpress.com/financials/earnings-and-sec-filings/default.aspx, https://d18rn0p25nwr6d.cloudfront.net/CIK-0000004962/0dc0103f-bd50-40bc-83fd-8a741f073c15.pdf, https://www.cnbc.com/2020/07/23/what-its-like-owning-an-amex-black-card.html, https://www.forbes.com/advisor/credit-cards/reviews/centurion-from-american-express/, https://d18rn0p25nwr6d.cloudfront.net/CIK-0001403161/f4eefdcf-6779-4b32-a56f-6201f3ee3523.pdf, https://about.americanexpress.com/all-news/news-details/2020/American-Express-to-Acquire-Kabbage/default.aspx, https://about.americanexpress.com/all-news/news-details/2019/American-Express-Expands-Suite-of-Global-Business-Payment-Capabilities-Through-Acquisition-of-acompay/default.aspx, https://techcrunch.com/2019/05/15/american-express-is-acquiring-resy/, https://about.americanexpress.com/all-news/news-details/2019/American-Express-To-Acquire-LoungeBuddy/default.aspx, https://about.americanexpress.com/all-news/news-details/2019/American-Express-Acquires-Pocket-Concierge/default.aspx, https://techcrunch.com/2018/03/23/american-express-eats-cake/, https://www.reuters.com/article/americanexpress-accertify/update-1-amex-to-buy-fraud-prevention-company-for-150-mln-idUSN0423805320101104, https://www.bloomberg.com/news/articles/2010-12-16/american-express-to-buy-loyalty-partner-for-566-mln-in-cash, https://www.nytimes.com/2008/03/28/business/28amex.html, https://www.reuters.com/article/us-ge-americanexpress/american-express-to-buy-ge-unit-for-1-1-billion-idUSN2737164820080327, https://www.washingtonpost.com/archive/business/1983/09/27/american-express-buys-ids/41ab8f1d-0086-4fba-aa28-5d313f7da23f/, https://s29.q4cdn.com/330828691/files/doc_downloads/esg_resources/2022/AXP-2021-2022-ESG-Report.pdf, https://www.entrepreneur.com/article/297333, https://www.britannica.com/topic/American-Express-Company, https://stories.wf.com/men-founded-wells-fargo/. 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