Do Rich People Use Credit Cards

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How To Utilise Your Credit Bill of fare Like a Rich Person

When used responsibly, credit cards tin be an invaluable tool to save money and gain access to exclusive perks — and high-net-worth individuals often know how to use credit cards to their full advantage.

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"I know i person with a seven-figure income who travels constantly, and uses her cards to save herself well over $x,000 per twelvemonth," said Lyle David Solomon, principal attorney at Oak View Law Group.

Best Credit Cards Bachelor Now: Larn About Travel, Rewards & More

And so, what'due south the secret to using credit cards similar a rich person?

Pay Off Credit Cards in Full

Compared to lower-income earners, high-income earners are more than likely to own a credit menu only are less likely to take a remainder on their credit cards. Co-ordinate to the most recent data from the Federal Reserve, 98% of Americans with a family income of $100,000 or more agree a credit card, only only 38% of credit cardholders in this income range carried a balance at least in one case during the last 12 months.

Read More: The Quickest Means To Pay Off Your Credit Card Debt

Among those with a family income of $25,000-$49,999, 60% of credit cardholders carried a remainder at least in one case during the last 12 months, and amongst those with a family income of $l,000-$99,999, 52% of credit cardholders carried a balance at to the lowest degree once during the concluding 12 months.

Come across: Why It's Still Better To Employ Your Credit Card Over Your Debit Carte

Paying credit bill of fare balances in total every month allows the rich to reap all of the rewards of credit card ownership without any of the drawbacks, like having to pay back interest and/or winding upward with debt.

Have Fewer Credit Cards

Tom Corley, author of the book "Rich Habits: The Daily Habits of Successful People," found that only 8% of rich people used more than i carte du jour, while 77% of poor people did, Credit.com reported.

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The advantages of this are two-fold: showtime, it'southward easier to keep rail of your spending, and second, you'll rack up rewards faster when you put all of your spending power into just 1 or two cards.

Take Advantage of Sign-Up Bonuses

Solomon said his wealthy client has a whopping 27 credit cards. Although this is not the norm for rich credit card users, it is probable how she is able to save and so much on travel — the more credit carte accounts she opens, the more sign-up bonuses she is able to take advantage of.

Run into: It'southward Time to Interruption Up With Your First Credit Card

Sign-upward bonuses can lead to substantial savings, especially on travel. For example, with the Chase United Quest carte du jour, you earn 80,000 bonus miles after you spend $5,000 on purchases in the first three months, and an additional 20,000 bonus miles later on y'all spend $10,000 total on purchases in the first six months. If y'all earn the maximum bonus miles, they take a $one,000 value. And with the American Express Platinum Credit Menu, you can earn 125,000 membership rewards points after you spend $6,000 on purchases in the start six months — a value of $ane,250.

Don't Shy Away From Cards With Almanac Fees

There are enough of great credit cards bachelor that don't have annual fees, but oft, cards with annual fees end upwards being "worth information technology" if you lot truly take reward of all the bachelor perks. For example, GOBankingRates' Best Rewards Credit Card of 2021, the American Express Blue Greenbacks Preferred Bill of fare, has an annual fee of $95. Just it comes with a number of benefits that tin relieve you money, including up to $120 in credit for Equinox+, car rental loss and harm insurance, return protection on purchases and more.

Detect: What Happens When Yous Become Denied for a Credit Carte — And What To Do Next

Rich people know that they tin can make upwards almanac fees in perks and bonuses which is why they're often willing to shell out big bucks upfront. The American Express Centurion Carte du jour — the most exclusive credit menu bachelor — requires a $10,000 initial fee to activate your card and a $5,000 almanac maintenance fee. But the perks make it worth it to the high-income earners that tin can afford information technology — they include an Equinox all-access gym membership, a Saks Fifth Artery credit of $1,000 each year, Hertz Platinum status and Hilton Diamond status.

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This commodity originally appeared on GOBankingRates.com: How To Use Your Credit Card Like a Rich Person

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