The one supercar I can cost says “Sizzling Wheels” on the aspect…

It is in each film about affluence: That scene the place the wealthy individual plonks down their no-limit Black card and fees a yacht, or a supercar, or a whole resort as a result of they need to hearth that one man who checked out them humorous.

However is each individual with a bit of cash within the financial institution actually strolling round with invite-only, $5,000-annual-fee bank cards? Sorry to interrupt the phantasm, however no, they’re positively not.

The truth is, in accordance with our current examine on bank card habits of the rich, most wealthy people are utilizing the identical playing cards we’re — they simply have a lot greater balances.

Everybody loves a money again card

When requested about their bank card preferences, respondents with a web value over $1 million had been almost definitely to have a money again card, with 59% saying they at present owned at the least one.

That makes them the identical as everybody else, since money again was the favourite for respondents with decrease web worths as nicely. Furthermore, people with web worths beneath $1 million are literally extra prone to have a money again card, with 72% of respondents saying they at present have one.

The recognition of money again playing cards is not any shock. Money again rewards are easier to earn and redeem than different kinds of rewards. You need not spend any time worrying about learn how to maximize your redemption or the place to switch your factors. Some playing cards even allow you to redeem money again routinely as you go.

Mo’ cash, mo’ journey rewards

Maybe extra fascinating is the variety of rich individuals with journey rewards playing cards; almost half (49%) stated they’ve a journey rewards card. Compared, lower than 1 / 4 (23%) of respondents with a decrease web value stated that they had at the least one journey rewards card.

This makes a certain quantity of sense, when you consider it. Folks on this wealth bracket usually tend to be older, extra established of their careers, with extra time and money to journey. (Plus, journey playing cards aren’t low-cost. A lot of the prime journey rewards playing cards have an annual payment, and the premium playing cards begin round $500 a 12 months.)

That stated, journey rewards weren’t the one playing cards that the rich had been extra prone to have than people with decrease web worths. Moreover money again playing cards, rich respondents had been extra prone to have each different kind of bank card. This contains scholar playing cards and retailer playing cards. Oddly sufficient, they had been much more prone to have a secured bank card than people with decrease web worths, at 27% versus 19%.

Rich usually tend to have a number of playing cards

Total, all of it appears to return all the way down to quantity. Millionaires are merely extra prone to have extra playing cards. Solely 9% of millionaires stated they did not personal a bank card in any respect, in comparison with almost 1 / 4 — 24% — of everybody else.

Whereas greater than a 3rd (36%) of individuals with a web value lower than $1 million had a one-card pockets, solely 22% of millionaires stopped at one card. Most of them, in truth, had two or extra playing cards, with 37% having two playing cards and 21% stopping at three.

As for bank card collectors — people with 4 or extra playing cards — they’re extra prone to have a excessive web value, however they’re nonetheless not a giant portion of the general image. Simply 7% of parents with a decrease web value have 4 or extra playing cards, whereas solely 12% of parents with a web value over $1 million had such massive collections.

Curiosity is common

Whereas there could also be quite a bit we will study from the rich on learn how to save and make investments, there are some classes that might not be so nice. Like paying off our bank cards.

Sadly, whereas millionaires usually tend to have a number of playing cards, they are not at all times utilizing them as properly as they need to. It seems solely a 3rd of rich respondents are paying their assertion stability in full every month. This implies there are loads of millionaires on the market who’re caught paying excessive curiosity charges on their bank cards.

I suppose this goes to indicate you that some issues actually are common.