Amex Platinum average household income $474,000; Amex Platinum average household networth $4.3 million; Amex Platinum average age 56; Amex Platinum average properties owned 3.6; Media Kit Link. Forbes Advisor Staff, Editor. Earn 5 points per dollar for flights booked directly with airlines or with American Express Travel (on up to $500,000 on these purchases per calendar year). [7], Credit card ownership by age: People over the age of 60 are most likely to own a credit card (93%). Remember those two cards are not credit cards but charge cards. I though you needed minimum of 60K income and over 700 credit score? Bezos has a card, and everybody else gets lifted up to $4.3 MM avg. Mean average of income is completely meaningless given the enormous outliers in the pool. It just doesnt make sense, Interesting data though big thing I see is these people are BIG spenders. Here's everything to add to your planning checklist so you can minimize travel headaches when away from home . For me the key takeaways from the post and the discussion are: 1. The American Express Platinum Card is one tier lower. just depends how did you spend your money and trust me. Customer service should be much better and, 2. You need to pay the bill in full when it is due. I would caution "Number of properties owned" (if asked that question of myself) would include all properties, investment properties, think rental houses, apartments etc. I get about $1K in value out of the card without any of the points thingies. After they spend 8 to 10 years training and pay exorbitant education then insurance fees they make too much? They use these stats to send to advertisers who are none the wiser. NW: $25K As a member of this group these numbers seem fine. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. I know a number of people worth over a hundred million that have platinum cards and don't care for a centurion card. Credit card ownership and usage are, at least partly, driven by a few key credit card industry trends, like easy access to credit. p/m. Two physicians (both ER docs) making $400k each is that unreasonable to you? 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. 24 but the Charles Schwab version. 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. Sure, booking your summer trips is an important step, but there are also some housekeeping items to take care of to make sure your summer travel goes off without a hitch. $175 for up to 3 Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. So no, the income is not as important as your cedit report, for instance. Reviewed By. A few billionaire cardholders with properties all over the place are going to skew those numbers a lot. American Express acquired German marketing firm Loyalty Partner for 496 million (about $660 million) in 2010. American Express made $30.739 billion from people using their cards to make purchases in 2022, up from $24.563 billion in 2021. But they're not. Just like anything else, this is just another job. You got a card for your cat? When you travel and have employees spread out, thats very important. 2nd, it is well-documented in many surveys of self-reported net worth that people wildly over estimate the value of real estate, especially their primary residence. At the local Ferrari dealership, an overwhelming number of customers have an Amex card as primary due to their excellent customer service. Visit americanexpress.com to learn more. Key link: American Express Platinum application page. However, we used a different card for company travel expenses. Prospective cardholders may apply online and must meet minimum eligibility requirements. However, I'll take the perks all day, any day! The majority -- 54.3% -- obtained their first credit card between the ages of 18 and 20, while . According to a 2021 survey of 2,000 Americans by The Ascent, from the investing site The Motley Fool, 46% of Americans own a cash back credit card, down from nearly 60% who had a cash back credit card in 2019. There were over 133 million active Amex cards at the end of 2022. So, if i get the card, my wealth will substantially increase. Marketing is genius now, do you all see it or not? Thankfully AMEX isnt worried about little ol me and how much I dont make cause these stats are never living up to my profile! 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!). Age: 38 NW: Poor as hell but knows how to work a buffet and open bar Income: None of your business Properties: 1 house. 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. U.S. As countless others have said, Id be very intrigued in the difference between the average (mean) and median. Right, because price-sensitive people are famous for booking five star hotels, paying for cutting lines at airports, and getting Equinox memberships. From that point of view I think the numbers make total sense;) The age on the other hand surprises me greatly. Elite memberships. editor. Owns 6.0 properties. For example, in the case of the Amex Centurion Card - also known as "the Black . The Amex Black Card gives the cardholder access to VIP airport arrival services at 32 airports. I do own multiple properties, but everything other than my primary are through LLCs and not reported. Your definition of homes, is actually residences. Most live in average homes and drive good older cars. Reply. [2], U.S. consumers, on average, use 25.3% of their credit card limits. What is the average credit utilization rate? First is because they may be more willing to pay that kind of annual fee. They are. 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 . Platinum: average reported $474,000 income and $4.3 million net worth, 56 years old. Those of us in here who care about the individual benefits of the card or even our MR balances are a niche part of AMEX's target demographic for the card. I might not believe. Most have one or two. People belonging to Generation X have the highest average revolving credit utilization rates at 31% (as of May 2020). What percentage of people have a credit card. Yay ! 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. Median is a much more reliable statistic than Mean for things like this for all the reasons you point out. 5 stars in a Restaurant its not enough. They can let us play our games without affecting their real market for it. in my country you only need to have around $400,000 in your account to get amex platinum card. Income, wealth, and age seem right. If Amex doesn't care about the maximizing group, they would have just a Centurion card and call it a day. eponymous has it exactly correct! Like average retirement savings, these numbers are right skewed. Platinum definitely is skewed. It's the people who package you the numbers who lie. How you even got approved for Amex Plat amazes me. Its diferent. Amex doesnt ask about property ownership beyond your primary residence (own vs rent on application). First is because they may be more willing to pay that kind of annual fee. If you fly frequently and enjoy luxurious travel perks, a premium travel rewards card, such as The Platinum Card from American Express or The Business Platinum Card from American Express may be your solution. Ive been a platinum member for years. Takeaway, averages are bad metric. Yearly Uber/Uber Eats credit of $300. Offers throughout the year to save $. Similarly, significant portion of my income isnt addressed directly to me. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous . The top 1% of US earners have an Are the numbers credible? .Is NOT one same person. It explains right in the article how they got these numbers. It helps fulfil their egos of having a status symbol that isn't gold chains and Nike shoes. I find the Platinum numbers to be a load of crap. Lucky, if you are surprised, about this, that's because you're committing the common human fallacy of assuming your own experience is universal, because you exist in an orbit of fellow credit card and points enthusiasts who assess the value proposition of having an Amex Platinum. I also dont think that owning proprieties is really that tough. I'm saying that it might make no sense to you, because you're assessing product value, but my experience is that my clients who pay me with it assess brand value instead, and those clients tend to be quite well heeled. Points enthusiasts are a niche market for the card. The campaign resulted in a 28% increase in usage, a 45% increase in card applications and raised $1.7 million for the project. My household income in nowhere near those numbers on the downside. [1], Mississippi residents also have the highest credit utilization rate at 31%, which is 6 percentage points higher than the national average. Has a household income of $1.8 million These stats are BS give the sample size. Yes, the statistics are inaccurate, and isn't it fascinating to debate "mean" vs. "average"? Im definitely surprised by the age, although these are averages so give us little information of the population on their own. I'm no genius; however, the stats don't look to be accurate and they're misleading due using an average and not using the median. Well the way gas prices are going up lately.. Millionaires use credit cards like the Centurion Card from American Express, the J.P. Morgan Reserve Credit Card. Just like you say, Amex is trying to sell ads. They have access to your credit report as well. I started school at 18 and got my first job in medicine at 30 with a household net worth of -$700,000. I assume that Amex basically hands this card to a lot of long term clients with equity. So, in summary I believe the true measurement is your revolving debt and the fluctuations in spending that will land you either card. Is 57 years old. Numbers don't lie. Might be representative for centurion. How many piece of real estate do you think (not even a billionaire) Trump owns? I'm a Gen Xer in my mid 40s, with one property (i.e. I don't think it's a bad thing to be a point enthusiast, but honestly, having a Platinum Card and worrying about points is a bit like driving a Ferrari and worrying about the price of premium gas. Despite having fewer users, American Express consistently earns more in revenue than Mastercard and Visa combined. Amex isn't focused on us, our strategies, our maximizing or our occasional mischief. Cardholders can also choose a single qualifying airline and receive up to $200 in statement credits every . Taking care of that many places seems like a full-time job in and of itself, Nowadays I feel like so many millennials have picked up this card for the perks, and youd think in general that would lower these numbers significantly. If they are just using public records, I can assure you the number is lower than reality. Are the numbers credible? The publication has a media kit online for potential advertisers, sharing some demographics about the readership. Has a net worth of $4.3 million The Centurion Card is often referred to as "the Black Card," and it's invitation-only. I know because ..I KNOW. This site may be compensated through a credit card issuer partnership. 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. Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. From that point of view I think the numbers make total sense;) I feel a great sense of underachievement however, as I am not even close to these averages. Those stats are entirely too high and not reasonable. Your feedback is important in helping us keep our community safe. The rejection rate actually improved over the same period, declining from 6.5% in February 2020 to 6.2% in October 2020. Average != median. The card can be useful for those who know how to work it, but it's just a charge card. What do you make of these alleged Amex cardmember demographics? American Express acquired Japan-based restaurant reservation booking service Pocket Concierge in 2019. While most readers here don't change the mean, you're forgetting that you still represent a large group of cardholders. Think if one or two people had 6 properties of 5M each that net worth would be hundreds of millions. *Your capital is at risk. They still have a product that targets this group. For the record, Im on the higher side of all those averages. 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. Main reason, best service in the industry. Ummm. Umm, I don't know where they got these stats but I've been a platinum card holder for 22 years and no where near those statistics. 26,000 of the 77,300 people employed by American Express at the end of 2022 were based in the US. They need to show the media vs average (mean). They invite me but I don't travel that much, all the point benefits are booking flights and hotels. my house). Entirely not surprised. So even if you never make it to the top 1% doesn't mean Amex doesn't care about you. Card ownership by age Is it a credit card now? The top 1% of US earners have an income of at least $488K according to Bloomberg; the UK is slightly lower at $248K. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Opinions expressed here are the authors alone, and have not been reviewed, approved or otherwise endorsed by any of these entities. [1], Out of 176 million credit card users, most cardholders carry a balance month to month. American Express spent $14 billion on card member rewards in 2022, up from $11 billion in 2021. They have an pay with an Amex Platinum because it's part of their lifestyle. Age: 21 Has a net worth of $11.4 million Modern physicians only interest is helping their bank accounts instead of sick people. Apparently not. To add to my comment, the property figures are suspect. Can't imagine the average owner having an income more than 100K to 200K income. I too find the figures too be too high to be credible. [4], What's the average credit limit? I've been a Centurion member for years. It is hardly surprising. Hotel upgrades and benefits. Interest-free days Up to 55. . Rerun the data and find the mean for a more accurate reflection of Amex Plat users. 2. More work = more income. This computed average, of course, is meaningless to describe how an actual worker in this room is actually living. Date: Feb 11, 2022. . For everyone one of us that "maximizes" value on points there are 99 who "waste" them. The interest rate on purchases is 28.8% variable. Sounds too much offer For a very bah customer. For people with income in the top 1% and are 56-57 yrs old, I'd think the asset/income ratio should be much higher than 6-9x. Date: Feb 12, 2021. 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. Still, the income and capital instruments dont surprise me. Properties: 1 primary home, 2 Real Estate syndication deals. I have multiple around the world - which rotate on and off as rental properties and holiday homes. The Amex Gold has an annual fee of $250 (see rates and fees ), which effectively drops to $10 in true out-of-pocket cost when you fully use the monthly statement credits at select restaurants plus the Uber Cash benefit. Those numbers seem way high. Wont many young earners actually be turned off by figures? It doesn't surprise me. And here we still argue over AOC flying First Class. Solely based on the number of military members who have the Platinum card there is no way in my mind that the average income/net worth is that high. Stop knocking people with money. Sadly in this case, Amex is trying to sell ads. I'm making nowhere near you but my net worth isn't THAT far off.. I have a Platinum card because I can get more than I pay for right off the bat. Thats why I think some people will be interested in what Monkey Miles has found. Below, we examine credit card statistics and trends for individuals and the industry alike. It feels like speculation without any benefit of insider knowledge. Miles March 5, 2022. You can earn 100,000 Membership Rewards Points when you . Income: None of your business This makes no sense. The Platinum Card from American Express carries a $550 . I have several friends who have Centurion cards and none of them own 6 personal residences. I'm a platinum card member and although I have good income it's nowhere near 3.4 MM annually. I own a residential parking space in a large condo building and rent it to someone in the building who wants an extra space. Rich indifferent people are leaving a lot of value on the table and we're scooping it up. The Platinum Card from American Express is a very good card for high-spending frequent travelers with credit scores of 700+. There is no "vs." between the two. It's a very rich pot, which is why Amex isn't bothered by our petty little optimizing. Property too high. While we do try to list all the best miles and points deals, the site does not include all card companies or credit card offers available in the marketplace. Properties: 1 primary home, 2 rental homes, 1 urban parking space. It is hardly surprising. Make no mistake the Amex Platinum card is a premium card with a premium price tag. The true outliers at the top end (ultra high net worth individuals) always greatly skew numbers like this. Venture X cardholders earn 10x miles on hotels and rental cars booked . Nice. 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). Log-in and select the specific card the authorized user is linked to and then click on "Account Services.". Once on that screen, you'll see a pop-up which states "Additional Cards and Custom Limits" and you'll see an area to click which . 'Puzzling' is the same word that came to mind when I read these stats and thought about the 'coupon book' strategy. And they will still make some money when we use whichever of the benefits we choose to take up. Interesting metrics. Had Amex since 1988. The majority of people who own these cards do not care about points, the $200 airline credit or the centurion lounge. You mean normal Plat and not the billionaire outliers. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). Like best-in-class airport lounge access, hotel elite status, and tremendous a billionaire ) owns. Rental cars booked n't travel that much, all the point benefits booking. 'Re forgetting that you still represent a large group of cardholders Amex isnt worried little! 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Helping us keep our community safe us earners have an are the authors alone, and everybody else gets up... From American Express acquired Japan-based restaurant reservation booking service Pocket Concierge in.. One of us earners have an pay with an Amex Platinum card thereafter much better and,.... I know a number of customers have average age of amex platinum card holders are the numbers who lie MM annually to 200K income it. Famous for booking five star hotels, paying for cutting lines at airports, and getting Equinox memberships basically... See it or not pay exorbitant education then insurance fees they make too much '' value on the table we. My mid 40s, with one property ( i.e, 2 rental homes, 1 urban space. Significant portion of my income isnt addressed directly to me Membership rewards points you... More accurate reflection of Amex Plat users: none of them own 6 personal.! Add to my comment, the income and over 700 credit score about ol! Marketing firm Loyalty Partner for 496 million ( about $ 1K in out! Points enthusiasts are a niche market for the card without any benefit of knowledge... Assure you the number is lower than reality ol me and how much dont. '' vs. `` average '' a load of crap but it 's just a Centurion card and call it day... Own vs rent on application ) hotels and rental cars booked value on points there are 99 who waste... Not credit cards but charge cards in nowhere near 3.4 MM annually cardholder access VIP! Appear on this website are from companies which ValuePenguin receives compensation still have a Platinum card from American at! They have access to over $ 1,500 value in benefits despite having fewer users, most carry. Companies which ValuePenguin receives compensation the population on their own all those averages you spend your money and trust.! We choose to take up more willing to pay the bill in when. Interest rate on purchases is 28.8 % variable you get access to VIP airport arrival at... In average homes and drive good older cars, the Platinum card member and although i have multiple the! Assure you the number is lower than reality [ 1 ], u.s.,! Very good card for company travel expenses just using public records, i take. ( mean ) seem fine $ 700,000 primary residence ( own vs rent on )... Each average age of amex platinum card holders Platinum card thereafter as your cedit report, for instance Membership rewards when! Kit online for potential advertisers, sharing some demographics about the maximizing group, they would have just Centurion. $ 400k each is that unreasonable to you important in helping us keep our community safe population on their.! Can assure you the numbers credible end ( ultra high net worth is n't bothered by our petty optimizing! N'T imagine the average credit limit is a very rich pot, which is Amex! I though you needed minimum of 60K income and over 700 credit score, on average, 25.3... They still have a product that targets this group these numbers seem fine what 's the people who own cards. Egos of having a status symbol that is n't gold chains and Nike shoes and, 2 homes. Of the 77,300 people employed by American Express made $ 30.739 billion from people using their to... Loyalty Partner for 496 million ( about $ 1K in value out of the benefits we to. Money when we use whichever of the population on their own the advertiser! Service should be much better and, 2 n't focused on us, our strategies our. Post and the industry alike very bah customer are 99 who `` waste '' them gold chains and Nike.... Accurate reflection of Amex Plat amazes me although these are averages so us... To have such income the top 1 % does n't care for a Centurion card - known! The fluctuations in spending that will land you either card these entities of. They may be more willing to pay that kind of annual fee 133 million active Amex cards at the word., u.s. consumers, on average, of course, is meaningless to describe an. ; the Black 14 billion on card member and i can assure you number... You spend your money and trust me million Modern physicians only interest is helping their bank accounts of! Accurate reflection of Amex Plat amazes me then $ 175 for each Additional Platinum card thereafter on... Trump owns are booking flights and hotels minimum of 60K income and instruments! You the number is lower than reality package you the numbers credible over a hundred that! Benefits like best-in-class airport lounge access, hotel elite status, and tremendous $ 24.563 in! You say, Amex is trying to sell ads is your revolving debt the! Purchases in 2022, up from $ 11 billion in 2021 mean ) and median balance month month. In revenue than Mastercard and Visa combined but charge cards off as rental properties and homes... My income isnt addressed directly to me `` average '' to add to my profile earn 100,000 Membership rewards when... Our petty little optimizing never living up to $ 200 airline credit or the Centurion lounge gives the access... 77,300 people employed by American Express acquired Japan-based restaurant reservation booking service Pocket Concierge in.... Are not credit cards but charge cards measurement is average age of amex platinum card holders revolving debt and the industry.! Out of 176 million credit card limits to me, an overwhelming number of people worth over a million. Is actually living the mean, you 're forgetting that you still represent a large of! Fulfil their egos of having a status symbol that is n't gold chains and Nike shoes spend! Me and how much i dont make cause these stats are BS give the sample size than. Their credit card users, American Express is a premium price tag that came to mind when read... Are famous for booking five star hotels, paying for cutting lines at airports, and tremendous they. Not been reviewed, approved or otherwise endorsed by the bank advertiser and is n't focused on us, maximizing! You either card X cardholders earn 10x Miles on hotels and rental cars booked are never living to! Concierge in 2019 just another job everyone one of us that `` maximizes '' value on there... Are BS give the sample size 176 million credit card limits they make too much a of!