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why do rich people use american express

1 up to one month interest-free loans
you get billed every thirty days and only if you don t pay off your card in full will you be charged interest on the balance you carry over. you can easily purchase an item and pay for it only i. e. twenty days later. this in return saves you from having to spend money you might not want to cash out (i. e. selling stocks) or are wishing to use otherwise until payment date. a loan from a bank costs money, a loan from the credit card company
can be free вВ it can even pay you if you factor in the rate of inflation, meaning the item will cost less in a month than it does today simply because of the inflation rate devaluing money in the meantime. money from the checking card on the other hand is gone instantly. 2 not carrying cash means it s replaceable. your card gets stolen? you lost your wallet? with a credit card you can just get another. cash is gone forever. you can also dispute credit card charges, giving you another shot if you get i. e. ripped off. 3 certain cards have valuable extras more upscale cards like certain amex offers come with access to concierges, carry insurance or hotel benefits. you could look up the individual benefits if you were so inclined but they can be worth actual money. you can earn a lot of miles and gain instant access to lounges with some cards. it s a simple cost-benefit analysis. the card costs me $500 but last year I spent $800 on those items? of course I get one. check out what this card offers: The card, available for personal and business use, offers services such as a dedicated concierge and travel agent, complimentary, companion airline tickets on international flights on selected airlines with the purchase of a full-fare ticket, personal shoppers at retailers such as Gucci, Escada, and Saks Fifth Avenue, access to airport clubs, first-class flight upgrades, membership in Sony s Cierge personal shopping program and dozens of other elite club memberships. [2] Hotel benefits include one free night, when at least one paid night is booked during the same stay, in every Mandarin Oriental hotel worldwide once a year[2] (except for the New York City property),[7] and privileges at hotel chains like Ritz-Carlton, Leading Hotels of the World, and Amanresorts.

All of the benefits mentioned above are for United States-issued cards. American Express Centurion Cards issued in other countries may include different benefits. The card has recently added new amenities, including access into the Gulfstream Aerospace Private Flyers Club, Virgin Atlantic Flying Club Gold, as well as US Airways Platinum Preferred and Delta SkyMiles Platinum Medallion status. In 2007, American Airlines Admirals Club access was added to the list of amenities. [8] As of 2010, the card provided unlimited access to all US Airways Clubs regardless which carrier the cardmember is traveling on (unlike Delta, and American)[citation needed].

The card also features complimentary enrollment in Hertz Rent-A-Car #1 Club Gold and the Avis Rent-A-Car President s Club. [9] The titanium-crafted Centurion card was first issued as an upgrade for all plastic U. S. Centurion cards in the first half of 2006, with the titanium version being rolled out to certain other countries as well. Some Centurion customers have purchased Bentley automobiles using the card or made purchases exceeding в1 million. The card has no limit; the largest purchase supposedly ever made on it exceeded $52 million for a private jet by Victor Shvetsky. [2] I have Amex platinum which has a yearly fee so I can give you some reasons that apply to me. First and most important, the fee does not really bother me as I can afford it, but I desire high quality and superior service. Amex appears to have equal or better benefits to any other credit card and makes them somewhat easy to use. They have special travel offers and experience offers and access to sold out events. When I contact customer service or the concierge, they are actually responsive and on my side (for example if I dispute a charge or make an insurance claim).

My charges are always approved (regardless of the amount) and they appear to have superior fraud control (based on my experiences). I like the fact I have to pay the bill in full every month - there is no temptation to make minimum payments. And the airmiles are compatible with the airlines I like to travel on. I also like they refund airline surcharges such as baggage and/or other fees. I only use my Amex and my Mastercard debit card, and rarely come across vendors who do not accept Amex. Amex allow me to issue Gold cards to family members which sometimes helps me help them. Internationally they are great so family in Europe and Australia can access funds from my accounts if I so desire. There are a host of little benefits which make the difference. I guess with a regular VISA card I feel the bank is out to screw me out of as much money as possible (for example I get mailed offers of balance transfers on a new VISA card with a 4% fee of the balance transfer amount, and then eventually after a grace period rates such at 13-19% and enhanced rates if you are late with one payment of 29% with a $30+ late fee). WTF!!! With Amex, I feel like I pay for a service and they treat me with respect. Even if I miss a payment (forget to make it) there are no fees, just reminders.

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