Do Rich People Use Credit Cards?

By Bruce Boswell •  Updated: 12/14/21 •  6 min read
Filed under: Credit Cards

Credit cards are one of the most important and valuable financial tools available and are used very widely, however many people have a poor understanding of these cards and how they are used, as well as who they are used by.

Many people have a very simplistic view of credit cards as something used by poor people to pay for things they don’t have the money for or want to pay for gradually.

Do Rich People Use Credit Cards

This could be anything from large purchases such as cars or other major commodities to everyday expenditures and shopping.

When used correctly, credit is one of the best ways to unlock your financial life and when used correctly it is the most powerful tool available to consumers.

However some people are afraid of credit cards and see them as exploitative, and often see debt as something to fear.

While it’s true that poorly managed credit and finances can have a terrible impact on people, there are many tools in place to manage debt effectively and modern credit and banking is very accessible and easy to use.

Something that may surprise you is that rich people use credit cards and are some of the most avid users of credit in general, despite the fact that they are rich enough to not actually need credit.

This is how powerful credit cards are, they are still utilized by people who have enough of their own money to not use them, and in actual fact, credit and access to good credit is what helps rich people continue to maintain and grow their wealth, as they have access to all kinds of perks, rewards and other financial benefits and strategies that make credit cards incredibly worthwhile and important.

While rich people may have access to better deals and different cards than the average consumer, the tools are broadly similar and indicate just how important a good understanding of credit is if you are pursuing financial security or freedom.

In this guide, we’re going to look at why and how rich people use credit cards to help give a better understanding of just how powerful good credit is and what it can be used for.

Do Rich People Use Credit?

Yes, and often more so than the average person! 

Rich people use credit for the incredible benefits that it brings, as well as the financial ability it provides them to grow and expand their existing wealth.

The structure of capitalism and capital in general favors those who are rich, either in assets or cash, as this allows them access to premium-level deals and credit that most people won’t be able to tap into.

This allows rich people to use credit for massive ventures and purchases, offset by their existing estate.

There are also popular perks and exclusives which make credit cards for rich people as much a status symbol as a mansion or fancy car.

Cards such as the famous American Express Black Card and other exclusive and rare items allow users access to all kinds of impressive rewards, and even people who are middle class can reap excellent benefits from more modest credit cards.


Quite simply, because they can, and because to make money, you often need to have money, to begin with.

Access to credit cards allows rich individuals to pay for large expenditures without reducing their own wealth, offset risk and exposure, benefit from rewards and grow their credit score, as well as build their reputation and build more wealth.


One of the most coveted features of credit cards for rich people is the many benefits they include, from access to the best hotels and flights to exclusive events,  deals, and services that most average creditors could only fantasize about. Some offer premium features such as a twenty-four-hour concierge and other incredibly desirable perks and rewards that make credit cards as much a status symbol as a financial tool.

Build Credit Score

Even when you’re rich, it’s important to keep growing, and maintaining your financial security and a good credit score is a part of this. Wealth can disappear quickly, and being able to access good credit is key to maintaining financial freedom and capitalizing on everything from business opportunities to changes in the market and economy.


Perks are somewhat similar to rewards and could be anything from special events targeted at owners of a card to exclusive deals, discounts, access, and other desirable benefits that lure richer and wealthier customers into credit card companies. 

Protection and Insurance on Scams and Purchases

Another very pragmatic reason for using credit as a rich person is to protect your wealth and to take advantage of the legal protections credit cards offer you.

If you buy things with credit, you don’t actually lose money. You are using the bank’s money, and should something go wrong, such as an issue with your product or service, you haven’t lost that money and will be supported in recouping it by the credit card provider.

This is true in cases such as scams or fraud and other issues of this sort, but it’s also true of simpler purchases.

Using credit allows you to keep your money unspent and accruing value in investments or other services, while you pay off your credit card gradually and interest-free over a longer period, meaning you can increase your net worth even while spending, as long as you manage your finances correctly.

Save Money

Using credit cards saves you money, especially if you have access to good deals and cards as money-rich people do.

Long-term interest-free cards allow you to purchase things and pay them off slowly for cheap while investing your own money wisely to generate wealth instead of spending it on frivolous purchases which reduces your net worth.

This is the tip of the iceberg in financial maneuvering, and it’s an incredibly deep science that is difficult to navigate, which is why most people avoid credit cards altogether.

In the right hands and with the right knowledge, however, credit cards are one of the most powerful tools available to us and should be used wisely to help you obtain financial freedom.

Bruce BoswellBruce Boswell

Bruce Boswell

Bruce Boswell enjoys researching and writing about all things related to investing and saving money. Whenever he has a chance, Bruce loves travelling all around the world with his wife and trying new foods.