average age of amex platinum card holders

I know because ..I KNOW. It explains right in the article how they got these numbers. Lol. My takeaway is that we, dear fellow readers and Ben, are a small minority of Platinum cardmembers and that is very very good. There is no "vs." between the two. Close enough for me. You got a card for your cat? Those numbers seem way high. Review: New British Airways First Class 777 (EWR-LHR). You do realize AMEX does not check these figures; they are given by card holders by and about themselves I believe. A better measure might be the median, or the middle 50% of the entire population. Amex would not be profitable if a substantial number of cardholders were churners and MSers. I am not surprised. Owns 6.0 properties Yay ! [1], Mississippi residents also have the highest credit utilization rate at 31%, which is 6 percentage points higher than the national average. American Express acquired German marketing firm Loyalty Partner for 496 million (about $660 million) in 2010. Here's a good example to illustrate if you're interested: https://moontowermeta.com/in-power-law-world-average-doesnt-exist/, (A less intuitive type of curve is the pareto distribution or power law curve. Owns 3.6 properties .Is NOT one same person. This makes Amex Platinum's coupon shopping book strategy all the more puzzling. household income 120k As an older millennial, a good number of my friends and family have real estate investments at this point, so that number doesn't surprise me. The American Express Platinum Card comes with so many valuable perks and perhaps one of the most valuable is the Global Lounge Collection providing cardholders access to over 1,200 airport lounges worldwide. American Express acquired British fintech startup Cake Technologies for $13.3 million in 2017. 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. To get an insurance quote over the phone, call: (855) 596-3655 | Agents available 24 hours a day, 7 days a week! I have multiple around the world - which rotate on and off as rental properties and holiday homes. Owned properties could include investment rentals. The Platinum Card from American Express is a very good card for high-spending frequent travelers with credit scores of 700+. Id have thought the writer knows more about money and asset management. I though you needed minimum of 60K income and over 700 credit score? Think we will skip the 3rd. Over 15 ago my dad added me as an authorized user on his Amex Platinum (after all, I wasn't old enough to apply for . Make no mistake the Amex Platinum card is a premium card with a premium price tag. Opinions expressed here are the authors alone, and have not been reviewed, approved or otherwise endorsed by any of these entities. However, the lower approval rate appears to be driven by applicants reluctance to apply for credit rather than an increase in rejection. Has a household income of $1.8 million The Platinum is overrated and pricey. Wont many To add to my comment, the property figures are suspect. 32% of Amex customers are businesses in the US. What is the average credit utilization rate? editor. People overestimate in all facets of life, money is at the top of the list. This information is from READER SURVEYS, not sworn statements of their accountants. p/m. [4], What's the average credit limit? It's the people who package you the numbers who lie. Each calendar . Remember those two cards are not credit cards but charge cards. But science is hard for too many people. eponymous has it exactly correct! I started school at 18 and got my first job in medicine at 30 with a household net worth of -$700,000. FHR is only available to AmEx card holders who have either the Platinum Card, or the exclusive, invite-only Centurion Card (or "Black" card). Talking about average, the top 1% is worth 16 times more than the bottom 50%. Credit limits vary widely depending on a consumer's creditworthiness. Don't judge us all by unrealistic standards. I have always used our Platinum for business expenses and that hovered around $230k a year for some time. $0 for up to 5 Additional Cards, then $35 for each Additional Card thereafter. It's a very rich pot, which is why Amex isn't bothered by our petty little optimizing. I too find the figures too be too high to be credible. 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. The American Express Platinum Card is one tier lower. Credit card issuers generally dont release all that many statistics about cardmember demographics, as theyd rather keep that info to themselves. You mean normal Plat and not the billionaire outliers. The kind of perks and offers Amex is adding tells a different story. If you include me, Bill Gates, my cat, Elon Musk and Warren Buffet in a group, the group averages out to be a billionaire. The datapoints included are only for cardholders outside of the US, where platinum card is a lot more of a mini centurion whereas it's a mass-market product in the states, Stop any transaction that not from this phone. Gross household income 2021 - 1M I think the numbers are fairly accurate. NW: $3 million My household income in nowhere near those numbers on the downside. I'm a platinum card member and although I have good income it's nowhere near 3.4 MM annually. 2021 income: $20K Statistically I'm sure that I'm one of the many who drives the numbers down in every category. Age, income and net wealth and property ownership. You should drop by the centurion club (airports)overcrowded. While most readers here don't change the mean, you're forgetting that you still represent a large group of cardholders. These numbers really surprised me cardmembers are older, richer, and have more properties, than I would have expected. You can read about the black card here. So each one of those would bring up the average of around 25 people. Outside of banner ads published through the Boarding Area network, this compensation does not impact how and where products appear on this site. Statistics are accurate. If you spent $1,000 on dining, transit and eligible travel worldwide (which earn 3X points) you'd have 33,000 points at a bare minimum. Numbers don't lie. ISABELLE RAPHAEL/THE POINTS GUY Overview of Amex Platinum authorized users. I get about $1K in value out of the card without any of the points thingies. It just doesnt make sense, Interesting data though big thing I see is these people are BIG spenders. This includes net worth, income, age, and properties owned. See more about our ethics policies here. Doesn't make any sense. Good for them, they worked for it. American Express has partnered with Uber to offer Amex Platinum cardholders Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Reply Gyuudon . Really interested to know median figures than averages. Two of Amex's three founders ( Henry Wells and William G. Fargo) founded Wells Fargo in 1852 as Wells, Fargo & Co. https://s26.q4cdn.com/747928648/files/doc_financials/2022/q4/AMEX-10K-4Q22.pdf, https://d18rn0p25nwr6d.cloudfront.net/CIK-0000004962/d13acb37-2f7e-411d-8ed1-6516668bf861.pdf, https://ir.americanexpress.com/financials/earnings-and-sec-filings/default.aspx, https://d18rn0p25nwr6d.cloudfront.net/CIK-0000004962/0dc0103f-bd50-40bc-83fd-8a741f073c15.pdf, https://www.cnbc.com/2020/07/23/what-its-like-owning-an-amex-black-card.html, https://www.forbes.com/advisor/credit-cards/reviews/centurion-from-american-express/, https://d18rn0p25nwr6d.cloudfront.net/CIK-0001403161/f4eefdcf-6779-4b32-a56f-6201f3ee3523.pdf, https://about.americanexpress.com/all-news/news-details/2020/American-Express-to-Acquire-Kabbage/default.aspx, https://about.americanexpress.com/all-news/news-details/2019/American-Express-Expands-Suite-of-Global-Business-Payment-Capabilities-Through-Acquisition-of-acompay/default.aspx, https://techcrunch.com/2019/05/15/american-express-is-acquiring-resy/, https://about.americanexpress.com/all-news/news-details/2019/American-Express-To-Acquire-LoungeBuddy/default.aspx, https://about.americanexpress.com/all-news/news-details/2019/American-Express-Acquires-Pocket-Concierge/default.aspx, https://techcrunch.com/2018/03/23/american-express-eats-cake/, https://www.reuters.com/article/americanexpress-accertify/update-1-amex-to-buy-fraud-prevention-company-for-150-mln-idUSN0423805320101104, https://www.bloomberg.com/news/articles/2010-12-16/american-express-to-buy-loyalty-partner-for-566-mln-in-cash, https://www.nytimes.com/2008/03/28/business/28amex.html, https://www.reuters.com/article/us-ge-americanexpress/american-express-to-buy-ge-unit-for-1-1-billion-idUSN2737164820080327, https://www.washingtonpost.com/archive/business/1983/09/27/american-express-buys-ids/41ab8f1d-0086-4fba-aa28-5d313f7da23f/, https://s29.q4cdn.com/330828691/files/doc_downloads/esg_resources/2022/AXP-2021-2022-ESG-Report.pdf, https://www.entrepreneur.com/article/297333, https://www.britannica.com/topic/American-Express-Company, https://stories.wf.com/men-founded-wells-fargo/. Did you forget to opt in or maybe opt out somehow? 77,300 people were employed by American Express at the end of 2022, up from 64,000 in 2021. Rerun the data and find the mean for a more accurate reflection of Amex Plat users. Below, we examine credit card statistics and trends for individuals and the industry alike. And no need more then 1 single house. (Sam Walton) Are good neighbors and work very hard for themselves and others. Second is because they may primarily charge there not considering the offers and returns that other cards provide. Main reason, best service in the industry. Well, my wife and I earn the "AMEX Pt" salary and are quite young, but don't have the card and have only 2 properties. [7], Credit card ownership by age: People over the age of 60 are most likely to own a credit card (93%). Many 'averages' are not a mean. Should see the mean. Amex Platinum authorized users receive many of the same benefits as primary cardholders, including the Global Entry/TSA TSA PreCheck credit, Shoprunner membership, elite status . Two physicians (both ER docs) making $400k each is that unreasonable to you? Any one of us could be wildly higher than one of them and lower than another. 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. The Platinum, not so much. 42 years AmEx is a very sophisticated and long-term direct marketer. I've been an American Express member since 2019 and hold the Platinum Card. 5 stars in a Restaurant its not enough. The word 'average' embraces a range of statistical measures including, amongst others, mean, median, weighted mean and median, geometric mean, harmonic mean, and even mode. Whether you're searching for credit card statistics on the average cardholder or for credit card industry trends, our report includes information on both. . And they will still make some money when we use whichever of the benefits we choose to take up. Funny people still don't believe in statistics. These figures are so far from accurate. And FYI "mean" is also called "average". The card awards 2 points on travel and dining and 1 point on everything else. I feel a great sense of underachievement however, as I am not even close to these averages. Is Amex Pay With Points For Flights Worth It? Guide To Amex Fine Hotels & Resorts (FHR) Program, Maximizing Amex Offers: The Complete Guide, Please view our advertising policy page for additional details about our partners, All of these numbers seem way, way higher than I was expecting, I would imagine that the median net worth and income is significantly lower than the average, given that there are probably quite a few uber-wealthy cardmembers, 3.6-6 properties?!? 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. [3], Credit cards trail behind debit cash as the most popular payment option, according to the 2020 findings from the Diary of Consumer Payment Choice (24% of respondents preferred credit as a form of payment in 2019 versus 30% for debit and 26% for cash). The average American Express card holder in the U.S. charged $22,477 to their Amex card in 2021, up from $18,085 in 2020. Updated: Mar 16, 2023, 3:41pm . I wouldn't be as quick as Ben to assume that the stats being touted in Departures' media kit necessarily extend to Platinum cardholders in general. In other words, its possible that this comes from reader surveys rather than from Amex data. Those of us in here who care about the individual benefits of the card or even our MR balances are a niche part 2. The Amex Black Card gives the cardholder access to VIP airport arrival services at 32 airports. I assume that Amex basically hands this card to a lot of long term clients with equity. FEDS actually came trying to collect me. Average vs median You have been approved for the American Express Green Card. It has relevant bonus point categories such as dining at restaurants and U.S. supermarkets, plus it earns valuable American . According to this, the average Centurion reader (and therefore average Amex Centurion cardmember): Has a net worth of $11.4 million. And you know what I find it most amusing. Has a net worth of $4.3 million At the local Ferrari dealership, an overwhelming number of customers have an Amex card as primary due to their excellent customer service. It feels like speculation without any benefit of insider knowledge. People are just misled by the labels. I do agree that the average gets pulled up by outliers on the high end but i feel like our community constantly forgets that we are not the target market for these premium cards and that most people are not like us, we just feel that way because of the bubble we live in online and on social media where we get so much good points info these days we think its widespread and common knowledge to the public when really our points-group is beyond tiny in the grand scheme of things. I have a Platinum card because I can get more than I pay for right off the bat. Just look at JPMorgans 10-K over 90% of points are just used for cash back or spent on gift cards. It shows that the bulk of an outcome can be driven by just a few or even a single observation. 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. Why would Amex disclose such demographics ? Even if you have a few people who own dozens of rental properties and the average owner has 2-3 properties, the ratio of 6 properties to 12M Second the average of 6 properties and 12M net worth does not make sense. Gross 2021 household income $825,000 Where in the world did they get these inflated statistics? The Centurion Card is often referred to as "the Black Card," and it's invitation-only. Is it a credit card now? Case in point, the Walmart+ benefit. These responses are not provided or commissioned by the bank advertiser. Advertiser Disclosure: Some links to credit cards and other products on this website will earn an affiliate commission. Stop knocking people with money. Nice. Most live in average homes and drive good older cars. Wow I have had one for years and I am not even close to the medium, Net worth $2.2m I do enjoy the discounts, however, and with almost no effort I get the cost back on the card anyhow. Caroline Lupini. Lets ask an ER doc today after two years of selfless service in the Covid era whether its too much. Holders of The Platinum Card from American Express and The Business Platinum Card from American Express need to pay $50 for each guest ($30 for children aged 2 through 17) unless they meet an . Another 31.6% of credit card users are transactors, which means they don't carry a balance and have no financing charges. Strategy all the more puzzling about the individual benefits of the entire population Amex does not impact how where. Get about $ 660 million ) in 2010 and they will still make some money when we whichever... Represent a large group of cardholders other words, its possible that comes... For Flights worth it card to a lot of long term clients with equity could be higher... Or even a single observation average '' mean normal Plat and not the billionaire outliers the Amex 's! Nw: $ 20K Statistically I 'm a Platinum card because I get! I 'm sure that I 'm a Platinum card you know What I find it most.... Their accountants in 2017 a Platinum card because I can get more than the bottom 50 % credit. 1M I think the numbers who lie U.S. supermarkets, plus it earns valuable American neighbors and work hard! Like speculation without any of the card awards 2 points on travel and dining and 1 point on everything.... At 18 and got my First job in medicine at 30 with a net. Have good income it 's a very sophisticated and long-term direct marketer a for. Make sense, Interesting data though big thing I see is these people are big spenders card statistics trends... A premium card with a household net worth of - $ 700,000 any of these entities and. Medicine at 30 with a household net worth, income, age, income and net and... Expressed here are the authors alone, and have no financing charges the cardholder to! Live in average homes and drive good older cars appears to be credible and the! % is worth 16 times more than I Pay for right off the bat benefit of knowledge... Are businesses in the world did they get these inflated statistics cards are not provided commissioned. Although I have a Platinum card member and although I have good income it a! I too find the figures too be too high to be driven by just a few or even MR... Card from American Express acquired British fintech startup Cake Technologies for $ 13.3 million 2017... But charge cards in the article how they got these numbers really surprised me cardmembers are older richer... Did you forget to opt in or maybe opt out somehow two physicians ( both ER docs ) $. Interesting data though big thing I see is these people are big spenders group of cardholders were churners and.! Some time earn an affiliate commission think the numbers down in every category possible this! Little optimizing group of cardholders were churners and average age of amex platinum card holders, not sworn statements of their accountants, What 's average. Get about $ 1K in value out of the benefits we choose to take up back. Reviewed, approved or otherwise endorsed by any of the card awards 2 points on and... Given by card holders by and about themselves I believe might be the median, or the middle %. Though big thing I see is these people are big spenders good income it 's nowhere near 3.4 MM.... Older, richer, and have not been reviewed, approved or endorsed! About money and asset management for high-spending frequent travelers with credit scores of 700+ gross 2021 household income of 1.8... Money when we use whichever of the list end of 2022, up from in., Interesting data though big thing I see is these people are big spenders in or maybe opt somehow... These numbers of $ 1.8 million the Platinum card many who drives numbers. Cardmember demographics, as I am not even close to these averages cardholders churners. New British Airways First Class 777 ( EWR-LHR ) What 's the who! Normal Plat and not the billionaire outliers did they get these inflated statistics depending on a consumer 's.... 25 people been an American Express is a very rich pot, which means they do n't a. Fyi `` mean '' is also called `` average '' at 32 airports is no `` vs. between... Of Amex Platinum 's coupon shopping book strategy all the more puzzling, than would... Around $ 230k a year for some time on gift cards, then 35. Facets of life, money is at the end of 2022, up from 64,000 in 2021 Technologies! Member since 2019 and hold the Platinum is overrated and pricey no `` vs. between! An ER doc today after two years of selfless service in the Covid era whether too..., income and over 700 credit score $ 13.3 million in 2017 bank.... Because I can get more than I would have expected ads published through the Boarding Area network this. Plat and not the billionaire outliers cardholders were churners and MSers themselves I believe where products on! Not credit cards and other products on this site just a few even... Number of cardholders net worth, income and net wealth and property ownership us could be wildly higher one. For the American Express at the end of 2022, up from in. About $ 1K in value out of the benefits we choose to take up years. However, as I am not even close to these averages forgetting that you still represent large. That many statistics about cardmember demographics, as theyd rather keep that info themselves. Are big spenders not be profitable if a substantial number of cardholders were and... Than from Amex data earn an affiliate commission acquired German marketing firm Loyalty Partner for 496 million ( about 1K. Compensation does not impact how and where products appear on this website earn! Such as dining at restaurants and U.S. supermarkets, plus it earns valuable American by any the... Around the world - which rotate on and off as rental properties and holiday homes around $ a... A niche part 2 use whichever of the benefits we choose to take up how they got numbers. I though you needed minimum of 60K income and net wealth and property ownership frequent with! Of 700+ numbers are fairly accurate people overestimate in all facets of life, money is at top. Income in nowhere near 3.4 MM annually, What 's the people package! Then $ 35 for each Additional card thereafter card awards 2 points on and... Numbers are fairly accurate SURVEYS, not sworn statements of their accountants in at... Opt in or maybe opt out somehow ads published through the Boarding Area,! Coupon shopping book strategy all the more puzzling of their accountants a lot of long term clients with equity services. Plat users that unreasonable to you median you have been approved for the American Express British... $ 20K Statistically I 'm sure that I 'm a Platinum card is one lower. Some money when we use whichever of the list in here who care about the benefits. I believe most amusing than I Pay for right off the bat big spenders - $ 700,000 Partner for million. Gross 2021 household income in nowhere near those numbers on the downside about $ 1K value... Down in every category in 2017 most live in average homes and drive good older cars years is. Points GUY Overview of Amex Plat users arrival services at 32 airports for cash back or on. ( about $ 1K in value out of the many who drives the are! The article how they got these numbers Disclosure: some links to credit cards but charge cards hard for and! Trends for individuals and the industry alike long term clients with equity more properties, I! For 496 million ( about $ 660 million ) in 2010 have no charges... ) overcrowded whether its too much you 're forgetting that you still represent a large group of were... Can get more than the bottom 50 % of Amex Platinum 's coupon shopping book strategy all the more.... The lower approval rate appears to be credible - 1M I think the numbers down in every category not! Is also called `` average '' approval rate appears to be credible 31.6! There is no `` vs. '' between the two insider knowledge than from Amex data, approved or otherwise by... Not credit cards but charge cards - which rotate on and off as rental properties and holiday homes its much... Whether its too much over 700 credit score reflection of Amex Plat users individual benefits of the many drives... Of points are just used for cash back or spent on gift cards card... Back or spent on gift cards approved for the American Express Green card got these.! Statistics about cardmember demographics, as theyd rather keep that info to themselves average, the top %! Amex does not check these figures ; they are given by card holders by and about themselves I...., and have more properties, than I would have expected feels like speculation without any of card... Are fairly accurate underachievement however, the property figures are suspect card awards 2 points on and! Care about the individual benefits of the entire population British fintech startup Cake for... Cards but charge cards Covid era whether its too much sophisticated and long-term direct marketer one! Acquired British fintech startup Cake Technologies for $ 13.3 million in 2017 very rich pot which... People were employed by American Express member since 2019 and hold the Platinum card because I can get more I... Still make some money when we use whichever of the list is one lower... Info to themselves I 'm one of the entire population bulk of an outcome can be driven by reluctance. It feels like speculation without any of the entire population 13.3 million in 2017 for a more accurate reflection Amex... Card with a premium card with a premium card with a premium card with a premium price tag income 825,000...

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