American Express Black Card Holders Prefer BMW Most

[Desert_Fox]

I can believe the Hyundai statistic. Some people dont care about cars at all. Just the other things, like a private jet, 5+ homes, $1000's for shopping each week... My GF's family is probably worth around $100 million and while the aunt has an S Class and Range Rover, the Uncle couldn't care less and just has a F-150. Good thing they dont have any nice cars, then i'd be really jealous!

[-=Hot|Ice=-]

Originally Posted by Desert_Fox

I can believe the Hyundai statistic. Some people dont care about cars at all. Just the other things, like a private jet, 5+ homes, $1000's for shopping each week... My GF's family is probably worth around $100 million and while the aunt has an S Class and Range Rover, the Uncle couldn't care less and just has a F-150. Good thing they dont have any nice cars, then i'd be really jealous!

Sounds like my father. Owns 4 homes but drives a 2011 Rav4 4 Cylinder.

Originally Posted by E60orBust

We are no where near the 1.3 in annual household income (unless I'm being kept in the dark...) but my mom was offered the Amex Black and Visa black. The $5K annual membership fee was the nail in the coffin though. Still can't quite understand having to spend money to spend money.

You gatta pay to play = Spend money to spend money.

Originally Posted by E60orBust

We are no where near the 1.3 in annual household income (unless I'm being kept in the dark...) but my mom was offered the Amex Black and Visa black. The $5K annual membership fee was the nail in the coffin though. Still can't quite understand having to spend money to spend money.

Originally Posted by ferrari6891

It's carbon graphite I think


Same, he didn't understand why he had to pay money...to spend money haha. He got the Visa Black instead

Why don't parents understand!?

[M3Bahn]

Originally Posted by E60orBust

We are no where near the 1.3 in annual household income (unless I'm being kept in the dark...) but my mom was offered the Amex Black and Visa black. The $5K annual membership fee was the nail in the coffin though. Still can't quite understand having to spend money to spend money.

It's about blowing everyone away when you suddenly whip it out.

[sourphish]

Originally Posted by -=Hot|Ice=-

You gatta pay to play = Spend money to spend money.

In this case it's more like: You gotta pay to pay to play. lol

[Diver]

Considering how rare Ferrari's are 8% market share among any group of free spending wealthy people is amazing.

[and 1]

Originally Posted by -=Hot|Ice=-

Why don't parents understand!?

now where have i heard this before.......

oh right

[Hotrod99]

I see they forgot to mention brands like Rolls Royce and Bentley!

And Bill Gates probably has a Black Card but he drives a Priyus!

[Dodge2Dub]

Originally Posted by Hotrod99

And Bill Gates probably has a Black Card but he drives a Priyus!

...and doesn't pay for said Amex Centurion.

[BMWinNorthdakota]

Originally Posted by hilaloruc

%6 Hyundai .. That means, %6 of them don't spend much money... Thats how they got rich ))

Originally Posted by docjay

+1

Modesty ftmfw


Some of the farmers up here are literally worth 50+ million. These guys drive chevy 1500's and wear wranglers/plaid from http://www.fleetfarm.com/. I am sure more than half of them dont even know what a black card is...

Love it.

[-=Hot|Ice=-]

Originally Posted by and 1

now where have i heard this before.......

oh right

Originally Posted by sourphish

In this case it's more like: You gotta pay to pay to play. lol

[goto35]

My neighbor has had a Black Card for over 15 years and he loves BMW's. In fact hes the one that got me into them! His wife has a Mercedes.

[cracker123]

black is good, the minimum spend to qualify is $300,000 /year and the join fee is $7500 + $2500 annual +$1500 for additional card. The card is basically a rolex for the wallet. It is funny to see reactions of waiters or others who have seen this for the first time. Great upgrades at all 4 Seasons/St Regis when booked via travel services. Amex Plum is the best card to get if you have a lot of yearly spend.

[amglol]

Originally Posted by hilaloruc

%6 Hyundai .. That means, %6 of them don't spend much money... Thats how they got rich ))

People generally don't get that rich by pinching pennies... They get that rich by making 1.3m/year.

[twenzel]

Originally Posted by Hotrod99

I see they forgot to mention brands like Rolls Royce and Bentley!

And Bill Gates probably has a Black Card but he drives a Priyus!

he also has an array of Porsches

[-=Hot|Ice=-]

Originally Posted by twenzel

he also has an array of Porsches

He has a 959.

[s2k_335i]

You don't need to be a millionaire to qualify for this card. Your household income or business should bring in at least $250k. They will send you an offer if you been on the amex platinum for a while with the $250k... I see many rich owners drive Prius and Hyundai...keep them on the dl..

[AW335TT]

People saying they dont understand why they have to pay to spend money are probably the same people asking why bank accounts arent free loll. You dont pay that fee to spend your money you pay that fee for the services offered to you.

[M5007]

I know someone with the black card and I can tell you that I will probably never get one. The amount of spending you need to do is insane.

And what is the deal with Huyndai. Is that why they have money?

[mikracer]

Originally Posted by s2k_335i

You don't need to be a millionaire to qualify for this card. Your household income or business should bring in at least $250k. They will send you an offer if you been on the amex platinum for a while with the $250k... I see many rich owners drive Prius and Hyundai...keep them on the dl..

This is incorrect. You have to spend $250k in a 12 month period to be invited to apply. I had one and after 2 years, I didnt renew. As someone mentioend above, the perks at $5k a year wasnt worth it to me. The titanium card definitely throws people for a loop when you hand it to them.

[WangTa]

Originally Posted by cracker123

Amex Plum is the best card to get if you have a lot of yearly spend.

Interesting - why is the plum better?

[JasonCSU]

Originally Posted by ACSE90

And what is the deal with Huyndai. Is that why they have money?

The Genesis and Equus luxury sedans are the reason.

[termsheet]

I've had one since about 2005. While the requirements may have changed, when I got mine the requirement was that you were a Platinum card member for at least one year and that you charged more than $50K per month during that time. I have several friends that also have them and the most common way to hit the spending numbers is through charging business expenses on the card because $50K per month is a pretty hefty monthly number for just personal expenses. They did ask for my net worth after they invited me and did pull my credit as part of process but I don't know how much that factors in to their decision. I do know the invite is based on spending history on the Platinum card, not how much money you have in the bank. If you charge big numbers consistently and pay your bill you'll probably get an invite.

The card is anodized titanium.

The fee is $5000 up front and of the half a dozen people I know with them the fee was never waived. I can't remember the annual but $2500 for the cardholder and $1500 for each additional sounds right. My wife has one as well. If you're sweating the fees, it probably isn't the right card for you. At an average net worth of $16M, the average cardholder is making more than $500K a year in after tax dividend income alone, plus their average salary is $1.3M. $4000 a year is a rounding error for someone with that balance sheet and income statement.

The main benefit from my POV is travel. You get platinum status on Delta, gold on continental, platinum on US Air and some status on Virgin which I never fly. So you always get the first class/status line through security. If you buy a business or first class ticket, you get a second ticket for a companion for free. You also get a card called Priority Pass which let's you into almost any airport lounge in the world. You get Starwood gold, Marriott silver, Hyatt and Hilton I think. You also get Hertz gold and the Avis equivalent plus a Centurian discount code that gives you upgrades and a 20% rate discount. The card also includes full coverage rental insurance so you can decline the rental car company insurance. They also have a hotel program where if you book through amex you often get $100 hotel or spa credit or free airport transportation, etc. The credits vary from hotel to hotel. The hotels in the program are all high end. For example you get upgraded to the highest room available at any Ritz Carlton. I've been given the presidential suite several times and always upgraded to a suite on the club floor.

Most importantly you get a dedicated travel agent that has your passport, all your loyalty program numbers and preferences on file. When I need to make complex reservations I call her, I'm rarely on hold, and she calls me back with all my options. No time wasted searching Kayak. Plus, once I was in Europe and all the flights, including mine, were getting cancelled. I called bc and while everyone else was waiting in line for the airline people bc got me on the next flight. The card also includes roadside assistance and international emergency health insurance in case you are injured oversees. I had a friend who's wife injured her leg in an accident in India and they put her on a private medical jet back to the USA under the insurance. They also keep a register of my other credit cards, membership cards, etc, and if I ever lose my wallet, I just call them and they cancel everything and handle getting my cards replaced. They have preferred programs with several jet and yacht charters as well, although I've never booked a jet through them.

You also get a dedicated concierge that handles restaurant reservations. They have seats reserved at some restaurants but they tend to be really popular places. Many times they have been unable to get me a table last minute at really hot, lessor known restaurants in LA. I've heard it's better in NYC but my experience is hit and miss. My concierge handles things like buying the new iPhone so I don't have to deal with it or sending people birthday presents on my behalf. My friends wife saw a limited edition handbag in a magazine, sent it to his concierge and they tracked one down for her. I have used them many times for hard to get concert tickets or front row Lakers tickets as my season tickets are about 20 rows up. They almost always get the tickets but you pay up for them.

There are probably a few other perks I'm forgetting but the main ones are travel and shopping. That's the upshot. Between first class upgrades, hotel upgrades, access to airport lounges and the rental car discounts I figure I probably do get an ROI on the fees. But I would never take the time to add it up.

I have 2 BMWs, a DBS and I have no interest in a Rav4 . I wouldn't even rent one. Maybe there is something to the Hundai if it is attracting so many buyers that can drive whatever they want and I think that's the whole point of their marketing exercise.