Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
I know someone who has an Amex Centurion and he is not super rich. He was an investor making 500k to a million a year. Nothing to sneeze at obviously but his total net worth I do know was less than 5 million. A comfortable lifestyle but not super rich by today's standards. The market hit him hard and when you trim those numbers by 50% to 70% (how much he's been affected) suddenly his income is not much more than many upper middle class households.... yet he still has the Centurion.
I think it will be cardholders like him, who barely qualified for the Centurion card. With how many people out there obsessed with the black card there are many in his income range (especially those with business cards) who barely qualified for the Centurion in the first place and are now left with squeezed income. I could see these types of cardholders canceling, or greatly reducing spending, which would be even worse because than Amex would not be making a profit on their accounts anymore. Speaking of the Amex business Centurion cardholders, I know one that has a small construction company in the midwest. I can't imagine he is keeping his after this year.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
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