I asked financial advisors which credit cards their millionaire and billionaire clients use — and now I know what perks matter to the wealthy

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• I polled financial advisors to find out which credit cards are most popular with the ultra-wealthy.
• Cards that offer simplicity and travel perks are among the most appealing to high-net-worth clients.
• A high rate of cash back earning also ranks highly for some.
• Read Insider's guide to the best rewards credit cards.

For the past few months, I've spent quality time researching new credit cards. As someone who only opens up a new credit card every 5 to 7 years, I wanted to make sure the next card I go with has the perks and benefits that make the most sense for my lifestyle. 

Before I make my final decision, I want to make sure I'm considering all of the credit cards out there — even ones that seem out of my reach because of their high annual fees or income requirements. While these cards might not be in my scope of affordability today, knowing what they offer and why some people are eager to get their hands on them can help me see what perks matter to those who have a lot of money.

What credit cards do the wealthy use?

To help me enter the mindset of the rich, I decided to ask financial advisors, who have millionaire and billionaire clients, which credit cards they flock toward.

"Millionaires want simplicity," says R.J. Weiss, a CFP. 

So while some people use credit cards in a strategic way to optimize their spending for rewards, Weiss says that most millionaires he works with don't. 

"They've stuck with a small handful of cards over the course of sometimes decades and aren't looking to do anything new here, even though they understand they might not be fully optimized," says Weiss.

Here are the credit cards that seem to be the most swoon-worthy for those with a high net worth. 

Amex Platinum Card

According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express. 

While this card comes with a wide range of perks that make it seem too good to be true, it also comes with an annual fee of The Platinum Card® from American Express The Platinum Card® from American Express - Rates & Fees, which is higher than most other credit cards.

It's also not so easy to get your hands on. To get approved for this card, you'll typically need a credit score over 700. There is no official income requirement, however, Amex will take your income into consideration when they decide whether or not to approve you for the The Platinum Card® from American Express. 

Weiss says that some of the perks of this card that his clients highly regard include:

• 5x points on airfare purchased directly through the airline, and on flights and hotels booked through Amex Travel (starting January 1, 2021, the 5x points will apply up to $500,000 on flights booked directly with airlines or with American Express Travel per calendar year)
• $200 prepaid hotel credit
• $240 digital entertainment credit**
• American Express Global Lounge Collection ("This is a big deal for those who travel extensively, as Centurion Lounges are among the highest quality," says Weiss). 
• Up to $200 in Uber Cash** each calendar year
• Access to Amex's airline and hotel transfer partners ("American Express Membership Rewards has a number of airline transfer partners, which can come in handy for booking premium flights or upgrades," says Weiss). 

Chase Sapphire Reserve

One credit card that's accessible to people who aren't millionaires is the Chase Sapphire Reserve®. However, this card usually requires an excellent credit score for approval and has an annual fee of Chase Sapphire Reserve®. 

But when it comes to perks, it offers benefits that are in line with some of the more premium cards out there, which is why Gene McManus, CFP and CFA, says it's popular with his high-net-worth clients.

"The Chase Sapphire Reserve® card has some excellent privileges that the higher net worth client who is, also, a consumer of travel services would find beneficial, and they would meet the financial requirements to be approved for the card," says McManus. 

As for the annual fee, McManus says it's worth the cost since there's a sign-up bonus of Chase Sapphire Reserve® — worth Chase Sapphire Reserve® based on Insider's valuations — with an up to $300 annual travel credit that offsets the cost. 

Some of those perks that McManus says are popular with his clients include: 

• 5x total points on flights purchased through Chase
• $300 annual travel credit
• Priority Pass and Chase Sapphire Lounge access
• Fee credit for Global Entry, TSA PreCheck, or NEXUS
• Lyft and DoorDash benefits
• 50% more redemption value on travel purchased through Chase

American Express Centurion 'Black' Card

The Centurion® Card (more commonly known as the American Express Black Card) doesn't accept applications — instead, you'll have to be selected by Amex.

"This card is offered by American Express primarily by invitation only," says McManus. "The 'classified' benefits range from having someone escort you through security at airports to reservations at restaurants that are impossible to get. Just having the Centurion card in the wallet or purse is a status symbol for some."

The cost of this card is one of the highest and includes: 

• An initiation fee of $10,000
• An annual fee of $5,000 for the primary cardholder
• An annual fee of $5,000 for each additional cardholder (maximum of two additional cardholders)

While this credit card is tough to get, here's how someone can get access to this card:

• Be an existing Amex cardholder for at least one year
• Make at least $250,000 in purchases on your Amex cards
• While most people are invited to apply for this card, you can also request an invite by visiting the Centurion card portal

The perks of this card that seem to attract the wealthy include:

• Access to Centurion International Arrival Services
• 50% of your points back through the Pay With Points benefit
• Access to the Amex Global Lounge Collection, including all Centurion Lounges, Priority Pass lounges, Delta Sky Clubs (restrictions apply), and more
• Up to $200 annual airline incidental fee credit**
• Equinox Destination Access membership
• Up to $250 in Saks Fifth Avenue credits per quarter (up to $1,000 per year)
• Centurion Shopping Program
• Exclusive event sales and VIP experience access
• Return and purchase protection
• Extended warranty protection

Capital One Spark Cash Plus

One small-business credit card that Evon Mendrin, a CFP, says is popular with clients is the Spark 2% Cash Plus. While it doesn't have as robust benefits as a travel rewards card, Mendrin says its unlimited 2% cash back is a perk wealthy clients appreciate.

However, one thing to consider about this card is that it does have an annual fee of Spark 2% Cash Plus.

"If you're spending beyond $7,500 per year and want a simple cash back benefit with no cap, the Spark 2% Cash Plus-per-year fee may be worth it," says Mendrin. "Many business owners prefer function over flair, and this simple benefit can provide a nice cash benefit without worrying about different point systems."

Benefits of this card include:

• A bonus of Spark 2% Cash Plus, plus a $200 cash bonus every year you spend $200,000 or more. 
• No preset spending limit because it's a charge card. However, you must pay off your balance in full every month to avoid a 2.99% late fee.