NEW YORK—A new report has found American Express—long positioned as the card of choice among wealthier Americans—no longer holds that distinction.
Instead, the top piece of plastic held by wealthier Americans is issued Bank of America, according to a survey conducted by Ascent.
The findings are based on a study that polled Americans with a net worth of $1 million or more and who hold credit cards.
“Undoubtedly, American Express has long been associated with wealth and prestige, with the granddaddy of Amex cards being The Centurion, sometimes referred to as the Amex Black Card,” The Motley Fool said in its analysis of the findings.
Richly Rewarded
When asked which credit card issuer they find most trustworthy, wealthy poll participants chose American Express over Bank of America, Barclays, Capital One, and other premium cards.
According to Motley Fool, that study found that while wealthier cardholders still rate American Express highest for trustworthiness, they have the study shows that despite favoring Amex for trust, they based their top choice of cards on rewards programs.
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