Why do rich people have credit cards?

They don't carry around six credit cards. ... In Corley's research, he found that only 8% of rich people used more than one card, while 77% of poor people did. ... Cardholders avoid expensive late fees and build high credit scores, which in turn help them get lower interest rates when they do borrow. read more

On the surface, the rich appear to have little use for credit cards. After all, they have plenty of cash, and it's probably accessible through a debit card that can be used anywhere a credit card can. But for a variety of reasons, some wealthy consumers turn to their credit cards on a daily basis. read more

"Rich" people use credit cards because unlike cash it is more convenient. Also unlike debit/checks many credit cards offer"rewards" such as cash back or"points". Now if you use a credit card like it is supposed to and pay it back on time and do not have to pay interest than you are basically gaining discounts on everything you pay for. read more

Rich people tend to use credit cards for a few reasons. One reason is because some credit cards offer rewards, such as cash back, flight points and even concierge services. Another reason is because not all rich people have all their money available to them at one time. read more