6 Credit Card Habits Rich People Have

Turns out, no one has all the answers.

Even if you don't aspire to be "rich," you probably like the idea of financial security. And while we can't take all of our cues from the wealthy, we can peek into their financial habits to learn if any might work for us.

The Ascent surveyed 1,500 credit card holders. Each of those surveyed has a self-reported net worth of more than $1 million. Here's what we learned about how wealthy people use their credit cards. Some of these habits are worth mimicking, while you might want to ignore others.

1. They're a mixed bag when it comes to credit card applications

Most respondents said that they have two to four different credit cards. That's similar to the national average of 2.7. So far, so good.

Wealthy cardholders are more likely than the rest of us to open three or more new credit cards each year. Perhaps they're not worried about their credit scores, but they should be. Even if they don't plan on taking out a new loan anytime soon, an emergency can arise at any time. The need for a personal loan or even a mortgage can come faster than you think.

Important detail: Those with a self-reported net worth of more than $10 million are slightly more likely to open three or more cards every year. It's possible they're less concerned about maintaining a high enough credit score to land a low-interest loan than the rest of us might be.

New credit

FICO® Scores are still the big name in credit scores in the U.S. and the scoring system most often used by lenders to determine loan eligibility. "New credit" accounts for 10% of our score. In short, lenders want to know that we're not in the habit of opening new accounts willy-nilly, and opening several new cards a year is likely to raise a red flag.

Length of credit history

Another factor in our credit scores is "length of credit history." This tells lenders how long we've managed our loans and credit cards. The longer, the better for our scores. Opening new cards regularly means they always have several practically brand-new cards. It's another issue that may rear its head just enough to worry potential lenders.

2. Only one-third pay their statement balance off each month

This result came as a huge surprise. Failing to pay credit card balances off monthly is like setting a stack of cash on fire. Why pay interest on credit card debt when it's not necessary?

This is one of those habits we all might want to avoid.

3. They're partial to cash back cards

This response was truly a matter of preference. Some of us love to watch airline points add up, while others prefer cash back on their purchases.

4. It's 1975 all over again

Oddly, 21% of high-net-worth respondents said they prefer to pay their credit cards with an old-fashioned paper check. However, we can't say for sure why. It may have something to do with accounting practices.

5. Over 50% of respondents admit to maxing out a credit card

This result alone is enough to remind us that it doesn't matter how much we earn. What matters is how we manage that money.

6. They prefer cards with no annual fees

The fact that anyone should prefer a credit card with no annual fees makes sense. However, if a card offers far more back in annual perks than the cost of its annual fee, it may be worth exploring.

As mentioned, there are a few personal finance habits that are worth copying and others we'd all do well to avoid. It just goes to show that we all have strengths and weaknesses, no matter how much we earn.