Here’s How Many Credit Card Points This Billionaire Earned on a $170 Million Purchase
For most people, a year’s worth of credit card points means a free plane ticket every year. For one Chinese billionaire, however, a day’s purchase means he and his family will be able to continue flying worldwide for free.
To purchase Modigliani’s “Reclining Nude” for $170 million at auction earlier this month, Liu Yiqian, the billionaire head of investment company Sunline Group, used his American Express card, according to various reports.
Wang Wei, Liu’s wife, told the New York Times that his use of the credit card for the exorbitant purchase accrued enough points to where the couple, their four children and two grandchildren can fly anywhere together.
“We are on a one-year payment plan for the painting,” Wang, whose husband is worth an estimated $1.39 billion, said to the New York Times. “If we had to pay cash upfront, that would be a little difficult for us.”
She added: “I mean, who has the money for that?”
This isn’t the first time Liu, an art collector, has used his Amex Centurion card to buy an extremely expensive piece. Last year, he purchased an Ming Dynasty ceramic cup for $36 million at auction.
The purchased netted him 422 million American Express points, which could be converted to more than 28 million frequent flyer miles or about $180,000 worth of vouchers at Hong Kong retailer ParknShop, according to Bloomberg.
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