Credit Cards For Plutocrats

The most prominenet and expensive of the invitation-only cards being offered to plutocrats is the American Express Black Centurion. This card is generally awarded to existing cardholders who have charged $250,000 or more onto their credit cards in one calendar year. There is a $5,000 initiation fee and a $2,500 annual fee.

In return, wealthy card holders receive some swanky travel perks, including exclusive discounts and free upgrades on all sorts of carriers - because they couldn't otherwise afford the perks. 

Credit cards are evil to begin with, but what happens when the wealthy start defaulting on their massive credit card bills just like they've defaulted on their mortgages?