Citi american executive card

[enharu]

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@CreditScholar wrote:

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@enharu wrote:

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@CreditScholar wrote:

Yup, it's my first CC with Citi as I've had no prior cards with them beforehand.

I'm not going to cancel in the first 30 days. With an effective AF of only $250, I'm willing to pay that to keep it open for a year. If I had a more established relationship with them I might have considered it, but I don't want to be flagged in their system in case I apply for another card in the future.

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Are you planning to apply for any other cards in the near future?

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It depends on how you define "near future"

In the next few months, definitely not. In the next 12 months however I might, and if I do it'll probably be the Hilton Reserve or AA Select.

On another topic, I noticed that you were talking about VRs and Ktown on another thread. Are you Korean?

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Nope I'm not Korean. I'm Chinese haha.

I go to ktown quite often though, mostly for food, korean clubs and korean karaoke. I have to entertain clients from time to time, so it's just easy to bring them to a korean club / karaoke and have the booker take care of the rest. Food there is great too. I live in downtown right now, so it's convenient and cheap to just call a korean taxi drive my car home if I'm drunk as well. 

[yudeology101]

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@CreditScholar wrote:

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@enharu wrote:

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@CreditScholar wrote:

Yup, it's my first CC with Citi as I've had no prior cards with them beforehand.

I'm not going to cancel in the first 30 days. With an effective AF of only $250, I'm willing to pay that to keep it open for a year. If I had a more established relationship with them I might have considered it, but I don't want to be flagged in their system in case I apply for another card in the future.

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Are you planning to apply for any other cards in the near future?

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It depends on how you define "near future"

In the next few months, definitely not. In the next 12 months however I might, and if I do it'll probably be the Hilton Reserve or AA Select.

On another topic, I noticed that you were talking about VRs and Ktown on another thread. Are you Korean?

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Congrats on your approval!  Geez, i just checked your siggy and you're in the 800 club...so jealous! 

Anyhew, I'm Korean, and I used to live near Hollywood when I was actively in the media field.  Most of my clients were Korean or Japanese (and some US based clients), so I used to take them out all the time (exactly what enharu mentioned-  KBBQ, KClub (w/ a waiter who will do the matchmaking, brininging endless lines of girls to your table), Karaoke, followed by 24/7 late night Korean food joint or the Spa. 

Now back to the topic:  Yea, since i've been on the hunt for the VRs in ktown everytime i'm there, but will keep my eyes on the lookout so i'll keep you guys updated.

[bluesnowman]

Off topic, Enharu, where do you recommend to go for Chinese food in LA? I live near Magic Mountain but I'm willing to drive anywhere in LA. I have been to Yang Chow in Canoga Park, but yet to the one in LA (off of Broadway I think?) last time I was in Ktown/Downtown was when I went to the car show with my buddy and I can't remember where we ate but the food was good.

Yude-Your in OC? I have family in Irvine, Mission Viejo, and Buena Park. All nice area's IMO.

Sorry for going off topic...lol.

[enharu]

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@bluesnowman wrote:

Off topic, Enharu, where do you recommend to go for Chinese food in LA? I live near Magic Mountain but I'm willing to drive anywhere in LA. I have been to Yang Chow in Canoga Park, but yet to the one in LA (off of Broadway I think?) last time I was in Ktown/Downtown was when I went to the car show with my buddy and I can't remember where we ate but the food was good.

Yude-Your in OC? I have family in Irvine, Mission Viejo, and Buena Park. All nice area's IMO.

Sorry for going off topic...lol.

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what kind of chinese food are you interested in?

For Chinese food I usually will go to San Gabriel Valley or Rowland heights area. Let me know what kind of food you're interested in and I can recommend you some. You may want to PM me so we don't go off-topic again

Back on topic: I'm still waiting for my Palladium app to process. Called my banker and it seems that the application isn't even in the system yet. Once that's done I'll apply for this card.....Hopefully I can squeeze these 2 accounts into february so they age a little faster.

[newUser0]

Enharu, Do you have a CPC with chase to apply for palladium? This is my dream card, and should find some easy ways to get it. You can PM, if you wan't keep this thread not going into off topic. (But I think, its really helpful to many readers here)

[enharu]

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@newUser0 wrote:

Enharu, Do you have a CPC with chase to apply for palladium? This is my dream card, and should find some easy ways to get it. You can PM, if you wan't keep this thread not going into off topic. (But I think, its really helpful to many readers here)

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I have CPC banking right now, but no, I don't think you need to have a CPC relationship to apply for the Palladium. All you need is a CPC / JPM banker to endorse your app with his employee ID and codes. There are people on FT who managed to get the Palladium w/o CPC relationship. Most Palladium analysts, JPMorgan CSRs, and CPC bankers however will tell you that you need to be CPC to apply for one. Chase is also somewhat cracking down on this "loophole" and analysts are now verifying banking assets before processing apps. If you do not meet the requirements, they'll most likely call the banker that endorsed the app for an explanation.  

Per FT: 

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The way a Chase private banker broke it down for me, you can get a Palladium card if:
- You are a CPC member
- You are a JPM private bank customer
- You are a JPM securities customer
- A private banker (representative from any of the above) is willing to fill out an exception report. This would be, for example, if they are trying to earn your corporate account and you insist on getting this personal card as part of the package, or perhaps if the banker sees you as a "high potential" client even if you don't currently meet the typical criteria.

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The info may be outdated though. And if you are not a CPC / JPM customer, you will most likely have a hard time trying to convince any CPC banker to endorse your app because the branch manager and analyst may raise questions about why he/she is sponsoring that application, and in worst case scenario, that banker can get into trouble for it. 

Having a CPC relationship however will greatly increase the chances of you getting approved for one, and also getting a much higher overall CL, since they seem to base CL for this card more on your assets with Chase, rather than your credit history. Underwriting guidelines seem to be about the same as the CPC version of CSP. 

You can however put your money in there, apply for the card, get approved for it, and then move all your money away. There are people who deposited their mortgage downpayment with Chase for CPC preferential mortgage lending, and then used that money towards the downpayment. Your banker is going to hate it, but it can be done. Other relationship, such as a mortgage financed by JPM, or sometimes a retirement account directly managed by JPM, can also qualify you for the Palladium.

You should ask Bibro for more details. He knows a lot more about this and he's active on FT as well.

to add: Best way is to go onto linkedin and look for college friends that are now working for JPM or Chase. They may be able to refer you to someone else to hook you up. Or you can always go into a branch and try sweettalk your way through with a CPC banker. That's probably the easiest way to get the card.

Otherwise, just find a banker that you can easily communicate with and understand your needs. My banker knows I want nothing to do with any of the investment crap they have, so she doesn't try to push any of those stuff to me. Most of my money are sitting in my checking and savings and they get withdrawn and then replenished on a somewhat regular basis, depending on my business needs.

[newUser0]

Thanks for the info. I have no way of becoming JPM Client / getting mortgage with them. I have read some where that if you have $100K (NOT required 250K) For the CPC, you can get a 1 Year Trial period for CPC. This might me the time to get in, get Palladium and then Also heard that they automatically downgrade you to regular account after a year of failing req. I don't have 250K sorry, If there exists this option like this I can use or else, I need to wait Till I earn 250K 

[enharu]

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@newUser0 wrote:

Thanks for the info. I have no way of becoming JPM Client / getting mortgage with them. I have read some where that if you have $100K (NOT required 250K) For the CPC, you can get a 1 Year Trial period for CPC. This might me the time to get in, get Palladium and then Also heard that they automatically downgrade you to regular account after a year of failing req. I don't have 250K sorry, If there exists this option like this I can use or else, I need to wait Till I earn 250K 

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the 100 - 250k requirement is dependent upon which state and branch you are in. Some have looser guidelines. Pretty much all the branches in LA require a 250k deposit to be a CPC client, since there's no lack of wealthy people in LA. If you manage to find a banker who's trying to hit his/her quota then maybe you can get a easy way out as well. It honestly depends on the banker and the branch manager. 

Once you get the Palladium, they will not downgrade / cancel your card even if you are no longer a CPC. You just need to pay the AF and the card will renew on its own.

There are many other ways to get the card, such as a mortgage, investment account, etc. If your company's 401k is managed by JPM, you might even qualify too. Or if you are bothered enough and really want the card, just head to a couple branches and attempt to sweettalk them into endorsing your application.

[newUser0]

I live in a small town in Oklahoma. I was just checking CPC branches in OK state. There are only 3 branches here. I have a strong feeling (assumed) that people here will NOT be as wealthy people in LA//NYC. They might start me a CPC with 100K. I have my investments with Vanguard and it's hard to change for chase ( and its still less to meet 250K requirment) 

Chase has so many branches in Oklahoma City and only one of them is CPC Branch. If I have a account with a non-CPC branch, and If I go into a CPC branch, will they still be able to access my account details from other branch? Or should I open a new account completely.

Sorry for asking too many questions 

[enharu]

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@newUser0 wrote:

I live in a small town in Oklahoma. I was just checking CPC branches in OK state. There are only 3 branches here. I have a strong feeling (assumed) that people here will NOT be as wealthy people in LA//NYC. They might start me a CPC with 100K. I have my investments with Vanguard and it's hard to change for chase ( and its still less to meet 250K requirment) 

Chase has so many branches in Oklahoma City and only one of them is CPC Branch. If I have a account with a non-CPC branch, and If I go into a CPC branch, will they still be able to access my account details from other branch? Or should I open a new account completely.

Sorry for asking too many questions 

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I wouldn't recommend you move any of your investments just for 1 credit card. It's just not worth it even if the card has 0 AF. If you have an account with a non-CPC branch, they can still access your account and you do not need to open a new account. Once you're CPC they'll just convert your account, and issue you a new cards.

I think you should drop by a branch and talk to a CPC banker before you do anything. Maybe he'll even sponsor your app without you having to move any of your money there, if you do a good job convincing him