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JP Morgan Palladium approved

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ADARPegasus
Established Contributor

Re: JP Morgan Palladium approved

Well thats because the Palladium card is like American Express Centurion Card what do you expect.

Transunion - 788 05/16
Experian - 745 05/16
Equifax - 740 05/16
Message 31 of 43
Crashem
Valued Contributor

Re: JP Morgan Palladium approved


@bribro wrote:

I get it Crashem, you don’t like to be wrong. Let’s just have the forum members use the data points we’ve provided and decide accordingly. We’re basically saying the same thing and going back and forth over semantics. Whether it is policy or not, it is clearly not being strictly enforced. FlyerTalk had another person just today post about getting approved with no JPM wealth management relationship.

 

VP is the entry-level title for a private banker at JPM (there might be a small handful of Associates, but almost everyone starts as VP). From there you have Executive Directors and finally Managing Directors. Their titles are based primarily on production/AUM levels.

 

The JPM office off University Avenue, right? Then you’re part of the PB, not “Private Client.” They might get upset if you call them the latter. Smiley Happy


Bribro, I guess you are in the same boat as me as not liking to be wrong, but I'm not the one pointing fingers.  If policy isn't to release these cards to non PB Chase clients, now is the time to take advantage before they close the loopholes.  If you are right about policy, then there is nothing to enforce so no rush.  The fact that you can avoid talking to any PB for any reason (which violates both your and my understanding of policy) by just faxing in the app to right fax number just shows how mixed up they are.  No surprise given they keep changing policy and has to be implemented across at least 3 divisions (credit card, private banking, private client) which traditionally have little to do with each other.  I do find the Palladium interesting as it was originally conceived, as it was very European private bank like in that they were issuing basically unlimited cards based not on credit but off your portfolio. 

As for private banking vs private client, you are probably right.  I barely qualified for PB with the deposit I made with them, but had to borrow off my other portfolios and relationships I have with the 10+M friends who had money with them.  Chase seems to keep reorganizing and renaming all their groups, it's hard to keep track of which is which.  Wells Fargo is even more complicated with their client of private bank vs private banking client vs whatever else.  In Wells Fargo, I just wanted higher ATM cash limit in violation of some rule restricting ATM limits within XXX days of opening account and the Wells Fargo private bank ATM VISA card.  I had to change status 2-3 times to get what I wanted.  To my mind, I barely pay attention as I see most of these guys as fancy brokers.  Just look at my portfolio quarterly and move money around as needed.

               LIMITS IN CARD DESCRIPTIONS
Message 32 of 43
bribro
Valued Contributor

Re: JP Morgan Palladium approved


@CS800 wrote:

I would get the card if there was a way. But I dont see any loopholes I fear.

 

A private banker needs to set up my accounts and the whole thing. That what I was told.



Did you call a private banker? Or just a Chase card services CSR?

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 33 of 43
Crashem
Valued Contributor

Re: JP Morgan Palladium approved


@CS800 wrote:

I would get the card if there was a way. But I dont see any loopholes I fear.

 

A private banker needs to set up my accounts and the whole thing. That what I was told.


CS800,

 

You need to get bored Chase banker to give you app and fax it in.  If you go to local branch and talk to Chase "private client" guy and talk about investing money, then ask for app at end of conversation, my bet is that he will fax it in for you.  Otherwise, if you credit is good and you really want the card, PM me with your contact info.  I can get you copy of application and tell you the fax number to send it too.  But you can't abuse this by sharing info with others.  Otherwise Im afraid this loophole will get shut down faster.  There are some friends that wouldn't qualify that I might want to do something similar in future.

               LIMITS IN CARD DESCRIPTIONS
Message 34 of 43
CS800
Super Contributor

Re: JP Morgan Palladium approved

Just pm'ed you my email.




Message 35 of 43
bribro
Valued Contributor

Re: JP Morgan Palladium approved


@Crashem wrote:

@bribro wrote:

I get it Crashem, you don’t like to be wrong. Let’s just have the forum members use the data points we’ve provided and decide accordingly. We’re basically saying the same thing and going back and forth over semantics. Whether it is policy or not, it is clearly not being strictly enforced. FlyerTalk had another person just today post about getting approved with no JPM wealth management relationship.

 

VP is the entry-level title for a private banker at JPM (there might be a small handful of Associates, but almost everyone starts as VP). From there you have Executive Directors and finally Managing Directors. Their titles are based primarily on production/AUM levels.

 

The JPM office off University Avenue, right? Then you’re part of the PB, not “Private Client.” They might get upset if you call them the latter. Smiley Happy


Bribro, I guess you are in the same boat as me as not liking to be wrong, but I'm not the one pointing fingers.  If policy isn't to release these cards to non PB Chase clients, now is the time to take advantage before they close the loopholes.  If you are right about policy, then there is nothing to enforce so no rush.  The fact that you can avoid talking to any PB for any reason (which violates both your and my understanding of policy) by just faxing in the app to right fax number just shows how mixed up they are.  No surprise given they keep changing policy and has to be implemented across at least 3 divisions (credit card, private banking, private client) which traditionally have little to do with each other.  I do find the Palladium interesting as it was originally conceived, as it was very European private bank like in that they were issuing basically unlimited cards based not on credit but off your portfolio. 

As for private banking vs private client, you are probably right.  I barely qualified for PB with the deposit I made with them, but had to borrow off my other portfolios and relationships I have with the 10+M friends who had money with them.  Chase seems to keep reorganizing and renaming all their groups, it's hard to keep track of which is which.  Wells Fargo is even more complicated with their client of private bank vs private banking client vs whatever else.  In Wells Fargo, I just wanted higher ATM cash limit in violation of some rule restricting ATM limits within XXX days of opening account and the Wells Fargo private bank ATM VISA card.  I had to change status 2-3 times to get what I wanted.  To my mind, I barely pay attention as I see most of these guys as fancy brokers.  Just look at my portfolio quarterly and move money around as needed.


 

All I said was that “I remember reading that all new Palladium approvals as of a few weeks ago had to be JPM PB clients, so at least that's not the case.” To which you responded with “No. This is the case.” There is direct evidence to prove what I said is true (people getting Palladium without a PB relationship, as recently as today), so what I said is correct. It’s as simple as that. (Notice that I did not even mention the word “policy” at first.) I think this is all a misunderstanding, so let’s just move on and share our experiences with the forum. This whole Palladium application process is clearly a YMMV situation, so the more data points the better.

 

Yup, JPMC is reorganizing and renaming many of their wealth management groups. In the last couple of months, they have consolidated several LOBs into the umbrella of the Private Bank. Even their PWM group ("PB light") was recently folded in the PB. What remains is Chase Private Client (for the “mass affluent” at the retail level), JPM Private Bank,  and JPM Securities (similar to the PB in terms of account sizes, but based on the brokerage model). Wells Fargo as you said is even more complicated, and they just launched their silly-sounding “Abbot Downing” wealth management division to add to the convolution.

 

BTW, make sure you ask about JPM’s newly launched checking products. I recently signed up and love it so far. You get a higher ATM limit (I set mine to $2k, but you can ask for whatever), unlimited incoming/outgoing wire transfers, and unlimited ATM fee rebates, which covers all non-Chase ATMs even when you’re out of the country. The debit card looks pretty nice too, reminiscent of the Palladium card. I suspect the WF PB offer similar benefits though.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 36 of 43
Crashem
Valued Contributor

Re: JP Morgan Palladium approved

Don't use Chase for banking currently.  Although I think I might have too many banking relationships as is.  Primarily use BofA and Wells Fargo where I have their no fee accounts.  But recently, been trying to support CUs so I joined local one SFFire (great one btw), PenFed, and JFCU.

 

Bribro, what line of work are you in and are you in SF?  If in SF, I am really liking SFFire CU.  They are down the street from my house and super nice.  Never really realized the difference in service a CU can provide.  Their checking account is really cool as they pick up foreign ATMs fees as well as having basically no fees.  Their Visa is pretty good also.

               LIMITS IN CARD DESCRIPTIONS
Message 37 of 43
bribro
Valued Contributor

Re: JP Morgan Palladium approved

PM'ed you Crashem.

Relevant to this thread: I just had another friend (Facebook employee) get approved for the Palladium card today, with no JPM wealth management relationship. He went through pretty much the same thing as the OP – spoke to a banker, said he wasn’t interested in their services (and didn't have enough money to be honest), and got the card anyway.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 38 of 43
CS800
Super Contributor

Re: JP Morgan Palladium approved


@bribro wrote:

PM'ed you Crashem.

Relevant to this thread: I just had another friend (Facebook employee) get approved for the Palladium card today, with no JPM wealth management relationship. He went through pretty much the same thing as the OP – spoke to a banker, said he wasn’t interested in their services (and didn't have enough money to be honest), and got the card anyway.


So a normal person I take it ?




Message 39 of 43
bribro
Valued Contributor

Re: JP Morgan Palladium approved


@CS800 wrote:

@bribro wrote:

PM'ed you Crashem.

Relevant to this thread: I just had another friend (Facebook employee) get approved for the Palladium card today, with no JPM wealth management relationship. He went through pretty much the same thing as the OP – spoke to a banker, said he wasn’t interested in their services (and didn't have enough money to be honest), and got the card anyway.


So a normal person I take it ?



As opposed to a weird person? Smiley Happy He's not a multimillionaire if that's what you're asking. He makes $120k/yr.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 40 of 43
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