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@from500to700 wrote:
Basically the best approach is keep the relationship with cpc increase deposits work hard on my credit for the next 12 months and then apply cause really that is the only card I want
yeap sounds like a very good plan.
12 months of gardening and rebuilding can do a lot of good for your scores and report. Best of luck and keep us updated!
@from500to700 wrote:
Basically the best approach is keep the relationship with cpc increase deposits work hard on my credit for the next 12 months and then apply cause really that is the only card I want
You've got a long ways to go then before your credit improves to that point.
Do you have 100k+ in annual spend?
@from500to700 wrote:
Yes I do
Just keep working on it then. You're probably 1-2 years out, perhaps more depending on what's holding your scores back. 500-anything is downright awful, but you'll get there eventually if you keep at it.
Officially, in order to get the J.P. Morgan Palladium card you need to qualify for a $15k credit line AND have a JPMC wealth management relationship. The easiest way to satisfy the wealth management requirement is to become a CPC client, since their minimums are only $250k. JPMPB and JPMS pretty much start at $5mm+ in AUM.
If you're only CPC, you pretty much have to qualify for the $15k credit line, no exceptions. There is a little more flexibility for J.P. Morgan clients.
@b_seeker wrote:Your best bet would be to talk to your Chase private banker (I'm assuming you already have this because it's the obvious requirement). They would know the requirements the best but I'm going to go out on a limb and assume you need excellent credit because I've seen the CLs they give out with the card.
+1
@from500to700 wrote:
So what you are saying is if I get my account from CPC to JPMPB it will be easier , to get this card.
Yes, but most people find that it's easier to improve their credit than it is to increase their asset base by an order of magnitude.
This from Wikipedia:
Cardholders are required to pay an annual fee of $595 and $99 for each authorized user. There are no nuisance fees such as for foreign exchange, late payments, cash advances, or overdrafts. According to bank spokesman, Rob Tacey, he doesn’t put a dollar amount on just what it takes to acquire one of these cards, but Bloomberg does say, “If you happen to have an extra $25 million that you are willing to let JP Morgan manage for you,” you can get the card. Initially the card was only targeted at elite Private Banking clients but in 2011 the card was opened up to Chase Private Client customers and a few others who met the income and credit requirements but lacked the high assets originally required for the card.[2][3] However, this has since changed and a private banking relationship is once again required to apply for the card. There are currently 5000 Palladium Cards active, making the Palladium Card even more exclusive by numbers than the American Express Centurion Card.
And this from Creditcardforum Blog:
What are the Palladium card qualifications?
First and foremost, I will answer the question that I know is on everyone’s mind… what are the requirements for the Palladium card?
The JPM Palladium Card doesn’t have a specific annual spending threshold you need to meet like the AmEx Centurion has, but rather it has an even tougher requirement… you need to have a private banker in order to qualify! It’s only offered to private banking clients of the JP Morgan Private Bank, Investment Bank, Treasury Services or Commercial Bank.
If you’re thinking about becoming a Private Bank client, good luck with that! According to Barron’s, the average client has $30 million at their bank! For this reason, the J.P. Morgan Palladium Card annual fee is only $595… that’s nothing considering the value of the metal alone is greater than that.
As my contact at Chase explained, they don’t need to charge an annual fee in the thousands like AmEx Centurion does, because the average Palladium cardmember already has $30 mil invested at their bank and that’s how they can afford to practically give away the card to ultra high net worth individuals.
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If one simply Googles "Palladium Card Requirements" there are a number of responses that seem to support the stated requirments of Private Banker affiliation and assets matching the average $30milliion of exisitng clients. Another article stated that there are only 5000 Palladium customers, certainly making it far more exclusive than anything else generally available in the USA.