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Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012

Re: jp morgan palladium question


thom02099 wrote:

 

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. 

 


Because if it's on the Internet it must be true! :smileytongue:

 

The information you copy and pasted is old and now incorrect. You can apply for a Palladium card with just a CPC relationship, which comes with a stated minimum of $250k. Originally, you needed a JPM Private Banking relationship, which had an official minimum of $25mm AUM at the time. In the interim, there has been some restructuring at JPM GWM such that the PB starts at $5mm, but now has HNW ($5mm-$25mm) and UHNW ($25mm+) divisions.

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)
Valued Contributor
thom02099
Posts: 1,317
Registered: ‎08-30-2011

Re: jp morgan palladium question


bribro wrote:

thom02099 wrote:

 

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. 

 


Because if it's on the Internet it must be true! :smileytongue:

 

The information you copy and pasted is old and now incorrect. You can apply for a Palladium card with just a CPC relationship, which comes with a stated minimum of $250k. Originally, you needed a JPM Private Banking relationship, which had an official minimum of $25mm AUM at the time. In the interim, there has been some restructuring at JPM GWM such that the PB starts at $5mm, but now has HNW ($5mm-$25mm) and UHNW ($25mm+) divisions.



As I stated, there are a number of sources that seemed to support the prior statements; I didn't quote them all, including a fairly recent Barrons article.  Yes, some of the data is not current; some of it that I read, is.    That said, the card is still far more exclusive than what most of us mere mortals would qualify for! :smileyhappy:

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012

Re: jp morgan palladium question


thom02099 wrote:

bribro wrote:

thom02099 wrote:

 

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. 

 


Because if it's on the Internet it must be true! :smileytongue:

 

The information you copy and pasted is old and now incorrect. You can apply for a Palladium card with just a CPC relationship, which comes with a stated minimum of $250k. Originally, you needed a JPM Private Banking relationship, which had an official minimum of $25mm AUM at the time. In the interim, there has been some restructuring at JPM GWM such that the PB starts at $5mm, but now has HNW ($5mm-$25mm) and UHNW ($25mm+) divisions.



As I stated, there are a number of sources that seemed to support the prior statements; I didn't quote them all, including a fairly recent Barrons article.  Yes, some of the data is not current; some of it that I read, is.    That said, the card is still far more exclusive than what most of us mere mortals would qualify for! :smileyhappy:


And as I stated, those sources are wrong. You can walk into a Chase branch with CPC and ask about the Palladium card for yourself. The whole "you need $25mm to even qualify" is mostly marketing spin that is now almost 2 years old, and continues to be repeated, erroneously, by news sources that don't bother fact checking themselves.

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)
Frequent Contributor
Laugh
Posts: 254
Registered: ‎12-29-2012

Re: jp morgan palladium question

Sorry for giving out the wrong information.

 

I decided to go on wiki for the Palladium info and only skimmed the first paragraph.

 

:smileysad:

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Regular Contributor
from500to700
Posts: 164
Registered: ‎03-05-2013

Re: jp morgan palladium question

Will i just get confirmed news from the banker he said the following as long as i can have avg of $5 MM in my account for 3 monthes they will waive all credit requirment, If not then I have to meet certian credit requirment.

 

i guess I know what i have to do build build build account and credit :-))

 

not a single application before palladium


Started :
05/05/2013 EX :525,TU:542,EQ:535
06/21/2014 EX :633,TU:656,EQ:651
In Garden Since 03/16/2013
Will not Apply till 03/31/2015
Will have 0 INQ, No Baddies all will fall , and long relation with CPC and get My Goal : JP Morgan Palladium Card and AMEX Platinum to lead to AMEX Centurion Card.
Established Member
JHorowitz
Posts: 33
Registered: ‎09-05-2013

Re: jp morgan palladium question

[ Edited ]

What a great forum, I was going to ask a banker myself, but i'll ask here first and save me a trip!

 

I'm really interested in the Palladium card. Main reason is right now, I carry the Chase Sapphire Preferred, United Club Visa, and American Express Platinum card. That's $940 in AFs! I'm a big airport lounge nut and enjoy Amex's Concierge. I thought it might be a good idea to ditch all 3 cards and replace it with one Palladium card, all for $595 AF, sounds like a great deal, right?

However, according to the MyFICO forums, I need to be a Chase Private Client (CPC) to even apply!

So here's my question:

 

According to these forums, I need $250K to deposit. I have just around $300K right now in assets with MOST (60%) of it true liquid, and the remaining in 401K, IRAs.

 

I'd still like to keep $50K seperate in another bank, so If I deposit $250K to open a CPC account (including rolling over the IRAs), will CPC invest ALL of my $250K (including my checking/savings)? Reason I ask is because I'd like to pull out approximately 50K-100K to purchase some rental properties in about 2-4 years (side job/hobby), thus leaving only $150K-$200K remaining with CPC.  Basically, I like having a good chunk always true liquid. Is that allowed? Or is the requirement for CPC is to have the $250K for investments ONLY, and anything over $250K is true liquid for me to spend freely? I really have no idea how CPC works.

 

However, I still plan to add more funds after the property purchases to invest more every month/year as I have lots of earning potential (in early 30s).

 

I don't know what the TRUE requirements for CPC is, the internet only says $250K+ to deposit, but it doesn't specify retention requirements. Anyone chime in? Much appreciated.

 

 

Established Contributor
ezdoesit
Posts: 698
Registered: ‎03-16-2013

Re: jp morgan palladium question


JHorowitz wrote:

What a great forum, I was going to ask a banker myself, but i'll ask here first and save me a trip!

 

I'm really interested in the Palladium card. Main reason is right now, I carry the Chase Sapphire Preferred, United Club Visa, and American Express Platinum card. That's $940 in AFs! I'm a big airport lounge nut and enjoy Amex's Concierge. I thought it might be a good idea to ditch all 3 cards and replace it with one Palladium card, all for $595 AF, sounds like a great deal, right?

However, according to the MyFICO forums, I need to be a Chase Private Client (CPC) to even apply!

So here's my question:

 

According to these forums, I need $250K to deposit. I have just around $300K right now in assets with MOST (60%) of it true liquid, and the remaining in 401K, IRAs.

 

I'd still like to keep $50K seperate in another bank, so If I deposit $250K to open a CPC account (including rolling over the IRAs), will CPC invest ALL of my $250K (including my checking/savings)? Reason I ask is because I'd like to pull out approximately 50K-100K to purchase some rental properties in about 2-4 years (side job/hobby), thus leaving only $150K-$200K remaining with CPC.  Basically, I like having a good chunk always true liquid. Is that allowed? Or is the requirement for CPC is to have the $250K for investments ONLY, and anything over $250K is true liquid for me to spend freely? I really have no idea how CPC works.

 

However, I still plan to add more funds after the property purchases to invest more every month/year as I have lots of earning potential (in early 30s).

 

I don't know what the TRUE requirements for CPC is, the internet only says $250K+ to deposit, but it doesn't specify retention requirements. Anyone chime in? Much appreciated.

 

 


It says 250k to even be able to apply not how much to get the card.  The only way is we need to ask people who already have the card and see  how much did they have in assets with chase at the time of approval.  Whether they were a cpc or jp client just to get a idea what actually is the lowest someone had on deposit with Chase.  Also credit score.  Everything else is just conjucture at this point with no real definitive answer.

 

i had only run across I think about three people on the forum with the card.

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: jp morgan palladium question


JHorowitz wrote:

What a great forum, I was going to ask a banker myself, but i'll ask here first and save me a trip!

 

I'm really interested in the Palladium card. Main reason is right now, I carry the Chase Sapphire Preferred, United Club Visa, and American Express Platinum card. That's $940 in AFs! I'm a big airport lounge nut and enjoy Amex's Concierge. I thought it might be a good idea to ditch all 3 cards and replace it with one Palladium card, all for $595 AF, sounds like a great deal, right?

However, according to the MyFICO forums, I need to be a Chase Private Client (CPC) to even apply!

So here's my question:

 

According to these forums, I need $250K to deposit. I have just around $300K right now in assets with MOST (60%) of it true liquid, and the remaining in 401K, IRAs.

 

I'd still like to keep $50K seperate in another bank, so If I deposit $250K to open a CPC account (including rolling over the IRAs), will CPC invest ALL of my $250K (including my checking/savings)? Reason I ask is because I'd like to pull out approximately 50K-100K to purchase some rental properties in about 2-4 years (side job/hobby), thus leaving only $150K-$200K remaining with CPC.  Basically, I like having a good chunk always true liquid. Is that allowed? Or is the requirement for CPC is to have the $250K for investments ONLY, and anything over $250K is true liquid for me to spend freely? I really have no idea how CPC works.

 

However, I still plan to add more funds after the property purchases to invest more every month/year as I have lots of earning potential (in early 30s).

 

I don't know what the TRUE requirements for CPC is, the internet only says $250K+ to deposit, but it doesn't specify retention requirements. Anyone chime in? Much appreciated.

 

 


your best bet is to talk to a banker.

Sometimes they are able to "bend" some rules for you, depending on your relationship with Chase and the banker.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Member
JHorowitz
Posts: 33
Registered: ‎09-05-2013

Re: jp morgan palladium question

Correct, I was just asking the requirements to maintain a CPC longterm, therefore I can obtain the Palladium card. I have stellar credit, so i'm not concerned with that, however, am concerned with remaining a CPClient because i like keeping a chunk of the funds liquid ($50-100K liquid for the first 4 years, as I previously stated).

Established Member
JHorowitz
Posts: 33
Registered: ‎09-05-2013

Re: jp morgan palladium question

enharu, thanks, looks like i have to talk to a banker after all! =)


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