Re: jp morgan palladium question
06-07-2013 08:48 AM
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!
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!
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.
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)