Re: jp morgan palladium question
09-05-2013 04:09 PM
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.