Re: jp morgan palladium question
09-05-2013 04:12 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.
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.