topic Re: JP Morgan palladium requirements? in Credit Cards

JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 00:10:49 GMT

Can't find anything solid on previous posts. Main concern is annual income. Anyone know what they look for?

Re: JP Morgan palladium requirements?

trumpet-205 — Sat, 04 Aug 2012 00:18:55 GMT

@Anonymous wrote:
Can't find anything solid on previous posts. Main concern is annual income. Anyone know what they look for?

Quoted from CreditCardForum

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.

http://creditcardforum.com/blog/jp-morgan-palladium-card-benefits/

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 01:00:54 GMT

They are also looking for willing individuals to plunk dow $595

Sorry, couldnt resist!

I think the private client deal isnt etched in stone though...

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 01:02:48 GMT

I have read one other post that says you don't need to have a private banker. are they more concerned with annual income or investment portfolio

Re: JP Morgan palladium requirements?

CreditScholar — Sat, 04 Aug 2012 01:09:31 GMT

They've changed and stiffened the requirements a lot over the last few months. Currently you need to have a relationship with CPC or PB. There were people who snuck via a backdoor, but they've closed that now. If you don't have 500k to become a CPC, and this is the minimum, then you can't get then palladium card. I thought about becoming a CPC, but concluded that's a lot of money to move over just for a credit card.

Re: JP Morgan palladium requirements?

trumpet-205 — Sat, 04 Aug 2012 01:10:40 GMT

@Anonymous wrote:
I have read one other post that says you don't need to have a private banker. are they more concerned with annual income or investment portfolio

Nope. You do need private banker.

Dear __________,

Thank you for contacting Chase about the Palladium Card.

I would like to inform you that the Palladium Card applications are currently only available through private banking. If they would like to apply for the Select card, this can be done online at chase.com. If they would like to apply with our assistance for Select card, you can pre-key the information given and e-mail or mail the pre-keyed JPMorgan Select Visa Signature Card Application to the potential client. If you chose to have it mailed, you will also need to provide a return address for the client to send the completed application and signature card. A return envelope with return address will also be sent with the application

J.P. Morgan Card Member Services
Attention: Priority Services DE2-4003
200 White Clay Center Drive, Floor 03
Newark, DE 19711-5466

In order for us to provide the most accurate response to your inquiry, please contact a Credit representative, Monday through Friday at 877-576-6109
between the hours of 8:00AM and 10:00 PM Eastern time.

http://www.flyertalk.com/forum/18655280-post664.html

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 01:12:42 GMT

@Anonymous wrote:
I have read one other post that says you don't need to have a private banker. are they more concerned with annual income or investment portfolio

All apps have to be routed via private banker or private client. There have been several policy changes around this card application so ignore experiences before June or so. Basically need to be a client or convince one of above to forward app for you.

Re: JP Morgan palladium requirements?

CreditScholar — Sat, 04 Aug 2012 01:14:36 GMT

@trumpet-205 wrote:
@Anonymous wrote:
I have read one other post that says you don't need to have a private banker. are they more concerned with annual income or investment portfolio
Nope. You do need private banker.

Dear __________,

Thank you for contacting Chase about the Palladium Card.

I would like to inform you that the Palladium Card applications are currently only available through private banking. If they would like to apply for the Select card, this can be done online at chase.com. If they would like to apply with our assistance for Select card, you can pre-key the information given and e-mail or mail the pre-keyed JPMorgan Select Visa Signature Card Application to the potential client. If you chose to have it mailed, you will also need to provide a return address for the client to send the completed application and signature card. A return envelope with return address will also be sent with the application

J.P. Morgan Card Member Services
Attention: Priority Services DE2-4003
200 White Clay Center Drive, Floor 03
Newark, DE 19711-5466

In order for us to provide the most accurate response to your inquiry, please contact a Credit representative, Monday through Friday at 877-576-6109
between the hours of 8:00AM and 10:00 PM Eastern time.

http://www.flyertalk.com/forum/18655280-post664.html

+1. They started rigidly enforcing this when they found out that some people slipped through the cracks. These people weren't the ideal clients that then palladium card was intended for, so they altered the application process. The palladium card is primarily a product to strengthen a clients relationship with CPC or PB. If you don't have a large investment portfolio that you're willing to let them have, then this card won't be for you. In many ways, it's a fringe benefit for a larger private banking package.

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 01:30:16 GMT

I think private client 250k or maybe even lower if you say you will build to that.

Re: JP Morgan palladium requirements?

trumpet-205 — Sat, 04 Aug 2012 01:33:41 GMT

@Anonymous wrote:
I think private client 250k or maybe even lower if you say you will build to that.

Some say it is $25 millions in the form of liquid asset.

Re: JP Morgan palladium requirements?

CreditScholar — Sat, 04 Aug 2012 01:36:02 GMT

@Anonymous wrote:
I think private client 250k or maybe even lower if you say you will build to that.

250k? Is that all? That might be something I'll seriously consider for next year then. That's really not that much.

Re: JP Morgan palladium requirements?

CreditScholar — Sat, 04 Aug 2012 01:37:19 GMT

@trumpet-205 wrote:
@Anonymous wrote:
I think private client 250k or maybe even lower if you say you will build to that.
Some say it is $25 millions in the form of liquid asset.

PB is 5-25M. This is CPC, which is another category altogether. Both have access to the palladium card.

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 01:51:55 GMT

@CreditScholar wrote:
@trumpet-205 wrote:
@Anonymous wrote:
I think private client 250k or maybe even lower if you say you will build to that.
Some say it is $25 millions in the form of liquid asset.

PB is 5-25M. This is CPC, which is another category altogether. Both have access to the palladium card.

Pb is a little weird. Definitely in the 7 digits, but really just depends on your relationship with them. Know people who have couple of illiquid million with them, but they want to build relationship with them. Personally don't think it is worth it for under 10 million. Fees rack up without enough money to need their more specialized services or access. For example, getting access to certain hedge fund.

Re: JP Morgan palladium requirements?

cashnocredit — Sat, 04 Aug 2012 04:07:19 GMT

@Anonymous wrote:
@CreditScholar wrote:
@trumpet-205 wrote:
@Anonymous wrote:
I think private client 250k or maybe even lower if you say you will build to that.
Some say it is $25 millions in the form of liquid asset.

PB is 5-25M. This is CPC, which is another category altogether. Both have access to the palladium card.
Pb is a little weird. Definitely in the 7 digits, but really just depends on your relationship with them. Know people who have couple of illiquid million with them, but they want to build relationship with them. Personally don't think it is worth it for under 10 million. Fees rack up without enough money to need their more specialized services or access. For example, getting access to certain hedge fund.

I was just looking at the CPC site. Didn't see any minimum except that if you drop below a monthly min. of 15k they charge $20/mo. That's odd because I have a Chase Plat. Premier. account and the min is an average of 75k total. The different services are pretty minor except for free outgoing wires for CPC. OTOH, I can get 9 more free Plat .Prem. checking accounts with no minimums on the extras. I have no idea why anyone would want that.

I'm kicking around apping for the Pd but I'm not about to put my major financial assets into a bank managed investment account.

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 04:54:13 GMT

JP Morgan Chase is a bit different from most banks. JP Morgan part definitely has I-Banking chops. However, I doubt CPC inherited any of it.

Re: JP Morgan palladium requirements?

cashnocredit — Sat, 04 Aug 2012 05:17:02 GMT

@Anonymous wrote:
JP Morgan Chase is a bit different from most banks. JP Morgan part definitely has I-Banking chops. However, I doubt CPC inherited any of it.

No doubt. JPM is a tier one ibank as well as a great international scope bank. Probably the best combo out there. I don't have enough to interest the big guys and I'm not sure I would use them anyway. I make my own investments including PPs and have a reasonable experience with angel and mezz finance. I've been shifting into real estate. There's some good deals but the alpha is limited.

OTOH, I just want a good CC that I can spend 100k on should the opportunity/need arise. It's a fuzzy boundry where one tends to see wires used more but they are slower. An interesting note in the CPC site was that they offered verbal free 7/24 wire services. I've found verbal wires pretty useful with WF but they were limited to business hours. They also charge me $15 per.

Re: JP Morgan palladium requirements?

Anonymous — Sat, 04 Aug 2012 05:56:58 GMT

Did you ever do that 100k secured visa from sdfcu?

Re: JP Morgan palladium requirements?

cashnocredit — Sat, 04 Aug 2012 06:12:44 GMT

@Anonymous wrote:
Did you ever do that 100k secured visa from sdfcu?

Nope.

Didn't find out about that before I'd gotten a Citi 25k and WF 10k secured and they unsecured 1.5 years ago.

I'm pretty sure my Amex plat would be good for 100k. I have more than that in their online savings and if push came to shove I suppose I could prepay from there.

Re: JP Morgan palladium requirements?

Anonymous — Sun, 05 Aug 2012 10:04:13 GMT

Currently work as a private banker for WF and our requirement is portfolio value of $250k. On the other hand, our wealth management team's minimum value is $1M. I can't imagine JPM to be $5-$25M for just private bank? I'm not familiar with this CPC acronym either.

Re: JP Morgan palladium requirements?

Anonymous — Sun, 05 Aug 2012 15:42:29 GMT

@Anonymous wrote:
Currently work as a private banker for WF and our requirement is portfolio value of $250k. On the other hand, our wealth management team's minimum value is $1M. I can't imagine JPM to be $5-$25M for just private bank? I'm not familiar with this CPC acronym either.

jp Morgan is like the originaL private bank. I forget their minimum but it is high. My earlier comments were that it isn't worth their fees unless you need their services which IMHO takes aselects several million. Cpc=chase private client which is the equivalent to what you do.