topic Re: jp morgan palladium question in Credit Cards

jp morgan palladium question

from500to700 — Fri, 07 Jun 2013 02:20:53 GMT

Hello all ,
I want to know what it takes to get this card , does avg credit and good private bank account help or there is no exceptions .

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 02:26:56 GMT

Your best bet would be to talk to your Chase private banker (I'm assuming you already have this because it's the obvious requirement). They would know the requirements the best but I'm going to go out on a limb and assume you need excellent credit because I've seen the CLs they give out with the card.

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 02:29:16 GMT

You need a minimum of 25 million in a chase private bank.

I'm assuming no exceptions.

It's best to ask Chase.

Re: jp morgan palladium question

CreditScholar — Fri, 07 Jun 2013 02:29:41 GMT

You essentially need 2 things:

1. Become a CPC

2. Apply for the card just like any other, only your CPC banker needs to endorse the application as well.

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 02:30:01 GMT

B_seeker beat me to it!

Re: jp morgan palladium question

from500to700 — Fri, 07 Jun 2013 02:40:30 GMT

Than you very much , my concern was if you have the private account but NOT the excellent credit will that make it happen. Ill know the answer in the AM then. I dont think you need 25 mil account I know my friend has 1mil in relation but he has excellent credit and he has it.

Re: jp morgan palladium question

CreditScholar — Fri, 07 Jun 2013 02:41:35 GMT

@from500to700 wrote:
Than you very much , my concern was if you have the private account but NOT the excellent credit will that make it happen. Ill know the answer in the AM then. I dont think you need 25 mil account I know my friend has 1mil in relation but he has excellent credit and he has it.

You still need good credit as they will pull your reports just like with any other application. Having a score of 500 won't cut it (for example), even if you do have enough assets to qualify for CPC.

Re: jp morgan palladium question

n777ua — Fri, 07 Jun 2013 02:45:14 GMT

@Anonymous wrote:
You need a minimum of 25 million in a chase private bank.

I'm assuming no exceptions.

It's best to ask Chase.

Not true at all, not even close. And there were hundreds of exceptions before Chase closed the loophole. $250k is the minimum deposit for CPB, and your banker can submit the app for you. Also, I have a .pdf of the paper app I can send if you want it, you can TRY submitting it on your own but I don't think Chase accepts them anymore.

Re: jp morgan palladium question

CreditScholar — Fri, 07 Jun 2013 02:57:52 GMT

@n777ua wrote:
@Anonymous wrote:
You need a minimum of 25 million in a chase private bank.

I'm assuming no exceptions.

It's best to ask Chase.
Not true at all, not even close. And there were hundreds of exceptions before Chase closed the loophole. $250k is the minimum deposit for CPB, and your banker can submit the app for you. Also, I have a .pdf of the paper app I can send if you want it, you can TRY submitting it on your own but I don't think Chase accepts them anymore.

They won't. That backdoor closed a long time ago.

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 03:16:29 GMT

@CreditScholar wrote:
@from500to700 wrote:
Than you very much , my concern was if you have the private account but NOT the excellent credit will that make it happen. Ill know the answer in the AM then. I dont think you need 25 mil account I know my friend has 1mil in relation but he has excellent credit and he has it.
You still need good credit as they will pull your reports just like with any other application. Having a score of 500 won't cut it (for example), even if you do have enough assets to qualify for CPC.

+1 to what CS said.

To OP: You do NOT need 25million. All you need is at least 250k + CPC relationship.

The JPMorgan select requires you to be a customer of JPMorgan, and the amount of money required to be a client of JPMorgan is a lot higher, but that is an entirely different card. Other people probably got confused between these 2 cards.

Basically, 250k + CPC is just the basic requirements to qualify. They will not accept the app or even pull an inquiry if you do not meet those requirements.

After you meet those requirements, they will pull your credit and evaluate your application.

With a 500+ scores your approval odds are slim to none.

In some scenarios, Chase is willing to hand out Freedom, and rarely CSP, to people with little to no credit as long as they have a sizable amount of deposits with Chase. I am not sure if this can be done for the Palladium, and even if this is possible, you will need to deposit A LOT of money, way above the 250k threshold, to even make your application slightly more attractive. But with a 500 scores chances are pretty bleak IMO. Chase is willing to work with thin files, but very rarely bad files.

Re: jp morgan palladium question

from500to700 — Fri, 07 Jun 2013 03:26:14 GMT

Basically the best approach is keep the relationship with cpc increase deposits work hard on my credit for the next 12 months and then apply cause really that is the only card I want

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 03:27:26 GMT

@from500to700 wrote:
Basically the best approach is keep the relationship with cpc increase deposits work hard on my credit for the next 12 months and then apply cause really that is the only card I want

yeap sounds like a very good plan.

12 months of gardening and rebuilding can do a lot of good for your scores and report. Best of luck and keep us updated!

Re: jp morgan palladium question

CreditScholar — Fri, 07 Jun 2013 03:27:51 GMT

@from500to700 wrote:
Basically the best approach is keep the relationship with cpc increase deposits work hard on my credit for the next 12 months and then apply cause really that is the only card I want

You've got a long ways to go then before your credit improves to that point.

Do you have 100k+ in annual spend?

Re: jp morgan palladium question

from500to700 — Fri, 07 Jun 2013 03:31:19 GMT

Yes I do

Re: jp morgan palladium question

CreditScholar — Fri, 07 Jun 2013 03:32:53 GMT

@from500to700 wrote:
Yes I do

Just keep working on it then. You're probably 1-2 years out, perhaps more depending on what's holding your scores back. 500-anything is downright awful, but you'll get there eventually if you keep at it.

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 04:43:14 GMT

Officially, in order to get the J.P. Morgan Palladium card you need to qualify for a $15k credit line AND have a JPMC wealth management relationship. The easiest way to satisfy the wealth management requirement is to become a CPC client, since their minimums are only $250k. JPMPB and JPMS pretty much start at $5mm+ in AUM.

If you're only CPC, you pretty much have to qualify for the $15k credit line, no exceptions. There is a little more flexibility for J.P. Morgan clients.

Re: jp morgan palladium question

indiolatino61 — Fri, 07 Jun 2013 05:36:29 GMT

@Anonymous wrote:
Your best bet would be to talk to your Chase private banker (I'm assuming you already have this because it's the obvious requirement). They would know the requirements the best but I'm going to go out on a limb and assume you need excellent credit because I've seen the CLs they give out with the card.

Re: jp morgan palladium question

from500to700 — Fri, 07 Jun 2013 14:14:12 GMT

So what you are saying is if I get my account from CPC to JPMPB it will be easier , to get this card.

Re: jp morgan palladium question

Anonymous — Fri, 07 Jun 2013 15:04:16 GMT

@from500to700 wrote:
So what you are saying is if I get my account from CPC to JPMPB it will be easier , to get this card.

Yes, but most people find that it's easier to improve their credit than it is to increase their asset base by an order of magnitude.

Re: jp morgan palladium question

thom02099 — Fri, 07 Jun 2013 15:08:36 GMT

This from Wikipedia:

Cardholders are required to pay an annual fee of $595 and $99 for each authorized user. There are no nuisance fees such as for foreign exchange, late payments, cash advances, or overdrafts. According to bank spokesman, Rob Tacey, he doesn’t put a dollar amount on just what it takes to acquire one of these cards, but Bloomberg does say, “If you happen to have an extra $25 million that you are willing to let JP Morgan manage for you,” you can get the card. Initially the card was only targeted at elite Private Banking clients but in 2011 the card was opened up to Chase Private Client customers and a few others who met the income and credit requirements but lacked the high assets originally required for the card.[2][3] However, this has since changed and a private banking relationship is once again required to apply for the card. There are currently 5000 Palladium Cards active, making the Palladium Card even more exclusive by numbers than the American Express Centurion Card.

And this from Creditcardforum Blog:

What are the Palladium card qualifications?

First and foremost, I will answer the question that I know is on everyone’s mind… what are the requirements for the Palladium card?

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.

If you’re thinking about becoming a Private Bank client, good luck with that! According to Barron’s, the average client has $30 million at their bank! For this reason, the J.P. Morgan Palladium Card annual fee is only $595… that’s nothing considering the value of the metal alone is greater than that.

As my contact at Chase explained, they don’t need to charge an annual fee in the thousands like AmEx Centurion does, because the average Palladium cardmember already has $30 mil invested at their bank and that’s how they can afford to practically give away the card to ultra high net worth individuals.

***********************

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.