J.P. Morgan Reserve Infinite Visa Card

[Anonymous]

The personal income requirements in Canada (visa infinite and world MasterCard at 70k, infinite privilege at 120k) was an agreement made with regulators to issue a higher tier of premium cards with much higher swipe fees (even though few banks actually do income verification... But they ask for pay stubs or tax returns when they do). In reality, the AmEx platinum comes with significantly higher sign-up bonus, referral program, benefits (and annual fee), even though the underwriting standards of the AmEx charge cards is significantly lower (40k personal income on the platinum, 20k on the gold)

There was a stretch when many Canadian no annual fee cards were being upgraded to MasterCard world with zero change in benefits on the consumer side... But the banks got more swipe fees out of it, like an incremental 1 percent or more.

[Anonymous]

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@Anonymous wrote:
The personal income requirements in Canada (visa infinite and world MasterCard at 70k, infinite privilege at 120k) was an agreement made with regulators to issue a higher tier of premium cards with much higher swipe fees (even though few banks actually do income verification... But they ask for pay stubs or tax returns when they do). In reality, the AmEx platinum comes with significantly higher sign-up bonus, referral program, benefits (and annual fee), even though the underwriting standards of the AmEx charge cards is significantly lower (40k personal income on the platinum, 20k on the gold)

There was a stretch when many Canadian no annual fee cards were being upgraded to MasterCard world with zero change in benefits on the consumer side... But the banks got more swipe fees out of it, like an incremental 1 percent or more.

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More reason for us to invade Canada and make it the 51st state or maybe states #51-75.

j/k

[Anonymous]

My roundabout point is: I'm jaded when it comes to credit card tiers, and think it's not worth salivating for. It's nearly pure profit for the banks as incremental benefits are few, cost the bank little because few people use things like the concierge, but allows them to go from sub 2 percent swipe fees to over 3.

MBNA Alaska airlines is a typical example. Unlike bank of America Alaska visa, there's no difference in sign-up bonus, earnings rate or companion fare between the MBNA platinum and MBNA world.

[Anonymous]

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@Anonymous wrote:
My roundabout point is: I'm jaded when it comes to credit card tiers, and think it's not worth salivating for. It's nearly pure profit for the banks as incremental benefits are few, cost the bank little because few people use things like the concierge, but allows them to go from sub 2 percent swipe fees to over 3.

MBNA Alaska airlines is a typical example. Unlike bank of America Alaska visa, there's no difference in sign-up bonus, earnings rate or companion fare between the MBNA platinum and MBNA world.

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Appreciate your insight as you have been around and have seen a lot in the cross over world of country credit. At one time I had products from MBNA and liked them ... right up to where the US and Canadian parts of the bank said goodbye to each other and I was left to flounder with Bank of America (they treated me like an orphan child - didn't want my account) where I closed my MBNA Platinum Master Card account with a $57K credit limit at 16.9%+ Apr but no annual fee (still miss the account and Mbna ... yes I know move on).

[sjt]

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@Anonymous wrote:

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@Anonymous wrote:

Yes, the breaking news rumor is that J.P. Morgan has introduced it's equivalent to the Chase Sapphire Reserve Infinite Visa Card. It looks amazingly like the J.P. Morgan Palladium Visa Signature Card. The Points Guys broke the news August 25, 2016 with J.P Morgan furnishing few details. Seems the early signs are a card very similar to the new CSR. Also, current J.P. Morgan Palladium Visa Signature holders will start to have their cards replaced in October 2016. Applications appear to run through the J.P. Morgan Private Banking Group. Time for the myfico'ers to add the potential newest elite card to the herd of top shelf cards. Note, very nice looking! Oh, the annual fee is predicted to be only $595 per year.

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Actually, no he did not. You can read this news from a fellow My Fico member from August 22, but nice plug, had everything but a referral link inside of it.

http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Sapphire-Reserve-real-application-link-is-now-liv...

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The OP was announcing the JP Morgan Reserve Visa Infinite Card not the Chase Sapphire Visa Infinite Card. The JP Morgan card is rumored to replace the Palladium Card and available to its JP Morgan Private Bank clients or a current Palladium Card holders.

[DrZoidberg]

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@sjt wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Yes, the breaking news rumor is that J.P. Morgan has introduced it's equivalent to the Chase Sapphire Reserve Infinite Visa Card. It looks amazingly like the J.P. Morgan Palladium Visa Signature Card. The Points Guys broke the news August 25, 2016 with J.P Morgan furnishing few details. Seems the early signs are a card very similar to the new CSR. Also, current J.P. Morgan Palladium Visa Signature holders will start to have their cards replaced in October 2016. Applications appear to run through the J.P. Morgan Private Banking Group. Time for the myfico'ers to add the potential newest elite card to the herd of top shelf cards. Note, very nice looking! Oh, the annual fee is predicted to be only $595 per year.

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Actually, no he did not. You can read this news from a fellow My Fico member from August 22, but nice plug, had everything but a referral link inside of it.

http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Sapphire-Reserve-real-application-link-is-now-liv...

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The OP was announcing the JP Morgan Reserve Visa Infinite Card not the Chase Sapphire Visa Infinite Card. The JP Morgan card is rumored to replace the Palladium Card and available to its JP Morgan Private Bank clients or a current Palladium Card holders.

Did you even click the link? The info in the link is about the Palladium replacement. It's known and OP and TPG were certainly not first to bring this to light. Just the first to make a separate thread.

[creditguy]

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@sarge12 wrote:

Infinite Privelege is a Canadian card apparently

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I can just see it now, the next hot thread on how to obtain dual citizenship to obtain this card. International borders won't stop the most determined myfico members around here. 

[Anonymous]

You don't need Canadian citizenship or a Canadian social insurance number to build credit history (that field is always optional, Transunion and Equifax Canada will try to match by name, date of birth).

It was significantly easier to start building Canadian history than to build US - I've found the big banks outside of bank of America to be quite unfriendly to foreigners. If you're a new immigrant or non resident, they just don't want to deal with people like us, especially on the credit card side.

In comparison, the big banks in Canada have new immigrant services which does generally include a secured credit card with no annual fee at the minimum... But either way, amex global transfer is the way to go when moving to a new country

[sarge12]

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@creditguy wrote:

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@sarge12 wrote:

Infinite Privelege is a Canadian card apparently

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I can just see it now, the next hot thread on how to obtain dual citizenship to obtain this card. International borders won't stop the most determined myfico members around here. 

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That would be hilarious if it were not so true!!!

[galahad15]

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@Anonymous wrote:
AMEX Platinum is old prestige. People, including myself, have been conditioned to believe that the Platinum is the pinnacle of having "made it". I tell you, the requirement that it be PIF at statement cut, keeps me grounded as I realize my limitations on spending...

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Who needs an Amex Platinum, a JP Morgan Reserve card, or a CSR card, when Amex Centurion is the "Rolls-Royce" of prestige cards, lol?    If people want a prestige card and have the income to justify it, why not go for real deal?