J.P. Morgan Reserve card

[Loquat]

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@iced wrote:

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@UpperNwGuy wrote:

Seems like status is suddenly becoming more important around here.  A few months ago the metal card frenzy seemed to satisfy, but this quest for an exclusive card takes it to the next level.

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Sadly, yes. Seems more and more people are starting to let what's in their wallet determine their self-worth, even if it means getting a card that's not in their best interests or a even card that's completely useless to them and costs them money. The joke will ultimately be on them once they realize that nobody else gives a rat's posterior what card(s) they have.

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It's not just with credit cards it's with most things in life.  Does a 4 person family really need a mansion?  Does a person who travels alone really need a Cadillac Escalade or a Tesla?  Does one really need a Prada Saffiano handbag? Heck, most days I don't NEED an iPhone...a cell phone for sure but seriously, I could get just about the same amount done with a basic Andriod as I could with a $1200+ iPhone XS Max (that I happily trade in every year). 

Point being, if one has it, I don't care if they flaunt it.  But make no mistake that we all do things that make us feel good. From the places we shop, the restaurants we eat, the hotels we stay, our seat on the airplane, the shoes we wear, down the cologne or perfume we spray.  So if a $450-$550 or even higher annual fee makes one feel good about themselves then go for it...no different than "wasting" money on Jordan sneakers or a television in a man cave that's wider than the front end of a Buick.

Sorry for slightly straying off topic but wanted to point it out that we all do things that makes us feel good/improve our image or perceived worth.  The Centurion lounges, Etihad and Lufthansa first class, cars, houses, jewelery, etc all plays right into this very notion of self worth.  So why should credit cards be any different?  It's all the same in my opinion...

[iced]

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@Loquat wrote:

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@iced wrote:

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@UpperNwGuy wrote:

Seems like status is suddenly becoming more important around here.  A few months ago the metal card frenzy seemed to satisfy, but this quest for an exclusive card takes it to the next level.

---

Sadly, yes. Seems more and more people are starting to let what's in their wallet determine their self-worth, even if it means getting a card that's not in their best interests or a even card that's completely useless to them and costs them money. The joke will ultimately be on them once they realize that nobody else gives a rat's posterior what card(s) they have.

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It's not just with credit cards it's with most things in life.  Does a 4 person family really need a mansion?  Does a person who travels alone really need a Cadillac Escalade or a Tesla?  Does one really need a Prada Saffiano handbag? Heck, most days I don't NEED an iPhone...a cell phone for sure but seriously, I could get just about the same amount done with a basic Andriod as I could with a $1200+ iPhone XS Max (that I happily trade in every year). 

Point being, if one has it, I don't care if they flaunt it.  But make no mistake that we all do things that make us feel good. From the places we shop, the restaurants we eat, the hotels we stay, our seat on the airplane, the shoes we wear, down the cologne or perfume we spray.  So if a $450-$550 or even higher annual fee makes one feel good about themselves then go for it...no different than "wasting" money on Jordan sneakers or a television in a man cave that's wider than the front end of a Buick.

Sorry for slightly straying off topic but wanted to point it out that we all do things that makes us feel good/improve our image or perceived worth.  The Centurion lounges, Etihad and Lufthansa first class, cars, houses, jewelery, etc all plays right into this very notion of self worth.  So why should credit cards be any different?  It's all the same in my opinion...

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You point out two separate reasons, of which only one I really call out. Buying up because it's convenient or feels good is fine, and I do that myself (see below), but it's those who buy something for no other reason than the flaunt that have a lesson in disappointment in their future. These two reasons are certainly not the same.

If someone buys a first class seat so they can board first and smirk at the plebs as they walk by to their economy seats, then they're a fool for having dropped the money in the name of the incorrect perception of self-worth and superiority. If they bought it because they want the extra legroom, food service, or a bed to sleep on, it's to feel good (in this case physiologically). I can support the latter justification and do it myself; it's the former I'm calling out here. That is, the JPMR offers no benefit over the CSR in 2019, so someone seeking it out and willing to pay more for the same benefits can only be looking for bragging rights, to which I point out nobody's going to ooh and aah that person once they get it. They'll be disappointed to find out nobody cares that they got the shiny new card, thus undermining the only reason they pursued the card in the first place.

I do agree we're getting OT here, though, so I'll stop commenting on this subject.

[longtimelurker]

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@FinStar wrote:

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@longtimelurker wrote:

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@iced wrote:

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The joke will ultimately be on them once they realize that nobody else gives a rat's posterior what card(s) they have.

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What????   That can't be true surely!

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Which part?  The rat's posterior or the card itself? 

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Actually, I was just being polite.   I personally try to avoid (not always successfully) the type of person who collects rats, dead or alive, and then cuts off the end in order to offer people the posterior.   I don't want to be too judgemental but that just seems wrong!

[Remedios]

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@longtimelurker wrote:

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@FinStar wrote:

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@longtimelurker wrote:

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@iced wrote:

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The joke will ultimately be on them once they realize that nobody else gives a rat's posterior what card(s) they have.

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What????   That can't be true surely!

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Which part?  The rat's posterior or the card itself? 

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Actually, I was just being polite.   I personally try to avoid (not always successfully) the type of person who collects rats, dead or alive, and then cuts off the end in order to offer people the posterior.   I don't want to be too judgemental but that just seems wrong!

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It worked wonders for Ozzie's career, though. Granted that was a flying rat, but we don't split hairs around here.  

[BeEasyMark]

Scheming on this card...

I have business accounts with Chase and was asked if I wanted to open a personal account which would be with Chase Private Client. I usually have 300-500k with Chase between my business and personal accounts. I currently have a CSR.

From reading this thread, one must be with JP Morgan Private Bank to be invited to apply for this card. Now if my business accounts go above a certain threshold (5-10m or 10m+) in deposits, do they invite me to become a private bank client or does the threshold has to be passed on personal accounts? or Private Bank Direct (~1m)? I assume I don't go into regular Chase branches for this.

[Revelate]

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@BeEasyMark wrote:

Scheming on this card...

I have business accounts with Chase and was asked if I wanted to open a personal account which would be with Chase Private Client. I usually have 300-500k with Chase between my business and personal accounts. I currently have a CSR.

From reading this thread, one must be with JP Morgan Private Bank to be invited to apply for this card. Now if my business accounts go above a certain threshold (5-10m or 10m+) in deposits, do they invite me to become a private bank client or does the threshold has to be passed on personal accounts? or Private Bank Direct (~1m)? I assume I don't go into regular Chase branches for this.

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Just walk into a branch and ask for the upgrade if you qualify.  Worst case they will get you in touch with the correct people.  Or maybe you will get an invitation, I did on several occasions for CPC.

10m in liquid net wealth is hard, I am not even close to 1m at Chase or really in aggregate.

Not that I would bother with this card, I did buy a Tesla and guess how many times it has been washed in the past year and a half?

I so do not fit into LA culture, one more month and heading across the desert.

[BeEasyMark]

I wouldn't have over $1m with Chase in personal accounts. I'm just asking because I've been added onto multiple business accounts I'm involved in that are with Chase.

[kudosalert]

these thresholds would probably be a combination of short term and investment assets. nobody in their right mind would let 10mil sit for very long. similar to BOA's Preferred Reward levels (combination including investments at ML).

[Anonymous]

You keep thinking CPC is same as PB. CPC is 250k plus at Chase bank. Private bank is entirely different entity with different balances and requirements. Your chase banker has absolutely nothing to do with JPM Reserve or the Private Bank accounts. Chase Private Client is not JPM Private Bank. So CPC banker can't help you with this card and nobody at a chase branch can really. 

[Anonymous]

Exactly right. I got mine through my JPM team. I just called them and asked for an application for the card and they emailed it to me. I completed DocuSign and the next day it was approved.