@Aim_High wrote:
@wasCB14 wrote:
@Aim_High wrote:... Chase won't even talk to you about a Reserve card if you don't have significant investments, supposedly starting at the $10 Million dollar threshold ... Probably not realistically-attainable to 99.999999% of the population
@randomguy1 wrote:
++ J.P. Morgan Reserve CardAbout 0.1%-0.2% of estates owe federal estate tax (current 2020 exemption is $11.58M).
Of course, those estates can include privately held businesses and real estate, not just cash and securities. So that shrinks the eligible pool.
But that $10M requirement may potentially apply to a family, and not just a single individual. So that grows the eligible pool.
And then there may be some people who can get the card via JPM Private Client Direct. I last read that requires about $5M. That might grow the pool a fair bit.
(Though as I said earlier in this thread, there's really nothing that great about VI without the airfare discount.)
Interesting statistics, and obviously lots of variables at play. You forgot to mention that those $5 or $10 Million need to be invested with Chase Bank, which would again shrink the percentage since they don't get to keep it all!
Perhaps I got a little carried away with the point-nine's.
But I wasn't trying to be literal as much as make a point that it's a very very limited group of people, especially when you compare that the median household net worth in 2020 was only $121,411.
Yes, I had heard that some exceptions could be made for less than $10 Million. For the great majority of the population, $5 Million might as well be $5 Billion because they will never come close to either one. So for the rest of us, there are other cards like the Sapphire Reserve or the Altitude Reserve, and I'm fine with that.
Definitely a limited group of people.
A lot of people who make their own investment decisions avoid services like JPM Private Bank because the process of placing a brokerage order is slow and inefficient relative to Fidelity and Schwab...calling someone and hoping they don't make a mistake vs. a few clicks on a computer and having a clear written record. The transaction costs are much lower. And some of JPM's people who are supposed to be specialists in certain areas (setting up a Chase trust checking account, in my family's experience) are lazy or unreliable while the process was relatively easy with Fidelity.
Also, a lot of the people with $10M+ are old and don't travel much. They may sometimes go on a nice vacation, but probably don't pay too much attention to transfer partners or lounge footprints. A lot of successful young people work in tech or finance and would likely go with a discount brokerage.
So even among a limited group of people with $5M or $10M in cash and securities, the number of people who both want a JPMR and are willing to deal with the hassle and fees of JPM is even smaller.