@GatorGuy wrote:
@bribro wrote:
@jamesdwi wrote:
They exist, but more likely someone with that high of a limit has a signature card that will allow the holder to exceed the limit knowing that anything in excess of the CL wil be due on the next statement. JP Morgan chase allows holders to exceed the CL by 300%. Chase Black cards holders can arrange speical lines of credit to be attached to the card. Same with AMEX Centurion cards. With out even going to those elite cards, AMEX Platinum card holders can have internal limits of 100k or more if they have a long history with AMEX or a high income or Assets.
A couple of corrections. J.P. Morgan Palladium card holders can exceed their CL by at least 200%, not 300%. J.P. Morgan Select card holders can exceed their CL by at least 100%. Also, there is no Chase "black card" - what you're describing ("special lines of credit to be attached to the card") sounds like something Morgan Stanley and UBS offer to their private banking customers. J.P. Morgan can do something like that as well with their Palladium card where there is essentially a condition to hold investment assets as collateral, kind of like a rich person's secured card.
Do you really have to have $25 million with JP? $100k seems kind of low when you basically securing that low of a CL with 250x that. What specifically do you like about having the card?
Thanks bribro for educating us!
The minimum for a J.P. Morgan Private Bank UHNW account is $25 million AUM. The tier below that, J.P. Morgan Private Bank HNW (previously called J.P. Morgan Private Wealth Management), is for $5mm-$25mm accounts. There is also J.P. Morgan Securities, which is almost like an independent RIA nestled within JPM; they don't have hard limits like the PB, but you typically need at least $5mm to open an account.
JPM doesn't hold your entire investment portfolio as collateral for your Palladium credit line, it's pretty much 1:1 and it's only for people that can't qualify for the credit limit they want using "traditional" underwriting methods (i.e. UW largely based upon credit score and income). For example, let's say JPM gets a new client with $100mm in the bank. He's paid for everything with cash his entire life, so he has an extremely thin credit profile and cannot get approved for a Palladium card the "normal" way. His banker can set aside $100,000 of his $100,000,000 asset base as collateral in order to secure a credit limit.
I like the Palladium card for the EMV chip, hotel benefits (free upgrades), United Club access (unadvertised benefit), Lounge Club premium access, the J.P. Morgan concierge, and outstanding customer service. No cash advance fees are nice too, in case I don't want to carry my JPM debit card with me when traveling.
TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)
J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
