JPMorgan Palladium Card

[hegemony]

I got lucky as well. After reading about the Private Client requirement coming up but people still making it I had to give it a shot.

Credit Score:

TU - 680 <--- Don't know why

EQ - 780

 

Annual gross income: 250k+

 

Got a voice message asking me to call them back. I called them back thinking they were going to tell me about the PC requirement. But the representive just verified me and asked me some finanical questions. 30 secs later I had a PD card with a 15k limit. The card showed up on Friday and I am very impressed. I have already called the concerige and got my GHA black status and United Red Carpet Club membership. So far I am loving this card over my AMEX Plat. Definitely brightened this half-asian's day

congrats!!!

 

if that TU score is from myfico, ignore it as that is an outdated score that no consumer should buy.

[CoderBlix]

Has anyone added n AU to their PD? I noticed a footnote in the benefits guide tonight that said "reference to the account may appear on the authorized users credit report". Can anyone confirm that it does or does not show up on an AUs report? I want to add my wife but I do not want any references to new accounts or balances showing up on her report for a while...

[hegemony]

Has anyone added n AU to their PD? I noticed a footnote in the benefits guide tonight that said "reference to the account may appear on the authorized users credit report". Can anyone confirm that it does or does not show up on an AUs report? I want to add my wife but I do not want any references to new accounts or balances showing up on her report for a while...

it has not reported to my spouse's reports last I checked.

[CoderBlix]

Has anyone added n AU to their PD? I noticed a footnote in the benefits guide tonight that said "reference to the account may appear on the authorized users credit report". Can anyone confirm that it does or does not show up on an AUs report? I want to add my wife but I do not want any references to new accounts or balances showing up on her report for a while...

it has not reported to my spouse's reports last I checked.

 

 

 

Called today and had her added as an AU. Sending another "metal" card out. I didnt ask but am now wondering why they didnt need her signature for the name on the back? Did you have to send one in for your spouse?

[yOyOYoo]

CoderBlix,

 

You need to request a signature form for your AU or else they will only send her a plastic version of the card.

 

Thats what a CSR told me. Interestingly, when they sent my AU (fiancé) her card, they included an EXTRA metal card for me!! I'm going to keep the extra card as a souvenir as my current card already has some scratches on it.

[formertechie]

I added an AU and I noticed it is the exact same card number just with the AU's name on it.

[TMaG82]

I added an AU and I noticed it is the exact same card number just with the AU's name on it.

 

All Chase AUs share the same card number as the primary. Makes it confusing if you try and keep track of who made a purchase when you have more than 1 au.

[lobsterboy]

You can add 3 and the account number is the same unlike Amex so if you have to close one card you have to close all of them. I had mine stolen along with my wallet south of the border and it was very difficult to have the cards replaced since they have to cancel all of them. They sent me an overnight envelope to send back the AU's cards before replacement and wanted to send only the plastic. In the end I had to send the 3 AU's cards back and then they sent my new card and all 3 of the AU's cards to me. Perhaps since it costs more to make this card they want to send the replacements in plastic. I have the select card also and it looks similar to the plastic version of the Palladium. If you do not have the Sig. form for the metal card they can only send you the plastic version.

[CoderBlix]

Good call... I just called the CSR line back and they were mailing the plastic card. Emailed me the signature form for her to sign so that she can get the metal card.

[Crashem]

Lost my wallet this weekend. Got new cards plastic and metal. Also sent return envelope for my wife's metal card. Here I was thinking about having someone melt it down to see what it is really made of.

In any case I want to give props to the customer service. I called at almost 11pm pst. Found out my wallet itself was bought within last 90 days and used palladium. In any case, they had people with their insurance group available then who started processing my claim.

[Crashem]

Hmm just called. Don't have to send back my wife's palladium card.. Shall I have someone melt this puppy down and see what it is really made up of? Any suggestions where?

[hegemony]

Hmm just called. Don't have to send back my wife's palladium card.. Shall I have someone melt this puppy down and see what it is really made up of? Any suggestions where?

 

 

I have some Pd coins and in my non-scientific testing using water displacement in a wine glass, the one ounce .999 coin displaces about the same amount as my 1oz Pd card.

 

I need a beaker and better eyesight .

[comptalk]

Hmm, I called and they said it is only for people with at least 2 mil. net worth. I said sure, no problem. She then asked if I would be willing to transfer my accounts over to Chase Private Bank, I said, anything is possible. She then took my number and said a private banker will call be back tomorrow.

 

This is where I am. Any suggestions?

[hegemony]

Hmm, I called and they said it is only for people with at least 2 mil. net worth. I said sure, no problem. She then asked if I would be willing to transfer my accounts over to Chase Private Bank, I said, anything is possible. She then took my number and said a private banker will call be back tomorrow.

 

This is where I am. Any suggestions?

 

net worth or invested accounts with JPM Chase?

[comptalk]

I do not have anything with JPM. They asked net worth and would I consider moving an account to JPM PB.

[hegemony]

I do not have anything with JPM. They asked net worth and would I consider moving an account to JPM PB.

 

 

interesting. thanks for the info.

 

I've talked to several people recently with Chase. I've been getting calls this week from Chase Private Client which is the banking product for lowbrow folks like me.

 

I've been told JPM Private BANK is 5 million (used to be 2) and Chase Private CLIENT is 500K but you can get in the door with 100K as long as you have a clear plan to get to 500K in short order.

 

One problem for this business model is there is no place for younger people who have high income, low DTI, and a high rate of monthly investing/savings unless they got a pile of money from daddy.

 

A second demographic excluded includes someone who has a very high household income and is older, say 40s, but is self-made (again no daddy's money). Such people are still in the accumulation stage and often have employer-captive retirement accounts, other than IRAs. In other words, they have high net worth and high income but not a lot of liquidity.

 

Both of these groups are people who probably have a lot of discretionary income and a future filled with high liquid net worth.

 

The problem, as I see it, for Chase is how does it get these two groups on board. These are the people who, in the future, will have very high liquid net worth and be excellent candidates for Private Bank or Private Client. I have no evidence of this, but perhaps letting people in these two groups get a foot in the door with the Pd card and experience the great service afforded to Private Bank and Private Client customers is a marketing tool to try to capture these folks as customers. Sort of like how Pepsi and Coke had a great marketing program to get their products into elementary, middle, and high schools; get them hooked early and have customers for life. I might be giving Chase too much credit for being organized enough to come up with a plan to board accounts from people who have the potential to high profit customers.

 

This is about the only way I can see Chase wanting me and my spouse as clients for the Pd card. I am sure Chase has sophisticated ways to determine income and DTI. In sum, letting people from the two groups I described in the door is a way to still make money from people who have high income, low expenses, but not 5 million dollars in liquid net worth. Our HHI, according to the kiplinger's calculator, is in the top 1% but our LNW is under 1 million although our total net worth (that is including illiquid accounts like retirement vehicles that cannot be touched easily until 59.5 years of age) is higher.

 

So my theory is Chase wanted a way to have an "elite" banking product that is exclusively geared toward high LNW people but allows for high income and people with the potential for high LNW to still become clients.

 

I wasted a lot of time this week looking into Private Client, as well as competitors such as HSBC Premier and CITIGold. HSBC Premier has a much lower threshold (100K) to get in the door. The people I talked to were very professional. The CITIGold folks were rather snobbish, if you ask me, and did not seem to think we were worthy since we could not deposit 1 millions dollars today in an account that pays .05 APY. There are other banking services like these out there. I think my summer project is to contact them all and write an article about them

 

I should note that Chase has been extremely disorganized regarding what is private BANK and CLIENT. Two local branch managers here were pretty clueless (although nice and professional). One ogled my Pd card like a kid on Christmas morning. If someone is considering Chase Private Client of JPM Private Bank I highly recommend you only open accounts if you have a local office.

 

thoughts?

Edited May 17, 2012 by hegemony

[kevinkev99]

I've got to admit, this was the easiest experience I've ever had with a Chase card.

 

1. Downloaded app from the dropbox link on FT

2. Faxed the app to 877 number on Monday Morning

3. TU pulled around 10am

4. Approved by Monday afternoon (called the app status line)

5. Account appeared on chase.com on Tuesday

6. Cards arrived today (Wed) via UPS Next Day Air Saver

 

No Chase banking relationship (only other CC's).

They only pulled TU (Normal for Chase where I live).

No income verification (or any contact at all)

Line is >$20K

No lines were thefted from my other three Chase accounts.

 

TU FICO is 769, no new inq's or accounts in 9 months.

I updated the Credit Pulls DB

 

 

It is purdy. and HEAVY!

 

The engraved signature on the back is a really nice touch. It looks almost 3D like. Kind of like floating on the card.

 

 

 

Uploaded with ImageShack.us

Edited May 17, 2012 by kevinkev99

[hegemony]

congrats Kevin!!!!

[comptalk]

I am just looking for the card, do not really want the PB. Have no need for that. Do you know where I can get that app and the fax number I send it to?

[hegemony]

I am just looking for the card, do not really want the PB. Have no need for that. Do you know where I can get that app and the fax number I send it to?

 

I read someone posted the form online. try the google. if not, you can call and request an app.

[kevinkev99]

I am just looking for the card, do not really want the PB. Have no need for that. Do you know where I can get that app and the fax number I send it to?

 

http://www.flyertalk.com/forum/18519701-post355.html

 

http://www.flyertalk.com/forum/18529676-post398.html

[SCC]

 

 

One problem for this business model is there is no place for younger people who have high income, low DTI, and a high rate of monthly investing/savings unless they got a pile of money from daddy.

 

 

I am in this boat and they(at least here) will work with you.

[CoderBlix]

Used the conc today to book a trip...very good service. The thing I noted is that the prices/options...for this card are not the same as those on UR website (Conc told me that as well). It seems that the real benefits of this card related to hotels and travel...are not documented in the welcome packet or online. They are documented in a book that is received a few weeks after receiving your card. I have noticed a lot of comparisons to the amex platinum card on the ftalk website and comparisons to the JPMorgan Select as well and I really could not find a lot of differences...but it seems that is because the benefits are not readily available. Anyone know why? Anyone with the book notice anything really interesting in there that has not been written in this thread yet? For what it is worth...the pricing I got on the room (Waldorf Astoria) was the exact same pricing as offered through the Amex Platinum site...neither amex or jpmorgan have a "preferred" relationship with them...

[Chronometer]

Here is what the large benefits book looks like. The Key is to show size.

 

[comptalk]

Anyone have the telephone number to check the status of your application?