1103 replies to this topic

[hegemony]

OMG OMG!!! I just got a UPS package from Westerville Ohio!!!!

I wonder what it could be?????

[hegemony]

dang it!!!! I was all excited hoping for another great gift card from Pd.

it was the new Fairmont card; must be processed out of the same office.

Very nice presentation of the card, benefits, and terms. At least as neat looking as Amex Platinum and better than CSP. Not as cool as Pd, but that is okay.

The Fairmont card is really sexy.

[themoveforward]

Just received my PD card today. Was approved on Monday with a 760 EX FICO and a 32K credit line. However, I have a surprisingly high income for someone my age (early 20s).

The card itself is amazing. The weight is on par or more than the Amex Centurion, and I think it looks a hell of a lot better to boot. I've only used it twice so far and both times I got asked about the card. I only wish that the card had better rewards (Ultimate Rewards, not benefits) considering the AF.

Edited by themoveforward, 23 May 2012 - 08:06 PM.

[hegemony]

Just received my PD card today. Was approved on Monday with a 760 EX FICO and a 32K credit line. However, I have a surprisingly high income for someone my age (early 20s).

The card itself is amazing. The weight is on par or more than the Amex Centurion, and I think it looks a hell of a lot better to boot. I've only used it twice so far and both times I got asked about the card. I only wish that the card had better rewards (Ultimate Rewards, not benefits) considering the AF.

congrats and enjoy the card!

you might want to consider ordering the plastic edition just so you don't have to deal with gawkers.

[msuh]

Faxed in my app late Friday pacific time.. Just checked the status number and it says paraphrased "application under review, 7-10 days in writing"..

Dunno.. Wish me luck

Sniper, good luck! If you dont mind me asking, what do your scores look like? Any previous cards with Chase? I want to apply, but I just got CSP, so I think I"ll wait 6 months to build some history with them. Please keep us informed of your status.

Here's my situ, I really have all the credit I need at this moment, util is a bit high at 40% but I wasn't intending to get new credit and choose to get some tangible things and do some stuff and it's all at 0%. My FICO's are just over 700.. This app is a hail marry before the door slam sealed.

I had some bumps and scrapes with Chase 5+ years ago, but I paid them every dime I owed them.

any news yet?

[yOyOYoo]

dang it!!!! I was all excited hoping for another great gift card from Pd.

it was the new Fairmont card; must be processed out of the same office.

Very nice presentation of the card, benefits, and terms. At least as neat looking as Amex Platinum and better than CSP. Not as cool as Pd, but that is okay.

The Fairmont card is really sexy.

off topic, but.... pics of the Fairmont card!

[hegemony]

dang it!!!! I was all excited hoping for another great gift card from Pd.

it was the new Fairmont card; must be processed out of the same office.

Very nice presentation of the card, benefits, and terms. At least as neat looking as Amex Platinum and better than CSP. Not as cool as Pd, but that is okay.

The Fairmont card is really sexy.

off topic, but.... pics of the Fairmont card!

tomorrow. I'll post in the Fairmont thread. I'll include the packaging.

[hegemony]

dang it!!!! I was all excited hoping for another great gift card from Pd.

it was the new Fairmont card; must be processed out of the same office.

Very nice presentation of the card, benefits, and terms. At least as neat looking as Amex Platinum and better than CSP. Not as cool as Pd, but that is okay.

The Fairmont card is really sexy.

off topic, but.... pics of the Fairmont card!

enjoy!

http://creditboards....dpost&p=4686554

[hegemony]

http://www.frequentf...ard-events.html

JP Morgan Palladium Card Events

I am going next time I get a Christie's invite...

[dvd]

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?

Hege,

We should do a collaboration on private banking/private client banking services. Ive been doing some research on banking services for my clients and here is a summery of my findings:

Chase
I found that there has been alot of changes (consolidations and reorganizations) which might be the reason for the disorganization.

The last I heard was that JP Morgan Private Bank was for Ultra High Net Worth (25mm minimum) and executives and partners of their corporate clients. Opening up to the High Net Worth (5mm) segment must have been a recent addition. I think it might have to do with consolidating the Bear Sterns clients into the unit. Either way its a smart move to expand their private banking.

The Private Client was just rolled out nationally last fall so there are some "kinks" to work out. I was told that the minimum was $250K, in California, and that $100K will get you in the door. I have been reading that the requirements were $500K so maybe its a regional thing or they are still in the disorganized stages. What I like about the program is that they have a full scope of services, relationship manager, free banking services, and my favorite, their own Underwriting Department where they have "expanded lending capabilities, meaning the banking relationship can make up for a low credit score. She gave me an example of a client who obtained a 2mm refi with preferred rates who happened to have a very low credit score. Those types of credit exceptions only happen in Private Banking.

Im hoping as they expand this program the service is not going to diminish. Depending how the program develops and if they plateau on the HNW indiduals they are seeking, they might expand the program to high income, young professional types.

Citibank
They revamped their Citigold program. The minimum is 250K and 1mm for Private client. I could not get any information on the services and benefits provided. They are in the development stages and made alot of hires for relationship managers who are still in the learning process. This is not to be confused with the Citigold checking account which requires a 50k minimum or 250k in loans.

CitiPrivate Bank is for UHNW and employees of their law firm clients.

Bank of America
They used to have a really good Premier Banking Program with a minimum of 100k, but it was decimated when BofA and ML merged. Now these clients are referred to ML and the services are not the same. US Trust handles the Private Banking side and the minimum is 3mm. It may have gone up.

US Bank
They have three tiers, 1) Private Client which has a 100k minimum. These clients have access to Private Banking services, but they are handled out of a regional office. They do have their own underwriting department though. 2) Private Reserve which has a 1mm minimum. They do have a Relationship Manager in their area to service their needs. 3) Acent that has a minimum of 25mm. This is a new program.

HSBC
HSBC Premier has a minimum of 100K. The benefits are if you travel abroad you have access to their international banking network. You do get a Relationship Manager but I have heard that their abilities are limited. HSBC Private Bank has a minimum of 2mm. Still researching the services they provide.

Union Bank
They have Priority Banking which has a 100K minimum and their Private bank has a 1mm minimum. I have heard good things about them. But it all depends on the Relationship Manager assigned.

First Republic Bank
They have no set requirements and go by a case by case basis. They are a very good bank and this might be ideal for those with a high income and who's net worth/liquid are still growing.

[comptalk]

Just received the card today. Nice. I wonder if they replace the card for you for free if you loose it? Would they send you another palladium card or the plastic card instead? I do wish the rewards were better. In all honesty, the Fido / CapOne / Priceline Visa all come with 2% cash back. I really think they should offer the same. No?

[hegemony]

Just received the card today. Nice. I wonder if they replace the card for you for free if you loose it? Would they send you another palladium card or the plastic card instead? I do wish the rewards were better. In all honesty, the Fido / CapOne / Priceline Visa all come with 2% cash back. I really think they should offer the same. No?

they will send another Palladium card if you lose your current one.

enjoy!

and the perks are what make this card worthwhile for some. The rewards are not as rich as other cards.

Having a hidden tradeline that I can charge 100K on and not have to worry about utilization is one hell of a perk.

[hegemony]

thanks for the info dvd. Wasn't First Republic spun off of BOA?

Later this summer I am going to pursue a more systematic comparison than I've done thus far. Thus far I have been lead to conclude Chase PC is the better of the low-roller options.

[comptalk]

I am surprised that Morgan Stanley or Goldman Sachs were not listed for Private Banking. I assumed they were the tops.

[dvd]

thanks for the info dvd. Wasn't First Republic spun off of BOA?

Later this summer I am going to pursue a more systematic comparison than I've done thus far. Thus far I have been lead to conclude Chase PC is the better of the low-roller options.

Yes, FRB was a division of Merrill and BofA took over and inherited FRB then they sold it. FRB has always been independent of BofA while they owned them.

[dvd]

I am surprised that Morgan Stanley or Goldman Sachs were not listed for Private Banking. I assumed they were the tops.

Goldman's minimum for Private Wealth Management is 10mm, Morgan Stanley is 20mm, UBS is 25mm, Credit Suisse is 1mm. I know with GS they can get you a Centurion Card, but you have to pay the fees. Im assuming the same with Morgan Stanley because of the new relationship with Amex.

[LustfortheMoment]

Just received the card today. Nice. I wonder if they replace the card for you for free if you loose it? Would they send you another palladium card or the plastic card instead? I do wish the rewards were better. In all honesty, the Fido / CapOne / Priceline Visa all come with 2% cash back. I really think they should offer the same. No?

You're right. The Rewards are pathetic, and most people are not going to bother with the high-end perks. For those who desire BIG credit limits, there are a host of AF free cards which can provide them.

Face it, this card is all about making some kind of "statement". Some here are sooooooooooo impressed. Not me .........

[hegemony]

pissing in this thread ever 10 pages since 1990.

[hegemony]

BTW, there are some perks that have not been discussed in public here or on FT and are by request only. They are sub rosa for a reason since it seems to some extent the perks are customized to each cardholder's needs.

[dvd]

Just received the card today. Nice. I wonder if they replace the card for you for free if you loose it? Would they send you another palladium card or the plastic card instead? I do wish the rewards were better. In all honesty, the Fido / CapOne / Priceline Visa all come with 2% cash back. I really think they should offer the same. No?

You're right. The Rewards are pathetic, and most people are not going to bother with the high-end perks. For those who desire BIG credit limits, there are a host of AF free cards which can provide them.

Face it, this card is all about making some kind of "statement". Some here are sooooooooooo impressed. Not me .........

I think there are some benefits that are valuable and worth the AF to many people. But if someone wants the card to make a "statement" Id say go for it. To each his/her own.

Lets face it, we all were in credit hell at one time, which is how we all came to this board. Through hard work, determination, and never giving up, alot of us were able to get out of credit hell and able to obtain Prime Cards. The ability to obtain an Amex or a Palladium represents achievement and success in improving our credit and financial standing. It also serves as an inspiration to those that are currently going through a rebuilding process.

[comptalk]

BTW, there are some perks that have not been discussed in public here or on FT and are by request only. They are sub rosa for a reason since it seems to some extent the perks are customized to each cardholder's needs.

Care to share these perks that I do not yet know about? :')

[TMaG82]

Just received the card today. Nice. I wonder if they replace the card for you for free if you loose it? Would they send you another palladium card or the plastic card instead? I do wish the rewards were better. In all honesty, the Fido / CapOne / Priceline Visa all come with 2% cash back. I really think they should offer the same. No?

Not really. Each card fulfills a niche, some are better than others at cash back for gas, some for groceries, some for international travel, etc. There's no one best credit card out there, to expect the best from a product line would dilute all other cards in that family. It's the same reason that the Amex Platinum is arguably the worst Membership Rewards earning card. If the Platinum earned the same 3x on airfare and 2x on gas and groceries like the Premier Rewards Gold then there would be a lesser market for that card. There are some people who don't even charge on the Platinum card and just carry it for the benefits.

The fact that each card has it's strengths helps each attract a certain target consumer. The companies are hoping that you'll carry multiple cards from them and not just a single one.

[comptalk]

Yes, I agree, the rewards on the Gold are better than the ones on the Platinum. But the perks on the Platinum are better than the Gold.

[TMaG82]

Just received the card today. Nice. I wonder if they replace the card for you for free if you loose it? Would they send you another palladium card or the plastic card instead? I do wish the rewards were better. In all honesty, the Fido / CapOne / Priceline Visa all come with 2% cash back. I really think they should offer the same. No?

You're right. The Rewards are pathetic, and most people are not going to bother with the high-end perks. For those who desire BIG credit limits, there are a host of AF free cards which can provide them.

Face it, this card is all about making some kind of "statement". Some here are sooooooooooo impressed. Not me .........

Every single thread that there's a topic of annual fees you always point out that you don't carry any cards that have them and seem to knock those that do. If you think it's impressive that you carry cards that dont have annual fees then more power to you.

The issue of making a statement is what drives consumer spending. Why do women spend a couple hundred dollars on a Gucci or Louis Vuitton bag when they can all carry bags they buy at Target? Why do some men wear Hugo Boss suits when they can buy suits from Walmart? Why do people drive in Landrovers when they can all be driving around Corollas?

I'm sure you have things that you spend more on and someone else might consider frivolous. Maybe you like drinking a nice bottle of wine or having a good steak. Some might say why go to Mortons and not just eat at Outbacks?

[Sniper762]

Faxed in my app late Friday pacific time.. Just checked the status number and it says paraphrased "application under review, 7-10 days in writing"..

Dunno.. Wish me luck

Sniper, good luck! If you dont mind me asking, what do your scores look like? Any previous cards with Chase? I want to apply, but I just got CSP, so I think I"ll wait 6 months to build some history with them. Please keep us informed of your status.

Here's my situ, I really have all the credit I need at this moment, util is a bit high at 40% but I wasn't intending to get new credit and choose to get some tangible things and do some stuff and it's all at 0%. My FICO's are just over 700.. This app is a hail marry before the door slam sealed.

I had some bumps and scrapes with Chase 5+ years ago, but I paid them every dime I owed them.

any news yet?

I faxed it in late Friday so the app was processed on Monday, I just called the PD line, still pending review, so I suppose no immediate news is good news