JP Morgan Palladium Card Benefits Revealed
Will the black AmEx Centurion reign king of the credit cards? Maybe not with the new J.P. Morgan Palladium Card from Chase…
Upon its launch in ’99, AmEx instantly defined the ultra premium credit card tier with its Centurion – a card for the millionaires and billionaires that charge at least $250,000 per year to their card (but often times, much higher than that). There have been others that have trickled on the market, such as the Citi Chairman and the BofA Accolades, but most would agree the Centurion has maintained its spot as the top dog.
Well all that may change thanks to the JP Morgan Palladium Card. Forget titanium, which the Centurion is made of. This bad boy is minted out of palladium and 23k gold and laser engraved with cardholder info. We all know what gold prices look like these days and with palladium hovering around $800+ an ounce, just the physical card in and of itself would probably fetch up to $1,000 or more if melted. Hmm…I hope cardmembers won’t be “losing” and requesting replacements of their Palladium cards!
So what does the JP Morgan Chase Palladium Visa card offer besides being worth a boatload of money? Well the website is just a single page that really doesn’t tell you anything about this credit card. However, I was able to work my contacts at Chase and they agreed to overnight me a benefits guide (which could better be described as a book) to help me write this credit card review. They also answered all the questions I had about it and as far as I know, this is the first time all of these details about the card have been revealed on the the web!
When it arrived, I couldn't wait to dig in and discover the secrets behind the Palladium Card!
What are the Palladium card qualifications?
First and foremost, I will answer the question that I know is on everyone’s mind… what are the requirements for the Palladium card?
The JPM Palladium Card doesn’t have a specific annual spending threshold you need to meet like the AmEx Centurion has, but rather it has an even tougher requirement… you need to have a private banker in order to qualify! It’s only offered to private banking clients of the JP Morgan Private Bank, Investment Bank, Treasury Services or Commercial Bank.
If you’re thinking about becoming a Private Bank client, good luck with that! According to Barron’s, the average client has $30 million at their bank! For this reason, the J.P. Morgan Palladium Card annual fee is only $595… that’s nothing considering the value of the metal alone is greater than that.
As my contact at Chase explained, they don’t need to charge an annual fee in the thousands like AmEx Centurion does, because the average Palladium cardmember already has $30 mil invested at their bank and that’s how they can afford to practically give away the card to ultra high net worth individuals.
What are the benefits?
The benefits guide (book) is a staggering 57 pages long so I won’t go into great detail for every one of the benefits, but I will list all of them below:
Palladium Concierge
This is the top tier concierge service that is only offered on the Palladium card. Aside from the usual travel planning, dining reservations, and event ticket procurement, the guide states that they will “provide you with a virtually limitless array of unique offers, time-saving conveniences and personalized insider expertise.”
Ultimate Rewards
The JP Morgan Palladium credit card participates in the Chase Ultimate Rewards program:
- 2 points per dollar spent on travel
- 1 point per dollar everywhere else
- No caps or expiration
- A bonus of 35,000 additional points after you spend $100,000 annually
Points can be used for almost anything. My favorite benefit is the ability to transfer Ultimate Reward points on a 1:1 basis to British Airways, Marriot, and Priority Club. There are other cards that participate in this program that you can learn about here: Chase Ultimate Rewards
Unlimited Priority Pass Access
A good number of Palladium Card holders fly by private jet (which I will discuss in a moment) but if they happen to be flying commercial, they can enjoy unlimited complimentary access at over 600 airport lounges across the globe.
Marquis Jet Perks
As a Berkshire Hathaway company, Marquis Jet has access to the world’s largest fleet of private jets. For those with the JP Morgan Palladium, additional perks and benefits will be offered on Marquis Jet, including a free hour of flight time with the purchase of your first 25-hour jet card. To put that in perspective, the value of that exclusive Palladium card benefit ranges from $5,716 to $14,716!
British Airways Benefits
Even if you typically fly private, maybe you want to be green and skip your gas-guzzling Gulfstream V ride to Europe? If so, with the Palladium you will receive these two benefits on British Airways:
- Complimentary upgrade to first-class with each purchase of a full-fare, non-restricted, round-trip business class ticket from the U.S. to London
- Complimentary companion ticket for each full-fare, non-restricted, round-trip business class ticket from the U.S. to anywhere British Airways flies.
Travel and Purchase Benefits
Okay there a ton so it will be simplest to list them as bullets:
- Automobile Rental Collision Damage Waiver (primary)
- Roadside Assistance (up to $50 per incident)
- Emergency Evacuation and Transportation Coverage (up to $100,000)
- Travel Accident Insurance (up to $1,000,000)
- Repatriation of Remains (if you die while traveling, up to $1,000 will be paid to bring your body home)
- Emergency Medical and Dental Coverage (supplementary up to $2,500, may be subject to $50 deductible)
- Trip Cancellation/Interruption Insurance (up to $5,000)
- Trip Delay Reimbursement (up to $300 per ticket, to cover lodging, meals, etc. necessary due to your delay)
- Baggage Delay (excess coverage of up to $500 for emergency purchase of essentials if baggage is delayed 18+ hours)
- Lost Luggage Reimbursement (“up to amounts you actually paid for luggage and its contents”)
- Hotel Burglary Insurance (up to $1,000)
- Travel and Emergency Assistance (arranging for money transfers, emergency translation services, legal referrals, etc. while traveling)
- Purchase Protection (up to $10,000 per claim/$50,000 per year)
- Return Protection (for eligible returns not accepted by the retailer within the first 90 days, up to $500 per item, $1,000 per year)
- Price Protection (up to $500 per item and $1,500 per year)
- Ticket Protection (for unused, non-refundable ticketed events that cannot be attended due to covered reasons, up to $500 per event ticket, $2,000 per event, and $4,000 annually)
- Visa Warranty Manager Service (up to one additional year of coverage for purchases with a U.S. manufacturer’s warranty of 3 years or less)
- No foreign transaction fees
- Add-on fee waiver (late fees, over-limit fees, cash advance check fees, and return payment fees are waived)
Disclaimer: The above is a summary only that was listed in the Palladium Card benefits guide as of February 2011. Benefits are subject to change without notice. Please consult the card issuer for the rules, limitations, and restrictions applicable to each benefit.
What’s the credit limit?
The JP Morgan Palladium Card has no preset spending limit. Something unique it offers (that the Centurion doesn’t) is that cardmembers have the option to revolve a portion of their balance if they prefer not to pay in full each month… and hey, that might be useful if you want to drop $2 mil on a new Bugatti Veyron 16.4 Grand Sport that could take a couple months to pay off. The benefits guide points out the card also comes with “generous cash lines” accessable through ATMs and banks using a PIN.
Verdict?
Over the last few years some benefits on the Centurion card have been scaled back and/or eliminated completely. If I was American Express, I would strongly consider bringing them back and adding new perks, because the JP Morgan may very well become the new king of credit cards!
How do you feel? Would you apply for a JP Morgan Palladium Card if you met the requirements… or would you opt for the Centurion? Share your thoughts in the comments below!
p.s. Speaking of premium cards, surprisingly the $450 AmEx Platinum has almost the same benefits as the $2,500 Centurion black card. Don’t believe me? Take a look at my AmEx Platinum review and compare for yourself!
Just got an application for this card but can’t find the fax number anywhere on the application. does anyone know what their fax number is to submit? thanks
Your private banker will have to submit it
As a server the only people who have these cards are cheap 20% people this is the U.S.!
I just had a college aged couple, greek life clearly, come into the restaurant and pay with, obviously daddy’s card….cheap is right. Only got 2% tip on an $80 tab
Are you saying that people who leave 20% are cheap?
I also have the card application if anyone needs it…
I’d love an application….
Thanks
application will do you no good without being in the private bank and having a private banker submitting it
From what I understand, you can get this card with a 50k annual income and a 720-800+ credit score. Just sayin’
Economy has changed folks… Big money no longer talks…
Apply and get approved. I did…
That’s if you want a CL under 50,000… Since I am a member of the JPM private bank, my monthly credit limit is at 225,000 and I can exceed it by three times that amount…
that is not true at all. You still need major $$$ at the bank and income in the 6 figures with credit score over 800+ to even be considered. Anyone can apply, no one can stop you from doing that. Just be prepared to be rejected with an inquiry on your credit report
What were your exact scores when you applied? limits? etc.
I personally have a 7 figure income, I own my homes, and I am a current member of JPM private bank with well over 70mil in my accounts. My credit score is in the high 700s to low 800s. (varies). You need to have an account with JPM to be considered for a CL above 60,000.
@TheTruth–You claim you were approved for this card with a $50,000 and a decent, but not a lofty, credit score or even a relationship with any of the divisions of JPM’s high-end client services. Did I get that right or were you just saying that’s really all that’s needed to acquire this card? Good for you if you acquired Palladium card membership with such “impressive credentials;” someone must have been asleep in the credit department. Now you can appear to be someone who actually has the success for which this card and its services were designed. False impressions always get you way up there on the success and net worth ladder. That is, until people figure out you’re just full of it, and then the fall I’ve seen can be pretty painful. What’s your interest in having a status symbol payment card with nothing to back it up or the resources to use the card’s specially tailored perks? It makes no sense. I doubt you really even have this card; maybe you’ve only seen an online picture of one, or maybe a VIP paid with it at whatever nice restaurant or other establishment you work at in a customer service capacity. It’s good to be a follower; where would we be if everyone were captains of industry or leaders with no one to do the low end work for us? Since you say you do have the card, tell us what, if anything, is engraved on the lower right corner of the reverse side of the card. I think you’re just not in the right league on here, and misinformation is just misleading and wastes people’s time. And big money always talks and with authority, too. I would say that’s true now even more than in the economic climate of the last 15 years. Come back onto the forum and prove me wrong; I challenge your posted comment.
There is a Chase private client office in bayridge brooklyn i spoke to the private banker there you dont need millions to get the Palladium Card you need to have 500k in checking or savings account..
dude. you have $25 million?
Has anyone any comments on the carte blanche card. I find it has the same hotel upgrades as Amex Platinum and the 2 for 1 travel on British Airways as Palladium has. It also offers concierge service plus a golf bonus
@Jim: Are you in the U.S. or another country? The reason I ask is because Citi owned the Diner’s Club franchise in the United States which also included the U.S.-issued Carte Blanche cards. I had both of those cards in the eighties and nineties, but as I recall, they closed the CB card, saying they weren’t supporting it anymore. Then, of course, they lost such ground with the Diner’s Club card that they rebranded it as a MasterCard. Seems like I remember Discover buying the DC franchise to gain acceptance overseas where Diner’s Club is accepted; because most merchants in other countries have never heard of a Discover Card. They also inked a smart deal with JCB to have reciprocal acceptance. South East Asian travelers to the U.S. can use their main card, often JCB, wherever Discover is accepted and this again gives Discover the international benefit of Americans being able to use Discover wherever JCB is accepted worldwide when they travel. Discover has made some smart moves in their quest to spread internationally and not just be a US and Canadian and Mexican border card. Tell us more about the Carte Blanche you were referring to.
Will – yes citi sold diners to Harris BOM – bank of montreal-they have upgrade the diners w smart chip for europe also but not sure if i get more t=w amex plat or carte blanche for the money-
Ive had a platinum card for 7 years and now spend close to 400k/ year on it. I can’t get approved for a centurion card as “they are not offering any more right now” but I just recently got approved for the palladium card thanks to the help of my private banker! Can’t wait to get it next week!!!
@Ceth: Yeah, I read about AMEX’s closing new membership for the Centurion even for more than easily qualified card members. They stated that the brand has become diluted and lost a lot of it’s awe and mystique (in a press conference they held). They didn’t use those exact words, but that’s what they meant. The card has been around since 1999 and now has close to 20k cardholders just in the U.S. Many people have figured ways around their admission criteria, and come on board when they really weren’t the type of target market AMEX was directing this card at. I read that thousands of people had used payment systems like PayPal to buy from themselves and then pay themselves back by charging it to their AMEX Platinum. They just churned charges to meet the spending threshold. I passed on the Centurion. At five grand initiation fee and a $2,500 annual fee; I just don’t think it’s worth that above and beyond the Platinum and certainly not compared to the Palladium. The Centurion’s features have slowly eroded away some over the last five years, and their Platinum now is a real close competitor at a reasonable annual fee. That’s the way I feel about the Palladium; the nuisance fee waivers, upgrades and wide range of benefits are worth the annual fee, and at least, for now, their card base is under 3k so you don’t see them often in the wild. I hope that they work to keep the card exclusive and don’t expand the base too much. It’s nice to carry a luxury card that people haven’t already seen, not to mention clients you may be taking out for a business dinner. It does impress. Also, it’s nice to a carry a luxury credit card that’s accepted almost everywhere (VISA vs AMEX) and is already prepped for European and Southeast Asian kiosks with the embedded smart chip it has. They laugh at our use of the archaic mag strip which is so easily counterfeited. I’ve had really good success with JPM’s Concierge, a dedicated team from the Circles Concierge company, and having a real person answer the phone at customer service, no automation. I’d also rank their flexibility with your spending as being another strong area. They understand your higher spending on a business trip, a vacation or around the holidays or Valentine’s day. If they know you have the resources and willingness to pay, they will work with you to adjust your spending “access line” to fit your needs, however high. Congrats Ceth on obtaining the card. I think you’ll enjoy it for all the reasons I outlined above. Let us know your experiences, good and/or bad. I’m, at least, interested in others’ experiences using the same services I’ve used with this card.
@Ceth: How in the world are you making so much money? Hire me! I want in!
That’s great news!!! Now if you can only do something about your rancid personality!!!
That’s interesting. I had not heard of their dropping the large asset requirement for some type of open enrollment for people with good incomes and high credit scores. If you tell me you don’t have both of those either, I’m going to tend not to believe your story. It’s their top card, so I believe if you got approved, you’ve got some positive underwriting attributes. There may be something to what you said about their building up the card base and later going back to much stricter standards. They told me there were only about 2,500 cards in circulation. That makes it pretty exclusive, but also sort of a small portfolio to be real profitable. So, I can see it from that angle. I know they have a dedicated team of analysts who evaluate these applications manually, looking up and verifying info on you that you probably didn’t even have to supply. The Palladium apps are decided by people unlike most all the other cards which are computer adjudicated based on a formula. That’s the only way they can process the huge number of apps they have for all their other cards. Congrats on getting the card. I think you’ll really enjoy it, as I do, if you take advantage of the perks and services.
I actually just applied for this card as a regular customer from chase.com and I got approved. I had to fill out an app and fax it over to them they didn’t ask my for any bank statements or anything like that. I don’t know what the whole hype is about it that you have to have 5 million in the bank or private banker. I have a feeling they are giving out the card easy now and then in a year from now they are going to make it exclusive like American express centurion, whom they let everyone apply in the beginning and then they made it by invite only.
As an employee at an expensive restaurant, i was given one of these bad boys for payment. When handed the card, i was shocked at how heavy it was. I had never seen a “metal” credit card before. When my shift ended, i went home and researched “metal” credit cards. This is exactly the card i was handed. It feels pretty cool that i came in contact with one of these exclusive cards.
That’s obscene. It’s egotistically excessive, embarrassingly absurd spending such as this card encourages that gives capitalism a bad name. And this is coming from someone who works in banking.
@Martin–You’ve got the idea…ostentatious, just a bad attitude about people’s enjoyment of their success.
hope I can reach those insane requirements someday..
I have a friend who has a JpMorgan account and has investments with them, is it possible he’s a JpMorgan non private banking client or is JpMorgan always private banking?
That is very much a possibility. JP Morgan has clients and private banking clients. Only Private banking clients, or members of another private bank with significant assets at JPMorgan can be invited to apply for this card.
@Maggie – you need to be a JP Morgan Private Banking client in order to have the card. This means you have to be a member of the Private Bank, or a Wealth Management Client. If you are in Chase, you have to show proof of having an 5,000,000 US dollars or more in liquid assets.
@ Zach – You do not need to be a private banking client, or even a private client services client to get the Palladium Card. Anyone can apply for the card. Its even listed in the Chase site.
At the time of application, they ask for a bank statement from a private bank proving that you have at least $5 million in a checking/savings account if you aren’t a client… My banker told me also that JPM private clients get more benefits from the card… And also, if you bothered to notice, on the Chase website, if you click under “offer details”, you must call private banking 800 number, and in addition to that, you must have an extensive credit history with an excellent credit score to qualify. In your credit report, you must show high balances (i.e. higher than 15k, and paid off in full), to be qualified. It is by no means “easy” to acquire this card for an “outsider”… You must be a JPM private client for at least one year to be offered the card…
It’s good that you brought that up Maggie; the Private Client program has only been around about 4 years, and is NOT the same as the Private Bank. I was not for sure whether that group was offered the opportunity to apply for the Palladium or not. They may also have changed the rules on that in recent months given their expansion of that program. Here’s a little elaboration on the Chase Private Client program.
The Chase Private Client program lets clients work with a personal banker who can offer preferred rates and specialized loans, as well as an investment adviser.
Chase Private Client was launched as a pilot in 2007 for Chase customers with $500,000 of assets to invest. These are customers who do not have the multiple millions of dollars needed to qualify for J.P. Morgan’s Private Bank or Private Wealth Management units.
JPMorgan Chase, during its February investor day, disclosed plans to add 50 private client locations this year and have about 150 by the end of 2013. –Source: Reuters.com (7/20/11)
@Ken, the infornation posted is incorrect. The Palladium card DOES carry a smart chip. You CAN use this in Europe. I know someone who had trouble using their AMEX black in Europe. In addition, you do not need $30 million to qualify. You can be a member of Chase Private Client which is anywhere between $250k to $5 Million.
@Yury–Interesting question. I do know that they ship me the card(s) from their operation in Westerville, OH which is where all JPM Chase cards ship from. I’m guessing they have contracted with some metallurgy plant to provide the blank but engraved Palladium Cards, and then JPM Chase has the equipment to do the laser engraving of all cardholder specific information in Westerville. They haven’t told me this, and I haven’t asked, but this seems like a probable scenario.
The most recent price of Palladium in the exchange market is $USD634 per .9999% pure Troy Ounce. For some time now, JPM has been very bullish on Palladium and Platinum, too, for that matter, actually taking physical custody and vaulting the precious metals. This is for entirely different market speculation, industry knowledge and customer demand reasons that go far beyond the scope and appropriateness of this discussion. So, I won’t go there, at least not, here. I don’t think the number of Palladium Cards they have or will ever produce would have much impact on their collecting of palladium. It is interesting to ponder, though, that they are one of the top investment institutions with regard to palladium holdings, and then they came out with a palladium-constructed credit card.
Did those of you who don’t have the JPM Palladium Card, know that they hold a U.S. patent on it, encompassing the name, metal, design and engraving? The patent number is stamped on the lower right corner of the reverse side of the card itself. I thought that was interesting, and smart; I noticed it the first day I got my card. I had never looked at anyone else’s card that closely before I received mine.
I did get a letter in the mail from RBC stating that they might be possibly acquired by another large bank (they did not specify which bank, they said that they will send another letter saying who it is once everything is final). The investments and wealth management division has always stayed the same through many acquisitions (most recently RBC Dain Rauscher Private Bank became RBC Wealth Management). PNC bank is very strong and stable, and maybe will be a good thing for RBC.
@Brian–JPM’s Private Bank still requires $25mm or more in liquid assets to be put on deposit for wealth management to join. You can also go thru the Trust, Business or Treasury Services’ avenues with that asset threshold, depending on who you are and what services you require. I also believe you can now gain access even thru Commercial (Retail) traditional banking services at that deposit level with them and/or Chase. So, the price of entry is not real low, but it’s not over the top like some of the smaller, boutique banks/Investment Houses. I think it’s reasonable; you don’t really need the services they provide and in the manner in which they deliver them, unless your net assets are at or above that amount.
That’s good to know. PNC is in the process of acquiring RBC; is that accurate? I’ve heard mixed reviews on PNC. I do a little business with Wells Fargo; I was previously a Wachovia client and transitioned to their private bank by virtue of the acquisition. I would rate them good, but maybe not excellent. They don’t have the depth of resources nor the client and asset base of JPM to be quite as effective overall. ML has some unique wealth management programs in place, but they don’t work out well in the everyday execution of them or the consistency. Looks good on paper but not so much in reality. I found people were somehow placed in positions for which their knowledge base made them under-qualified. In my part of the world, BB&T, IMO has the right business model for making all facets of banking work well, including their Wealth Division. I’m going to look more closely at them. I predict they will continue to improve and expand because of their unique hierarchy and delivery of services.
hey zach or will…i understand the avg is 3o mil for relationship with jpm private bank..but what is the minimum to get in the door?
And yes, Merrill Lynch is a terrible bank. No wonder they almost went bankrupt. I keep a few of my assets at US Trust as well (I believe in keeping my assets across many banks), and they are an ordinary bank. They dont treat me more special than anyone else, and they dont care if you withdraw your money from their bank… I’m leaving them, maybe put more assets in JPM.
Since RBC is my main investment bank, my private banker pulled some strings for me and got the card. I just asked a friend of mine living in London at the moment (a client of Coutts’ private client division who has the card) and she described it as a light-gold colored card with the cursive Coutts logo in the middle of a giant billboard font capital letters SIGNIA. She said that her banker told her that only 100 or so people have the card, and it is by invite only.
I shouldn’t have asked that about RBC; please disregard my comment. Additionally, I only know about Her Majesty’s having the Coutts & Co. Private Office of Their Private Bank’s World Signia MC because I read about it in some article I read last year about the top tier cards used by ultra high net worth individuals in other countries. The Royal Family of Great Britain was featured. I think Coutts & Co.’s Private Office will consider talking to you at the $100 mil + asset level. The article named a few of their other clients too, but only mentioned that the Queen had their top level credit card. All that aside, I’m still happy doing business with JPM and having this card. My prior experience banking with Merrill Lynch was not nearly as good. Warren Buffett’s recent $5 Bil investment in them notwithstanding, I’ve moved on from BofA and can’t highly recommend them based on my own personal experience spanning over a 16 year period. Maybe other wealthy people still doing business with ML or U. S. Trust at BofA are very satisfied with their products and services; so, peoples’ individual experiences are usually different depending on who(meaning a person) manages his/her portfolio.
Who knows who produce these cards for JPM?
How did you get the RBC VISA Infinite? I didn’t know they operated in the US, primarily Canada, I thought. I would like to add a World Signia MC to my collection to, and I could get one if the U.S. had an institution that MasterCard Intl had licensed to issue that level of card. I do know U.K. residents can get one. I know Queen Elizabeth has one through her private bank.
I have a Visa Infinite through RBC (for wealth management clients only), but now they discontinued the program… I still get to keep and renew my account though… The JPM concierge did an excellent job with my request (I requested a rare breed of miniature orchids for my home, I was trying to impress guests) and they fulfilled it within 3 hours… I give them a 5 star rating. I have never heard of World Signia Mastercard, and now I am so curious and want one…. I
I also found out today that JPM uses Circles. I asked them straight-out. The lady explained that they have a small team at one of the Circles’ offices that works for Chase on the JPM Palladium clients. I have just given them a task, so I’ll post how they do on it by this weekend.
Zach, have you used their concierge, and if so, how good of a job did they do for you or if you’ve used them multiple times, your overall rating?
The only World Elite MasterCard issuers I know of besides GE Money Bank/Sotheby’s (which I thought was ending by Jan. 2012) are: HSBC Bank, NV co-branded with Saks Fifth Avenue, Barclay Bank co-branded with Ameriprise, two from Citi (The PremierPass WE MC and the Executive AAdvantage World Elite Mastercard), Morgan Stanley Smith Barney (issued by, coincidentally, JPM Chase Bank Card Services) and lastly, Fifth Third Bank, exclusively for their Private Banking Clients. That’s all the ones I know of; there may be more that are never publicly announced or that I’ve accidentally left out. Those are the main ones, though.
I don’t want to drift too far off the topic, but I can’t figure out why almost all other countries, except the U.S,. that have any type of banking or engage in financial institution transactions, have at least one bank that issues the very top tier VISA and MasterCard. These are: VISA Infinite and World Signia MasterCard. It’s just an upgrade in perks, more spending flexibility and more individualized attention over VISA Signature and World Elite MasterCard. In these other countries most people consider the Infinite and World Signia cards to be at least as, or more prestigious and packed with useful benefits, as the Centurion card.
By the way, JPM uses Circles.
I’ve been looking to acquire another World Elite MC (I just have the Sotheby’s one), do you know which banks issue one?
Well, I did a little research, talked to a few reps, and now I can expound on my earlier concierge comments. First of all, a couple of things to keep in mind: although the concierge company gets paid quite well (I was told by a manager that they are paid between $35-$70 per fulfilled request just for their labor) by the card issuer; in large part, people rarely use this service so they’ve had massive layoffs in recent years, and the quality of services has declined along with it. Don’t expect miracles, I was told. At the same time, longing to find perks to puff up, card companies have created great expectations for what concierge services can do. Curiously, in real desperate situations is just when people call up the concierge service. Sometimes they have pull and sometimes not.
I was told the following by a Circles’ team leader: he claimed that they serviced the US and Canadian issued cards for hundreds of banks including AmEx and the Merrill Lynch division of B of A. Many other banks with VISA Signature cards or World Elite MasterCards (there are only a handful of those) use Les Concierges. World MC doesn’t offer concierge service. Also for WE MCs, Virtuoso acts as the exclusive travel agency. I already knew that part because I have one of those cards too. He went on to say specifically: “We can do wonderful things in helping you with vacation plans or making dining suggestions based on what kind of food/restaurant you’re looking for. We can suggest tours and send you calendars for your destination cities. We have access to great references and resources for those tasks. We can find the best caterer for your event or help you create a memorable party, and we can even do for you exactly what you could do for yourself, but we dont’ have concert or theater tickets up our sleeves that we can magically produce when high demand events are sold out.” That kind of put the card issuers’ lofty claims more in perspective for me.
Based on my experiences using the two concierge companies I mentioned in the last post by way of several different banks including AmEx, the above is an accurate statement of what I have personally experienced. I still have not tried JPM’s Palladium concierge, I didn’t find any reference in the fine print to an outside company and I wasn’t going to call them just to ask who they were. So, that will likely remain a mystery, at least to me, until someone tells me or I decide to give the service a try. I can say that their customer service is very good, usually no hold time at all, they are very efficient and no automated menus to navigate. As always I’ll post if I learn anything new.
@Angelica–I have learned over the last several years of having these higher end cards with concierge services that most all of them use one of two major providers of these services. They are: Les Concierges and Circles. The banks or whatever credit card providers do, in fact, sub-contract out that service to one of these larger companies that only provide these types of services; that’s their specialty, and the issuers they work for is pretty evenly divided between those two companies. I have cards that offer services through both of them, and I haven’t noticed one being much better than its competitor. As I understand it, a small team of dedicated people at the concierge place are assigned to a particular card issuer’s clients, varying in size based on the number of card holders. They field the calls and emails from card customers and handle the tasks they provide for the bank’s clientele. Quality of service often depends much more on the actual person assigned to your request rather than who your card issuer is. As far as JPM is concerned, if haven’t researched if they handle concierge in house, which is rare, or contract it out, most do this, as I have explained. LC and C do act in a manner as to make you think you’re dealing with your card issuer directly unless you ask them who they are. I hope this answers your question. I’m going to look into what JPM Chase does and may post again when I find out.
Hi, do you know if Amex of JP sub-contract with 3rd party concierge services or are they in house? If so, who are they? If not, are there other companies that sub with concierge services and brand them with their names? Thanks.
Speaking of B of A, and since the reviewer mentioned the card in the review, I will briefly comment on that card, the Merrill Accolades (Formerly just Bank of America Accolades) American Express branded card. I’ve had it for four years, ever since they introduced it. I can’t quite think of but one card, The ViSA Black Card from Barclays for $495/yr, that has been as over-hyped, yet under-delivered so much as the Accolades card. I won’t expound on all its weaknesses, but based on my experience, don’t expect much for your $295 annual fee which is ceremoniously waived every year after they stick it on your statement for you to see. It’s just one small irritant in a litany of poor executions of customer satisfaction. That’s enough said on them; I’ll save the rest for their comment sections.
Yes, I couldn’t believe how quickly I had the card delivered right into my hands. It was the second day after I signed the app, and said I wanted it. Even though I saw where they had done what is likely a perfunctory hard credit inquiry, there was no real discussion on assets, liabilities or income before approving my card. I guess since they already have all that information and don’t have to verify it, there really is not much to the approval process but determining the appropriate credit access (or amount you can revolve) line and then getting your card and packaging out overnight, morning delivery. I, too, regret that they don’t give you the larger access for cash withdrawal, should you need more for a short-term emergency or to have the liquidity to take advantage of a unique deal quickly. But, times have changed, and just about all my credit cards have lowered cash access or made it so expensive that it’s not worth it (e.g. 4% fee and 24.9% interest rate). Are your ears burning?–executives at B of A card services. I still think the JPM Palladium is a great card, and I’m not paying AmEx exorbitant fees any longer. I may slum it and go all the way down to the Traditional Gold Card. Then I’ll be a little ashamed to use it, though; they give those out to negative net worth students, so they’re ubiquitous. I’m sticking by all I’ve said so far here in favor of the Palladium card, and I’ll be a heavy user of the card as long as things continue to go well, and they continue to provide excellent, individualized attention with their services, perks and responsiveness to their clients’ needs.
I doubt that such a large bank would give a portion of their profits to us… I personally like to have a stub and a statement, since it leaves a paper trail. I personally didnt notice the coating on my card… The funny thing about me getting this card is that I had no intention to… I went to JPM to check some balances, and conduct a wire transfer, and then my banker asked me if I wanted the card…. (of course I said yes, and filled out the application, and got the cards in 2 days…).
@Zach–I did get the card just this summer. No one at JPM had ever mentioned it to me before until just this past June 2011. They asked me then if I wanted to fill out their short application and sign agreeing to the terms, and they’d get the card out to me overnight delivery which is exactly what they did. So I do have the newest card design with the cursive JPM logo and the EMV smart chip. I’ve not taken the time to ask about the coating on the card; it’s not really a top priority. I just wanted to mention it because I noticed it and have never seen a protective coating like that on a card. The Centurion doesn’t have any special treatment that I can remember. Anyway, you’re absolutely right about the fraud; so everyone should really be diligent on watching their accounts because it can happen to anyone with any type of card.
I did have another positive comment to make regarding JPM Chase and this card. Like all the cards they issue and service, you have a great online card management interface with bill pay and all the rest. I think their storage of the past six years worth of your statements, accessible with just a few quick clicks is another great benefit of their cards. Paperless, in my opinion is the way to go, not just to be green, but it cuts down on unnecessary filing and clutter in your home or office. It’s more secure too than having bills sent through the mail to you. They obviously want it as well because it saves on manpower and machine power. I’m wondering if just about everyone with Internet access did online banking, would these banks pass some of the savings back to us in the way of lower fees and interest rates. I’m sure it would save them millions of dollars year. Whether or not they’d be so equitable with this type of reciprocity would be interesting to see.
@Will – I would never allow for someone to take a picture of my card, but I never noticed a lacquer coating on my card. Maybe you got your card at a different time I did? does yours have the chip? I always use my metal card as well, but the wear and tear on my card is lessened by the fact that I have a duplicate of my metal card, so I use both cards so I wont have to have a ripped magnetic strip (I had a ripped magnetic strip on an AmEx card a long time ago, and tried to use it only to find out that it was declined, and they had to key in the number, very embarrassing since this one was not my centurion, where they have to key in the numbers). And yes, again, Credit Card Fraud is one of the biggest problems in America, so we, as consumers, and credit card users/owners, must pay careful attention to our credit card statements.
@Zach–My metal card has some kind of lacquer coating on both sides, and it seems to really prevent the Palladium surface from getting scratched up from all the swipes through the authorization terminal. The magnetic strip is heavily worn, however. I would think yours would be the same way. I just almost always use the metal card; I figure: I’ve got it, why not enjoy it. The snapping of pictures of it by camera phones when the card is out of your site is so “not cool.” That could lead to fraudulent charges. So, I see your point, and I’m glad we agree that the Palladium trumps the Centurion in this premium card market. That picture taking may have happened to me, as well, and I just never realized it. I do watch my account online frequently, just to watch for any activity that I didn’t initiate. People who would think about doing something like that should remember that True Name Credit Card Fraud is pretty easy to trace, has stiff prosecution penalties and gives a person a lifetime criminal record. Who wants to be known for credit fraud his/her whole life?
@Anyone-I’m not really using the Palladium to show off because many people are envious of, not simply interested in, what the card represents or what they think it does. To the envious people, I’m not flaunting it to annoy you; just don’t ask about or give commentary on it then. To the interested, by all means, just ask. I enjoy providing the information. I know I’d probably be the curious type myself. Obviously, that’s true. Look at what all I’ve posted just here. It can make a good conversation starter.
@Patricia–Subtle and pithy retort…I hope you weren’t being sardonic. Contribute something here about your observations of your brother’s card, and anything interesting that’s happened with his having and using this card. We’d like to read about it. I like to provide information, but I’ve about exhausted my material on this card, so unless some new people enter the forum, it might likely die down. I’d like to see the thread continue a little more.
@Will- ABSOLUTELY! it does elicit that kind of ooohs and aahs, and the “I’ve never seen this before” and one person even asked me if they can take a picture of it (which, of course, I replied with the answer no!). It doesn’t really bore me, per se (It’s kind of fun) when I use it in high end boutiques (Cartier, Hermes, etc…), however, I end up using the plastic version or my platinum AmEx when I don’t want to draw too much attention (In bad neighbourhoods, around sketchy people, etc…). And yes, they do google my name all the time, which I am tired of…
@Patricia – It’s fun using the metal once in a while, but I prefer to keep the metal version of my card (and my duplicate metal version) in shiny, impressive condition, which is why I use the plastic version more often… Like I said before, It’s just like the AmEx centurion, but better!
Haha Will and Zach, you two are funny. This basically turned into a two-person conversation about how great the Palladium is! Very impressive that you guys qualified for the ultra-cool, and can shed some light to us common-folk about the perks of this exclusive card. Thanks for all the info
(by the way, by brother has the card too, so I’ve seen/heard all the ooh’s and aah’s that it elicits. He got tired of it in the end, and asked for the plastic, but does often whip out the heavy metal card when he wants to impress people)
Zach–Do you find that using the metal Palladium card at a cross-section of places elicits the kind of oooohing, awing and questions like I’ve described I’ve had? It’s starting to bore me, personally. Oh, and then I see them Google my name off the card with their smartphones to see if I’m a VIP whom they should know of.
No, Zach; my plastic card looks the same as you described. They do, in fact, use the dark brown JPM Select Visa Signature blanks to emboss your Palladium account info onto it. So, the plastic cards look essentially the same between these two levels of cards. I presume it’s a cost- saving measure to just have one plastic design for either. And that makes sense; there just are not enough Palladium cardmembers out there to make it reasonable to have a different batch of blanks made for our Palladium Card backups.
Will, I just recently got my cards a year ago, and the plastic version looked exactly like the JPM Select card. Is the plastic version of your palladium card different?
Well, Zach nailed it, filling in the finer details of how the credit access line works, and what you need to do to operate within those parameters. It’s worked flawlessly so far for me. True, this card gets way more attention than the AmEx Centurion. Of the hundreds of places I’ve used it, no one, so far, has ever seen one before. This is compared to the Centurion which has been seen by at least 60% of the people who comment on my Palladium card. There’s your exclusivity factor, if that’s something you enjoy having. It’s not always appropriate, though. I’ll never use the card at McDonald’s again…enter stage left, your backup plastic card as Zach and I have pointed out. It says, J.P. Morgan and also has the smart chip, but otherwise doesn’t stand out enough to scream, “look at me” like the laser-etched, heavy metal card. Many people are fascinated most by the fact that all your cardholder info is etched into the Palladium. They especially often comment on the fact that my signature on the back is also etched into the metal by whomever constructs and personalizes the cards for JPM. There’s no little paper signature strip to fool with here.
One thing I thought was quite interesting is that I noticed that, with all the notifications, welcome cards and perks’ cover letters I’ve received, they were signed by Gordon Smith, CEO of JPM Card Services. This is the same Gordon A. Smith that was president of U.S., then global Cardmember operations for American Express until 2007. He was with AmEx for over 25 years. That would explain JPM Chase’s creation of this high-end VISA credit card under the JP Morgan name about three years ago, having it for top clients only, and even its being metal like the 12-year-old pioneer, the titanium Centurion. Mr. Smith brought his expertise and familiarity with this market segment over to JPM to end up creating our Palladium card. It works, and now Forbes reports Smith as having a total compensation package in excess of $12 million per year.
There are similar if not superior benefits on the Palladium vs the Centurion; I agree with Zach on that too. It’s more exclusive, and then you put it with the top experts in V/MC issuance and service, Chase Card Services, and topping it all off: it’s also the world’s most accepted non-cash/check payment vehicle. Then you have a winner for the wealthy clients of JPM; you pause and think to yourself… “why is it again that I’m paying 2 grand more a year for that black card with the Roman Soldier on it?” I’m a long-time multiple AmEx cardmember and probably always will be, but I do think a new king of luxury credit cards has ascended the throne, the J.P. Morgan Palladium Card.
Completely agree with Will. I recently got the palladium card (I am a JPM Private Banking client), and they gave me a pretty good credit limit. A rep told me that they determine your access line by taking in account your assets at the bank, liquid assets, properties, and your credit score (the credit score being the dominant factor), and determine your access line. Much to my disappointment, the cash line is only 20% of the access line, and cannot take out more cash unless you pay the account down, or request a credit line increase. They did, however, give me a pretty hefty access line, and my cash line is in the 5 digits. I think the reason why they make the cash line 20% of the access line is because they charge NO FEES on balance transfers and cash advances. I do enjoy the larger acceptance base of VISA, and I also like that they give you a plastic version of the card when you don’t want to be too ostentatious. I also have a centurion card, and they issue a platinum plastic card along with the titanium version, however, taking the centurion and palladium in comparison, the palladium offers more benefits, especially the ability to access cash (even though it’s only 20% of the access line). The centurion doesn’t even draw attention anymore it’s become so common (I’ve seen people use it to buy drinks at starbucks), and doesn’t even let you take out cash. However, back to the access line, the rep told me that since I am in the higher end of the private bank, the access line was just there as a placeholder, since all accounts are required to have one. She even told me that if I wanted to, I could simply call them before making a significant purchase, and they give you an “emergency credit limit increase” for one transaction only, and you can request these anytime, and be approved. This means they can take off the access line on the account TEMPORARILY. But, she made it very clear that if I chose to do this, I COULD NOT revolve a balance higher than my access line, meaning that I would have to pay my bill in full (which I do anyway). I assume the reason they can take off the access line temporarily is because they have collateral in my bank accounts with them. I’m not sure that they would let someone on the lower-end of the private client division take off the access line on the account, but I’m sure that they can significantly bump up the credit line if needed. Basically, the more money you put with them, the greater your spending power. But, in my experience with credit cards (including Centurion), all cards DO have a glass ceiling even when they do say “no pre-set spending limit”. The important thing is that you must CALL IN before making a large transaction, and you won’t have a problem getting the transaction to go through. I am delighted, though, in the fact that they send me gifts periodically, and they sent me a MarquisJet card connected to my Palladium account, as well as a Priority Pass VIP membership (a level higher than select, which is given to AmEx platinum members). With the respectful, world-class customer service, combined with the high access line, and the wide acceptance of visa, AND the aesthetics of the card (it is very beautiful, though, not as thick as I thought before getting one; I also love the fact that when you drop it on a table, it makes a ‘clank’ noise) this has become one of my “essential cards”. This card is, quite simply put, the “ultimate” visa card.
Zach makes a good point about the somewhat “flexible” credit access line. They, like AmEx, have a sort of glass ceiling on what they’ll ultimately let you spend on the card during a month before you pay down the balance. It’s usually about three-fourths of what they actually put in print is your maximum amount you can revolve over several months paying interest on, added on top of that credit access line. For example: spending limit = credit access line + about 75% of the credit access line. The key is they set this all up when they are reviewing your application along with your assets and income. And, yes, you have to have that pristine credit to go along with your hefty bank balance. They like a flawless and low debt picture on your credit bureau report. JPM credit analysts set a soft limit based on this information. A cardholder with $100mil in JPM’s Bank would obviously have a different pre-determined maximum they could spend and how much they could revolve versus someone who has “merely” $10mil in their account(s). This makes sense. I found that they are very fair about assigning an appropriate credit access line based on what I could afford to charge and pay back. It’s typically even higher than one is likely to even need to spend. All VISA Signature cards usually work this same way; JPM’s Palladium cardmembers typically have a much higher access line because they have greater resources and spend a lot more on their cards. That and a little more individualized flexibility are really all that make this card different than any other VISA Signature. They can and will adjust the access line upon any positive change in your financial resources and/or greater spending needs. And, no, I’m not a JPM Chase Bank employee or trying to necessarily promote their card, in case you wondered. I just think it’s great that we finally have a VISA brand premium card as an alternative to the Centurion or even, in addition to it. The wider acceptance in the U.S. and abroad (twice as many places take VISA and not AmEx) can really make the Palladium VISA a much more attractive all in one payment card for all your spending.
As of 8/20/11 The Palladium Card and the JP Morgan Select card both feature “the chip”. JP Morgan also sends out a plastic version of the card along with the Palladium version (Same as AmEx does with the Centurion Card). However, they DO assign a credit access line on the account, which you MAY exceed by a few thousand if needed. There are no BT fees, late fees, or cash advance fees. APR can range from 9.99% to 19.99%
To address Jon’s question and add some more info, the book shown above looks exactly like mine, and in the back cover, it’s dated: 9/17/2010. The card has not been out but close to three years, so they are still working on building upgrade alliances mainly with some of their Ultimate Rewards partners. I had the same question, and customer service told me this Summer 2011, they would be getting some of those in place along with adding a smart chip to the card for use in Europe and Southeast Asia where countries there have moved more toward this way of using payment cards and away from the more easily counterfeited magnetic strip.They don’t have the time out there or the larger cardmember base to work with that AmEx has with the Centurion (~<7k vs ~28k cardholders respectively). Although, the commercial side of their bank, Chase, has a very large number of credit card customers, second only to BofA, I believe. People have played "charge n pay themselves back" games with services like PayPal to reach the spending threshold on their AmEx cards to get a Centurion card. That has increased membership by thousands and diluted the cache of the Centurion a little. Plus, a few perks have also been deleted in the past two years, possibly due to the economy and their desire to keep major perks onboard w/o increasing the $2,500 annual fee. I believe the JPM Palladium will continue to improve in the alliance upgrade area, and I think their $595 annual fee with the first year complimentary and no "initiation" fee upfront is reasonable. They're providing the card mainly as an add-on benefit for their best clients whom they make far more money off of in the private banking, investment, trusts and treasury services aspect of the business relationship. That's how I view it anyway.
If i was mega rich, I could just buy the “perks” that I wanted anywhere and not have to pay someone an annual fee to do that. Credit cards can get ANYONE in trouble.
I have a Centurion card and am considering whether to get a Palladium. The acceptance of VISA vs AMEX is a big plus for the Palladium. On the other hand, the Palladium benefits listed above don’t show an automatic status upgrade for some of the airlines like the Centurion does (Exec Platinum on US Airways and Gold on all Star Alliance partners). Those statuses have given me a lot of automatic upgrades to first class. Does anyone know if that benefit is included on the Palladium (and simply not listed here)?
I received my JPM Palladium card about a month ago, and I haven’t used any other card since. They also sent me a plastic version of the metal card with the same account info for occasions where I might prefer to use that instead. To me, one factor that hasn’t been touched on, and is really a big factor in comparing the JP Morgan VISA with the Centurion or Amex Platinum, is the reality that virtually any merchant who accepts a card takes VISA. The same is not true of AMEX; it’s only accepted at about half as many places. Now, most places a person qualifying for these type cards uses a card do accept American Express, but occasionally you do go to smaller stores, and it can be an issue. Otherwise, I think AMEX is great, so I’m not putting their cards down; I’m just disappointed that more merchants don’t accept them. The Palladium card does look awesome, and almost everyone I hand it to makes a comment on its heft and engraving. I don’t have it for that reason, so some times I used the plastic version to avoid the attention it gets. I also have to compliment their customer service. They’re well trained, professional and you don’t have to spend ten minutes working your way through an automated system. A real person answers your call. I haven’t tried the Concierge yet, so I can’t comment on how well they do. Otherwise, I think the card is great and the fee is not too bad all things considered. I would have to feel money was no factor at all for me to shell out $5k to get the Centurion and then another $2.5k to keep it each year. I highly recommend the JP Morgan card if you qualify; you won’t be disappointed, and you can use it everywhere, even the Dollar General Store or to buy Sam’s Club gasoline at the pump.
4 percent off Marquis Jet, give me a break. Any broker can get you that. The card feels sick, but the Centurion still still has the look. Priority Pass and Concierge are the same as Accolades and Centrurion. Great marketing though for JP. These banks need to do anything to make money after all of the financial reform.
I have a black card and the new JPM card. The black card still has the cache of being very exclusive, but the JPM Card always turns heads. The new card with the CHIP and PIN looks sick! People don’t realize how hard it is to get the JPM card. $30M in the Private Bank is a ton of money, anyone can get a Black Card if they spend enough money.
I work at an Italian gourmet store and someone left their card behind.. i googled it and it brought me here.. WOW. No wonder the guy was frantically running when he came back looking for it.. i googled his name and he even works for JP Morgan.. Talk about Employee Benefits.
Was just denied access to the Continental club in Houston. They would not accept my fancy card.
Paging Thorstein Veblen to the thread…
J. P. Morgan attempted to mount a military take-over of the US in the 1930s – wanting to replace it with something modeled on Mussolini’s “business-friendly” fascist regime in Italy at the time.
It did this because it wanted to get away with not paying the higher taxes that were required on the wealthy to end the depression (and herald an era of prosperity).
So. 80 years later – military coup no longer required – wealthy corporations now simply buy whatever policies they want, and meantime 1/4 of jobs in American pay below the poverty line.
I just received my card and it is amazing!! The card is heavy but wow does it get looks. I just purchased some jewelry for my wife for mothers day at a high end store and all the sales people wouldn’t stop talking about it. Never had an Amex black but it was great feeling to have them talk about it
Chase just announced they are adding chip & pin to the Palladium. This cannot be easy in a metal card. Any idea who Chase contracts with for the card production?
Actually the card will include the “blue chip” with the chip-and-signature technology starting in June 2011. So all the pretentious clients will be able to buy train tickets in Spain or wherever it is they go just like the locals!
I don’t think that, as an eligible person to the Palladium, you would be using it to rent a bike or to buy bus tickets. This card is accepted everywhere the type of person having it would use it.
Wow I was expecting to see some very cool benefits or status with multiple Chase partners. From whats listed here the benefits are pretty sad and about the same as an Amex Platinum and other then the card looking awesome it does not seem to do much.
What’s the APR on that revolving balance?
0% Intro APR? BT FEE?
Sean -
I believe Ken means that the card used magnetic strips (like all US cards) which are not accepted in most automated payment machines in the rest of the world (as he says, train tickets from automated booths, rent-a-bike systems.. That is, as he says, because the rest of the world used a chip (the card is not swiped it is inserted)… Until recently, a lot of European retailers could not even process cards with magnetic strips (except manually) but now most card-reading machines have dual functions. Of course Ken is complaining about all US issued-cards with this criticism. He complains that such exorbitant fees should give you access to all payment stations worldwide… Then again, I doubt people with the Palladium buy train tickets from station booths, rent bikes in the street, or even take taxis… More like helicopter or jet / private car
Ken,
Where do you see in the review this card is not accepted outside the United States? I see the opposite as the card has no foreign transaction fees, meaning you can use it outside the United States and not pay a fee.
What’s the point of having a card that isn’t accepted outside the US? You can add bells and whistles of benefits, but technologically our cards still use the mag-stripe while the rest of the world is switching to more secure Chip & PIN.
I’d be hard pressed to find that if I’m paying such a high annual fee yet I can’t even rent a bike nor less buy train tickets at automated stations in Europe or pay for a cab in Japan because it lacks a chip whereas a “low-end” Canadian bank issued Scotiabank VISA debit card can because it has the a Chip.
This card look BEAST!!!!!!