Applied for the Palladium card.. I think I was approved...

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emergent
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Applied for the Palladium card.. I think I was approved...

Postby emergent » Mon May 25, 2015 9:12 am

So I applied for the Palladium card on Friday with my Chase Private Client banker. Just after midnight this morning I received an email from UPS saying I have a package being delivered on Tuesday from JPMorgan Chase. When I click the link it shows that a 1lb package is coming by 2nd Day Air and it says the delivery is actually for Wednesday. So I think I was approved, but I'm not sure. I called Chase and anyone that would be able to confirm this is out for the holidays. It's not showing up in my online account either. I thought that it would be sent by Next Day Air, but who knows if that's also related to the holiday. That also seems light for the package. I guess I'll see what happens.


rockyrock
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Re: Applied for the Palladium card.. I think I was approved...

Postby rockyrock » Mon May 25, 2015 11:29 am

Nice, congrats. Keep us posted! :cheers:
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CarefulBuilder14
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Re: Applied for the Palladium card.. I think I was approved...

Postby CarefulBuilder14 » Mon May 25, 2015 3:18 pm

It sounds to me like you've been approved. I think it would be unusual for a bank to send an adverse action / rejection notice by UPS instead of just emailing or calling you (if they don't use snail mail).

I don't know the details of your financial situation, but just be sure that it makes sense for you to pay the CPC fees. To me, the program looks like a big ripoff. Then again, my banking needs are not complicated and I can make my own investment decisions.

I've heard the program can be useful if you need to get a super jumbo mortgage.
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lobbythis
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Re: Applied for the Palladium card.. I think I was approved...

Postby lobbythis » Mon May 25, 2015 3:58 pm

That's exactly how my RC card came and it was labeled as a 1lb package. I can't imagine that being anything else but your Palladium :).

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CarefulBuilder14
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Re: Applied for the Palladium card.. I think I was approved...

Postby CarefulBuilder14 » Tue May 26, 2015 10:26 pm

For the OP or any CPC customer:

I've read CPC charges between 0.8% and 1.6% in fees across all accounts, and that it's typically around 1.25%...is that still the case?

On top of that, there would be fees for JPM-managed investments...what are those fees like?

Is there any way to get the CPC benefits without paying a percentage of assets? I take it I couldn't move Vanguard ETFs to Chase, meet the $250k threshold for benefits, and still keep my costs low?
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MrMosby
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Re: Applied for the Palladium card.. I think I was approved...

Postby MrMosby » Thu May 28, 2015 8:44 pm

You could move your vanguard assets over there and self manage them, but their trade commission is $24.99 per trade which is really hefty and adds up quickly if you dollar cost average.

If your goal is to get the palladium card, some CPC bankers will put the application through for you, I have three CPC branches by me and one was willing to but after exploring the benefits decided to hold off for now (The Ritz-Carlton + Sapphire combination is a better shake in most cases).
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CarefulBuilder14
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Re: Applied for the Palladium card.. I think I was approved...

Postby CarefulBuilder14 » Thu May 28, 2015 10:04 pm

MrMosby wrote:You could move your vanguard assets over there and self manage them, but their trade commission is $24.99 per trade which is really hefty and adds up quickly if you dollar cost average.

If your goal is to get the palladium card, some CPC bankers will put the application through for you, I have three CPC branches by me and one was willing to but after exploring the benefits decided to hold off for now (The Ritz-Carlton + Sapphire combination is a better shake in most cases).


Good to know! I definitely find CSP a good value at $95. I thought everyone had to pay some base percentage of assets. If I did join, I wonder how long it would take for them to kick me out for using their services but not generating any revenue for them? :ppp

I think I'll just leave the assets at Vanguard, and add a Platinum/R-C/maybe Prestige as they prove useful...maybe I'll explore CPC/JPM banking again if they introduce some new card.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

MrMosby
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Re: Applied for the Palladium card.. I think I was approved...

Postby MrMosby » Thu May 28, 2015 10:08 pm

CarefulBuilder14 wrote:Good to know! I definitely find CSP a good value at $95. I thought everyone had to pay some base percentage of assets. If I did join, I wonder how long it would take for them to kick me out for using their services but not generating any revenue for them? :ppp

I think I'll just leave the assets at Vanguard, and add a Platinum/R-C/maybe Prestige as they prove useful...maybe I'll explore CPC/JPM banking again if they introduce some new card.


It's hard to beat the value and service of Vanguard for long term investments.
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CarefulBuilder14
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Re: Applied for the Palladium card.. I think I was approved...

Postby CarefulBuilder14 » Thu May 28, 2015 10:28 pm

MrMosby wrote:It's hard to beat the value and service of Vanguard for long term investments.

I find it amusing that most brokerages are developing fancier (not necessarily financially helpful) tools and more complicated websites. They want people trading as much as possible and around the clock.

On the other hand, Vanguard keeps their website primitive and logs people off after a very short period of inactivity.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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