Approval/Delivery Times For JP Morgan Chase?

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MOC
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Approval/Delivery Times For JP Morgan Chase?

Postby MOC » Mon Feb 20, 2012 4:53 am

I was wondering if anyone had experience with the JP Morgan Select card, the benefits, the chip and sign, and how long it takes for Chase to deliver them. I will be traveling to Ireland and Scotland in about two and a half weeks.

I really wanted the chip because when I was previously in Germany, I had very little luck with my AMEX Platinum and Marriott Visa Signature. Regardless of the card agreement, even large department stores will just get very annoyed with you and not take the card if you don't have a chip and pin. It is more a matter of inexperience and lack of understanding, but it still leaves me annoyed I can't use my cards which have no foreign exchange fees and a very favorable exchange rate.

My AMEX Platinum converts almost at the market rate, which is way better than you can do at any currency exchange. I also want the protection of the credit card and the lower risk of not carrying cash.

I was "instantly approved" for the JP Morgan Select card when applying online. I wanted to just switch my Marriott Visa Signature, but they don't allow you to change products. I had hoped to avoid opening new credit, but this way gives me a better opportunity to try out the card and make sure I like it without losing my current one. I'm not sure if having the Marriott Visa Signature with Chase contributed to this, but I was pleasantly surprised to see that it was instantly approved. I was wondering how long it took for any others who have applied for the higher end Chase cards and were instantly approved to get the card?

My thinking is that even though it is chip and sign, most automated machines will just do it without the pin. When I could use my swipe card at machines they said enter pin for a few seconds, but then said approved. The problem is when there is no place to swipe or you get a stubborn store person. In the case of stores, hopefully the machine just prompts for a signature without requiring an argument.

So please let me know your experience with this card and with Chase's delivery time for instant approvals for the higher end cards, like the JP Morgan and Sapphire cards. I figure they would go through more scrutiny than the lower cards, so that is why I asked specifically about those for delivery time. I really couldn't find posts from people who had used the chip and pin and the other benefits. There is only brochure information about it, so I'm sure it will help to have users of this card actually talk about their experience.


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Postby Money card » Mon Feb 20, 2012 10:40 pm

The sapphire card is a travel card, you can use the card anyway you want.

For anybody who has 2 or more good credit cards from Bank of America, Citibank, Discover, Capitol1 , HSBC, Wells Fargo , American Express, etc. If you have a couple of those you can get the Sapphire. It's a more executive credit card but I wouldn't say it's a higher end card. It's comparable to American Express Gold and Gold Rewards (I guess you can compare the basic Chase sapphire to the basic gold card and the Sapphire prefered to the Gold Rewards). I wouldn't call this card a higher end card like the JP Morgan.

Now the JP Morgan which has an annual fee of 595 from last I heard, not sure what amenities you get with this card, I know you get concierge service from a private 1 not the same as the Sapphire and Venture card. You get airport lounge service Delta Crown Room etc. Purchase protection I'm going to guess not 10,000, but somewhere between 1,000 and 5,000 just a guess. Not sure about checked bags, I will guess you get extra coverage from what most Visa or Mastercard offers from the banks. Now this is a higher end card I would categorize it as a luxary card.

Travel cards are like Chase sapphire, Capitol One Venture, Citibank Thank You, Bank of America has 1 i don't know which 1 it is, American express Green, Gold, Gold Rewards, Platinum and Centurion. Luxury cards would be like the Ritz Carlton and JP Morgan.

Elite would be the Ameriprise black Mastercard, the black centurion card, the black citibank forget which card it was and Barclay's black visa. This is how I would categorize the cards you like.

As far as instant approvals go you have to have a very high level of credit to get this card. JP Morgan and Sapphire are much, much easier to get.

MOC
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Clarification

Postby MOC » Mon Feb 20, 2012 11:37 pm

I understand the cards. I don't really understand your comments or how it is answering my main questions. What are the benefits of the JP Morgan Select card from people who have the card? ($95 annual fee Select, not Palladium). Also what are people's experiences with Chase instant approval delivery times? (specifically Chase Sapphire Preferred or JP Morgan Select approvals)

From this website's review and others I was under the impression that the JP Morgan Select and Sapphire Preferred were quite similar, other than the primary rental insurance, chip and sign, and maybe a different concierge. I do believe both of these would require a higher than average credit rating, hence why I said higher end card. I realize it is not on the level of AMEX Platinum, Barclays Visa Black, or JP Morgan Palladium, but I think these Chase cards require better credit than the average card. Perhaps the original aim of the JP Morgan Select was to be a more exclusive card, and it may still require a very good credit profile but only Chase knows the specifics.

More specifically, I would greatly appreciate anyone's experience with this chip and sign system from Chase if possible.

CC Deville
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Postby CC Deville » Tue Feb 21, 2012 4:14 pm

Chase has the EMV chip cards in Ohio so there is no extra waiting period. Generally Chase gets the cards out within a week.

The JP Morgan Select is the brown card and has a $95 annual fee (waived for the first year). The JP Morgan Select and Sapphire Preferred are more upscale in that they require at least a $5K credit line.

From what I understand from the folks at Flyertalk is that the Chase EMV works great unless you are at an unmanned kiosk like at a train station or a gasoline station (if you are in France, fill up on Saturday as most gas stations are unmanned on Sunday). Essentially it works as "normal" for most Europeans in that you insert the card chip facing in. The card will be read and then a receipt should pop out. Some folks have reported that entering 0000 for your PIN will work if the unmanned machine wants a PIN but these cards are specifically set up to be Chip + Signature so the card will want a signed receipt.

The main difference between Chip + PIN and Chip + Signature is that Chip + Signature is an ONLINE approval-meaning your card will "call home" to Chase for approval similarly to how a mag stripe works now. Chip + PIN are OFFLINE approvals; meaning the Chip approves the transaction without calling home. This was started because European telecommunications are less sophisticated than here in the US and it was very costly for the cards to call home to the banks every time. US Banks are pushing for Chip + Signature because they don't want to have OFFLINE approvals and because it is easier to push to market. I commend Chase for being the only US issuer to make these available to anybody credit worthy enough to qualify for a JP Morgan Select or British Airways card.

jeffysdad
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Postby jeffysdad » Tue Feb 21, 2012 4:49 pm

Wow, CC, that's a lot of interesting info. Do you have thoughts/opinion on when chip cards will be widely available in the U.S. -- for use here or for those traveling abroad?
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

CC Deville
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Postby CC Deville » Tue Feb 21, 2012 5:16 pm

jeffysdad wrote:Wow, CC, that's a lot of interesting info. Do you have thoughts/opinion on when chip cards will be widely available in the U.S. -- for use here or for those traveling abroad?


Well, Visa announced guidelines last August for EMV implementation and MasterCard backed Visa up just this month with their own guidelines-both expect to see the needle moving by 2014. Amex has of course been silent-and Discover really doesn't need to convert until the rest of the US does as it is mostly a US card. Unfortunately at this point EMV is more of a chicken and egg sort of thing. The banks don't want to start issuing EMV cards unless the merchants have POS systems that can accept them. And the merchants don't want to pony up the cash to convert their POS systems if the banks aren't issuing the EMV cards. Most "experts" in the US believe that mobile phone payments are the wave of the future; and therefore wanted to skip over EMV, and I don't dispute that mobile phone payments will eventually lead payments, but they will never be able to completely replace physical credit cards. Not only that, but the rest of the world spend 20 years and countless dollars changing to EMV so it is here to stay for a while. Right now, most issuers are only offering EMV to cardholders that they have identified as frequent international travelers. Citibank for instance has card stock with EMV chips (they call them global chips) on virtually all of their cards-but it is by invitation only. Chase is the only one so far offering it to any credit worthy individual without having to be a member of a credit union or specific bank.

A lot of major US retailers already have POS systems that can accept EMV cards: Best Buy, Wal Mart, Walgreens, 711 etc but they aren't yet programmed. It is mostly going to be harder for the small merchants as they will need to upgrade their systems.

It is more a matter of when and not if anymore. Even third world countries have EMV cards. America will start to be targeted by international criminals to take advantage of our outdated infrastructure. It is just unfortunate that like everything else, the US has to be different and it is looking like we will have Chip + Signature at least to start. IMHO PIN adds another layer of protection. If some guy breaks into my locker while I am working out and takes my card, it will be useless to him since he wouldnt know my PIN. With signature, all he has to do is sign my name....

So to sum up your question (I ran on too long): Thoughts/opionions on EMV in the US: I bet by summer 2013 most major banks/credit unions will allow you to request a EMV card for travel (instead of having them invite you) and by 2014 some of the major banks (especially Chase) will just start issuing them with 2015 being for sure. I have read on Flyertalk that a guy spoke to a Chase rep about his Sapphire Preferred and the rep indicated that by Q1 2012 (ends March 2012) the Sapphire Preferred will have the EMV chip standard. I tend to believe that since Chase has already began issuing 2 (3 counting Palladium) EMV cards. The other big boy banks will want to play catch up so as not to give Chase the entire market. Citibank was supposed to offer the EMV chip standard on their $450 annual fee American Airlines Advantage World Elite Executive MasterCard (say that ten times fast) but so far their card art on their website doesn't show it.

Waiting for Capital One to step up to the plate so that we can have an EMV card with no foriegn transaction fee and a low or no annual fee....

jeffysdad
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Postby jeffysdad » Tue Feb 21, 2012 6:04 pm

Thanks. That was very interesting, and informative.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

MOC
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Thanks

Postby MOC » Wed Feb 22, 2012 3:43 pm

Thanks for that info CC. Also I know in Germany that most things closed quite early on Saturday and nearly everything is closed on Sunday. There was usually at least one ticket machine with a swipe card at the train stations though. The real problem with machines was the transport in the cities, which usually were only pin systems. I didn't drive so I don't know about tolls or gas stations. The JP Morgan Select and Chase Sapphire Preferred do not have foreign transaction fees so there isn't a need to wait for Capital One. Their rewards don't really look comparable either.

I had read somewhere that the main reason for the chip and pin system's prevalence was because it took liability away from the banks, under European laws. In the US, even if they use the EMV system, liability still belongs with the banks because of US federal law. Since liability belongs with the banks it would make sense that they want to authorize every transaction, and that they aren't quickly investing money in a new system without a financial incentive.

I guess that was the main benefit I was concerned about, but if anybody has any experience with the JP Morgan Select, I'd like to hear more.

CC Deville
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Postby CC Deville » Wed Feb 29, 2012 3:56 pm

Just as a follow up, Chase officially announced that the Hyatt Visa Signature is now standard with the EMV chip. I would have thought that the Ritz Carlton Visa with it's $300+ annual fee would have got it first. But this just shows that Chase is moving towards EMV faster than any of the other banks.



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