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J.P. Morgan Reserve Card

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A J.P. Morgan Palladium Card with EMV

The Palladium Card is a Visa Signature hybrid charge and credit (revolving) card issued by JPMorgan Chase. The card was designed exclusively for ultra-high net worth clients of J.P. Morgan Investment Services with holdings in excess of $2 million in liquid assets. The card offers an advertised rewards profile similar to the American Express Platinum Card while the unadvertised perks seem to cater to select card holders and have a profile similar to the American Express Centurion Card. It has been dubbed by The Bloomberg View as "the card for the 1% of the 1%".[1]

History

JPMorgan introduced the Palladium Card in 2009 to cater to their ultra high net worth customer base. The Palladium card is the first US credit card with a smart chip[2] and is made out of a trace amount of palladium metal mixture (mostly copper) with the cardholder's information laser etched.[1] While many observers suggest the Palladium Card is a direct competitor to the American Express Centurion Card, the advertised rewards and perks profile is more of a competitor to the American Express Platinum Charge Card. Another key difference between the Centurion Card and the Palladium Card is the former is by invitation only whereas the Palladium Card requires a Private Bank or Chase Private Client relationship with JPMorgan Chase in order to be eligible to apply.[1]

The Palladium Card offers "chip and signature" making international travel easier for U.S. card holders.[1] Cardholders receive membership in Lounge Club and other elite services.[1]

Availability and fees

Cardholders are required to pay an annual fee of $595 and $99 for each authorized user.[1] They are not charged for foreign exchange, late payments, cash advances, or overdrafts.[1] According to Bloomberg, one is eligible if "you happen to have an extra $2 million that you are willing to let JP Morgan manage for you.”[1] There are currently 500,000 Palladium Cards active, making the Palladium Card even more exclusive by numbers than the American Express Centurion Card.[1]

Elite cards

The Palladium Card is part of an elite credit card segment created for a very small, exclusive range of international clients.[1]

Other elite cards

References

  1. ^ a b c d e f g h i j Cohan, William D. (February 29, 2012). "The Credit Card for the 1 Percent of the 1 Percent: The Ticker". Bloomberg News. Retrieved 20 September 2013.
  2. ^ Zhen, Simon (June 20, 2011). "Chase Adds EMV Chip to JPMorgan Select Visa Signature Card". Bank Tracker. Retrieved 20 September 2013.
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