J.P. Morgan Reserve Card
The Palladium Card is a Visa Signature hybrid charge and credit (revolving) card issued by JPMorgan Chase. The card itself is made of precious metals gold and palladium.[1] The card is in a class of exclusive credit cards such as Centurion Card.[1]
History
JPMorgan Chase introduced the Palladium Card in 2009 to cater to their ultra high-net-worth customer base. Bloomberg has described the Palladium Card as the "card for the 1% of the 1%".[2] Most ultra high-net-worth individuals who carry the card have at least $25 million invested with J.P. Morgan's Private Bank, but the card is sometimes offered to the mass affluent customers of Chase Private Client.[2][1] The Palladium Card is the first U.S. ultra-premium credit card with a smart chip and is made out of a significant amount of palladium and gold, costing approximately $1,000 to make each card.[2][1]
Availability and fees
The card is only offered to clients of J.P. Morgan Global Wealth Management (including the J.P. Morgan Private Bank and J.P. Morgan Securities) and Chase Private Client.[3]
Cardholders are required to pay an annual fee of $595.[2][1][3] They are not charged for foreign exchange, late payments, cash advances, or overdrafts.[2]
References
- ^ a b c d e White, Martha C. (2 March 2012). "You're Probably Not Rich Enough For This Credit Card". Time. Retrieved 10 February 2015.
- ^ a b c d e Cohan, William D. (29 February 2012). "The Credit Card for the 1 Percent of the 1 Percent: The Ticker". Bloomberg News. Retrieved 10 February 2015.
- ^ a b Zhen, Simon (16 July 2013). "The 5 Best Credit Cards For The Wealthy". Business Insider. Retrieved 10 February 2015.