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J.P. Morgan Reserve Card

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A J.P. Morgan Palladium Card with EMV

The J.P. Morgan Palladium Card (now formally rebranded the J.P. Morgan Reserve Card) is an invitation-only Visa credit card issued by JPMorgan Chase. The laser engraved card is minted out of solid metal and plated with palladium.[1] With approximately 5,000 cardmembers worldwide, the card dominates a category of ultra exclusive, invitation-only credit and charge cards, which includes the American Express Centurion Card.[1] It is offered only to JPMorgan Chase's wealthiest clients. [citation needed]

History

JPMorgan Chase introduced the Palladium Card in 2009 to cater to their ultra high-net-worth clients. Bloomberg described the Palladium Card as the "card for the 1% of the 1%".[2] Most J.P. Morgan clients who are invited to carry this card have a minimum of US$10 million in assets under management with J.P. Morgan's Private Bank, and a median of US$100 million. The Palladium Card was one of the first U.S. credit cards to adopt EMV smart chip technology. With its metal construction and palladium plating, the card weighs 1 ounce or 28.35 grams, five times the weight of a conventional plastic credit card, and twice the weight of the American Express Centurion Card. As of September 2016, the J.P. Morgan Palladium Card has been rebranded the J.P. Morgan Reserve Card, which is physically identical to its predecessor, as well as being branded Visa Infinite.

Availability and fees

The J.P. Morgan Palladium Card (and subsequent J.P. Morgan Reserve Card) was offered to clients of J.P. Morgan Global Wealth Management, including J.P. Morgan Private Bank and J.P. Morgan Securities.[3]

Cardmembers were required to pay an annual fee of US$595.[2][1][3] After the rebranding to the J.P. Morgan Reserve Card in September 2016, the annual fee was adjusted to US$450. There are no fees for foreign transactions, late payments, returned payments, or cash advances.[2] The card has no pre-set spending limit, and operates as a "hidden trade line" where client usage activity is not reported to any credit reporting bureau.

References

  1. ^ a b c White, Martha C. (2 March 2012). "You're Probably Not Rich Enough For This Credit Card". Time. Retrieved 10 February 2015.
  2. ^ a b c 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.
  3. ^ a b Zhen, Simon (16 July 2013). "The 5 Best Credit Cards For The Wealthy". Business Insider. Retrieved 10 February 2015.
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