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J.P. Morgan Reserve Card

Invitation-only credit card

Invitation-only credit card

The J.P. Morgan Reserve Card, formerly branded and colloquially known as the Palladium Card, is a credit card issued by J.P. Morgan on the Visa network. It is reserved for the wealthiest clients of the firm's global private bank. The card is minted out of a brass alloy, laser-engraved, and plated with metal palladium and 23-karat gold. Eligibility for the card is not fully known as it is invitation-only and at the discretion of J.P. Morgan. The card does not report to credit bureaus or maintain a pre-set credit limit. It is considered a status symbol among the affluent.

History

The card was launched in September 2009, following the 2008 financial crisis, for J.P. Morgan's high-net-worth individual clients. Its original name, the Palladium Card, reflected the card's composition: minted out of a brass alloy, laser-engraved, and plated with metal palladium. The card was re-branded as the J.P. Morgan Reserve Card in September 2016. Bloomberg described the Palladium Card as the "card for the 1% of the 1%". Clients of J.P. Morgan who are invited to carry the card must have a reported minimum of US$10 million in assets under management (AUM) with the private bank. The firm declined to confirm this figure as part of their eligibility requirements.

Physical specifications

The J.P. Morgan Reserve Card was one of the first U.S. credit cards to adopt EMV smart chip technology. With its brass 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 titanium constructed American Express Centurion Card.

Features

RegionAnnual feeInitiation feeCredit limitEligibility
United StatesUS$795NoneUnlimited$10 million AUM at J.P. Morgan (reported)
United Kingdom£500NoneUnlimited
European Union€555NoneUnlimited
China¥4,000NoneUnlimited

Notes

References

References

  1. Fitzgerald, Kate. (July 8, 2021). "Up or down? Issuers adjust fees to compete for luxury spending".
  2. Blumberg, Yoni. (July 10, 2018). "3 elite credit cards with outrageous benefits only available to the super rich".
  3. White, Martha C.. (2 March 2012). "You’re Probably Not Rich Enough For This Credit Card". [[Time (magazine).
  4. Pokora, Becky. (September 11, 2021). "5 Exclusive Credit Cards That Shower You With Service".
  5. Ellis, Nick. (August 25, 2016). "Have $10 Million with Chase? You Can Get the J.P. Morgan Reserve Card".
  6. Cohan, William D.. (29 February 2012). "The Credit Card for the 1 Percent of the 1 Percent: The Ticker". [[Bloomberg News]].
  7. Nunez, Matthew. (October 22, 2022). "High-net-worth people are invited to use these credit cards".
  8. Glazer, Emily. (March 18, 2016). "At J.P. Morgan, $9 Million in Assets Isn’t Rich Enough".
Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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