J.P. Morgan Reserve Card Explained

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.[1] [2] The card is minted out of a brass alloy, laser-engraved, and plated with metal palladium and 23-karat gold.[3] 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.[4]

History

The card was launched in September 2009, following the 2008 financial crisis, for J.P. Morgan's ultra-high-net-worth 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.[5] Bloomberg described the Palladium Card as the "card for the 1% of the 1%".[6] 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.[7] The firm declined to confirm this figure as part of their eligibility requirements. There are roughly 5,000 J.P. Morgan Reserve cardholders worldwide.

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$595NoneUnlimited$10 million AUM at J.P. Morgan (reported)[8]
United Kingdom£500NoneUnlimited
European Union€555NoneUnlimited
China¥4,000NoneUnlimited

See also

Notes

  1. Web site: Fitzgerald . Kate . July 8, 2021 . Up or down? Issuers adjust fees to compete for luxury spending . January 10, 2021 . American Banker . en.
  2. Web site: Blumberg . Yoni . July 10, 2018 . 3 elite credit cards with outrageous benefits only available to the super rich . January 10, 2023 . CNBC . en.
  3. News: White, Martha C. . 2 March 2012 . You’re Probably Not Rich Enough For This Credit Card . . 10 February 2015.
  4. Web site: Pokora . Becky . September 11, 2021 . 5 Exclusive Credit Cards That Shower You With Service . January 10, 2023 . Robb Report . en-US.
  5. Web site: Ellis, Nick . August 25, 2016 . Have $10 Million with Chase? You Can Get the J.P. Morgan Reserve Card . The Points Guy.
  6. News: The Credit Card for the 1 Percent of the 1 Percent: The Ticker . . 29 February 2012 . 10 February 2015 . Cohan, William D. . dead . https://web.archive.org/web/20150214043005/http://www.bloombergview.com/articles/2012-02-29/the-credit-card-for-the-1-percent-of-the-1-percent-the-ticker . 14 February 2015 .
  7. Web site: Nunez . Matthew . October 22, 2022 . High-net-worth people are invited to use these credit cards . January 10, 2023 . The Ticker.
  8. Web site: Glazer . Emily . March 18, 2016 . At J.P. Morgan, $9 Million in Assets Isn’t Rich Enough . January 10, 2023 . WSJ . en-US.

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