I receive compensation for many links on this blog. You don’t have to use these links, but I am grateful to you if you do. American Express, Citibank, Chase, Capital One and other banks are advertising partners of this site. Any opinions expressed in this post are my own, and have not been reviewed, approved, or endorsed by my advertising partners. I do not write about all credit cards that are available -- instead focusing on miles, points, and cash back (and currencies that can be converted into the same).
I do not have referral links for the JP Morgan Reserve or Palladium cards. Information about these products is neither provided nor reviewed by their issuer.
The J.P. Morgan Reserve Card is essentially a heavier, shiny metal version of the Chase Sapphire Reserve Card. It’s intended for customers of J.P. Morgan Private Bank (although briefly late last summer there were other avenues to apply for it).
J.P. Morgan Private Bank used to be open to individuals with investable assets of $5 million or more, but they now focus on client relationships of $10 million or more (which already represented 90% of their customers).
Chase Private Client, the banking relationship intended for the ‘mass affluent’ and targeting customers with $250,000 or more to deposit (although there’s no such formal minimum to actually open the account) used to offer customers a similar metal card, the J.P. Morgan Palladium card.
For a $595 annual fee, Palladium offered:
- United Club membership and Priority Pass Select with complimentary guest
- One year of GHA Hotels Black status
- What was once a highly regarded concierge service but that has apparently experienced slippage
- 35,000 bonus points after $100,000 spend each year.
- Double points on travel
- A hidden trade line meaning it doesn’t report each month to the cardmember’s credit (use of credit line doesn’t increase utilization ratio and reduce credit score)
The Palladium card has been discontinued for new customers, and Chase Private Clients are being directed to the Chase Sapphire Reserve card which has a lower ($450) annual fee, earns triple points on travel and dining and comes with a $300 travel credit. Of course while heavier than the average card isn’t nearly as heavy as Palladium.
Indeed, the Palladium card comes with the cardmember name and card numbers engraved into the metal on the front, and the cardmember’s signature engraved on the back. (Customers submitted a signature card to Chase prior to card production.)
I’ve heard – and written – that Palladium card cardholders would be transitioned to the J.P. Morgan Reserve card. It doesn’t have the engraved signature on the back, and doesn’t offer GHA Hotels elite status or 35,000 bonus points after $100,000 spend.
While previously it was reportedly possible to convert a Palladium card to J.P. Morgan Reserve, multiple readers are reporting that Palladium cards will be convert in mass on July 17.
- Cardmembers will still use their existing metal Palladium cards until those cards need to be replaced.
- They will receive a $145 refund to reflect the new card’s lower annual fee.
- If they’ve spent $75,000 on the card from the beginning of their cardmember year through July 16, they’ll receive a one-time 35,000 bonus points.
Here’s the thing. Existing Palladium cardholders who have requested the unpublished benefit of United Club membership (which runs $450 to $550 per year depending on your status in the MileagePlus program) will keep this benefit with their new J.P. Morgan Reserve card.
That means come July 17, the best rewards card on the planet rolls out for a group of customers. Legacy JP Morgan Palladium cardholders with United Club memberships will essentially have a heavier metal Sapphire Reserve card with United Club membership at no extra cost. That has to be the best rewards card on the planet, and the best for the money.