From Wikipedia:
A J.P. Morgan Palladium Card with EMV
The Palladium Card is a Visa Signature[1] hybrid charge and credit (revolving) card, composed of one ounce of palladium bullion (as of Jan 18, 2012-2, worth $730.22[2]) issued by J.P. Morgan Bank. The card was designed exclusively for ultra-high net worth clients of J.P. Morgan Investment Services with holdings in excess of US$25m in liquid assets, but has since been expanded to Chase Private Clients, which generally require between US$1m and US$5m in liquid assets under Chase management respectively. The card offers an advertised rewards profile similar to the American Express Platinum Card while the unadvertised perks seem to cater to select card holders and have a profile similar to the American Express Centurion Card. It has been dubbed by Bloomberg as "the card for the 1% of the 1%".[3]JP Morgan introduced the Palladium Card in 2009 to cater to their ultra high net worth customer base. The Palladium card is the first US credit card with a smart chip and is made out of around 1 ounce of palladium metal with the cardholder's information laser etched with 23K gold. The value of the physical card alone is estimated at around $1000. While many observers suggest the Palladium card is a direct competitor to the American Express Centurion Card, the advertised rewards and perks profile is more of a competitor to the American Express Platinum Charge Card. However, there are rumors of personalized unadvertised perks for select Palladium Card holders. Another key difference between the Centurion Card and the Palladium Card is the former is by invitation only whereas the Palladium Card requires a private banking relationship with JP Morgan Chase in order to be eligible to apply.
The Palladium Card offers "chip and signature" making international travel easier for U.S. card holders. Cardholders receive membership in Lounge Club and other elite services. The Chase (U.S.) website offers only minimal details on the card.[4]
Availability and fees
Cardholders are required to pay an annual fee of $595 and $99 for each authorized user. There are no nuisance fees such as for foreign exchange, late payments, cash advances, or overdrafts. According to bank spokesman, Rob Tacey, he doesn’t put a dollar amount on just what it takes to acquire one of these cards, but Bloomberg does say, “If you happen to have an extra $25 million that you are willing to let JP Morgan manage for you,” you can get the card. Initially the card was only targeted at elite Private Banking clients but in 2011 the card was opened up to Chase Private Client customers and a few others who met the income and credit requirements but lacked the high assets originally required for the card.[5][6]However, this has since changed and a private banking relationship is once again required to apply for the card. There are currently 5000 Palladium Cards active, making the Palladium Card even more exclusive by numbers than the American Express Centurion Card.
References
^ All Visa Signature cards, like certain American Express charge and Diners' club products, have no "pre-set spending limit", and come with additional features such as personalized concierge service. Compare Visa Infinite (a higher tier Visa card unavailable in America]], World MasterCard (the MasterCard equivalent to Visa Signature), and the MasterCard World Signia {comparable to the Visa Infinite, and also unavailable in America).
- ^ http://www.reuters.com/article/2013/01/18/markets-precious-idUSL4N0AN0C120130118
- ^ Bloomberg
- ^ https://creditcards.chase.com/credit-cards/jp-morgan-palladium-card.aspx
- ^ http://creditboards.com/forums/index.php?showtopic=475814
- ^ http://mypalladiumcard.com/
Proper use of #palladiumcard #jpmorgan by ulasdikkaya #scrapeit: Proper use of #palladiumcard #jpmorgan by ulasd... bit.ly/11HDiiJ— Mirrrey (@Mirrrey_1) February 5, 2013
