The
JP Morgan Chase Palladium card is definitely a unique card. It’s beautiful to look at, hefty to
hold, and exclusive to own. According to wikipedia, there are only 5,000 current cardholders. The
card comes with a unique set of benefits and tops it off with a ridiculous
annual fee ($595).
You can see my original review of the card here. It’s been fun owning this card for the last year. Reading different forums on flyertalk and creditboards, cardholders have discovered and shared hidden benefits they were able to receive, often times just by calling the concierge and asking.
Chase Private Client
Initial reports of this card
indicated that a private banking relationship with Chase was necessary in order
to obtain this card. Then a
time opened up when one could just call the 800 number and apply for the card
via phone and email (this was when I applied for my Palladium card). Newest reports from the past year
indicate that one now needs to have a Chase Private Client
relationship in order to apply for the card. To open a Chase Private Client relationship, one needs
$250,000 to deposit.
Individuals
who opened a Palladium account before these new changes occurred are not
required to join Chase Private Client.
Global
Hotel Alliance Black Level
Global
Hotel Alliance (GHA) is a collection of over 320 luxury hotels and
resorts. Palladium cardholders can
ask for Black Level status. This
is the highest status with GHA (Platinum and Gold levels are below it). Having Black status earns you free
double room upgrade, early check in, late check out, and other amenities.
In
addition to GHA Black status, JP Morgan Palladium has teamed up with some of
the fanciest hotels in the world to offer additional special perks to
cardholders. You can see and download their 2012 Destination Guide here.
Delta
Sky Club Membership
Sky Club includes 237 Delta Sky Clubs & Partner airport lounges. These lounges usually include fully
stocked alcohol bars, free snacks, free wifi, satellite TV, free magazines,
newspapers, fax machines.
A
member may bring up to 2 guests for free.
Select locations even have showers. Annual Delta Sky Club Membership is $450 for 1 year, $50 for
a day pass.
United
Club
Amenities
at the more than 45 United Club locations include complimentary bar service,
beverages, light snaks, free Wifi, free fax and photocopy services, and current
newspapers and magazines. Annual
United Membership is $475 a year (for general member), $50 for a day pass. A member may bring up to 2 guests for
free.
Lounge Club
Priority
Pass lounge access has now been downgraded to Lounge Club, which
provides airline lounge access at over 350 airport lounges in more than 200
major cities worldwide. I'm not sure what the limit on guest access is, but I have been able to allow 7 guests to enter a Lounge Club airport lounge without issue.
Other
interesting tidbits
This
card has a hidden tradeline, like many business credit cards. This means that credit reporting
agencies (Equifax, Transunion, Experian) can’t see how much spending I am
putting on the card. This can be
beneficial in unique money “float” opportunities.
Last
year, cardholders received a $1,000 gift card to Harry Winston Jewelry. I haven't heard of any report of anyone purchasing anything from Harry Winston.
Last year, cardholders received invites to attend a series of art receptions at Christie’s in New
York. I didn’t get a chance to go,
but I did read Frequent Flyer Guy’s review of his experience here.
Members
are reporting getting all cash advance fees waived when using their Palladium
card at ATMs.
A few select members
are reporting getting their annual fee waived just by asking nicely. Presumably, getting your Palladium card annual fee waived is based on how much money you charged on your card. I’m going to try this when my annual
fee hits and will report the results.
Flyertalk
user Valveking used a nuclear metal analysis gun on his Palladium card and
found that the card only contained a tiny 0.155% of Palladium.
I
really wish JP Morgan Chase would add extra points earning features like 2x
points on dining. Also it would be
nice if they would offer $200 airline incidentals reimbursement like the
American Express Platinum card or Chase Ritz Carlton card. JP Morgan, are you listening?
Is
this credit card really worth the annual fee?
It depends on whether the cardholder can truly benefit from
the extra perks the Palladium card offers.
Otherwise, it’s just a fancy $595 piece of metal in your wallet with your name laser engraved on it in 23K gold.
Now 1 year later, I have decided to say goodbye to my Palladium card.
Now 1 year later, I have decided to say goodbye to my Palladium card.
Thanks for posting it! William
ReplyDeleteAre Palladium cardholders entitled to elite status on any airline? If so, which airline(s)?
ReplyDeleteCurrently, Palladium cardholders are not entitled to any elite status on any airlines. I know, kind of a let down.
ReplyDelete