Jp Morgan Private Bank Minimum Investment – Ethan Steinberg has been a frequent flyer for as long as he can remember. She moved from studying abroad in Paris to Shanghai after college and covered all Asia Pacific travel for TPG.
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Jp Morgan Private Bank Minimum Investment
Just as airlines and hotels strive to offer every consumer elite status, banks and credit card issuers have an incentive to make their wealthiest customers happy. Sometimes they do this by offering higher-end banking services like Chase Sapphire Banking, but some also offer exclusive credit cards that are only available to high-end customers. Today we are going to take a look at some of these private bank credit cards and the benefits they use to attract valuable customers.
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Perhaps the most popular private bank card is the Amex Centurion, which has both a personal and a business version. While this product is only available by invitation and there is no clear indication of how much annual spend you need to earn to get an invite, The Points Guy himself, Brian Kelly, gave us some great insight into the benefits of this product. his Amex Business Centurion card.
This card is not for the faint-hearted, with an initial fee of $10,000 and an annual fee of $5,000. However, the benefits of this card are quite impressive, including automatic Hilton Diamond and Delta Platinum elite status, as well as a number of luxury travel and lifestyle benefits.
Amex is also known for showering Centurion cardholders with lavish gifts. In 2019, TPG received a bottle of Vintage 2008 Dom Pérignon and a Tiffany & Co crystal ice bucket with a total retail value of nearly $700.
The Points Guy has independently compiled information about the Amex Centurion and the Amex Centurion Business Card. The card data on this page has not been verified or provided by the card issuer.
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JP The Morgan Reserve Card comes with United Club membership, which gives you access to lounges such as London Heathrow (LHR). (Photo: Daniel Ross/The Points Guy)
J. P. The Morgan Reserve card is available only to the bank’s most affluent customers. To receive an invitation, you must have $10 million in assets managed by JP Morgan’s Private Bank, not to be confused with Chase Private Client, which has a much lower eligibility threshold. While many banks now offer metal credit cards, this card is unique because it is made of palladium, a rare and valuable metal.
This card isn’t available to the average customer, and that’s okay because the benefits offered aren’t much better than the publicly available Chase Sapphire Reserve. These include 3x travel and dining points and a $300 annual credit. However, the JP Morgan Reserve Card also offers United Club membership for the primary cardholder and two guests, which can easily add up to hundreds of dollars a year.
Today his parents J.P. I spoke with a TPG reader who is an authorized user of the Morgan Reserve card (they applied for the card long ago when it was available to all Chase Private Client members). She asked to remain anonymous, but said her family pays about 75 percent of J.P.’s total expenses. On the Morgan Reserve card, thanks to powerful bonus categories. While Chase is known for having one of the best customer service teams in the industry, JP Morgan Reserve cardholders have a dedicated team of agents looking after them.
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This reader told me that when he had to file a rental car insurance claim a few years ago, he sent the rental car receipt to a customer service agent who filed the entire claim on his behalf and got the car company as well. eliminate costs that would not be covered by benefits.
JP Morgan Reserve Card information was independently compiled by The Points Guy. The card data on this page has not been verified or provided by the card issuer.
If you are a large Merrill Lynch bank (account balance greater than $10 million), American Express may invite you to apply for the Merrill Lynch Octave Black Card. The annual fee of $950 is unbelievably high even in the world of private bank cards, but there are some great benefits to help you recoup some of the cost.
Redeem points earned with the Merrill Lynch Octave Black Card for a seat in a British Airways Airbus A350 Club Suite. (Photo by Nicholas Ellis/The Points Guy)
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Octave cardholders earn a flat 2.5 points per dollar on every purchase. Points can be redeemed directly into a Merrill Lynch account or redeemed for credit, gift cards, travel, and more.
With points worth one penny, you earn 2.5% return on everyday spend, even if you don’t have a reward category for a card worth that much. However, if you redeem your points for travel, they can cost two cents each on American Airlines, Delta Air Lines, United Airlines or British Airways flights and 1.7 cents on other airlines for tickets up to $500. . This is a strange limit, as one would assume that rich people book more expensive tickets, but if your ticket costs more than $500, you only have to pay the difference. one percent per item.
Each year, cardholders can choose between a $350 travel credit or an $845 Delta SkyClub Executive membership. Access to SkyClub is easy with the American Express Platinum Card® or Delta SkyMiles® Reserve American Express Card. Registration is required to receive selected benefits.
While the cards on this list are some of the most exclusive cards on the planet, the Citigroup Chairman card is the least known. The card is said to offer a $300,000 credit limit and access to exclusive members-only events. The card apparently has a $500 annual fee, the lowest of any private bank card, and it’s unclear if there’s a statement credit to compensate for that.
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We don’t know much about eligibility for this product other than you need to use Citi Private Banking.
Citi Chairman information independently compiled by The Points Guy. The card data on this page has not been verified or provided by the card issuer.
The SunTrust Visa Infinite card is marketed to private wealth management clients (who get the $450 annual card fee waived), but for what you pay for the card, it doesn’t offer any compelling benefits. . A Priority Pass Select membership for airport lounge access is almost comical these days, as almost every premium credit card offers it. The SunTrust Visa Infinite offers just five free lounge visits per year, with subsequent visits costing $32 per person.
This is one of the few private bank credit cards with a dedicated website, although you still need to see an advisor to apply. A big part of this card’s appeal is its Visa Infinite benefits (including purchase protection, travel insurance, and concierge services), though you’ll also find all of these benefits on Visa Infinite cards like the Chase Sapphire Reserve, which offers a more comprehensive package for award travelers.
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The credit card market has exploded over the past few years, allowing customers to enjoy the benefits of luxury and travel, regardless of the size of their bank account. However, many banks continue to offer exclusive products to their wealthiest customers, although the benefits do not always match the price. Please note that we have shared all the information about these cards, but your inquiry may provide more information.
Publication Notice: The opinions expressed here are those of the author, not of any bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or endorsed by any of these entities.
Our points-obsessed staff uses countless credit cards every day. If someone on our team wouldn’t recommend it to friends or family, we at The Points Guy wouldn’t either. Our opinions are our own and have not been verified, endorsed or approved by our advertising partners.
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