I think what might be JP Morgan Chase's goal is to cull the herd regarding the JPM Palladium Card. The original intent of the Palladium Card was to offer a premium product for JPM Private Bank clients. People found a loophole and were able to apply for the card without having any relationship with JPM PB. Then the retail bank side of Chase started offering the Palladium Card to Chase Private Client customers. I think now with the Chase Sapphire Reserve card coming out, JPM Chase would like to migrate current CPC clients with the Palladium card to the CSR and make it once again a JPM Private Bank product. I don't think that most Palladium card holders who are JPM PB clients would cancel their cards for the CSR. Since I don't think that they can force migrate customers from Palladium card to Chase Sapphire Reserve they might offer the some kind of bonus to entice people to make the switch and bring the Palladium card back to its original intent of being a JPM PB product.