This was in my inbox this morning from my JP Morgan Private Bank client team regarding the Palladium / Reserve card from JPM.

"We received the details in regards to the new card. In October this year all Palladium card holders will receive the new benefits of the Reserve card. You do not need to apply for the card, you are still able to use the Palladium card until it expires at which point the replacement card will be a metal Reserve instead of Palladium.

For the annual fee, clients who recently paid the $595 / $99 fee on the Palladium Card will receive a rebate to their account to reflect the Reserve pricing of $450 / $75 – this will be rebated once the Palladium Card is flipped to Reserve in October."

I don't know if this only applies to Palladium card holders who are clients of the JPM PB or it also includes Chase CPC and loophole card holders as well. I'm going to reach out to my team and try to get further details.