FleyeSkyHigh

I've heard the figure from multiple sources but obviously it's not a publicly available datapoint but is supported by publicly available information:

1. The JPMR product is only marketed to "Ultra High Network" Private Bank clients with investable assets in excess of $10MM+ (although there are exceptions as some on the IB team get access to the Private Bank) but those are just rounding errors. Hold overs from the Palladium card are relatively insignificant as well.

2. An Ultra High Network client relationship is defined as investable assets of $10MM++ and the bank has 4% (on the high end) of market share of a total of 80,000 UHN individuals in the U.S. at end of 2018 (public filings). Card is only available to U.S. domiciles. So only ~3,200 maximum of client relationships would even be eligible under JPM published marketing of the card.

3. The take rate of JPMR by client relationships is certainly below 80% and could be even far lower. For example, more than 20% of these relationships are managed by fiduciary of a trust and therefore not eligible for consumer for credit. JPM (and most banks) do not extend revolving credit cards to trusts and when they do it would certainly be a business product for incidental operating costs of the trust.

So aside from hearsay from JPM bankers the publicly available data supports the number is certainly below 3,000. Now whether that number is closer to 1,000 or 2,500 is anyone’s guess.

Also, the Wikipedia claims there were 5,000 Palladium card holders but I think that data is back from 2012 when that product was open to applicants that didn't meet the $10MM++ requirement so through attrition of over five years coupled with the higher relationship requirements under 3,000 is the right number of holders.