Originally Posted by
nyc2cal
"You'd get more value from the JP Morgan Reserve card." Please advise, as my understanding is (aside from the United Club access) the benefits are the same as the Sapphire Reserve, and you need to invest $10M with Chase Private Bank (= high fees you're paying them to manage your money each year, well in excess of $5K per year, probably several hundred thousand, when you'd probably get better performance in index funds).
That being said, Shadowfactor's rep is pulling his leg. They are always giving Bus Cent invites, and it's the discretion of the rep to allot based on his judgment which, as you may imagine for a commissioned salesperson, is probably targeted to getting new spend in place versus rewarding existing spend.
I have the JPM Reserve. You don’t need $10M invested with JPM. I don’t know where people keep pulling that number from. It’s so random lol. Why not say $15m? Why not $5m? I’ve seen it all over the internet but, as far as I can tell, that number is completely arbitrary. Anyone with a JPM private banking relationship (which is completely different from Chase Private Client) can request the card. Again, Chase Private Client has nothing to do with the JPM Reserve and frankly **almost** nothing to do with JPM. They are firewalled off from each other and target completely different clients. Almost anyone can become a customer of Chase Private Client.
JPM is very unlikely to extend a PB relationship to someone unless they’re privy to some underlying wealth for that person. I reckon the **average** amount of assets invested in JPM PB to be deep 8 figures. However, there is no hard asset requirement. I know someone with less than $1m invested with JPM PB. If they’re privy to some aspect of your financial life (ie underwriting your commercial real estate, working with you on IPOing/selling your company for 8 digits+, etc), it is pretty easy to get an invite. Overall, their fee structure for everything is pretty uncompetitive and, at a certain point, it’s probably better to just form your own single family office. This goes without saying but the JPM Reserve shouldn’t even be a consideration for a prospective customer.
In terms of card benefits… there’s not much. It’s a hidden line of credit and has a UR sub that doesn’t count as a sapphire sub. However, it is not a sapphire card (so you can hold it with a CSP). That means it won’t get you into places that require a sapphire card like the NYC Sapphire lounge in the Seaport district. You do get United Club access (worthless IMO) but I don’t think you can even bring guests. JPM seems to willing to waive the annual fee if you ask nicely enough but won’t commit to it long term. IDK why lol.
It’s a cool card though. Subjectively, I think people do care. And, unlike the Centurion, it has reasonable multipliers on dining and travel (where I am likely to use the card). I still think it’s ridiculous that people give credit cards social meaning in the US but I’ll play the game if I have to.
TL;DR: the JPM Reserve is way easier to get than the Centurion and it’s not even close