ferrari_fan

I PMed yOyO for the application, it seems he was the last one to PM the pdf. I'd appreciate a PM with the application pdf too. Thanks!

mia

At what price point? $1,000, $1,200, $1,500? Chase has priced Palladium to compete directly with American Express Platinum (450+175=$625), but they seem to be confused about its "exclusivity". This is exactly what happened when Citi introduced its Chairman card which was inferior to Platinum, but tied to private banking, opened, and then allowed to wither. Chase has more to work with in the way of airline and hotel relationships, but it also risks cannibalizing its own products. You can see this problem already in Chase's Private Banking marketing material:

Hotel status is already readily available through co-branded cards. What's in it for a major chain to "share" this perq with a card that doesn't require commitment to the brand?

Do you mean entry-level status, or top-tier status?

jspira

Good comparison as I had forgotten about the Chairman card.

It sounds to me as if someone at Chase opened up the application process and someone higher up said "who told you you could do that?" and closed off the non-PB door.

One thing that really hasn´t been mentioned in this thread is that JPM bankers are offering a fee waiver to existing clients (at least they were when I got the card). I did not pay a fee because of that.

APeverell

I did two things, all ended up the same thing with PB.

1. faxed in the PDF (which turned out to be outdated version) to the number listed in the thread. Got a reply that the form is outdated, and now the application needs to be endorsed by a banker.

2. Sent the PDF to one of the banker that contacted me. She would not forward for processing if I don't open a PB account first. She said minimum $5m, and the card would be complimentary, meaning no fee at all.

I tried to negotiate the minimum to $1m in the beginning and followup to $5m after I get the card. She said yes for beginning for $1m, but the card has to wait till I qualified for as a PB client, which is a couple of months of $5m in AUM.

Conclusion: Fax in the PDF won't work now.

If the United Club thing is true then I would seriously thinking about moving my money over.

mia

You would move $5 million to a bank to receive a benefit with a MSRP of under $500?

APeverell

I don't know if it would work, much like churning. Move the money, get the card, and move out. Period.

Sounds silly, right?

jspira

I said I thought I saw the gates closing for non-PB customers a few posts up.

It is true and I received confirmation of it.

APeverell

Then now the case in point is to find a better banker to see if they can lower the bar for the PB/Palladium card qualification. Mia is right, moving $5m for $500 just doesn't sound right.

If I put $1m in a bank that gives 0.6% interest rate. Then for 1 month, I can generate $500. So if the criteria is to just need $1m for 1 month then it'll seem feasible.

Dr_wanderlust

I don't think it was an accident. I recall a reading a profile of the person Chase hired away from Amex for the purpose of targeting Amex Platinum clients. I can't find that article (from 2010 or 2011 IIRC) but here is an interesting read about Amex versus Chase regarding high-end card products:

http://online.barrons.com/article/SB...202634852.html

found it! edited to add: here is a link to a FT thread on the matter of Mr. Gordon Smith

http://www.flyertalk.com/forum/credi...-business.html

mia

My recollection is that Chase hired two former American Express executives. Gordon Smith seems to be more prominent, but I'll see if I can also find something about the other.

yOyOYoo

I love this picture

jspira

The link in that thread doesn´t seem to work but here is a link to all NYTimes articles (and probably some irrelevant ones due to search failures) about Chase´s Gordon Smith

rizwank

I'll put up the app once I have access to it; can someone remind me of the official place to submit it?

Looks like the doors are closing, but there's always a crack in the door for a little while.

That being said, we didn't miss out on too much. It isn't a great card; it just has the promise of a great card.

APeverell

BTW, is the AU of Palladium also entitled to United Club membership?

Dr_wanderlust

from my records: