Magic Pickles

All brokerage accounts marketed through Chase and JPM are JPM Securities accounts. This could imply there’s no minimum.

GundamWing01

thank you so much for the info. i didnt know JPMS qualifies because I think the min req is very low. similar to CPC at 250k or even lower.

i really appreciate the input. thank you so much. as you suggested, im sure the $10M AUM is negotiable based on individual, similar to being under $250k for CPC. but it doesnt sound like they require $10M ASAP. or maybe its the benefit of all legacy clients vs new ones where the AUM requirements are firm.

i agree that moving $10M just for this card would be stupid. not sure if anyone would do that. personally, the JPMR is an ancillary benefit since its similar to the CSR. hidden personal trade lines is a nice perk, but business cards dedicated to personal expenses are also "hidden". i have a few reasons to begin a PB relationship with chase and im definitely not looking for a simple schwab or vanguard alternative. just not sure if i want to wire $10M right away if I dont have to.

i like to maintain many different banking relationships and have different types of capital financing options available to me. depending on my situation, i want to easily access various products or services simultaneously and assess my options. i dont need JPM to manage my money, but i also like to have different portfolio lines of credit with different institutions to spread my risk. lastly, im hoping a PB relationship will allow me to bypass certain retail client CC restrictions such as 5/24 and allow me to have an unlimited number of chase CCs. IMHO, they have too many good cobrand relationships and its a shame they are all with chase. i assume PB helps protect against common shutdown reasons such as "too many requests for credit" or ramp up in spend. please let me know if you or any of your friends have experience with this.

mia

This POST from 2017 indicates that Private Bank does not waive the 5/24 restriction. If you use Search This Thread with the term "5/24" (include the quotation marks) you can wade through the posts (which are mostly about 5/24 applying to an application for this card).

GundamWing01

thank you so much for the heads up. i had no idea there was a thread search tool. i thought it was for all FT vs individual discussions. thats huge.

its a shame that 5/24 applies to JPM PB clients. thats terrible. then i hope a PB relationship helps reduce some shutdown risk due to certain items showing up on a CR.

mia

There is also Search this Forum: https://www.flyertalk.com/forum/chas...to_forumsearch

Boraxo

I would not transfer $10MM just to get this card. You forget that it also includes the unpublished United Club membership, but that is worth $500/year at best. Otherwise it is almost identical to the CSR which does not require any AUM.

As CPC client I have never found 5/24 to be a problem when applying through my banker. But I am sure you will still get denied if you push the limits frequently. I would think the typical JPM client with $10MM+ has better things to do than churn and play app-o-rama. It's really a game for people with lots of time who can't afford to pay cash to travel in F. YMMV

GundamWing01

correct. JPMR has the UC benefit, but its not a critical benefit since that can be replicated through CSR + personal/biz UA club cards. i definitely dont plan to transfer $10M in assets just for the card, but its something i could find useful.

also, im interested to hear how youre able to bypass 5/24 as a CPC. have you done this recently? i have not heard of recent DPs where CPCs are allowed to bypass this rule. unless youre talking about the green or black star pre-approvals which do bypass 5/24. even the BRM paper method works. i assume you had some type of targeted branch offer which makes sense.

lastly, you make an interesting assessment about the demographics involved the game. i have lots to say about that, but i would agree that the vast majority are probably "middle class". thats just the nature of the financial distribution bell curve. but there are plenty of ultra wealthy people on these boards. many amex cents from all around the world participate in the amex threads. i would argue that those with the mental and financial strength seek to optimize their personal and professional logistics through this game. why pay for J/F rack rate when you dont have to? therefore, CC churning may be a valuable tool even for the HNW.

cce5858

Pretty sure JPMS is just the name of the division that manages brokerage for JP Morgan Chase. Just like Chase Card Services manages the JPMR.

As PB you def are subject to 5/24. I have gotten approval at 6/24, but any subsequent apps for Hyatt, and a second IHG were instantly denied. It’s not a big deal to me, I don’t have the time to deal with these cards and bonuses, and basically with the 9 chase cards I don’t think I’ll apply for any more again.

The private bank is definitely not a Vanguard or Schwab lol... I mean if you are considering private banking you are looking for a lot more than just actively invested portfolio and returns which is what Schwab is. Private Bank does offer you a lot of investment opportunities in developing countries including projects in Africa, Asia, and certain belt and road initiatives, or get you access to government contacts and also VC funding. They also help you explore estate and tax benefits, and they are very proactive at notifying you of certain financial news and use their software to generate different paths and show you the potential risks and opportunities for every suggestion. You can have them engage with you as little or as much as you like.

Their securities investing is possibly their weakest point IMO. I have made greater returns on my Tesla and ARK shares and options more than their suggested portfolio of nonsense stocks based purely off fundamentals. I am also a lot younger than all of those on my team. So I find many of their insights to be rather laughable and dated. But for someone with no financial knowledge or someone with an inherited estate or trust, they do manage it pretty well, albeit on the conservative side.

GundamWing01

thank you for the helpful insight. what a shame. but what about the JPMR CC? if youre over 5/24 you still cant get it w/ PB? looks like I need to change my app strategy then.

i definitely plan to use JPM PB for its proprietary product/service offerings vs just a securities custodian. i also dont plan to subscribe to any of their actively managed internal products unless i have to. but everything depends on the quality of advisors assigned to me and my relationship with them. Im not delusional about the "entry level" JPM PB at only $10M AUM. i would be seen as a mere worthless peasant beggar.

IMHO, JPM PB is the new CPC. the current form of CPC is simply a mass affluent prospecting tool for chase. if you want true PB, that starts at the $25M+ AUM level just like goldman. actually, the $25M+ is only entry level for goldman and requires $100M+ for their real PB private wealth mgmt service. but goldman is aggressively trying to compete at the lower tier retail market with credits cards, Marcus, and lowering their entry level tier to match JPM at $10M AUM. however, at the $10M AUM level, its highly likely they push BS high fee generic mass market products to me for their own commission. im more interested in other services.

cce5858

Silly question but does anyone know if we can order a Disney debit card? I really want the Darth Vader one but its not an option. Can only order JP Morgan Platinum Visa, and JP Morgan Platinum Visa Contactless according to banker email. It's really not important but if anyone has one let me know how.

GundamWing01

you should always HUCA and verify. but its likely JPM PB accounts are special. you can call a Disney Visa Debit Card Specialist 1-877-388-5726.

also, look at this website:
http://www.chase.com/personal/debit-...s/disney-debit

fine print says:
Chase Private Client and Sapphire customers: Some of your current account benefits and perks may conflict with the Disney Visa Debit Card benefits. Ask your banker for details.

that tells me JPM PB may not qualify. i would just open another chase account to get this.

Magic Pickles

It looks like the $450 annual fee for existing cardmembers (before the increase to $550 last year) will still be grandfathered this year. Also, starting tomorrow, the annual fee is eligible for the PYB feature at the 50% extra rate.

747FC

That is good news. What is your source of information?

Magic Pickles

I called the JPM Executive Line but I don’t think it exists anymore as they just answer Chase.

mia

Could be that many people are working from home, and the software that assigns calls does not route by status.