dlesin

First wave of purge letters for non PB or CPC will be going out 12/7....Those who aren't PB clients or CPC should just throw the towel in if you think you'll be able to fight the closure because you won't.

schalliol

Interesting that they're not purging the CPC if they're purging the others. I guess it would make people mad really for no reason.

Clayfu

I just got approved on saturday through CPC and it arrived yesterday. So looks like they are letting certain CPC apply. My guy contacted them with my application about 2 weeks ago (this was after the fax number was discontinued), he said he spent about a hour looking for contact info and finally found it. Seems to be the standard approval time of 1-2 weeks per my discussion with JPMPB clients.

I had pretty much given up hope until I got the UPS notice.

sfeater

Aggressive, would have thought that they'd wait a year before doing that. Guess since Palladium > JPMR is a product conversion and not a new product, it doesn't matter if they wait or not. Hopefully this means there will be new benefits for the JPMR.

bribro

Thanks for confirming. I had heard about them doing something along those lines (although I actually heard all non-JPM clients were being purged, including CPC/Chase retail clients), but didn't think it would actually happen. I also heard they would be taking AA against those that fraudulently tried to apply, beyond the rejection letter, but don't have specifics other than it would happen "in about a month."

Interesting that some CPC clients are still slipping through the cracks with some kind of internal loophole. It seems that if you can somehow get your application in front of Priority Services underwriting, whether it's via a leaked app and fax line, or a persistent CPC banker, there's a chance you can get approved.

Be sure to give your CPC guy props, he may have been putting his career at risk just to get you a credit card hah.

+1. Personally, I'd like to see the return of surprise annual gifts and perhaps a higher tier of LHR, like the Palladium used to have. Doesn't really help me, but I'm sure many would appreciate Marriott/Ritz/SPG/IHG/United/British Air status of some kind.

Nick92

Heard the same today but it seems to be targeted to accounts opened between 8/21 and 9/3. I was told "newly opened accounts." So I guess the grandfathered Palladium are perhaps safe from any action.

MDJennings

Whoa, JPM is going gangbusters. I wonder if they're also shutting down JPMR accts that were PC'd from an old CPC-obtained Pd.


Call me out on partaking in schadenfreude, but I'd laugh if they terminated all relationship with those customers. It wouldn't be too hard for them to pull the paper applications and see if it was properly endorsed by a JPM or CPC guy.

Definitely. The good thing about a small client base is that it shouldn't be too hard for JPM/Chase to negotiate something extra for their most affluent customers since adding (hypothetical) 1K status to ~1,000 card holders wouldn't cost anywhere as much as Amex trying to get Delta Diamond for their >~100K Platinum card holders.

Nick92

I don't see anything happening. The application doesn't specify it is exclusive and it even asks whether you have an account with Chase or JPM. I would LOVE to read the letter taking AA because someone submitted an app for JPMR. I'm curious how it would be worded.

On benefits and rewards, people seem to forget that even retail cards aren't always equal in every way. Issuers can and do target offers to specific account types based on the scope of their relationship, tenure, spend, etc. So even if JPMR had an extra 100,000 accounts they could very easily target PB clients for specific rewards.

mia

Add a zero.

flyinzach

I think a few folks here trying to sound tough. Unless someone can provide a verifiable source, I don't see a single AA, or CPC banker in trouble, much less fired, for raising their best clients up the flag pole for JPM to see if they offer them a credit card...this isn't any kind of loop hole, it has to be approve by JPM after fax shut down. The rumored closure of accounts is also discounting people who have the card by their law firms that all the individuals aren't clients, corporation partners, that if one of them is accidentally cut, would be a vote of low confidence, and for refunding and the return of an annual fee? I just don't see it for a credit card. And all here are assuming Chase didn't MEAN for the application to be leaked, create buzz, and close the door as they did. Chase hasn't lost a nickel on anyone getting this card.

I believe they have the right to claw back, and could they'd go after the people who just faxed it for those very few days in and downgrade them to CSR, with is 99% the exact same card, and might just get more benefits down the road since it has so many more card holders. Anything else is a waste of JPM resources, and terrible PR in my opinion.

flyinzach

If you're a CPC and a potential JPM client, I believe your CPC banker deserves a prize. Obviously if they fought for you, it's in Chase's best interest (and mine, as a stockholder and client who welcomes others to the table to help pay some fees). I see a potential client offered this card as more valuable to Chase than offering to to someone already in the club. They got $450 off of you, and created a lasting impression on a private client. I believe this is how the very higher ups would want it.

Venomz

Does this mean that me doing a product change from Palladium to Reserve was a mistake? Do I need to be worried that my account may be closed? If so I would have just kept the Palladium, instead of listening to the advise of this board lol.

I hope my account remains, as I value my hidden trade line.

PS, I've already used my 100k signup

dlesin

Do you have any banking relationship with chase be it CPC or PB?

flyinzach

It won't matter. If he or she had the Palladium and converted it, they're covered. Chase is changing over all the remaining Palladiums to JPM Reserve in time either way to my understanding. I think you've been given some stronger language by a rogue client manager who want's you to feel part of an exclusive club. They also never cancelled any Palladium cards to my understanding when the loop hole existed when it came out, just closed the door to different levels at different times.

sfeater

You do realize he was the one who originally broke the info about the JPMR, right?