Have $10 Million with Chase? You Can Get the J.P. Morgan Reserve Card
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Following this week’s launch of the Chase Sapphire Reserve Card, Chase has quietly rolled out an update to its Palladium Card, issued by J.P. Morgan. The updated card has been renamed the J.P. Morgan Reserve, and as the Reserve moniker suggests, the card features the exact same benefits as the Sapphire Reserve. (Note that the new Reserve card looks very similar to the Palladium, pictured above.)
Like the Sapphire Reserve, it sounds like new customers may receive a sign-up bonus of 100,000 Ultimate Rewards points after spending $4,000 in the first three months — however, we haven’t been able to confirm this with Chase, so if you happen to discuss this card with your J.P Morgan Private Banker, please add a comment below. We also haven’t been able to confirm whether it’s possible to sign up for both the Sapphire Reserve and its higher-end equivalent (and earn both bonuses).
While applications are apparently reviewed on a case-by-case basis, we’ve heard that J.P. Morgan Private Bank will be most likely to accept you as a client if you have $10 million in investible assets. However, here’s some good news: Existing Palladium cardholders will automatically receive the new J.P. Morgan Reserve card beginning in October, and the annual fee ($595) that comes with the Palladium will be pro-rated. The new J.P. Morgan will also match the Sapphire Reserve’s $450 annual fee.
There might be little reason to consider “upgrading” from the Palladium instead of signing up for a new Reserve account, though. Since you have to be a new applicant to receive the 100,000 Ultimate Rewards point sign-up bonus, existing Palladium cardholders will end up missing out there. Some reports indicate that United Club access will still be available as a perk, though that’s unconfirmed. Officially, the card includes the same Priority Pass Select membership as the Sapphire version.
The new J.P. Morgan Reserve card wins some points for matching the Sapphire Reserve’s amazing benefits, but will ultimately be little more than a novelty. Assuming United Club access isn’t actually available as a perk, it makes far more sense for existing Palladium cardholders to sign up for the Chase Sapphire Reserve Card and collect the 100,000 bonus points. For new applicants, unless you are attached to the weight of the metal card (the Ritz-Carlton Rewards Card is just as hefty), the Sapphire Reserve includes the exact same benefits (less, potentially, United Club access), without the requirement to have millions of dollars in the bank.
Know before you go.
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