J.P. Morgan Credit Card Review & Steps to Harness Its Benefits
– J.P. Morgan Credit Card –
J.P. Morgan Credit Card: The J.P. Morgan Reserve Card, formerly known as the Palladium Card, is an invitation-only Visa credit card issued by JPMorgan Chase. It was known as the J.P. Morgan Palladium Card until it was formally re-branded to its current name.
This card is in a category of ultra-exclusive, invitation-only credit and charge cards. It is one of the most exclusive credit cards in the world and is reserved for the most important private clients of JPMorgan Chase.
What is the J.P. Morgan Card?
The J.P. Morgan Reserve Card, formerly the Chase Palladium Card, is ONLY offered by invitation to J.P. Morgan Private Client customers. To get an invitation to the card, cardholders must have a minimum of $10 million in assets managed by J.P. Morgan’s private bank.
You can take advantage of a $300 annual travel credit reimbursement for all travel expenses charged to your card. You’ll earn 3X points per dollar on dining, and after you spend enough to meet your annual credit you’ll get 3X points per dollar on travel too. For all other purchases, 1X point per dollar.
You’ll get 50% more value from point rewards when you redeem through Chase Ultimate Rewards. You can redeem points for airfare, hotels, car rentals, and cruises.
If you redeem 50,000 points, they’re worth $750 in travel rewards. This card has a $595 annual fee. This card is made of a rare chemical element, palladium, and is considered one of the most exclusive luxury credit cards to have.
- 3X points per dollar spent on travel (after the $300 credit is used) and dining
- 1X point per dollar spent on all other purchases
- Points redeemed for travel rewards are worth 50% more
- $300 annual travel reimbursement credit
- Points don’t expire as long as your account is open and in good standing
- VIP sports and entertainment access
- 24/7 direct access to customer service specialists
- 1:1 point transfer
- 1:1 point transfer between frequent travel programs
- No foreign transaction fees
- $595 annual fee
J.P. Morgan Reserve Card Benefits & Features
The J.P. Morgan Reserve Card comes with a long list of benefits. As you read down the list, you may notice the benefits are very similar to the Chase Sapphire Reserve®. When you are approved for the J.P. Morgan Reserve Card, you will earn:
- 3 points per dollar on travel and dining, 1 point per dollar on everything else
- Comprehensive travel insurance coverage including trip cancellation/interruption insurance
- Primary rental car insurance
- Priority Pass lounge access
- $300 flexible travel credit
- $100 statement credit for TSA PreCheck/Global Entry
- Complimentary DashPass subscription for DoorDash
- Complimentary year of Lyft Pink
- Access to VIP events and experiences hosted by Chase
- Special benefits at the Luxury Hotel and Resort Collection
- No foreign transaction fees
All of the points you earn are worth $0.015 when redeemed for travel through the Ultimate Rewards website. You can also trade the points in for cashback, though this will get you just $0.01 per point. However, points are best used for transferring to Chase’s travel partners.
Travel Protection Benefits
You will also enjoy a suite of travel protection benefits that can save you money when your travel plans go bust.
- Trip cancellation/interruption insurance. Up to $10,000 per person ($20,000 per trip) for nonrefundable travel expenses.
- Primary rental car coverage.Up to $75,000 coverage for rental car collision and theft damage.
- Baggage delay insurance.Up to $100 per for 5 days when luggage is delayed at least 6 hours.
- Lost luggage reimbursement. Up to $3,000 per passenger for damaged or lost luggage.
- Trip delay reimbursement. Up to $500 per ticket when travel is delayed at least 6 hours or an overnight stay is required.
- Emergency roadside assistance. Free roadside service up to 4 times a year.
Since the J.P. Morgan Reserve Card is part of Chase Ultimate Rewards, cardholders are allowed to transfer their points to one of 13 airline and hotel partners. Optimizers can use this method to get even more value out of a single point. You can easily exchange Ultimate Rewards for travel miles and points that are worth $0.02 or more. Here is a full list of the Ultimate Rewards travel partners:
- Air France/KLM Flying Blue
- Aer Lingus
- British Airways Executive Club
- Emirates Skywards
- Iberia Plus
- JetBlue Airlines
- Korean Air SKYPASS
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards®
- United Airlines MileagePlus®
- World of Hyatt
- Marriott Bonvoy
- IHG® Rewards Club
How to Get the J.P. Morgan Reserve Card
There is one key requirement to receive your invitation for the J.P. Morgan Reserve Card. You must have at least $10 million in assets with J.P. Morgan Private Bank.
If you can clear this hurdle, you can receive an invitation for the J.P. Morgan Reserve Card. Other banks might offer their invite-only cards to customers with high monthly spending power. That’s not exactly the case here.
Summary of the J.P. Morgan Reserve Card
The J.P. Morgan Reserve Credit Card has similar benefits to the Chase Sapphire Reserve. However, this card will turn heads as it’s made of palladium. It’s also one of the hardest credit cards to get which also says something if you get an invitation.
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