According to a rumor Chase is planning to launch a new premium personal and business card by year’s end. The project internally is known as project emerald and it’s believed to be tailored towards Chase Private Clients (CPC).
You normally need $150,000 in funds held with Chase to qualify for CPC status with Chase, although in the past some bankers have had the ability to waive this. At one stage holding CPC status actually bypassed the 5/24 rule as well.
It will be interesting to see if this card (or cards) will offer better benefits than the Chase Sapphire Reserve or if Chase goes down the ‘status’ route like American Express does with the Centurion card.
The reader that shared the rumor has provided reliable information in the past, but as always this is only a rumor.
As the comments have drifted into Chase Private Client, it is worth noting that the brokerage platform does not allow use of leveraged ETFs. Citi is the same way. That’s a non-starter for me.
I’ll stick with my low cost index funds.
Sounds like a business version of the Sapphire cards at best.
This man is a prophet lol
I don’t think they’re going to value CPCs the way Amex values Centurion holders. Not even close. Chase has JPM Reserve for those guys and even that card is just a CSR w/ United Club benefits (free entry w/ guests).
Maybe they’ll do the PP restaurants just to be funny? Or if they plan to make this like AMEX Plat they can have this be a CSR but you also get United Club access for just you (no guests w/o paying).
I doubt they’d do modifiers or anything else. Either travel benefits or coupon books. Or maybe they’ll just have it be a fancy CSR so you can feel special the way old AMEX Plat customers used to feel when that was an invite card, that makes me think of the Palladium before it became the JPM Reserve with the $10MM requirement.
You might be right, they just created another tier above CPC last month. It came mostly from the former FRB customers. So now you have,
Chase Private Client
JPM Private Client
JP Morgan Private Bank
They also converted some of the former FRB branches into more boutique style locations to cater more to the JPM Private Client customers.
https://www.jpmorgan.com/solutions/private-client
https://www.americanbanker.com/news/jpmorgan-borrows-from-first-republic-playbook-to-add-affluent-clients
Oh I didn’t know this. Now that you mention this I’m wondering if they can be smart enough to do something like BoA does for their preferred rewards (modifiers increase based on your status).
I looked a bit into FRB and it doesn’t seem like you needed a lot of money to open an account so I’m not sure how valuable those clients will be for Chase (but I might have missed something). Either way I’m looking forward to the Chase Emerald Reserve or whatever it is since I can actually justify keeping the CSR currently.
I’m curious to see what they do as well. Maybe they’ll do something like a relationship bonus. Similar to the current promotion they have going on now for the Ink Cash. So it could be a test to see how it works out.
JPM Private Client has always been around, but they just started to market in connection with JP Morgan Wealth Advisors and the FRB merger.
Ahh makes sense. Did they also have their own branches as well? Or is that something new with the FRB merger?
150K for CPC, lossing at least $7500 cash in CD now, lol
You can hold investments that do not have cash drag…
It’s more a matter of CPC not being particularly worthwhile for most.
That is funny. One can easily put the 150K in QQQ.
Why put in CD when one can put in QQQ and make significant more?
If you plot QQQ VS CD yield curve over last 1, 5, 10, 15 years, not once did CD outperform QQQ.
History does not guarantee future returns. Someone with cash in CDs likely has a different risk profile from someone putting the same cash allotment in the QQQ.
or if you want something more cash equivalent, you can put it in VUSXX.
Wow, nice! I have a CPC account. I will definitely apply for this card when it becomes available.
You don’t know anything about the reward structure or annual fee of the card and yet you are “definitely” going to apply for it? You make great decisions.
I mean, people like “Alex” are the lifeblood of the American economy. Where would we be without blind consumerism? It’s like 70% of our GDP
They have removed the Instacart promotion from the Reserve card and have not replaced it with any other offer.
I’m still getting $10 off my Instacart order once a month.
they mean the instacart credits are ending july 31 and chase hasn’t announced an extension or replacement.
If you check CSR’s new application page, that offer is not present. However, it is available for existing users until July 31.
I can confirm Chase is working to unveil a Business card that will directly compete with Amex Business Platinum in the high-AF market
I just finished an AmEx Business Platinum paid survey that AmEx sent me. They asked me to rate multiple scenarios of potential AmEx Platinum benefits. The annual fee was as high as $1,200 per year in these proposed scenarios. Ouch. Change is coming.
I thought the Ink Premier was supposed to compete with the Business Platinum? 2.5% on 5k purchases vs 1.5x on platinum?
I bet it would be the same as the Sapphire Reserve but a different design and a few extra perks.
Perhaps it will be a green card
Not just green but green metal.
With a much bigger annual fee
Chase tends to limit qualifications for private client to specific types of accounts:
-Personal checking accounts
-Personal savings accounts
-Qualifying J.P. Morgan Wealth Management non-retirement accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor)
Is this qualifying for CPC towards the 150k requirement OR just what accounts count toward CPC bonuses?
CPC really means Chase Private Chump – with Fidelity CMA now allowing SPAXX as your core (just shy of 5%) – why would you bank anywhere else?
signup/upgrade bonuses
you can sit in treasuries in Chase and qual for cpc
Self directed accounts can qualify you for CPC, and in a self directed account you can also invest in SPAXX, no?
or VUSXX like i do..
I dont understand this as the CPC page clearly says that self directed accounts are ineligible?
I’ve personally qualified for CPC with self directed accounts within the past few years, and have been offered the opportunity to do so again. Not sure why the website says that but I’m confident it is not actually enforced that way.
lol I have all mine sitting in QQQ and VOO and I still qualify.
Most mass affluent banking programs are milquetoast. However, if someone finds CPC perks valuable (outside of bonuses), it’s easy enough to qualify without cash drag using investment accounts.
I mean fidelity is great and is my “real” bank, but obviously you’d get CPC for added benefits/SUBS and potentially a ultra-premium CSR which is very interesting to me
Most of my assets are in a big chunk of sp500 etfs, so I just move it around for bonuses. The bank that happens to have it on their books at any given moment has no significance.