The Chase Palladium Card, now known as the J.P. Morgan Reserve Card, is a high-end, invite-only credit card available to Chase private bank customers. Despite its exclusivity, the card itself doesn't offer any special benefits beyond the novelty of being made out of a rare chemical element, palladium.
J.P. Morgan Reserve Card: A unique card without any exclusive benefits
The J.P. Morgan Reserve Card was introduced in 2009 and is intended for very high net worth individuals. 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. It is one of the few invitation-only credit cards in the United States. The closest card by comparison is Centurion® Card from American Express, sometimes referred to as the Amex black card.
Though the J.P. Morgan Reserve Card features a set of attractive benefits and features, it acts as more of a status symbol, since many of these benefits can be found on other Chase-issued credit cards. It's constructed out of brass and palladium — which is how the card got its original name. The J.P. Morgan Reserve has a $595 annual fee, which is higher than most cards.
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:
- 3X points on travel worldwide immediately after earning your $300 annual travel credit. Plus, 3X points per $1 spent at restaurants and 1 point per $1 on other purchases
- 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
- 0% foreign transaction fee
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.
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
$300 travel credit
The $300 annual travel credit on the J.P. Morgan Reserve is the same benefit offered on the Chase Sapphire Reserve®. The benefit is automatically applied to your account whenever you make a purchase. So the first $300 in travel purchases per cardmember year will be covered by the $300 travel credit.
How does the J.P. Morgan Reserve Card compare to other cards?
The J.P. Morgan Reserve Card is a great credit card option for potential cardholders that qualify. But as we noted above, it is a novelty card. Below you'll see how the J.P. Morgan Reserve Card matches up against its competitors.
Earn luxury treatment for a luxury price:Centurion® Card from American Express
The Centurion® Card from American Express, sometimes referred to as the black card, is a far more interesting offer. The card provides a gamut of benefits, including complimentary elite status with Hilton and Marriott, complimentary Platinum Medallion status with Delta, Centurion lounge access, Priority Pass lounge access, primary rental car insurance and more. These benefits help the Centurion® Card from American Express stand out as a special card. That being said, the Centurion® Card from American Express is a lot more expensive.
The Centurion® Card from American Express has an annual fee of $2,500 and an initiation fee of $7,500. The annual fee alone is four times more expensive than what the J.P. Morgan Reserve Card charges. Since these cards target very high net worth individuals, we imagine the card differentiation doesn't mean much.
The information related to the J.P. Morgan Reserve Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.
Nearly the same card with less exclusivity
Not only are the J.P. Morgan Reserve Card and the Chase Sapphire Reserve® similar in name, but in benefits as well. Virtually all of the perks you can get on the J.P. Morgan Reserve Card are offered on the Chase Sapphire Reserve®. You earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases
You earn the same number of points on every purchase and you get the same $300 annual travel credit (5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases). Even though the benefits are the same, the annual fees are not. The Chase Sapphire Reserve® charges $550 per year, compared with the $595 on the J.P. Morgan Reserve Card.