The J.P. Morgan Reserve Card, formerly branded and colloquially known as the Palladium Card, is a credit card issued by

J.P. Morgan JP may refer to: Arts and media * ''JP'' (album), 2001, by American singer Jesse Powell * ''Jp'' (magazine), an American Jeep magazine * '' Jönköpings-Posten'', a Swedish newspaper * Judas Priest, an English heavy metal band * ''Jurassic Pa ...

on the Visa network. It is reserved for the wealthiest clients of the firm's global

private bank Private banks are banks owned by either the individual or a general partner(s) with limited partner(s). Private banks are not incorporated. In any such case, creditors can look to both the "entirety of the bank's assets" as well as the entire ...

. The card is minted out of a

brass Brass is an alloy of copper and zinc, in proportions which can be varied to achieve different colours and mechanical, electrical, acoustic and chemical properties, but copper typically has the larger proportion, generally copper and zinc. I ...

alloy,

laser A laser is a device that emits light through a process of optical amplification based on the stimulated emission of electromagnetic radiation. The word ''laser'' originated as an acronym for light amplification by stimulated emission of radi ...

-engraved, and plated with metal

palladium Palladium is a chemical element; it has symbol Pd and atomic number 46. It is a rare and lustrous silvery-white metal discovered in 1802 by the English chemist William Hyde Wollaston. He named it after the asteroid Pallas (formally 2 Pallas), ...

and 23-

karat The fineness of a precious metal object (coin, bar, jewelry, etc.) represents the weight of ''fine metal'' therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardn ...

gold. Eligibility for the card is not fully known as it is invitation-only and at the discretion of J.P. Morgan. The card does not report to

credit bureau A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit report ...

s or maintain a pre-set

credit limit A credit limit is the maximum amount of credit that a financial institution or other lender extends to a debtor on a particular credit card or line of credit. Lenders generally set limits based on specific information about credit-seeking applican ...

. It is considered a

status symbol A status symbol is a visible, external symbol of one's social position, an indicator of Wealth, economic or social status. Many luxury goods are often considered status symbols. ''Status symbol'' is also a Sociology, sociological term – as part ...

among the affluent.

History

The card was launched in September 2009, following the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, for J.P. Morgan's

high-net-worth individual In the financial services industry, a high-net-worth individual (HNWI) is a person who maintains liquid assets at or above a certain threshold. Typically the criterion is that the person's financial assets (excluding their primary residence) are ...

clients. Its original name, the Palladium Card, reflected the card's composition: minted out of a

alloy,

-engraved, and plated with metal

. The card was re-branded as the J.P. Morgan Reserve Card in September 2016. ''

Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician a ...

'' described the Palladium Card as the "card for the 1% of the 1%". Clients of J.P. Morgan who are invited to carry the card must have a reported minimum of

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

10 million in

assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...

(AUM) with the private bank. The firm declined to confirm this figure as part of their eligibility requirements. There are roughly 5,000 J.P. Morgan Reserve cardholders worldwide.

Physical specifications

The J.P. Morgan Reserve Card was one of the first U.S. credit cards to adopt EMV smart chip technology. With its brass construction and palladium plating, the card weighs 1 ounce or 28.35 grams, five times the weight of a conventional plastic credit card and twice the weight of the titanium constructed American Express Centurion Card.

History

Physical specifications

Features

See also

Notes

External links

References