Since 1999 the American Express Centurion Card has been the card of choice for globe trotting millionaires. Made of anodized titanium, the “black card” is an invitation only product with an extensive range of benefits and rewards. Naturally it comes with an eye watering $4,300 annual fee.
However it now looks like the Centurion has finally surrendered it's staff to a new kid on the block, the JP Morgan Palladium Card.
If you have ever wondered how the rich and famous live, then this card represents a pretty decent snapshot.
By calling it the Palladium Card they are not stretching a metaphor. The card itself is minted out of a thousand dollars worth of 23 carat gold and palladium metal. The cardholders signature and account information is then laser engraved, for that personal touch.
And this is not a card you will see a flyer for or an online form. To qualify you need to have a private banker through any of the JP Morgan Private, Investment or Commercial banks or via their Treasury Services.
While the annual fee is a very reasonable US$595 the Palladium Card holder needs to have significant liquid assets at hand. Apparently, if you are not a client at the time of application, you need to be able to establish that you have at least $5 million available in a check or savings account.
And keep in mind that it has been reported that the average JP Morgan private banking client has $30 million under management. Which explains the comparatively small annual fee and the no preset spending limit.
The benefits guide proudly states that the card will “provide you with a virtually limitless array of unique offers, time-saving conveniences and personalized insider expertise.”
Some of these offers include*:
- A concierge service offering travel planning, dining reservations, and event ticket procurement
- 2 points per dollar spent on travel
- 1 point per dollar everywhere else
- No caps or expiration
- A bonus of 35,000 additional points after you spend $100,000 annually
- The transfer of reward points on a 1:1 basis to British Airways, Marriot, and Priority Club
- A free hour of flight time with the purchase of your first 25-hour jet card from Marquis Jet
- Complimentary British Airways upgrade to first-class with each purchase of a full-fare, non-restricted, round-trip business class ticket from the U.S. to London
- Complimentary British Airways companion ticket for each full-fare, non-restricted, round-trip business class ticket from the U.S. to anywhere British Airways flies
- Automobile Rental Collision Damage Waiver (primary)
- Roadside Assistance (up to $50 per incident)
- Emergency Evacuation and Transportation Coverage (up to $100,000)
- Travel Accident Insurance (up to $1,000,000)
- Repatriation of Remains (if you die while travelling, up to $1,000 will be paid to bring your body home)
- Emergency Medical and Dental Coverage (supplementary up to $2,500, may be subject to $50 deductible)
- Trip Cancellation/Interruption Insurance (up to $5,000)
- Trip Delay Reimbursement (up to $300 per ticket, to cover lodging, meals, etc. necessary due to your delay)
- Baggage Delay (excess coverage of up to $500 for emergency purchase of essentials if baggage is delayed 18+ hours)
- Lost Luggage Reimbursement (“up to amounts you actually paid for luggage and its contents”)
- Hotel Burglary Insurance (up to $1,000)
- Travel and Emergency Assistance (arranging for money transfers, emergency translation services, legal referrals, etc. while traveling)
- Purchase Protection (up to $10,000 per claim/$50,000 per year)
- Return Protection (for eligible returns not accepted by the retailer within the first 90 days, up to $500 per item, $1,000 per year)
- Price Protection (up to $500 per item and $1,500 per year)
- Ticket Protection (for unused, non-refundable ticketed events that cannot be attended due to covered reasons, up to $500 per event ticket, $2,000 per event, and $4,000 annually)
- Visa Warranty Manager Service (up to one additional year of coverage for purchases with a U.S. manufacturer’s warranty of 3 years or less)
- No foreign transaction fees
- Add-on fee waiver (late fees, over-limit fees, cash advance check fees, and return payment fees are waived).
Not a bad set of offers, if the truth be told. And if you want to know more, or apply (for the record, this is not an endorsement or a sponsored article) the number is 1 877 626 5995. Let me know how it pans out..
Naturally, if you are still in the market for a new credit card, our credit card comparison engine has some pretty decent deals on offer...
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The views in article are those of Matthew King, the author and are not necessarily those of Telstra BigPond. This is not an endorsement or a sponsored article. * The extensive offers list was taken verbatim from creditcardforum.com and were current as of Feb 2011. They may no longer be current.