The fact that billionaires tote around super exclusive credit cards is nothing new to pop culture, but it still boggles the mind to see the facts in black and white. In a recent article, Bloomberg’s William D. Cohen trains the spotlight on the J.P. Morgan Palladium card – a swipeable rectangle so elite it’s been around for years and is only just now making headlines.
The name of the card is derived, in part, from its main component – “a rare and lustrous silvery-white metal” called palladium. As if that weren’t luxe enough, the card is also reportedly packed with 23-karat gold.
Cohen values the Palladium itself at a whopping $1,000 and claims it can be yours if you’ve got a cool $25 million assets lying around and don’t mind fronting the $595 annual fee.
Credit card comparison site Nerdwallet got their hands on a brochure for the Palladium, which it says is “marketed primarily to plum JPMorgan Private Banking customers.” Just check out some of the perks:
-Ability to change your monthly payment schedule whenever you want
-No fees on foreign transactions, overdrafts, or late payments
-Access to exclusive airport lounges
-Complimentary companion ticket when you book business or first class on British Airways
-24/7 concierge service
-A human customer service rep at your beck and call
-Crazy rewards: Cash in points for tandem skydiving sessions; biplane rides; a day with a personal chef; and a private golf lesson.
-Unlimited funds (Per the brochure: “Your J.P. Morgan Palladium Card allows you to go where you want and purchase what you want without worrying about a pre-set spending limit – because there is none.”)
If your tongue isn’t wagging by now, then get this: The Palladium card also gives members access to private jet rentals via Marquis, second only to the American Express Platinum card.
That’s all very impressive, but Amex practically wrote the book on luxury credit. Its Centurion card (better known as the Black Card) is available only by invitation and has garnered such clients as Denzel Washington, Janet Jackson, and the Olsen Twins, according to BlackCardSource.com.
And its fees make the Palladium look like chump change – including a $5,000 initiation fee and $2,500 annually, per Herron.