Is Chase Private Client Worth It?
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- čas přidán 18. 02. 2018
- What are the Chase Private Client requirements and benefits?
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If people really think that after you have $100,000 you are rich and stop caring about money they are going to be very very disappointed when they finally get $100,000 and realize it’s nothing
NYCHeckler 100k depending on where you live can give you options for a long time. As a single, childless, debt free male I can take the next 3 years off from the world living here in Atlanta with 100k in the bank. Life is only expensive if you let it be that way. 100k may not get you much in terms of material things but it does give you options that you wouldn't have other wise.
Daniel B yes but then at the end of the three years you are broke and starting all over so what would be the point of that? I’m not trying to act like $100,000 is not a lot of money, I’m just saying it’s not a person threshold you reach and then life gets easier.
I'm Mikey How you make the extra 1k? Trading options? Short term trading?
100k is nothing.
Depend how much debt you have and crazy lifestyle.
There are 2 differences that I can point out that most people are not aware of (Sapphire reserve vs reserve): 1. Customer service number with a "better concierage" offering through JP Morgan. And all other Chase cards you may have will be serviced automatically through that department as well even if you dial the "regular" 800 number (after entering your CC# in the VRU). 2. Very heavy steel metal card same as the Ritz card (if it matters to some). Just FYI, lol.
Bank of america platinum honors is what I use. I've compared it to Chase and the right one for you will depend on what you use. If you are more travel oriented, Chase Private client may fit better due to no fees for outgoing wire transfers and for domestic/international ATM withdrawals. However BofA has bonuses in credit card rewards as well as free trades to buy stocks/ETFs which is the primary reason I've stuck with them. It would be interesting if there was a video comparing these higher tiers of programs at various banks.
Thank you for these little spots about chase cards/ products , it is very helpful, keep up the good work. 😎
Thank you for doing this one! and like what you said about bofa, same deal with $100k min. assets. Great call out.
You should do the Fidelity Rewards Visa Signature Card. I mean its good when you invest with Fidelity
Unrelated to to the video. But maybe you can do a video on it . Every card i have had sent me transfer checks. Is it a good Idea or bad idea to use them. Also how many cards do you currently have ?
I'm really interested to look for videos that compares similar products to Chase Private Client. Just let you know. Sebby :)
If you trade mutual fund, Fidelity/Vanguard also waiver the fee if you trade their products. So, that may be a consideration.
And you can beat the risk mitigation/upside of the ultra-low fees on Vanguard's funds, especially at the Admiral and Institutional levels. Some of my funds at Vanguard would literally cost two orders of magnitude more with other institutions.
Can you make a video for CNB/RNB CRYSTAL VISA INFINITE CARD?
BofA preferred rewards program gives you up to 75% multiplier in points in all BofA credit cards if you have 100k or more with them, additionally of avoiding almost every fee and 100 free trades through Merry Edge.
Chase gives you not 100 free trades as CPC but unlimited free trades and better credit card ecosystem.
Is there minimum spend on "no annual fee" credit cards?
How long can you go with out using the card?
I know on a previous video you said you use the card about every three months, but are there cards out there that you can sign up for and just keep to build credit history without using?
Buffalo Billy almost zero. Banks are not charities out to help you build credit. They need to make money off you. Just spend 2 bucks at 7-eleven every few months. Some banks will shut an account after 6 months and some up to 2 years.
NY is also offering the CPC for 100k
mileage plus x is confusing are there any how to videos out there?
Love being a Private Client. Love the perks from the arts & culture card. however, Seb, the A&C card is actually region specific, some places are very strict and actually check to see if you have the right card. However, you can request for any region from your private client banker, the process is much simpler and quicker now. It used to take about 6 weeks from ordering and now its just about a week or so for the card to arrive. Only disappointment about the AC card (SF), it is not good for Academy of Science nightlife = ) Thanks for all your videos, you are doing a great job.
My banker told me A/C card is associated with your registered address. How many regional A/C card do you have?
i have 4, nor cal, so cal, chicago and new york. just tell your banker you are headed there for vacation and he/she can order one for u. I have never had any issues ordering any.
Hi Yumissit. I currently have the Phoenix A&C card, but I don't have LA. They are taking about 8-10 business days to ship it. Do you mind sending my a photo of the back of your Southern California CPC card so I can attach a similar image to my original Phoenix CPC card?
I know the A&C is region specific, and am concerned my Phoenix wouldn't work. I'm worried they may check to see if I have the right one. Do you mind taking a photo and texting it to me? You can send me a PM :-)
This a long shot, but I'm traveling to Los Angeles, that's why. I hope this reaching out to strangers work haha
Sorry John, im just seeing this now, i know its kinda late, but did u still need the image? i assume you probably got the so cal card already. let me know.
I super utlize the A&C card. its so worth it. I love that I get a 1-800 number with a person that answers in 3 rings. ALSO i love that I can use any ATM and CHASES pays it.
Can you make video about private banking?
Sebby, you might have already mentioned this, but how many credit cards do you actually have? Look forward to hearing from you!
Saving this for a future video :)
I talked to my banker at Chase. She told me I'd need $150k with Chase to be a PC. I think you're right: there's no hard limit. Personally, I don't see any major benefit to be a PC, other than that snazzy PC debit card and JPM Reserve card (and to impress your date at the museum :P). My mortgage is with Chase, and they've been kind enough to give me a discount on closing costs and I also get a free deposit box.
Yea, the benefits aren't that major. It is just some perks to encourage you to bank and grow your money more with them and provide slightly higher service.
@saibu ur banker misspoke. The opening threshold is 100k to start with the goal of reaching at least 250k within 12 mos. If you're maintaining 100k+ within deposit accounts (checking, savings &/or investments) then you qualify. Ur mortgage does not count towards that 100k.
Can't get JPM Reserve through CPC anymore. You must be an actual private bank client ($10m investable) now. That door has been closed for years. and who gives a crap about an ATM card? Yes its an ATM card, because anyone who is on this channel would never use a debit card to pay for stuff unless there is some crazy promo. The only person to ever see it is someone trying to rob you as you visit the ATM. The newer regular blue debit cards look nicer IMO anyway. But at least its not diarrhea brown though like Citigold.
How do you feel about the financial advisory, planning services, and the 1:1 relationship you have with a private banker that CPC comes with?
Any updates on how their relationships are to clients?
Chase had tried to sell me on Private Client for years but the new chase free stock trading program has me interested due to building a relationship with a bank if I need a loan for house or a business line of credit.
If I had that much I'd maybe think about it but I'm happy with Schwab for most of my stuff. Been using them and my old credit unions savings account as it's over 2%
Can you do a review on Finn by chase. I’m one of those people that can never figure out where my money has gone / where I have spent it. Would this mobile bank be good for me ?
I also want to soon get a chase credit card, would his debt card be a good way to start banking with chase?
What is that card you are showing? Is that the Chase private client debit card or credit card? You said "the card" but what card?
Great information thanks
Thank you.
dude i got the chase saphier and have over 300k.. chase private client did come to me but i declined them as i prefer chase saphire with $100k credit limit. Bank of america won't give me $100k limit when i travel international.
The Arts &Culture card sounds interesting. Wished there was a way to get that without Chase Private Client status.
You can go with me im a chase private client
They have unfortunately discontinued the Arts & Culture card…along with a number of other perks noted in this video (e.g., free safety deposit box; the closing fee discount is at $500; “relationship” rates on mortgages is now on a sliding scale and you need to deposit $300k+ to get a sufficiently significant discount that would make a difference in your monthly payments; and no more free personal checks beyond the first few). I suppose they chose to lower the bar for the CPC Program and attract more people while cutting the operational cost.
Great content!.. Thanks Sebby
Loved the video!
What about Citigold?
To further underpin your thoughts about credit cards and net worth... credit cards didn't become important to me UNTIL I had $100k. In my experience, It's above that level that rewards and perks really start to become valuable and you have to ability to take advantage of most of them.
Can a friend use my card to visit one of these cultural centers?
Just FYI if you want most of those bonuses from the upper category and don't have $250,000 you can get the Chase Premier Plus Checking account (free for veterans)
Hey Sebby, would you consider doing some videos on mortgage loans in the future?
It's definitely on the list of topics :)
Wait there's no cost to this?
Sebby, I want that art and culture card.....
Aidan Au same
Not so fast. You can only use it in your native state. They don't mention this, but it is true. If you bring it to NYC it's useless.
Is it a metal card?
The free global wire transfer is great when sending money
Not as similar as you think. JPM Reserve comes with United Club Membership (undisclosed benefit). You also have 3x your credit limit you can spend, but anything over credit limit must be paid when statement is cut (much like a charge card), remains a hidden trade line (does not show up on any credit report) and has no cash advance fees.
rjgruber great point. I had heard of the United Club benefit but not the extra credit.
Didn't know about either of those, thanks for the heads up!
That’s great additional information. Chase tried hard to get me to move my Ameriprise investments over to become a private client, but didn’t mention the card or museum benefits.
Looks like JPM Reserve is also Visa Infinite. Despite its landing page talking about jpmorganonline.com, looks like you can login through that portal and be taken to chase.com, where I assume you could manage the JPM Reserve alongside your other Chase cards.
Does it have a sign-up bonus? :P
@@DanielRall yes it does have a sign up bonus.
Response to the comment about not needing credit cards if the person has cash money: The credit industry is changing its purpose by giving rewards. In the past, we needed them if we didn’t have the cash to care for ourselves without their assistance - after they decided that cards were for everyone not just the elite. The rewards of “free and reduced price stuff” makes it seems that we need them in our lives. Sometimes unnecessary money is spent to chase rewards. If we want to use our cash do so. If want to chase rewards, do so - know that more money will be spent even with paying the bill at the end of the month.
Private client is worth it if you have that much money. It's also a status symbol you can show off to your friends if you have a private banking CC.
I find it funny you have to have 250k to get no fees. When most credit unions have that for members with $1 in your account lol.
Jacob tyler excellent point
Thats s credit union...huge difference
JP Morgan has a bit more overhead than Podunk Credit Union.
I find it funny that you're comparing a credit union, which by law is a not-for-profit and a publicly traded bank. Let me ask you... Does your little credit union get you access to their institutional investors for insights like JP Morgan can?
@@rpramosjr The more important/pressing question is: if it is in one's best interest to seek insights from institutional investors?
I'm more interested, in Morgan Stanley Premier Wealth Management, you get a Premier debit card no ATMs fees or foreign transaction fees. If you have 1,000,000 or more with them you get American Express Platinum annual fee waived.
Julio Gonzalez $550 waived for $1mil in assets is nice but secondary to choosing a wealth management firm. Schwab offers a checking account to anyone with fee free debit card and no FTF for free and offers $100 off Amex Plat yearly fee for $250k assets or $200 for $1mil.
imperium2000 yes true, but sadly they've turned me down twice , closed my account twice during to bad things in my credit reports
Updated information on use of the card in different cities:
chaseprivateclient.chase.com/arts-and-culture
Clients are only eligible if they live in one of the eight designated Arts & Culture regions, and they are only eligible for benefits at the institutions within the region in which they reside.
This is similar to being an HSBC premier client.
a grey shirt?
I think this is more of a flex than being legitimately useful. I have regular Chase checking account and there’s no fees whatsoever as long as you maintain a certain balance (not high at all). If you like the free financial planning or financial advisory feature you can also get it free through your broker that you’re already using anyway.
Compare CPC to citigold
This may be a dumb question or maybe you cant answer it but is there any credit card that helps you get a car or house loan? or that more of a bank thing?
Cards help your score. Car loans are easier than home loans.
One common issue a lot of people run into with home loans is that they have a good score but not enough cards (i.e., they have 1-2 cards). The main issue is that it indicates to them (based off their risk measures -- remember they've been doing this for awhile and have pretty advanced risk models based off their data -- that you can't handle credit.
Can I get the J.P. Morgan card if I’m a private client with less than 10 million dollars?
I believe you need to be Private Banking. There was a loophole awhile ago but that's long dead. I've also heard some CPC reps getting their clients the JPM card but YMMV.
They don’t have set fees. Yet they do percentages of the amounts. Which could be worse.
Sebby I didn't even realize this was a ”thing”. I don't like BoA or Chase. Are there others that have these lucrative relationships?
Citi has something similar but works differently. I'll probably cover different options in the future.
Hey Sebby. Can you do a video about your investments? Maybe from Chase. You get unlimited free trades.
how does chase make their money off a client who has $ 250,000 invested in their program?
What happens if you are able to become a client and lets say after a few months of having the card and benefits your assets go under the minimum amount? @ask sebby
Do one on Bank of America
4:57 what is CMB?
Coffee Meets Bagel.
viksra you should use bumble
Be careful jumping into these upper services with Chase, you can actually pay higher fees, like brokerage fees.
Yea, in the higher tiers the banks are trying to steer you toward their advisory services which have fees since you have some sort of sizable amount of money.
Their new "you invest" product is low/no fee that is popular nowadays. However, no doubt their will be some degree of pressure to get into a fee based advisory program as your net worth grows.
Soo my credit is good and why I got denied for chase freedom but got a capital one venture ?? That’s sucks
Mrreloaded * you may have been over 5/24
Capital One targets subprime and Chase targets prime/super-prime. 5/24 might also be an issue.
bbuddhab1213 no I’m not ..only got 2 cards but I’ll try again later I guess ..
👍🏽
Bank of America Preferred Rewards all the way. Bank of America also has museums on us program
BoA's program is definitely worth considering. The museum program works very different though and you can get it with a basic card so I wouldn't really factor that in.
Preferred Rewards benefits nice; I wouldn't continue to bank with BofA without Platinum. Museums on Us seems to have a boatload of limitations (about.bankofamerica.com/en-us/what-guides-us/arts-and-culture/partners.html).
🏆
Credit card points don't matter that much to millionaires. If you have $1,000,000 in invest-able assets and spend $100,000/yr on credit (which I'd wager many don't put that much on their cards) and ALL of that is averages 2x that is 200,000 points at 2cpp value that is $4,000. $4,000/$1,000,000 is 0.4% on their invested assets. For example the DJIA was up .49%... today. $-10,000 to +$10,000 swing is an average day in the market.
That being said: credit cards are just a convenience and even with CSR they'd get positive value so why not take advantage of something someone effectively pays you to have? The difference is that they can get that positive value without bothering with scouring to "optimize". Regular Joe has to manufacture spend their 5x categories and spend with gift cards, hahaha.
Cash back is better than bank points and air miles.
$100,000 is not worth as much as it used to be. Right now, you need to have $5 millions to be a millionaire, back in 1980s time
As your net worth increases, they want you in their CPC track and they hope in time you will be worth that $5-10 Million in assets.
Are you ever able to lose private client status? In other words, do you have to maintain 250k to stay a chase private client or once you are in you stay in no matter what?
I'm actually not sure. I'm guessing if it's a temporary drop it would be fine?
They go by three months rule. If you go back to 250k within three monthes then you are okay. I am VIP of 5 banks so information should be correct.
@@paintedbird6791 What kind of VIP are you? Did you get bottle service? Your info is false regarding CPC. From my experience they say they will review your accounts 1 year after opening and if you fall below the threshold they might recommended another account. In other words, you get the boot. However from personal experience, this is not the case. I have had almost nothing with Chase and my Chase accounts haven't had any activity in 2 years and still have CPC. There is no hard rule, but generally once you're in, you're in.
Yes, you can lose cpc status. Over the past year, they have been removing clients without the balances. The program is very costly so if they can't get clients to even consider investing, then it isn't profitable. Some that are below the 250k threshold have fallen thru the cracks or have been allowed to stay to avoid blowback.
@@dwayne1172 They have been kicking people out who fall below the threshold since the beginning. However, it is very unlikely that this window will be less than one year from the time of upgrade to CPC. There is no hard and fast rule, but more often than not, people are not kicked out unless they are costing the bank A LOT of money.
"The program is very costly so if they can't get clients to even consider investing, then it isn't profitable."
Contrary to what your private banker, bank manager and FA may portray, this is completely 100% false. Ever heard of fractional reserve banking? Although they push their expensive actively managed products to CPC's due to regional managers pressuring branches into meeting sales numbers and high commissions for the bankers and advisers, the money does not need to be actively managed for them to generate huge profits off of deposits. Money sitting in your deposit account is hugely beneficial for banks. This liquid money creates much higher returns than funds that are actively managed. The only reason the bank would want you to invest as opposed to keeping it liquid is because there is a much higher probability that you will keep your money there if it is sitting in some actively managed account vs a deposit account. The FA will always try to persuade you not to liquidate out of Chase, and will try to sell you more bs.
I know people that can 'qualify' but do not want to be identified as being rich on safety grounds so they have a normal credit card.
This is a debit card. Most people don't actively use their debit cards / keep it on them for safety reasons.
Or they have a secondary bank account with a smaller balance.
That's my experience at least with friend's who've been acquired and sitting on a few million.
Banking with huge banks - Meh. Even with $250K, I'm a small fry with Chase, who's busy servicing multimillion-dollar businesses etc. I bank with a smaller, strong local bank. When I call, I get a person on the line (usually the same one as last time I called). Free everything including bank wires etc. I'm a small fish in a small pond :-) instead of a small fish in an ocean.
It's almost 2019, who needs a "person" to bank?
It would be dumb to put that large sum of money in these banks considering all the banks offering about 1.5% yearly interest. So your looking a couple thousand dollars a year for these benefits. I hope they get 500 cashier checks
As mentioned 2 or 3 times, most people have their investments with Chase. You can still invest in Vanguard/ETFs/whatever you want like you normally would.
It is pronounced as palladium jsyk 😂
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