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.

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.

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.

Chase gives you not 100 free trades as CPC but unlimited free trades and better credit card ecosystem.

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?

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.

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.

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.

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.

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

Any updates on how their relationships are to clients?

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.

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.

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).

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.

Saving this for a future video :)

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.

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.

Cash back is better than bank points and air miles.

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 ..

I also want to soon get a chase credit card, would his debt card be a good way to start banking with chase?

It's definitely on the list of topics :)

It's almost 2019, who needs a "person" to bank?

Citi has something similar but works differently. I'll probably cover different options in the future.

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.

Coffee Meets Bagel.

viksra you should use bumble

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.

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.