The Price of Prestige: JPMorgan Chase Palladium vs. the AmEx Platinum - NerdWallet
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The Price of Prestige: JPMorgan Chase Palladium vs. the AmEx Platinum

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If the American Express Centurion® Card isn’t enough to satisfy your tastes, if the Visa® Black Card just doesn’t quite do it, if you’re part of the 1% and are feeling a little crowded these days, Chase wants you. Not one to let AmEx steal all the glory, Chase’s Palladium card itself takes luxury to an extreme. It is (of course) made of palladium, and the cardholder’s signature is laser-engraved onto the card with gold. But is this air of exclusivity justified? Or just an elaborate marketing ploy to get customers to pay a sky-high annual fee?

Psst … don’t tell anyone, but we’ve snagged a copy of the Palladium rewards brochure. Click the image below to check it out in all its glory (warning – big download), or read on:

You’d be forgiven for thinking that the Palladium is a bit excessive, especially with its $595 annual fee. But keep in mind that the card is marketed primarily to plum JPMorgan Private Banking customers, for whom $600 is a rounding error’s rounding error. Like the other cards of its caliber — the Centurion, the Visa® Black Card and, to an extent, The Platinum Card® from American Express — you’re paying for the cachet of the card.

But the dirty little secret here is that the Palladium, despite the special metal construction and aura of exclusivity, is more like The Platinum Card® from American Express than the Centurion. As with The Platinum Card® from American Express, pretty much anyone can apply, whereas the Centurion is invitation-only.

And objectively, The Platinum Card® from American Express is even a better deal, offering more attractive benefits with a lower fee. It’s actually a reasonable card, if you’re a frequent traveler who enjoys airport lounges. You might consider getting the card solely because you’d earn back the annual fee in perks. That case is harder to make with the Palladium: You can’t easily recoup the annual fee in benefits, so you’re paying for the prestige.

The Platinum Card® from American Express vs. Palladium at a glance

The Platinum Card® from American Express and the Chase Palladium have nominally similar fringe benefits. Both give you concierge service, Priority Pass lounge access, no foreign transaction fee (though the Palladium did away with F/X fees only recently) and rewards points useful for travelers. But.

The Platinum Card® from American Express  Chase Palladium
 Travel benefits
  •  $100 Global Entry credit
  • $200 airline incidentals credit
  • EMV-compatible
 Partner benefits
  • Companion ticket with business or first-class ticket on 23 partner airlines
  • Amenities at partner hotels
  • Perks on 3 partner private jet services
  • Special benefits at Starwood hotels
  • Companion ticket with business or first class on British Airways
  • Upgrade to first-class on British Airways flight to London
  • Perks on Marquis Jet
 Protections
  • Warranty, purchase, return protection
  • Secondary auto rental coverage
  • The usual travel protections
  • Warranty, purchase, return protection
  • Price protection
  • Primary auto rental coverage
  • The usual travel protections
 Rewards
  • Earns Membership Rewards Points
  • Earn 40,000 points after you spend $3,000 on purchases on your new Card in your first 3 months.
  • 2 points per $1 spent on travel booked through AmEx
  • Earns Ultimate Rewards Points
  • 35k points for spending $100,000 a year
  • 2 points per $1 spent on travel

Money for nothing and your chips for free

The one edge that the Palladium could possibly have over The Platinum Card® from American Express is that it is embedded with an EMV chip, meaning you can use it over in Europe where they actually have good fraud protection systems. Try to whip out your AmEx card, and you might hear a few heavily accented sniggers at those rustic Americans who still use magnetic stripes. This is no small perk, as many European merchants won’t process stripe-only cards. American Express has no plans to upgrade its U.S.-issued cards: a spokeswoman told the New York Times that they “have not had a large number of our cardmembers in the U.S. requesting cards with chips,” and so aren’t issuing them anytime soon.

The Palladium can conceivably beat out The Platinum Card® from American Express in terms of rewards earnings: you get 35,000 Ultimate Rewards Points (worth $350) for spending $100,000 a year. The Platinum Card® from American Express has no such benefit, but it comes with a sign-up bonus: Earn 40,000 points after you spend $3,000 on purchases on your new Card in your first 3 months. Finally, the Palladium gives you 2x rewards on travel, while The Platinum Card® from American Express gives you 2x rewards only when you book travel through AmEx.

On the other hand, The Platinum Card® from American Express offers much better travel-related benefits. You receive a credit for the Global Entry program, which allows you to skip customs lines (kind of nice for international travelers, whom the cards are aimed at), valued at $100. Every year, you receive a $200 airline incidentals credit to offset baggage or change fees, inflight meals and so on. Stacking up these benefits against the Palladium’s 35k-point rewards bump, you’re up only $50 with the Palladium after spending $100,000.

The Platinum Card® from American Express is the belle of the ball, but Palladium sits alone by the pretzels

One of the main selling points of both cards is that they offer you perks on their airline and hotel partners. This can be anything from a free newspaper to private jet time. But while the Palladium devotes a paragraph of lavish detail to how it will make your next British Airways flight better, American Express offers too many partners to count. Let’s take a look:

The Platinum Card® from American Express:

  • Partner hotels offer amenities worth over $550 (AmEx’s estimate) from breakfast for two to late checkout and room upgrades
  • Receive complimentary companion ticket when you book business or first class on one of AmEx’s 23 partner airlines, which include British Airways
  • Receive amenities valued at $600 on AmEx’s three partner private jet companies
  • And the kicker: you get complimentary Starwood Preferred Guest Gold Elite status, just for having the card. That’s better than even the Starwood Preferred Guest® Credit Card from American Express will get you.

Chase Palladium:

  • Complimentary companion ticket when you book business or first class on British Airways
  • Upgrade to first class with full-fare ticket purchase to London on British Airways
  • Perks when flying on their one and only private jet partner, Marquis
  • Not only does The Platinum Card® from American Express offer more partnerships, it has better benefits to boot. It doesn’t give you an upgrade to first class, but the Palladium gets you that benefit only if you book a full-fare round trip from the U.S. to London on British Airways…and that’s a lot of caveats.

The math

Let’s assume you’ve spent $100,000 and thus earned the 35k Ultimate Rewards Points bonus. The math looks something like this:

The Platinum Card® from American Express Chase Palladium
$100 Global Entry credit +
+ $200 airline incidentals credit
+ Better companion tickets, let’s say $250
– $450 annual fee
= +$100
$350 bonus+ Decent companion tickets, let’s say $100
– $595 annual fee
= -$145

So, there you go: When we look at the differences between in benefits, The Platinum Card® from American Express comes out ahead. And that’s not even considering the benefit of earning Membership Rewards Points rather than Ultimate Rewards Points.

Membership vs. Ultimate: Guess which one has a full dance card

The Palladium’s benefit guide touts the ability to convert Ultimate Rewards Points into miles in loyalty programs.

But you’re limited to Chase’s partners: British Airways, Continental Airlines, InterContinental Hotels Group (which includes Priority Club) and Marriott. Oh, and Amtrak. You probably don’t take Amtrak if you’ve got either of these cards. You’re probably taking advantage of their private jet deals. Anyway, the point is that while you can transfer Ultimate Rewards Points to miles, you can’t do it with very many programs.

Membership Rewards Points, on the other hand, are valid with a lot more partners, including Air France, All Nippon Airways, British Airways, Delta, Frontier, Hawaiian, JetBlue, KLM, Singapore Airlines, both Virgin airlines, Hilton, Starwood, Priority Club, and quite a few more.

Membership Rewards > Ultimate Rewards. QED.

So why would someone choose the Palladium, especially pre-2011, when the Palladium came with a 2% foreign transaction fee?

It all comes down to cachet

You go with the Palladium because it’s not a sensible choice. I mean, if you’re going to spring for a rare-metal, gold-engraved, wallet-sized declaration of your high net worth, you don’t want to be accused of doing so because it makes financial sense.

The JPMorgan Chase Palladium could well pay for itself: the Priority Pass membership is valued at around $400 a year, so if you make the $100k spending threshold, you’ve nixed the $595 annual fee with room to spare. But it’s hard to argue that the Palladium will deliver a better value than The Platinum Card® from American Express, because you get more benefits and in particular benefits that are easier to quantify. Plus, Membership Rewards are better than Ultimate Rewards, as we’ve noted.

So when you get the Palladium, you don’t do it because you’re a traveler looking to maximize your rewards. You do it because you’re willing to shell out a bit in order to gain a lot of prestige.

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  • Steve

    The Palladium card is Open Application, meaning anybody can apply. There is a thread over on CreditBoards with a bunch of people getting the card. It’s not all that exclusive.

  • Chronometer

    The Palladium teaser file you posted is not the whole deal. They send you a 10.5″ x 10.5″ 140 page hardbound book of hotel and additional benefits . You might need to do some more homework.

  • Will

    Ditto that; you obviously didn’t dig up all the Palladium benefits or you’re biased for some reason. I noticed you offer an application link for the AMEX Platinum on you site for which you undoubtably are compensated for approved applicants. That’s the only link you have, and since you cannot apply online for the Palladium, you couldn’t have one for it anyway. Also you find out a number of special benefits and more efficient, personalized service when you actually become a JPM Palladium card member. I’ve had both cards and prefer the JPM Palladium over the AMEX Platinum. It would be a tough call to choose between the Palladium and the Centurion, but I just can’t see myself paying the outrageously high initiation and annual fees for a card that’s just a little better than the Platinum and about even with the Palladium. There’s still another issue that people rarely address in these forums. That is the fact that the Palladium is A VISA Signature and the merchant acceptance is twice as large worldwide, and about 30% greater just in the US. For me, that’s a pretty big factor. You don’t have to carry a back

  • Hmt500

    just get pltinum from AMEX .try to book hotel thru their resrvation system they promote ritz carlton stay 4 night , and get the fourth one for free .and you will get free breakfast and 100.00 dollars spa card . after calling , the women told me 564 euro ( 760.00 dollars )per night in order for me to get that promotion of free night . while i found it in orbitz , expedia for 260 dollars , in fact even at ritz carlton site i found for 250 euro (360.00 dollars ) .
    the women claim that,s luxury services that amex offer to their clients (500.00 surchage per night for the same hotel ,same room , same day ) and tricking peoples with breakfast….
    i think the policy maker of travel amex are considering theirs clients stupid ….at least match what other peoples offer for free with no 450 membership/year

  • Doughboy519

    I have to agree, the author favors Amex in this article. In addition there are a number of important facts they left out or skewed in Amex’s favor. Here are a few of the more important ones. If palladium’s’ $595 annual fee is excessive, what do you call the centurions’ $2500 annual fee & $5K sign up fee? Also they make it seem like any average user can apply for the palladium, in fact one of the requirements is you have to have a private banker, which means you have about 30 million in the bank. Amex has a preset spending limit, palladium doesn’t. OOPS! forgot to mention those things. Before I get hit for comparing palladium to centurion rather then the platinum, The palladium, same as the centurion is aimed at the top 1% of card users, yet somehow we ended up comparing to the platinum? Nice transition, I have to admit. Worthy of a true Amex fan. Not that I am bashing or against Amex, but lets compare oranges to oranges, not oranges to tangerines.

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  • Wendy

    Platinum Amex does not cover United airport clubs. Palladium does… also in Europe VISA is more widely accepted and Palladium is VISA. Many places do not accept AMEX because they are charged high fees where they prefer VISA.

  • Wendy

    Platinum Amex does not cover United airport clubs. Palladium does… also in Europe VISA is more widely accepted and Palladium is VISA. Many places do not accept AMEX because they are charged high fees where they prefer VISA.

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  • Philip Ross

    Amex Platinum now has the EMV chip. The card gives us access to US Airways clubs with or without a US Airways ticket in hand. Amex Platinum also gives you the Priority Pass Select that allows access to a number of clubs around the world.

  • Philip Ross

    Amex Platinum now has the EMV chip. The card gives us access to US Airways clubs with or without a US Airways ticket in hand. Amex Platinum also gives you the Priority Pass Select that allows access to a number of clubs around the world.

  • Deborah

    This is a very Bias article. I am always about seeing what is best for my clients as a banker at Chase, but alot of what you said is not completely true. For example, if you take the 35,000 points and transfer them to Continental, you can get a ticket well worth over $350. That is where the value lies. And if you are in a city where Southwest flies (yes you can transfer the points to Southwest as well as multiple hotel partners in addtion to who you stated above), you can start redeeming for tickets with Southwest’s Rapid Rewards program at 8,000 points/miles. So your whole family could go to Disney (4 people) on the 35,000 miles, which is well wroth more than $350. This is what sets the CHase cards apart from the rest of the cards in the industry. And yes the chip is worth the extra money as well. WE actually do it on a total of 5 cards right now.

  • Deborah

    This is a very Bias article. I am always about seeing what is best for my clients as a banker at Chase, but alot of what you said is not completely true. For example, if you take the 35,000 points and transfer them to Continental, you can get a ticket well worth over $350. That is where the value lies. And if you are in a city where Southwest flies (yes you can transfer the points to Southwest as well as multiple hotel partners in addtion to who you stated above), you can start redeeming for tickets with Southwest’s Rapid Rewards program at 8,000 points/miles. So your whole family could go to Disney (4 people) on the 35,000 miles, which is well wroth more than $350. This is what sets the CHase cards apart from the rest of the cards in the industry. And yes the chip is worth the extra money as well. WE actually do it on a total of 5 cards right now.

  • Dominick couch

    One other advantage of the palladium over the amex Plat is Chase does not make hard inquries on your credit reports with palladium card holders.

  • Dominick couch

    One other advantage of the palladium over the amex Plat is Chase does not make hard inquries on your credit reports with palladium card holders.

  • trialcritic

    Both are overrated cards. Paying $600 for a card to get so little! I have the City National Bank Crystal card (look it up), it gives 100000 points bonus :) It has 3 points for each dollar spent in groceries, gas, restaurants, airlines etc. It has chip, lounge membership and many other services. It is $400 a year. The negative with this card is that it is hard to get as this is a small bank, only in 6 states.