By Megg Mueller
Did you know JPMorgan Chase offers a credit card made out of gold and palladium? No? Not surprising, as the Palladium Card is only offered by invitation to a select few. Reading about it in a recent Bloomberg story, I found myself wondering, "Who does Chase think it is, American Express?" Well apparently, AmEx is thinking the same thing.
The Street reports American Express vice chairman Ed Gilligan told a group of investors recently that "...Chase in particular certainly has been executing well their strategy, but their strategy seems to be to follow American Express's strategy from a couple of years ago."
AmEx has long had the reputation of being the card of the rich and famous, but Chase now appears to be chasing that same affluent customer. While the Chase Palladium comes with many perks (deals on private jet service, anyone?) it also has a steep annual fee of $595. But that still doesn't even come close to the American Express Black Card which has not only a $5,000 initiation fee, but an annual fee of $2,500.
But for those of us not quite so highbrow, how do the two companies' ordinary flagship rewards credit cards stack up? For those with a healthy budget, a look at the JPMorgan Select Visa and the American Express Gold Card reveals a couple of similarities: travel insurance offers, and no blackout dates for travel booked with rewards points. But that's where the comparable features end:
JPMorgan Select Visa
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