Revealing The INSANE Perks of The $10 Million Dollar Credit Card

What's up, guys? It's Graham here. So, two years ago, I did a thing. I was able to obtain what many people would consider to be the holy grail of credit cards, one that very few people even know exists. If you think that's a weird thing to say, that's because it is. You have to be a bit of a credit card wacko to be excited about opening up a box with a square piece of metal inside of it.

But this one is no ordinary credit card. See, if you ask most people what they think the most exclusive credit card would be, the first thing they would likely think of is the American Express black Centurion card. But while the American Express Centurion goes for a lot of mainstream, in-your-face popularity, this card, on the other hand, does the exact opposite. I don't think this has ever been talked about in music video lyrics or ever shown or mentioned anywhere in mainstream media. It really flies under the radar, and most people don't even know this card exists. There's not even an application for this credit card online, and in order to be eligible to receive an application to even apply, you have to be a member of the JPMorgan private bank, which generally requires you to have at least ten million dollars worth of investable assets.

Before you think, "I have 10 million dollars of investable assets," I don't. And how I was able to get through this is a bit of a fluke through a colleague. But either way, eighteen months ago, I was able to get myself what I considered to be the pinnacle of credit cards. And of course, in typically YouTube fashion, I unboxed it for everyone watching. I shared my excitement and went over the history of the card.

But today, we're going to be going in a different direction because this is not an unboxing. Instead, now that I've used the card for the last 18 months, I feel like I've owned it long enough to give you an honest review and then go over how this card compares with other credit cards in the market. After all, if something takes ten million dollars to get it, you would expect that it would have some pretty insane rewards, right? Well, I'm going to be giving you the good, the bad, and the ugly, and going over whether or not it's actually worth the hype.

Oh, there, really quick, if you wouldn't mind just maxing out the like button until it turns blue, it would be greatly appreciated. And in the chance you're brand new to the channel and YouTube's algorithm just randomly happened to bring you here at two o'clock in the morning from the weird part of YouTube, what's up? Welcome to the channel! My name is Graham. I really hope you stick around. And also, make sure to destroy the subscribe button because you'll get three videos a week, and you'll get me very excited over weird stuff like this.

Okay, so first let's go for all of the perks and features, and then I'm going to be giving it a grand score, is what I would say if I was Doug DeMuro. Oh, okay. No, but seriously, for ten million dollars to get into the JPMorgan private bank, here's what this card gets you to start.

Let's talk about the annual fee. For those not familiar with how this works, most high-end luxury credit cards have an annual fee that you have to pay every single year just to keep the card active. And this one, when I signed up, was four hundred and fifty dollars a year. Now, what I found really interesting is that there's no mention whatsoever anywhere about what the annual fee is on their website. When you go and look it up, you have dozens of third-party websites claiming the annual fee is five hundred and ninety-five dollars a year.

So, I went ahead and gave them a call just to clear up any confusion, and they confirmed over the phone that the annual fee is four hundred and fifty dollars a year through the year 2021, and then after that, it is going to be increased to five hundred and fifty dollars a year. But anyway, for four hundred and fifty dollars a year, here's what this card gets you.

One, you're going to be getting a $300 a year travel credit that'll automatically reimburse you for anything travel-related. This includes parking fees, Airbnb, rental cars, hotels, flights—anything like this, you name it. It's pretty much like getting free money because I guarantee we all spend about $300 a year on stuff like this anyway.

The second, you're also going to be getting a hundred and twenty dollar statement credit for DoorDash deliveries and free Lyft Pass for two years, which is worth another 120 dollars a year. They added on this feature this year because they figured their customers just wouldn't be traveling much anyway with the whole illness going around, so they felt like adding a feature like this would be able to compensate everyone else for the features that they were probably paying for but not using this year.

The three, you're also going to be getting one year of complimentary Lyft Pink when you activate the service using your credit card, and that's a two hundred and forty dollar value. Now, this is a service that normally will run you $19.99 a month, and with that membership, you'll get 15% off Lyft rides and will give you priority pickup at airports, relaxed cancellations, waived lost-and-found fees, and three free 30-minute scooter rides each month.

Number four, you're also going to be getting free Priority Pass lounge access for yourself and up to two guests anytime you travel, and this one has a minimum value of $99 a year, all the way up to almost $400 a year depending on how much you travel. Now, for anyone who's unfamiliar with what this is, Priority Pass is basically just an airport lounge that gives you access to a buffet of free food, free drinks, free Wi-Fi, a really comfy chair to sit on, and it's a great place to relax while you wait for your flight.

Even better than that, though, is one of the things I had no idea even existed with this card until I posted the unboxing video and someone commented about it saying that I missed it. I had no idea it was even a service! They never publish it anywhere, except when you call in, they will give you free United Club membership when you request the membership over the phone. Now, this is another airport lounge very similar to the Priority Pass, except this one is just a little bit nicer, and it runs you a whopping six hundred and fifty dollars a year for membership, which, like I said, you will get for totally free with this card.

After that, number six, you're also going to be getting complimentary Global Entry or TSA PreCheck, which works out to be an extra hundred dollar statement credit every four years. Then, seven through like number eight, you also get a whole bunch of other perks and services like up to $10,000 worth of trip cancellation, complimentary rental car insurance, complimentary roadside assistance, lost luggage reimbursement, free hotel upgrades and services, and even free medical and emergency dental benefits when you're more than a hundred miles away from your home.

So, all in all, even though yes, it is going to be costing you four hundred and fifty dollars a year, you're guaranteed to get back at minimum one thousand seven hundred and thirty dollars back in value. So even though it might seem expensive upfront, it's really easy to make all of your money back with this plus make profit depending on how much you travel.

However, I have to say, after using the card for well over a year now, one of the best features is something that they've never even advertised, and that would be the customer service. And really, instead of me telling you, let me just show you. Here's how long it takes to reach a customer service representative with two competing credit cards at a very similar price point.

We're gonna start here with the number one competitor, and that would be the Chase Sapphire Reserve. So, let's call them up and see just how long it takes to reach someone on the phone.

"Welcome to Chase Sapphire. Please enter the last four digits of your credit card account number to access the main menu. At any time, press star. You have been selected to take part in a brief survey about your service experience. Hello, did you smash the like button yet? Hey now, it's probably a good time to smash the like button."

Okay, at seven minutes, I'm gonna stop this, so I'm just gonna snap my fingers and then we'll go to whatever happens. Medi? There we go. We've officially waited over seven minutes on the phone. There we go. Let's call the next one.

Okay, so now we're gonna try this one out. We got the American Express Platinum also at another five hundred and fifty dollars a year. "Please tell me how I can help you." Customer service, please say or enter the last four digits of your social security number. This call may be recorded. Thank you so much.

Okay, so there we go. It's just over a minute to reach someone on their customer service line, which is really good. But let's try the JP Morgan Reserve, and your voice may be used for verification. Well, thank you for just—look at that! I barely even had time to go to the stopwatch to time how long this would take because it just rings barely, and then just someone picks up. It's absolutely insane, and I got to say that level of attention that they give you is uncompetitive ever used.

Now, in terms of everything else, though, and how this compares with other credit cards, I got to say from my experience it is better and it has a lot of improvements, but it's also not something that's so crazy or hyped up to be a ten million dollar credit card. For example, let's just compare this card to the Chase Sapphire Reserve. To get this card, it's gonna be costing you five hundred and fifty dollars a year, and pretty much anyone can get it as long as you have a good credit history.

And it also has nearly the exact same benefits as the JP Morgan Reserve. You're gonna be getting the same $300 a year travel credit, you'll get the same one hundred and twenty dollar a year door dash credit, and the same one hundred and twenty dollar a year DoorDash subscription. You get the same free year of Lyft Pink, you get the same priority pass lounge access for free, you've got the same TSA PreCheck, the same trip cancellation, medical insurance, roadside assistance—it’s almost the exact same thing.

In fact, if you put the two websites side-by-side, you almost won't notice any difference. The only practical benefits that I've seen and used between these two cards that sets them apart is that this one comes with complimentary United Club lounge access; this one does not. The customer service of this card is a lot better than this card; and also, this card is a hundred dollars a year cheaper for now. But websites say that they're pretty much the exact same thing except just branded differently, and for most people, this card just provides the exact same benefits except with a much lower barrier to entry.

We could also compare this to the famed American Express Centurion card. It's probably the only other ultra-luxury credit card out there, and here's where things get interesting. The American Express Centurion card does have an application portal available online where you could go and apply for an invitation, and if you get one, you're gonna be charged upfront for a ten thousand dollar initiation fee. That's right, you heard me correctly, ten thousand dollars upfront—just gone like that! Personally, I kind of see this as like the hazing, the new guy initiation where they basically just go and take ten thousand dollars from you. But you know what? It is what it is.

Then, on top of that, you're also gonna be charged a five thousand dollar a year member fee. Yeah, you heard that right—five thousand dollars a year. So just right there, just to get the card, it's gonna cost you fifteen thousand dollars. So, you would assume that for that price, it would come with some really crazy benefits, right? And it really just depends who you ask.

Now, to start, even though I've never had this card myself, I have heard their concierge service is really the best out there. With this card, you could pretty much call up their concierge, and they'll do anything for you—like set a plane ticket, set up hotels, do concierge services, get you into booked restaurants, or booked concerts or sold-out events. You name it, and then where this card really shines is in all of the upgrades and status perks you'll get with airlines and hotels.

Now, according to the Points Guy, you're gonna get complimentary Marriott Gold status for free, perks and room upgrades; you'll get the Hilton Honors Diamond status, you'll get IHG Platinum Elite status, you'll be a part of the Centurion Hotel Collection, which gives you free perks and services of select hotels. You could get statement credits back on cruise lines, car upgrades, or rental companies, a thousand dollars per year Saks Fifth Avenue shopping credit... they'll smash the like button for the YouTube algorithm and a complimentary membership to Equinox gyms.

So basically, if you're doing a ton of traveling and spend a ton of money as it is, then yes, you can make the membership fee and the initiation fee worth it. But most likely, if you're not spending a few hundred thousand dollars a year on dining out, travel, and hotels, then it's gonna be really difficult to justify this cost.

Next, in terms of its other rival, the American Express Platinum, you begin to notice some of the differences. The American Express Platinum also costs five hundred and fifty dollars a year, which is the exact same as the Chase Sapphire Reserve, except some of its benefits are a little bit more niche—or is it niche? I have no idea how to pronounce that word, and inevitably, people are gonna be like, "But Graham, you said that word, you pronounced it." Yeah, I don't know how to pronounce it. Is it niche or niche? I don't know, I'm gonna go with niche.

But anyway, I digress. With the American Express Platinum, instead of them giving you this all-encompassing travel credit that you could use anywhere, they give you a $200 travel credit that you could use on the airline of your choice. It's nice, but it's certainly not as nice as the Chase Sapphire Reserve that you could go and use anywhere. Personally, I don't like paying for incidentals; I don’t like checking my bags, so a lot of this I'm kind of forced to spend in a way.

With this card, you're also gonna be getting complimentary Centurion lounge access, which I have to say is really nice. These ones are usually way nicer than any other airport lounges, and I'll usually go out of my way to go to one of these lounges because the food is amazing. And some of the perks you get with this are incredible—like in Dallas, they have a full-on masseuse in there that's gonna give you massages for free. I mean, that's just incredible! But obviously, you're not just gonna pay for this card so you can get free massages in Dallas because that would be pretty stupid.

So, in addition to that, they're also giving you $15 a month in Uber expenses credited back, and that increases to $20 in December. Now, I got to be honest, that one, in my opinion, is really just okay, and there's a lot of competition going on between Uber on this side and Lyft on this side. I also don't like that they limit it to only $15 a month. Many months go by, and I won't use it, and in one month I might use Uber a few times, so a lot of months honestly now have just gone to waste with this.

But moving on from that, you're also going to be getting a lot of other perks for traveling like a hundred dollar hotel credit on select hotels, a hundred dollars towards TSA PreCheck, Hilton Honors status, plenty of trip protection insurance, and so much more—this is too much to mention! They've also just recently added on a $20 a month free streaming credit that you could use towards Spotify, YouTube Premium, Netflix, or anything like that through the rest of the year, and a $20 per month phone credit when you pay your phone bill through American Express.

When I saw this, I immediately went and paid for a YouTube Premium subscription, and then I also put my phone bill on my American Express. And then right there, that's $40 a month totally free just for getting a credit card. So, all in all, I have to say it is pretty easy to get the five hundred and fifty dollars a year that you spend on the card back in value.

Although, if you're not really into traveling that much, or you're not gonna do any traveling for the foreseeable future, I'll be honest, it's probably not worth it. But overall, hands down, even though the JPMorgan card is almost identical to the Chase Sapphire Reserve, this one comes out ahead by far. It's got better benefits, a lower annual fee, and way better customer service.

However, in terms of actually getting into the JPMorgan private bank, I will admit I haven't really used many of their services. I think their mortgage programs are awesome, and if you want to go and buy a house, getting a loan through them was the easiest experience I've ever had. But besides that, unless you're interested in having someone manage your money for you, or do investing on your behalf, or set up a trust or anything like this, it's probably not worth it, and you're just better off going and banking with a high-yield bank which pays you a good interest rate, and then just investing in a broad index fund.

And that's it! It is nice, though, to have a direct point of contact with someone at the bank. It comes in handy every now and then. But for the most part, again, it's something you never really ever use, and most people could really do everything they need to on their own. It's just gonna cost them a little bit more time and a lot less money.

That's really the only ugly side of getting this card: the threshold to get it is so massively high, and it's not worth it if the card is the only thing you're after. So, in terms of my review here, yes, it is by far my favorite credit card I've ever had in terms of the perks and services. It's just really good, but it's definitely not worth the cost if you have to move 10 million dollars over to the bank to get it and don't use any of their other services, which, let's be real, a lot of it you could just do on your own.

And really, for 99% of the people out there, the Chase Sapphire Reserve is 99% the same thing except without the United Club lounge access, which really, because none of us are traveling anyway, it doesn't really make that big of a difference right now. And then, besides that, you could just use a high-yield bank for your banking services or really any other bank that pays you above a one percent interest rate, invest in index funds instead of hiring a wealth manager.

And always smash the like button for YouTube's algorithm. Besides that, that's really all you need. Just right there, I saved you ten million dollars! So, with that said, you guys, thank you so much for watching. I really appreciate it! As always, make sure to destroy the subscribe button and the notification bell. Also, feel free to add me on Instagram; I post here pretty much daily. So if you want to be a part of it, feel free to add me there.

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Thank you so much for watching, and until next time!