Chase J.P. Morgan Select Visa Signature Review (discontinued)
Updated July 30, 2014. As of December 2016, JP Morgan Select card members will have the card converted to another Chase card such as Sapphire Preferred.
The Facts
The Math
JPM Select vs. Fidelity Amex: Even if you can not spend $100K per year, the card still has the potential to outrun Fidelity Amex. Let's assume that you are using the transfer option to maximize its value and you value one point at Y cents, your total annual spending is $C with $A going to airfare and $B going to hotels and car rentals, to beat Fidelity Amex 2% cashback you need
$A x 2 x Y% + $B x Y% + $C x Y% - $95 = $C x 2%
i.e. Y(2A+B) = (2-Y)C+9500. For example, if Y=1.6 and C=30K, you need to spend say $5K in A and $3.4K in B. Now let's look at the best scenario: you spend exactly $100K on the card and get 25% bonus. If you value one point at 1.6 cent, then your general spending is returning 1.6 cent/point x 1.25 point/$ = 2%. Then you only need 1.6%(2A+B)=$95 to offset the annual fee, i.e. for example A=$2K and B=$2K. Of course, if you value UR points higher and/or your bonus spending is larger, the task shall be easier.
JPM Select vs. Sapphire Preferred: JPM Select resembles its sibling Sapphire Preferred in that it has the same annual fee and very similar 3-2-1 earning structure. Other than the signup bonus, there are several differences. Firstly, JPM Select 's 2x categories are airfare, hotel, and car rentals, while Sapphire Preferred adds other travel (local and commuter transportation and travel agencies) and dining. Secondly, JPM Select has an annual 25K point booster after $100K spent while Sapphire Preferred has an annual 7% bonus on all points earned. Finally, JPM Select has other perks that are not available on Sapphire Preferred such as EVM chip and primary rental car coverage. If your spending is less than $100K per year, Sapphire Preferred is the better rewards card; however, if you value EVM chip and primary rental car coverage you may want to hold onto JMP Select. If you spend $100K per year, then JPM Select is most likely the better card rewards wise. In order for Sapphire Preferred to make sense, you will need to have 18K in dining and other travel to cancel out the 18K bonus points difference - that is 18% of your total spending.
JPM Select vs. Amex PR Gold: JPM Select also resembles Amex PR Gold with similar 3-2-1 earning structure and point booster. Of course the bonus categories, annual fees, point boosters, and most importantly the rewards programs themselves are all different. PR Gold is at its best when your spending is $30K, while JPM Select really shines after $100K spent.
JPM Select vs. Amex SPG: Assuming $100K annual spending, both cards have 25K points bonus. Amex SPG is $30 cheaper; however, this will easily be offset by some extra spending on airfare, car rentals and hotel stays at non-SPG properties. Of course, it finally comes down to which rewards program suits you best: UR or SPG.
The Conclusion
When your annual spending exceeds $100K, JPM Select is probably the best rewards card. Even if you can't spend that much, its great package including embedded EVM chip, waived foreign transaction fees, and primary rental car insurance may still lure you from the best miles/points cards that are on our Top List. The reason why it does not make our Top List? While Amex PR Gold, Amex SPG and Sapphire Preferred can easily find a large number of customers, JPM Select 's market is niche. This was actually Chase' intention in the first place since it chose to use J.P. Morgan 's name to enhance the product's exclusivity and prestigious image.
The Facts
- Annual Fee: 1st year free and $95/year thereafter
- Signup Bonus: None
- Rewards: 3x airfare through Ultimate Rewards (UR), 2x airfare, hotel, and car rentals, 1x everywhere else. You also get an annual 25K point booster after spending $100K per year.
- Best Use of Ultimate Rewards (UR) points: The Ultimate Rewards is Chase's rewards program - normally the points can be redeemed for cash, merchandise, gift cards, or travel, at up to 1 cent per point. However, JPM Select, along with Sapphire Preferred and Ink Bold, has two premium redemption options that are not available on regular UR cards. One option is to redeem for travel through UR and get 25% bonus value, essentially making 1 point = 1.25 cents. The other option, similar to SPG and Amex's Membership Rewards (MR), is to transfer points into miles or points of frequent traveler programs. Now Chase has only eight transfer partners, and we expect the list to get longer in the future. Please see our review on SPG vs. MR vs. UR vs. TY for detailed comparison.
- Other Benefits: EVM Chip embedded - this has been on many foreign cards for a quite a while, but JPM Select was among the first few USA cards that employ the technology. This undoubtedly adds quite a bit of convenience to foreign travel. Waived foreign transaction fees also help when traveling abroad. No late payment or overlimit fees. Primary rental car collision coverage - note while most credit cards provide rental car insurance, they are secondary, meaning your personal insurance's collision damage coverage kicks in before the credit card's. Please see our featured review on credit cards that come with primary rental card insurance for details. Chase markets this card as a J.P. Morgan product and advertises "extremely high level of customer service".
- Other Facts: when Chase introduced this product in 2011, it was made available to public on its website. Due to its similarity to another Chase card Sapphire Preferred, Chase discontinued to offer it to the public in mid 2013 and made it only available to Chase Private Client and J.P. Morgan Private Bank customers. In early 2014, JPM Select was discontinued for any new applications. Starting early 2015, JPM Select will be converted to Sapphire Preferred for existing cardmembers.
The Math
JPM Select vs. Fidelity Amex: Even if you can not spend $100K per year, the card still has the potential to outrun Fidelity Amex. Let's assume that you are using the transfer option to maximize its value and you value one point at Y cents, your total annual spending is $C with $A going to airfare and $B going to hotels and car rentals, to beat Fidelity Amex 2% cashback you need
$A x 2 x Y% + $B x Y% + $C x Y% - $95 = $C x 2%
i.e. Y(2A+B) = (2-Y)C+9500. For example, if Y=1.6 and C=30K, you need to spend say $5K in A and $3.4K in B. Now let's look at the best scenario: you spend exactly $100K on the card and get 25% bonus. If you value one point at 1.6 cent, then your general spending is returning 1.6 cent/point x 1.25 point/$ = 2%. Then you only need 1.6%(2A+B)=$95 to offset the annual fee, i.e. for example A=$2K and B=$2K. Of course, if you value UR points higher and/or your bonus spending is larger, the task shall be easier.
JPM Select vs. Sapphire Preferred: JPM Select resembles its sibling Sapphire Preferred in that it has the same annual fee and very similar 3-2-1 earning structure. Other than the signup bonus, there are several differences. Firstly, JPM Select 's 2x categories are airfare, hotel, and car rentals, while Sapphire Preferred adds other travel (local and commuter transportation and travel agencies) and dining. Secondly, JPM Select has an annual 25K point booster after $100K spent while Sapphire Preferred has an annual 7% bonus on all points earned. Finally, JPM Select has other perks that are not available on Sapphire Preferred such as EVM chip and primary rental car coverage. If your spending is less than $100K per year, Sapphire Preferred is the better rewards card; however, if you value EVM chip and primary rental car coverage you may want to hold onto JMP Select. If you spend $100K per year, then JPM Select is most likely the better card rewards wise. In order for Sapphire Preferred to make sense, you will need to have 18K in dining and other travel to cancel out the 18K bonus points difference - that is 18% of your total spending.
JPM Select vs. Amex PR Gold: JPM Select also resembles Amex PR Gold with similar 3-2-1 earning structure and point booster. Of course the bonus categories, annual fees, point boosters, and most importantly the rewards programs themselves are all different. PR Gold is at its best when your spending is $30K, while JPM Select really shines after $100K spent.
JPM Select vs. Amex SPG: Assuming $100K annual spending, both cards have 25K points bonus. Amex SPG is $30 cheaper; however, this will easily be offset by some extra spending on airfare, car rentals and hotel stays at non-SPG properties. Of course, it finally comes down to which rewards program suits you best: UR or SPG.
The Conclusion
When your annual spending exceeds $100K, JPM Select is probably the best rewards card. Even if you can't spend that much, its great package including embedded EVM chip, waived foreign transaction fees, and primary rental car insurance may still lure you from the best miles/points cards that are on our Top List. The reason why it does not make our Top List? While Amex PR Gold, Amex SPG and Sapphire Preferred can easily find a large number of customers, JPM Select 's market is niche. This was actually Chase' intention in the first place since it chose to use J.P. Morgan 's name to enhance the product's exclusivity and prestigious image.