Minimum deposit required = 10 million

>minimum deposit required = 10 million

how safe is it to keep 10 million in a bank? who does this just for a credit card

Better question is who thinks it's a good idea to have a card that can access a bank account with $10M in it using only a 4 digit PIN?

>how safe is it to keep 10 million in a bank?
lol what are you anticipating? a bank robbery, you fucking retard?

also who the fuck would go for a high limit credit card that's not a centurion card or similar?

1) are there still credit card companies that limit you to 4 digits?

2) if it's a *credit card*, if your card is stolen or your account otherwise accessed fraudulently, you're typically liable for none of it. i don't know of a single credit card offered that doesn't have that or a similar term. i'm assuming this card only has a 10M balance as a prerequisite, and the card doesn't necessarily give you access to your checking/savings/other account balances.

I bet it makes more sense than whatever the alternative is

All credit cards have fraud protection. At this sort of level, they probably send a delegation to your house to make a formal apology for the inconvenience, because your business is so valuable.

Oh I fucked up and thought "required deposit" = debit card

where the fuck are you gonna keep it?
under your mattress?

if you've got that much money then a banking collapse is more likely to be a concern

you're too young to remember but in 2008 there was a banking crisis and several banks had to be bailed out by governments. several icelandic banks failed and people lost everything.

here in the UK only the first £75,000 of any deposits in any bank are guaranteed by the government (known as the financial services compensation scheme). in most places in the EU it's €100,000 i think (EU deposit guarantee schemes directive). i guess the US has something similar.

basically if you're rich it pays not to put all your eggs in one basket

>who does this just for a credit card
people that view ten million like you view 10 dollars
>10 million
>valuable
delusional

the entire banking industry had a major collapse. are you saying to put all your eggs in various banks or to put them in those ever reliable assets like homes-oops sorry what about...

well i'm sure you'll think of some class of investment that made it out of the 2008 credit and housing crisis.

the S&P is doing just fine lol record high a few months ago

not hib, but its not about the 10 million, its about the confidence every other cunt with 10 million has in your services

The people who keep 10M in the bank have more than 10M.

yes, for personal accounts they might give you a cup of coffee that isn't reboiled cat piss or a shiny card but don't expect a red carpet. They have plenty of business accounts that make real money from volume transactions with daily cash flows in the millions.

most "millionares" couldn't scrounge up a million in cash to save their lives.

>using only a 4 digit PIN

This is USA we don't need a pin.

that's because they're not sitting on a pile of money and letting it rot

It's called business

you are now aware that there is goatse.cx on that picture

when it comes to investments diversity is your friend. nobody keeps all their wealth in cash but most people will have a certain percentage of their assets in cash.
for that percentage, if you keep more than the guaranteed amount in any single bank, you are taking a risk if 2008 ever happens again.

Why would you keep that much just in the bank? I guess if you have fuck off billionaire money that might be reality but still, why?

if they loose it, you are only guaranteed 1 million back

>using a pin
>not just tapping

Yeah, I know, boss.

if you're eyeing this card and the entirety of your cash on hand is 10MM, you're like one of those people who find themselves with $30,000 and blows it all on a $30,000 car.

You can pay for more insurance, you do know that right? The first mil is free of charge.

terrible idea. put half in gold, the other half in bitcoin.

Considering that insurance is usually only 250k, if the bank suddenly goes belly-up, you're just out the other 9.75m. Pretty retarded to keep that much in one place.

not really. op says "minimum deposit 10 million". it doesn't mean the card costs 10 million. you could get the card and not use it and still have 10 million (although i guess it has a hefty annual charge and/or minimum spend). if you spend 30k on a car, you don't have any cash left, you have a depreciating asset.

>only PIN
you're aware you only get a few tryouts before smartcards get locked, right?

JPM IS THE MOST SOLVENT BANK IN THE US

IT ALSO COUNTS YOUR INVESTMENT ACCOUNT BALANCES WITH THE BANK

10 MIL OF DEAD CASH IS RETARDED EVEN AS A SPENDING ACCOUNT

Most banks in the country I live in have a maximum daily transaction limit and you have to go to a bank teller to withdraw more.

Besides, it's pretty sketchy on the bank perspective if they see someone withdraw large amounts of money online or at an ATM

>JPM IS THE MOST SOLVENT BANK IN THE US

people used to think fanny mae and freddie mac were pretty safe too, my caps lock abusing friend

>2008 credit and housing crisis.

well, banks go under, but land (and houses) dont disappear, sure you can lose money in real estate bubbles, but things eventually value again a little above inflation, and you cant go broke saving wealth in real estate or physical precious goods like gold, but idk much about gold bullion

>most "millionares" couldn't scrounge up a million in cash to save their lives.

is someone who owns more than a million worth of land lots and industrial machinery a "millionare"?

if so my uncle is one, and the other day he needed to borrow cash to put gas in his popular car.

but i dont think thats what most people mean when they use the term

>car
>depreciating asset

is a car even an asset?
real estate is an assetr, a car is just a consumable good, fuck, thats a clever trick the automobile industry pulled.

DEPENDS ENTIRELY ON YOUR COST BASIS

EVERYONES A MILLIONAIRE THESE DAYS
MILLION DOLLARS MEANT SOMETHING IN THE 1850S, THE TERM JUST CARRIED FORWARD

When people think of millionaire, they think a million USD liquid, like cash on hand. A million dollars was actually worth something in the 80s.

million dollars is still worth something today

40k a year in dividends

>10 million in a bank
>asks Sup Forums
I mean we clearly are the most dependable source. Right? Right???

$10mil for a card and they bought a wallet with a crooked logo.

Are you 12?

>FDIC protects 250K per account
>card requires 10m
this card is made for idiots

It;s a JP Morgan private investment bank FDIC is irrelevant

Operah, Obama, and quite a few celebrities bank with Chase, I should know I'm an ex-Executive Card/Customer Care Unit Specialist.

With the Palladium card, which I believe has either a $595 or $695 annual fee.

That sounds suspiciously like, "If it goes tits up, you get literally nothing."

It's an investment account, not some savings account bullshit.

When you have the money to drop $10M for a special card, you probably don't really care about that $10M all that much in the big scheme of things.

Not safe to have more then $250,000 in any given bank account. If the bank goes under, that's all you're assured for.

You can buy greater protection if you desire.


250,000 is just what's insured by the FDIC.

THATS HOW EVERYTHING WORKS AT THAT SCALE

YOU GONNA OPEN HUNDREDS OF 250K ACCOUNTS FOR THE FDIC INSURANCE?

DEPOSIT ACCOUNTS ARE SHITTY PLACES TO PUT MONEY ANYWAY, JUST SIT THERE AND ERODE VALUE BY INFLATION

Nice goatse card, faggot!

no my man, it's a credit card and it's so secure and nice that you probably use it a lot, and if by any chance you are annoyed by anything related to it they will send people to your house to apologize and probably some bitches to give you a blowjob and coke.
Whoever has 10 million to back that shit up doesn't own just 10mil. Imagine right now how much credit you have on your credit card and how much you make a year, same principle here but tenfold.

It's a credit card, not a debit card.

Fucking idiots.

YOU GOTTA HAVE 10MIL WITH JPM TO GET ONE

Its not save to put more than 1m in the bank in the US because the treasury can take from that 10m if they want to

stop talking with caps lock on it's annoying

This is a credit card, fucking idiot.

$10M number is for assets you have invested with JP and its private banking business. I believe they even provide you with a private banker if you have $30M+ as your overall net worth.

You have a personal concierge too.

Private insurance exists to cover your "cash" amount over the government covered amount. You can also open up multiple bank accounts and deposit $100,000 in each one in many countries, and there's nothing stopping you from doing it.

It's not like it earns no money, it still earns 1% - 3%. Sometimes even more, especially long term. That can be $300,000 per year, that's not a bad way to store $10M.

Insurance covers the rest.

To be a millionaire you need a million dollar net worth, if your uncle owns $1M in land, but he also has $500k in mortgage left on the land, and $200k in other debt, his net worth is still only $300k.

That's why, you should have a couple million dollars in assets, $1M of which is easily made liquid, so you're not cash strapped and looking for loans, however, technically, you're still "a millionaire" even if you don't have it in cash, long as your net worth is $1M+.

It depends what kind of car, collectibles are appreciating assets, your run of the mill civic is a depcriating asset.

However, a Porsche Cayman GT4 retails for $80k USD, however when released they were going for $150k. That means that GT4 was an appreciating asset, for those that got to buy it first, and they sold it to make $70k the day the car landed.

>It's not like it earns no money, it still earns 1% - 3%. Sometimes even more, especially long term. That can be $300,000 per year, that's not a bad way to store $10M.
What savings account will EVER give you more than 1% anymore let alone 3?

>However, a Porsche Cayman GT4 retails for $80k USD, however when released they were going for $150k. That means that GT4 was an appreciating asset, for those that got to buy it first, and they sold it to make $70k the day the car landed.
How does this even work?

A car in such demand a dealer sells it to you for 80k but then you sell it to a third party person for 150k?

its an investment account NOT a savings account

I think its 450 now.

ITS MORE LIKELY A PORTFOLIO OF MANAGED FUNDS

These cars are only offered to those that are loyal to the brand, so the brand has no reason to really profit off of them directly, but they hype up the brand and it makes all Porsches more valuable, wanted, in demand, and then, Porsche releases special editions, and makes them even more expensive. It's manipulating the pricing, but doing it through social engineering, creating hype for the car and the brand.

I didn't say savings, there are other ways to put money into a bank that isn't "savings accounts" but do the same thing.

For example, investment accounts pay interest for keeping certain amounts of cash in them at all times. There are things called GICs (Guaranteed Investment Certificate) that can give 2% - 7% depending on the term of your investment and if you're going to borrow money from the investment during the term or not.

In gold buried around my property.

FDIC insures to $250,000 in the US.

this. why the fuck do people trust banks anyways? just buy gold ffs

>Having $10m in liquid cash
Seems like a card for new rich