Many of you reading might be familiar with Chase’s new stricter rules for credit card approvals which started late May/early June, 2015. Basically, Chase is trying to avoid churning and has instituted a hard rule of denying certain Chase credit card applications for people that have signed up for 5 or more new credit cards in the past 24 months (also referred to as Chase 5/24 rule on various websites or forums).
Which Chase cards are affected by the Chase 5/24 rule?
Chase 5/24 rule applies to the most Chase cards. The following are excluded:
• British Airways Visa
• Aer Lingus
• Marriott Rewards Premier business card
However, there is a rumor that Chase 5/24 will soon apply to all Chase cards.
What is the Chase 5/24 rule?
Chase 5/24 is an unwritten rule applied by Chase to new applications. Following is the summary of the Chase 5/24 rule:
• Chase 5/24 rule applies to the most Chase cards. See above for the list of Chase cards that are excluded.
• Chase will deny credit card applications if you have signed up for 5 new credit cards from any bank in the past 2 years.
• Cards counted in the 5 credit card limit include cards from ANY bank, not just Chase.
• Chase will count cards that you are an authorized user on in the 5 card limit. (For example, if you applied for 4 cards in the last 24 months and your spouse applied for 1 card but added you as an authorized user, Chase will count that as 5 cards.) You might be able to convince a phone representative to not count those cards.
• There are ways to get approved for Chase cards even if you are over 5/24. These include: 1) Applying after being preapproved in branch, 2) having a business relationship manager submit a paper application in branch, or 3) responding to a selected for you offer on your Chase online profile. There might be some flexibility if you violate the Chase 5/24 rule if you call the reconsideration line. A few people have successfully been able to convince Chase representatives to approve them.
• For more updated information on Chase’s 5/24 rule check out the following thread from flyertalk.
• If you have been approved for less than 5 cards total in the last 24 months, Chase usual churning rules apply for getting a sign up bonus. You can apply for and earn the sign up bonus for the same Chase card every 24 months after the date you receive the bonus (this is specified in the offer terms when applying for a Chase credit card).
Here are some strategies to get approved for the Chase credit cards in light of the Chase 5/24 rule:
• If you have been approved for less than 5 credit cards in the past 24 months and want to start applying for new credit cards, apply for the Chase cards before you apply for other cards from other banks.
• If you have been targeted for a credit card, it is likely Chase will not apply the 5/24 rule.
• Remove yourself as an authorized user on any credit cards approved in the last 24 months if it will bring you below 5 cards total. You can always have the card holder add you again as an authorized representative.
• Keep track of the cards you have applied for in the last 24 months. If 1 or more of the cards were approved a while ago (say 15-23 months ago), you might want to take a small break until you reach under 5 cards in a 24 month period.
• If you do not want to take a break, keep applying for other credit cards. In a few years, you might run out of good options and be ready for a break or Chase might change their rule.
• Apply for other Chase cards you want to get. You never know if Chase will become stricter with other credit card approvals as well.
• Alternate with your spouse/significant other or other family members. If you and your spouse both apply for a lot of credit card take turns applying aggressively. For example, you can stop applying for a credit cards until you have 4 or less cards in 24 months while your spouse applies for a lot of credit cards in their name. After you are approved for a Chase Freedom and Chase Sapphire Preferred card, they can take a break for 24 months while you apply for a lot of other credit cards.
Keep these rules in mind if you are planning on applying for a Chase credit card.
Published November 29, 2015 but updated on April, 2018.