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What is Chase’s 5/24 Rule?
Overview to Chase’s 5/24 Rule
JPMorgan Chase is famous for providing the best of its credit cards. Here you will get both the high-end luxury card space and the low end no annual fee spaces. With the Chase card, you will get the hands-on some of the great signup bonuses in the industry. But, because of Chase 5/24 rule, it’s getting harder day by day to get approved for the Chase Cards.
About Chase 5/24 Rule:
Chase 5/24 rule is an unwritten rule, and almost every Chase credit cards come under it. That means, if you have 5 or more credit cards, then you are not going to get any other Chase Credit or Charge Card.
Not just Chase, this 5-card limit is applying to every bank and card issuers. This means within the last 2 years, if you have opened 5+ credit /charge cards, then you will not get the approval for the Chase Card that subject to the 5/24 rule.
Things you should know about the Chase 5/24 rule:
- Any credit cards from any bank are subjected to the 5/24 rule.
- Any authorized user accounts will also be counted for the 5/24 rule.
- Depending on the issuing bank reports, the business card may or may not be count.
In short, within the last 24 months, if you have opened any credit card account, that will count towards this rule. Additionally, those who have already applied for more than 5 credit cards will automatically get denied.
Chase Cards Subject to the 5/24 Application Rule:
Except for the few ones, Chase 5/24 rule applied to almost every credit card. Here are some of the credit cards, that comes under the 5/24 rule. If you apply for these cards, you will get denied for these cards if you are over 5/24:
- Sapphire Cards (Sapphire Preferred and Sapphire Reserve)
- Southwest Cards (Plus, Premier and Premier Business)
- Freedom Cards (Freedom Unlimited and Freedom)
- Starbucks Card
- United Cards (MileagePlus Club Personal & business, MileagePlus Explorer Personal & Business)
- Marriott Premier Personal Card
Chase Cards Not Subject to the 5/24 Rule:
- Iberia Card
- Amazon Card
- Hyatt Card
- IHG Cards
- British Airways Card
- Iberia Card
- Aer Lingus Card
- Disney Card
- AARP Card
- Ritz-Carlton Card
How to Bypass Chase 5/24:
There are some ways to avoid the 5/24 rule, but the methods are changing constantly changing. Several methods worked in the past but now they are not working. So, using these methods, first, you should check the recently published data.
- In Branch Pre-Approval Offer:
At any of your nearest Chase Branch, you can ask the banker for any pre-approved offer. If you get any pre-approval credit card offers, ask you to make an application for you. This way you can easily bypass the Chase 5/24 rule.
- Mail Invitation with RSVP Code
Many customers, who have received the mail offer for the credit card can consider applying. If you receive any invitation latter from Chase with RSVP code, then you can easily make the bypass the Chase 5/24 rule.
- In Branch Paper Application with a Business Relationship Manager:
If you have more than 5 business cards on your business credit report in the past 24 months and still want another one, then you ask the Chase Business Relationship Manager to make a paper application for you to bypass the Chase 5/24 rule.
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How to Stay Under 5/24 Naturally:
The best method to bypassing the 5/24 rule is simply staying within 5/24. Here are some of the methods to go about that:
Business Cards: Several card issuers do not report the business cards to personal credit reports. It means to stay under 5/24 and keep your report clear by applying for more business cards and a few personal cards.
Two Player Mode: If you are in a committed relationship or married, then you might like to keep your report clean. So, you can get to enjoy all the Chase bonuses. You can score a wider variety of bonuses just by hitting the other person’s credit harder.
Start with Chase: If you are new in the world of the signup bonuses, then you can simply apply for the Chase cards at first. Recently Chase has shut down many accounts that seem risky. So, if you apply for the Chase credit card rapidly, that might be the risk factor.
Avoid authorized user account: To add each other as authorized users, many coups share the financial will of their credit card accounts. If you are trying to earn some signup bonuses, then don’t do this. If you have an authorized user account, it might also get affected by the Chase 5/24 rule.
So, it seems that this 5/24 rule is not going to disappearing any time soon. So, to maximize your five allowed Chase slots, you have to be more strategic about your applications.
You might want to prioritize getting the Chase card first if you are new in the world of credit card rewards. But do not fill your five slots quickly with the Chase cards. If you recently applied for more than five credit cards, it means you are inviting unwanted attention from the Chase. So, take it nice and slowly before applying for the cards.