In June of 2015, Chase issued a rule which is now famous as the 5/24 rule. The rule basically means that anyone who has opened 5 or more credit cards within the past 24 months, cannot get approved for any Chase credit card.
Why does Chase have the 5/24 rule?
Chase put the 5/24 rule in place in order to help stop what they call gamers, or point churners, from getting their credit cards in order to only receive the welcome bonus. So even if you have a million dollars in your bank account, if you’ve opened 5 or more credit cards within the last 24 months, Chase sees you as not a good customer for them.
Which accounts do or don’t count towards the 5/24 rule?
Any personal credit card from any bank that was opened in the last 24 months will count towards the 5/24 rule. It does not make a difference if the account is still open or already closed.
Authorized users do not count towards the 5/24 rule, but you may need to call the reconsideration department (phone number: 1800-453-9719) in order to get approved because the computer approval system sometimes does not pick up the difference between an individual account and an authorized user account.
There are some reports that store credit cards do not count towards the 5/24 rule as they can only be used for purchases within that store/brand, and are therefore not considered a normal credit card. Again, you might need to call the reconsideration line and explain this.
Mortgages, car loans, car leases, etc. do not count towards the 5/24 rule.
Do business credit cards count towards the 5/24 rule?
Business credit cards (including Chase business cards) do not count towards the 5/24 rule.
Some banks report their business cards to the credit bureaus so once it is reported, Chase cannot see if it is a personal credit card or business card, therefore, it will count towards the 5/24 rule.
Here is a chart of which banks do or don’t report business credit cards on your personal credit report.
|Reports business cards on your personal credit report?|
|Bank Of America||no|
|Barclays||No, Barclays business cards generally don’t report. Starting in 2022, new applicants for the Wyndham Business card have been seeing the card being reported on their personal credit report. I am not sure if this is a temporary glitch or a change in policy|
|Capital One||Yes, except the Spark Cash Card|
How exactly is the Chase 5/24 rule calculated?
You need to have less than 5 new accounts on your report (5 is not good, you need less) opened in the last 24 months, which is calculated on a month by month basis (not day by day.) For example, if you opened the first of your 5 credit cards on September 15, 2020, then you will need to wait until October of 2022 to get approved for a new Chase credit card.
Which Chase cards are subject to the Chase 5/24 rule?
All Chase branded and most Co-Branded credit cards are subject to the 5/24 rule. Here is the list of cards.
- Chase Slate Edge
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Chase Freedom
- Chase Freedom Unlimited
- Chase Freedom Flex
- Chase Freedom Student
- Chase Ink Preferred
- Chase Ink Business Cash
- Chase Ink Business Unlimited
- Chase Southwest Premier Business
- Chase Southwest Performance Business
- Chase Marriott Bonvoy Boundless
- Chase Marriott Bonvoy Bold
- Chase United Club Business
- Chase United Business Card
- Chase United Quest Card
- Chase United Gateway
- Chase World Of Hyatt
- Chase World Of Hyatt Business
- Chase British Airways
- Chase Iberia
- Chase Aer Lingus
- Chase Aeroplan World Elite Mastercard
- Chase IHG Premier
- Chase IHG Traveler
- Chase IHG Premier Business
More recently there have been reports of some co-branded cards not being subject to the 5/24 rule. I’m not sure if it includes all co-branded cards or only a few. Here is the list of cards that have confirmed data points of recent approvals above 5/24.
- Chase United Explorer
- Chase United Club Infinite
- Chase Southwest Plus
- Chase Southwest Premier
- Chase Southwest Priority
- Chase Amazon Prime
Is there any way to get around the Chase 5/24 rule?
CPC (Chase Private Client) used to be exempt from the Chase 5/24 rule, but not anymore. In my experience, the only way to get around the 5/24 rule is
- When you see in your Chase account a green pre-approval star with the words “You are already approved”.
- Or, for business card only, if you do an in-branch paper application with a business relationship manager (you will need to provide tax returns and financial documents).
If I applied for a credit card but it still has not shown up on my credit report, is it counted for the Chase 5/24 rule?
No. Chase only counts accounts that are reported. So even if they see a recent credit inquiry, if the account does not report as approved, (with some banks this can take about a month to happen) then you still can get approved for a Chase credit card.
If you’re looking for a great Chase credit card, check out the best options here.