What Is The Chase 5/24 Rule?
In June of 2015, Chase issued a rule, which is now famous as the 5/24 rule. The rule basically means that anyone that has opened 5 or more credit cards in the past 24 months cannot get approved for any Chase credit card.
Why Does Chase Have The 5/24 Rule?
Chase put in place the 5/24 rule in order to help stop what they call gamers or point churners from getting their credit cards in order to only receive the opening bonus. So even if you have a million dollars in your bank account, if you have opened 5 or more credit cards in the last 24 months, Chase looks at 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.
Business credit cards (including Chase business cards) do not count towards the 5/24 rule. (Some banks, like Capital One and TD Bank, report their business cards to the credit bureau, 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.)
Authorized users do not count towards the 5/24 rule, but you may need to call the reconsideration department (phone number: 18004539719) 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 so they are 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 counts towards the 5/24 rule.
How 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 to month bases (not day to day.) For example, if you have opened the first of your five credit cards on September 15, 2015, then you will need to wait till October of 2017 to get approved for a new chase credit card.
Which Chase Card Are Affected By The Chase 5/24 Rule?
As of 11/13/18, Chase expanded the rule to include all Chase branded and Co-Branded credit cards.
The following credit cards are affected by the 5/24 rule:
- Chase Slate
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Chase Freedom
- Chase Freedom Unlimited
- Chase Ink Preferred
- Chase Ink Business Cash
- Chase Ink Business Unlimted
- Chase Southwest Plus personal
- Chase Southwest Premier personal
- Chase Southwest Premier business
- Chase Marriott Premier personal
- Chase United Mileage Plus Club
- Chase United Mileage Plus Club Business
- Chase United Mileage Plus Explorer personal
- Chase United Mileage Plus business
- Chase Starbucks
- Chase IHG
- Chase Hyatt
- Chase British Airways
- Chase Disney
- Chase Marriott Premier business
- Chase Ritz-Carlton
- Chase Amazon
- Chase AARP
- Chase Iberia
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 by being pre-approved in the bank for a credit card.
There is a lot of data points that “Selected For You” offers that appear when you login into chase.com, in the bottom on the left-hand side banner may also bypass the 5/24 rule.
(You can read on Doctor Of Credit some more data points on what may bypass the rule).
If I applied For A Credit Card But It Still Did Not Show Up On My Report Can I Get Approved For A Chase Card?
Yes. Chase only counts accounts that are reported. So even if they will see a recent credit inquiry, but 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.
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