Introduction
The Chase Sapphire Reserve has just been released and the question on everybody’s lips is whether the Chase 5/24 rule applies to this card or not. Here is a quick recap for those not familiar with the rule (please read this post for more information and before asking questions).
- If you have five or more new accounts (credit/charge cards) on your credit report within the past two years you will not be approved
Yesterday when the card was available in branch only, some people with more than 5 or more new accounts were getting approved so we were hopeful that this rule wouldn’t apply. One of the ways to bypass this rule is from in branch pre-approvals though, so we weren’t sure. Now data points are trickling in and the new isn’t good, it looks like this rule does in fact apply. I’m not surprised, but that still doesn’t mean I’m not disappointed.
Data Points
Update: I’m not going to bother updating the data points anymore. This is clearly under 5/24.
Rather than sharing your datapoints in the comments, fill out this reddit survey. You can view the results here.
Approvals for people over 5/24:
Denials for people over 5/24:
Pending messages (usually means denial):
Approvals under 5/24:
What Now
If you still want this card, you really have two options:
Long time Chase customer, but not Private Client.
I went into local branch and they said I was pre-approved.
However after 4 business days of not seeing anything on my account I called up and they said despite my pre-approval and excellent credit I was being denied because I had 10 credit cards open in past 24 months.
They said there was nothing I could do to get around the rule. Pretty ridiculous considering the following: this is a new product offering that I never could have applied for in the past 2 years
Chase never gave any warning to its customers that it would be implementing this rule, and so for those of us that went out and accepted other offers (such as a Target Red Card, or a Zappos Card) we are losing out on a great card, and they are losing out on all of the money we would have spent on such a card. I guess all of my money will have to be spent on my Citibank AAdvantage card, since Chase will not approve me for the Sapphire or Sapphire Reserve.
Not approved online. Went into bank and no pre-approvals seen. ? Rats……..
Got denied online due to 5/24 last night, went into the branch today and was pre-approved. Applied and instant approval with 21k line (also have freedom and preffered card). I do have 18K in a checking account there. Wasn’t sure if it would work as I was denied just the night before.
Really dumb question but pre-approval process requires one to already have a long standing checking/savings account with Chase right? Not anyone can just walk in and ask for pre-approvals even if one has multiple chase CCs?
Called in and talked a very nice rep in Tampa. Was declined, solely because of 5/24. I’m exactly at 5/24. Rep said I have two rolling off in December and recommended reapplying then. He said there was no exception he could make since none are store cards or authorized user cards.
Will try in branch and see what happens… can you apply in a branch, expect a pre-approved offer in branch, if you only have credit cards with Chase, not any savings, checking or accounts?
Can you apply in a branch if you only have credit cards with Chase, not any savings, checking or accounts?
I think so
at 5/24, went to branch on launch day, check for pre qualify offer. Banker confirmed, printed the term and approved for 21k
After being denied online yesterday, just stopped into a Chase branch in Manhattan this morning. Was not pre-approved in their system, and after going thru the application process with the rep, I got the dreaded “you’ll find out by mail in 7-10 days” answer. So this is hardly a guaranteed workaround folks.
My stats: 7/24, 820 FICO, 400k annual household income, 3 other Chase cards but no banking accounts.
08/22, in branch, no pre-qualifed offer, around 15/14, got pending 7-10.
FICO 720, Income 70K, total Chase CL was around 20% of income. Had IHG/Hyatt/Freedom/CSP
My application is pending. I’m at 10/24. I have CSP and CF, but no bank or checking accounts with Chase . If I go to a branch am I still likely to be approved?
I’ve seen three people that applied online (denied/pending) and then applied in branch, all three approved.