Is 5/24 already in effect for INK, co-brands, and Freedom Unlimited?
See these posts for background.
- Chase Credit Card Churning – Living with the New Reality (5/24 Rule)
- Chase Credit Card Limits (5/24) Soon to Apply on Business Card Applications
- Chase to Limit Credit Card Approvals (5/24) on Co-Branded Cards
INK
For INK business cards, 5/24 was supposed to come into being likely in March, meaning that it would already be in effect. There are some data points on Flyertalk indicating that people are still being approved ( March 23, March 31, April 1). Although there can be other factors in approval post-5/24 (preapproval, Private Client, etc), I’m more inclined to believe that it hasn’t gone into effect at the moment.
I don’t have any new information from my source, but they were very sure that 5/24 would go into effect eventually on business and co-brands. There were some indications (already a couple months ago) that it may take slightly longer than those March/April dates mentioned above – we mentioned that point quickly at the end of the last post in February.
Of course, we all hope that there was some change-of-heart from Chase and it won’t end up happening at all, but my assumption is that it will come into being within the coming months.
Co-Brands
For co-brands, 5/24 is slated to go into effect likely at some point in April. Statistically, it probably has not gone into effect yet being that it’s now just April 4th. Also, if 5/24 is not yet in effect on INK (see above) then it’s safe to assume that it’s not in effect on co-brands.
Note that many applications take between a week and a month to get approved. If 5/24 goes into effect between the time of application and the time that the application is reviewed, 5/24 will presumably be enforced.
Freedom Unlimited
For Freedom Unlimited (CFU), many reports indicated that 5/24 was not enforced initially. Since the time that the application became available online a few days ago, I haven’t been hearing any post-5/24 approvals, so I’m guessing that 5/24 is in effect for CFU. This comment also indicates so.
If anyone does have a recent data point about INK, co-brands, or CFU past 5/24, please let us know in the comments.
