Update: Ritz-Carlton isn’t affected.
Unfortunately it seems that the dreaded 5/24 rule is now in effect for most Chase credit cards. For those not familiar with Chase 5/24 rule, here it is:
- If you have five or more new credit card accounts (and this includes all credit cards, not just those issued by Chase) you will be denied. Authorized user cards are also included in this if they appear on your credit report.
When Did This New Policy Go Into Effect?
According to my source at Chase, this new rule will be applied to all cards that were applied for on or after May 22nd (possibly May 23rd), 2016. If you applied for cards before this date, the rule will not be applied.
What Cards Are Affected?
According to my source at Chase, the new rule applies to the following cards (I’m now only including DPs that are a hard denial rather than a pending message – even though they will most likely be denials):
- Chase Business Ink Plus/Cash: 1
- All Chase Marriott Personal Cards (
I assume Ritz-Carlton is included in this as well): 1 (one DP against this, although they are at 6/24 and three are business cards so might not be above 5/24: 1 & another 2)
- All Chase Southwest Cards: 1 (one DP against this: 1)
- All Chase United Cards: 1, 2, 3 (one DP against this: 1)
What Cards Aren’t Affected?
Everything not listed above (and Chase personal branded cards that were already affected) should still be OK (no promises here, I’ve included data points on people that were approved below). This includes the following:
- Chase IHG: 1, 2, 3, 4, 5, 6
- Chase Hyatt: 1, 2, 3, 4, 5
- Chase British Airways: 1, 2, 3, 4, 5 (via e-mail), 6, 7
- Chase Disney:
- Chase Fairmont: 1, 2-4, 5
- Chase Marriott Business:
- Chase Ritz-Carlton: 1, 2, 3, 4 (all via e-mail)
- Chase Amazon:
- Chase AARP:
So there is some silver lining to this change. I assume these cards aren’t currently included due to existing contracts with Chase, or the co-branded partners not wanting this new rule applied to their cards. This could also somewhat explain why the change took longer than we first expected.
What Should You Do?
If you’ve applied for any Chase card, do not call Chase reconsideration. If you applied before the 22nd then you’re application should process naturally and 5/24 shouldn’t be applied to you. If you call, they might apply it to you. It might be worth applying for the cards that we don’t think are affected, but that is up to you.
Keep in mind nothing is confirmed 100% yet, I’m just sharing the data we have.
How Can You Get Around This New Rule?
Chuck has posted a dedicated thread to getting around this new rule, found here.
This obviously isn’t good news at all, hopefully the co-branded partners that haven’t opted in for this new rule stay that way. If you have any data points, please share them in the comments and I’ll add them. Fingers crossed my source has this information wrong and the datapoints we’ve seen so far are also wrong.
If you do share any data points, please include the date you applied, what the card was and whether you were approved/denied.
Also two pieces of interesting information:
- The cards that the new rules apply to allow you to generate referral links (H/T US Credit Card Guide).
- They also have business & personal versions of their cards (H/T brteacher on /r/churning)
This isn’t the case for any of the cards where the 5/24 rules don’t apply currently. This leads me to believe they have a different contract/set up with Chase.
See also Bypass 5/24: Getting a Chase Pre-Approved Credit Card Offer for some potential ways around the 5/24 rule with pre-qualified or targeted offers.