Posted by William Charles on August 31, 2016
Credit Cards

Published on August 31st, 2016 | by William Charles


Chase 5/24 Rule Now Official! Showing On Chase Sapphire Reserve Application Page

Update: The application link for this card went down, when it came back the language was removed.

We’ve known about the Chase 5/24 rule for awhile now, but it seems that Chase are now including it in the fine print of at least the Chase Sapphire Reserve card. It states:

You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months.

chase sapphire reserve

I’m not currently seeing this on any other cards issued by Chase, but as we know this isn’t the only card affected by this rule and not all cards issued by Chase are affected either. Also keep in mind it is possible to bypass this rule, the most common way is through an in branch pre-approval (I’d strongly recommend reading our F.A.Q about this here).

Interestingly the official rule states that if you have opened 5 or more bank cards in the past 24 months, you’re disqualified. I assume this means that store cards and other loans on your credit report will not be counted (what we previously expected). I’m honestly a bit surprised Chase didn’t have this language on the application pages sooner as it was misleading not having this criteria publicly available.

Hat tip to reader Peter C

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I don’t like the 5/24 rule but I like this move by Chase. They can do whatever they want…I just wished they were more up front about it, and this is a good start.

Maybe due to the volume of applications they decided to publish the rule to take some heat off customer reps. It is a big step forward but a couple of things are still fuzzy to me though. In general, they seem to count AU cards which I think is unfair since they can be opened without your knowledge and you are not personally liable for those accounts. My wife successfully argued to have hers not counted and they approved her but I have read many comments from people who were not successful in regard to AU accounts. Also, do Chase business cards count? There have been data points both ways.

Applied in branch last week and got denied. 9/24. Wasn’t pre approved either. My wife applied online and was approved (1/24). Thinking about starting a small Chase savings account and seeing if that helps me get pre-approved.

If by “small,” you mean $250,000, it should work. Otherwise, you’re likely out of luck. CPC seems to be the only consistent workaround via a banking relationship.

Approved in branch with pre-authorization today. Over 10/24.

Are any of those Chase cards from the last 6 months? I have 0 pre-approvals and I wonder if it’s because of my Southwest card from 4 months ago.

Waiting for an attorney to take on a class action. It would seem to me using someone’s bureau report and penalizing them for information you happen to be able to see but has nothing to do with credit worthiness is an issue. There is no connection to more than 5 cards in a 24 month period and bad / risky credit. Just because you can see this info on a report shouldn’t mean you can use it to choose who you do business with if it doesn’t fit the design of what the report is intended for. We all know it is to deny churners but that’s not the proper way to use this data, and may very well be a violation of law to do so.

Sco, you start the class action lawsuit, i will support you to the T.

I wanna make sure these Rascals at Chase, arrogant azzholes get deported to SYRIA.

*grabs pitchfork*

Hmmm…yeah, guy who wants to sue the bank for not extending him a new line of credit with a fat bonus, the *bank* is the arrogant party here.

Really? As long as there are ways to circumvent I am fine with the rule. It means bigger bonuses and less chance of a devaluation. Weeds out the casual folk who want all the rewards with no effort.

All of the credit card companies are tightening up at least Chase is out in the open with it.

Seriously? Credit worthiness isn’t the only reason a bank can choose not to do business with you. They can choose to do so in f they think you will be unprofitable and there are no laws barring them from doing so. The idea of suing them over not taking on customers who are likely to cost them money is laughably dumb.

What law is being violated? They can literally deny you “based on their opinion of your creditworthiness”. Good luck, and remember lawyers get about 35-40%.

This is a really whiny and entitled post. Ignorant, too…Chase isn’t violating the law by limiting applicants in this manner.

They can have whatever criteria they want. They are discriminating against a protected class. Sorry, you can stomp your feet and be mad about it, but there’s nothing illegal about 5/24.

Actually many people who rack up lots of cards ARE at risk of default, or else they are a churner. I’m sure Chase didn’t just blindly choose this rule. It is based on research and is completely legal. You can disagree with their conclusion but it doesn’t mean a lawsuit will get you anywhere.

Sorry, above should say they are “not” discriminating against a protected class

Yeah.. they probably forgot to run 5/24 by their legal department first.

I dont think they want to deny you credit. They are looking for long term customers, not someone who just wants the points and runs. You probably qualify for a different product from Chase. Not all their cards are subject to 5/24. I feel like there is way too much entitlemnt in this game. I was dneied, but I feel fortonute for all the benefits I receive at the bnaks cost. I am no layer but I think a bank can deny you credit for any reason they want as long as its not based on race, religion, age, etc.
With that said, the only perosn going to get rich on a class action would be the attorney. Everyone who jpins will waste their time filing out paperwork and receive mayby $10 if they win or chase wanst iot to go away.

I can confirm that store cards DO NOT count towards 5/24. I am at 6/24 (CSP, Barclays x3, Comenity x2) and I am at 4/24 without the Comenity. Applied online, got pending page, called recon, gave some personal security info, insta approved for CSR.

The general FAQ page on 5/24 to reflect that store cards do NOT count towards 5/24. There may be internal banking codes that separate general-use cards from store-only cards.

I went to one Chase branch to see if I was pre approved and they said no. Then I went to another and they said yes and I was approved for the Reserve on the spot. I am way over 5/24 and have many Chase accounts open.

Did you go to 2 Chase branches on the same day?

No, I went on separate days.

Did you go the same day? Did anyone else have this experience?

I went on separate days.

I agree with the comments that 5/24 is not an indicator of good/bad risk. It is however “unusual” for a normal consumer so it is a red flag of sorts. Also, I think AMEX has it right with the lifetime bonus terms, so if Chase adopted that, the 5/24 is unnecessary. It forces you to pick which cards you really want vs. card of the quarter club. The bottom line is greed causes 5/24 and ultimately will cause lenders to reduce benefits. Just my 2 UR points…basic value of course. 🙂

BTW, I was able to get a plastic version of the CSR instead of the obnoxious metal by simply losing the metal card.
They shipped the new card overnight. It’s a new card number but everything transferred over.
Much easier to carry around.

You don’t have to ‘lose’ your original card to get a plastic one…

As with the CSP and the Palladium/JPMR, you can simply request a plastic card at any time.

not sure that would work because when i called they said only metal cards for now. the plastic card was a surprise.

just to clarify, i didn’t lose it on purpose, it was an accident.

Had 2/24 and applied for CSR and got 7 to 10 day. Cscore~ 800. Does it mean Denial or should I wait or call recon team or wait?

Thanks for advice. Called recon, they had to adjust my Credit Lines and got approved.

I’m surprised no one is discussing this:

I was preapproved and applied in branch, didn’t get the decision instantly. They said it will take 30 days. I’ve been calling daily, and they keep on saying 30 days.

They say its bcoz of the high volume of apps. If that’s the case, is no one else having this issue?

Secondly, even though I was preapproved and applied in branch, I was over 5/24 rule. Since they are manually processing the app now, does it mean I’ll get denied?

In the exact same boat. I plan to wait it out, no calls.

Just to update my own experience: I got a letter in the mail asking for me to contact them urgently to update my income. I did not. I was approved after approximately 20 days.

@Cowboyguy I don’t think you were preapproved. Did your T&Cs that the banker print out contain a fixed APR or a range APR? If your T&C papers contained a fixed APR, you were correctly preapproved but if your T&C papers contained a range APR, then you were not preapproved despite what the banker said.

No. 5/24 is an automatic rule that processes at the time of application. Later on, a recon rep could decide to cite it to you. But 30 days message means you weren’t zapped off the bat.

Now if only Amex would be upfront with their application standards. I applied for a Delta Platinum card with them, was approved, put more than the required minimum on it, still didn’t get the bonus after 4 months and paying the first year fee, and was then told that I wouldn’t get the bonus because I had already had a version of the card (which I hadn’t). The first time cardholder rule was stated in the application, but if they were going to interpret that I had already had the card I wish they had not approved me. Now I’m trying to get them to show me exactly when they thought I had had the card in the past, and they are indicating to me in chats and a postal letter that the issue is over for them.

The wording they use is they can deny you based on your credit report. Information in your report includes accounts opened. For whatever reason, I got the CSR with more than 5/24 with in branch pre-approval, after being denied the United 70k offer a month earlier for an online app. What bothers me is that I was targeted for the 70k offer, with the only stipulation being that I could not receive the bonus if I’d gotten that in the last 24 months. That may be actionable.

5/24 language has now disappeared from the application page

I applied online a week ago before I knew that they were applying 5/24. I am over 5/24 obviously. Sure enough at the end of the app I got the we’ll let you know message, so I was not holding my breath. Was planning on going into the local branch tomorrow to try that route.

Well lo and behold not 30 minutes ago I got an email from Chase welcoming me to my Chase Sapphire Reserve card and that I would be receiving the card “soon”. So go figure.

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