Not long ago, Chase was the favorite of credit card churners due to their wide-range of available products with great signup bonuses. The bad news came when they cut down on approving new cardholders who have five new credit cards showing in their credit report. This became known as ‘the 5/24 rule’ in which Chase won’t approve new cards for those with five new accounts showing as opened within the past 24-months.
Two important points about 5/24:
- It does not apply to co-brands, like airline and hotel credit cards, as we explained in the post, Chase Credit Card Churning – Living with the New Reality (5/24 Rule)
- 5/24 does not apply to business cards, importantly the INK line of cards, as noted in the post, Do The Chase 5/24 Rules Apply To Business Credit Cards?
Based on a trusted source who is an expert in the credit card industry, Chase will soon be applying 5/24 to business cards as well, meaning that INK cards will be very hard for most of us to get. It looks like this new rule will start at some point during the month of March.
Get it while you can…