Chase has a number of rules when it comes to their credit cards, the two most important are:
- You will be automatically denied for some Chase cards if you have five or more new accounts opened within the past two years (Chase 5/24 rule)
- You are not eligible for the sign up bonus if you’ve received the sign up bonus on the same card within the last 24 months
Reader F received an interesting letter regarding their Chase Ritz-Carlton application recently, it states they were denied for the card because they had received the sign up bonus in the past 24 months. This is new as previously Chase would approve you for the card but deny you the bonus in this situation.
The Rits-Carlton card is somewhat special in that it’s managed by a different department than the rest of the Chase cards so it’s possible that this is only affecting this card and not all Chase cards. In some respects it’s more consumer friendly (no more signing up for a card and bonus you’re not eligible for) but it does mean you can no longer sign up for a card when you just want the card and not the bonus (you also can’t sign up ahead of time and wait to meet the minimum spend until you’re eligible). I’d love to hear from readers that have applied in similar situations for cards other than the Ritz-Carlton so share your experiences in the comments below.
Hat tip to reader F
