One of the biggest restrictions in chasing sign up bonuses on credit cards is Chase’s 5/24 rule. This unpublished rule states You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months”. Fortunately that rule doesn’t apply to all Chase credit cards currently and there are also some ways to bypass it as well. Unfortunately it doesn’t look like that will last for ever. With the launch of the Chase World of Hyatt card today a lot of readers wanted to know if it was subjected to 5/24. Gary from View From The Wing was able to ask Leslie Gilin, Chase President of Co-Brand Cards this question directly and the answer was that it wouldn’t be applied straight away but we should expect that rule to apply in the future and that in the future it will apply to ALL Chase cards.
There was no time frame given and I don’t think this is terribly surprising to a lot of readers, but it is worth keeping in mind. I suspect Chase is somewhat restricted based on existing contracts they hold with co-branded partners so while Chase might intend to add this rule to all cards it might be multiple years before that actually happens.
I been waiting along time to apply for Chase Sapphire Preferred under my wife’s credit. She has 2 inquires in the past 2 years. Those 2 inquires includes the application for CSP. She opened 1 account in past 2 years. Her credit file shows that she opened 5 accounts in the past 2 years and 4 out of 5 of those accounts she is an AU on my cards. FICO 830+. The application went to pending. My wife called the reconsideration line a few days later. She explained she only has 2 inquires and 1 of those inquires is for her application for CSP. She stated she opened 1 credit card in past 2 years and the other 4 she is an AU on my accounts. DECLINED! Whe also called at the end of the night. I don’t know if it made a difference. I called again in the morning to try again and got DECLINED. We have a lot of business with Chase also which are all in good standings. It is getting tougher and tougher in this hoppy nowadays. I started to remove her as a AU on my cards and would of waited until her credit file is below 5 opened accounts in the past 2 years. I read a blog that stated that it is still possible to get approved with 5 opened account if the 5th account was an AU account so I pulled the trigger.
Chase 5/24 has nothing to do with inquiries, only opened accounts (whether currently open or currently closed) showing on your credit report (cards that don’t show on your credit report don’t count)
This made me go for the Marriott Business Card today. I got the 30 day message so… hopefully I get it. I don’t think I will ever be at or under 5/24.
“She seemed to suggest that….will eventually see 5/24 restrictions applied.” How more ambiguous could you get?
Then they proceed to insert several referral links for non 5/24 cards.
Honestly this is clickbait (for VFTW)
Is anyone really shocked by this? The fact is that if you are opening in excess of 5 cards in 24 months you are probably “maximizing “ benefits. Which is fine but I get why they want to stop it. The average consumer isn’t impacted by this rule anyway. The people it cuts out are exactly who Chase wants to cut out.
Between 5/24 and Chase getting rid of most of the useful benefits on their cards, I’ve been shifting my business back over to Amex. No need to give a bank my business when they’re becoming more anti-consumer.
I think you mean “becoming more anti-gamer.” Most consumers won’t notice a thing.
As others stated when the economy takes a downturn whenever that might be this 5/24 policy will change. Banks need customers remain profitable and CC’s is certainly a very profitable division for most banks with the exception of their initial sign-up bonuses. Why they don’t allow you to obtain a card and forgo the bonus is silly as they have little to risk for a person with good credit.. Sure they might not make quite as much money as someone under 5/24, but they are still making money…
Agree. The only thing I can guess is that this far into a good economy, underwriting wins over marketing, so they agree to big bonuses still, but want to ensure undesirable customers can’t get them. Not really sure why they don’t let you have it without a bonus (not that we really would want it without a bonus, though).
Did you think they would say “Apply all you want, we’ll make more?” I’m not buying this one. Assuming too much.
If I wasn’t just opening their cards to take advantage of their sign up bonuses I’d be really offended and threaten to stop using them.
Also, I’d claim they’ll lose customers if it wasn’t for the fact that 5+ cards in 24 months is really high for any normal person not churning who is responsible.
I think the biggest question for us lol/24ers (or at least for me) is when to apply for the remaining cards (Aer Lingus/Iberia for example) before everything becomes 5/24 while not risking a shutdown. I’d like to get the new Hyatt card too. I’ve been eyeing them both for a while but haven’t pulled the trigger because I have too much invested into my other Chase cards…I have the CSR, CFU, Ink Bold, IHG, and Hyatt currently. I have never MS’ed though on any Chase card
Surprised that a larger company (Amazon for instance) would ever allow Chase to deny applications for their card, 5/24 or no. Seems like a great way to alienate some of their best customers …
It’s not like you are guaranteed approval just because you apply. Of course chase is allowed to have standards for creditworthiness and lets face it, profitability.