Published on December 7th, 2016 | by William Charles60
Chase Private Client Status/High Value Customers No Longer Bypass Chase 5/24
According to a reliable source all customers may be denied for too many cards opened recently with Chase, this is better known as the 5/24 rule. Previously those that were Chase Private Clients or High-Value Customers were able to sometimes bypass this rule. According to my source this was done to “help provide a consistent experience for all credit card products and customers”, we asked Chase for an official comment but they are yet to respond – we will update this post if they do (official response now at end of post).
It’s unclear if this has gone into effective immediately or will be phased in. I’m slightly surprised by this change as CPC status normally requires $250,000 in deposits (although this wasn’t always enforced either) and I assume Chase would want to be attracting more high value customers, but it’s entirely possible that this was attracting the wrong type of customer.
All hope isn’t lost though, it’s currently possible to bypass the Chase 5/24 rule in one of two ways:
The other thing to keep in mind is that not all Chase cards are affected by the 5/24 rule. You can find Chase’s official response here:
Chase carefully reviews each application, and considers a variety of factors, including the number of cards opened. Customers who open multiple card applications in a short period of time, regardless of issuer, will likely encounter difficulties.
This does not match up with what we’ve been told by our reliable source.