Posted by William Charles on December 7, 2016
Credit Cards

Published on December 7th, 2016 | by William Charles


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.

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Did you ask that source if this change is likely to be rolled out to in-branch pre-approvals as well? Seems like the logical next step.

I’m CPC and was denied because of 5/24.

Can you provide more context to this Dave? How long ago were you denied? How many open accounts do you currently have? Did you apply in branch or online?

I too am a CPC and have had zero issues getting approval for credit cards. I am currently at 16/24 and the last Chase card was a month ago, thus it seems form Doc’s post this has changed recently. I always apply in branch with my Chase Private Banker who will call recon for me and discuss my status and banking relationship.

Thanks for any insight you can share.

Same, CPC here with 20/24, and was approved for CSR and Ink + by mentioning CPC upon reconsideration. This will be devastating if true.

Devastating to Chase mostly. Why would anyone want to be a CPC? What is the benefit? All I see are subpar benefits for very high costs.

Look harder. I’m CPC and I don’t pay them a dime yet I reap all the benefits.

I was denied because of 5/24 too but then I called reconsideration and they approved me.

I was honestly considering moving my IRA over to the chase self directed brokerage account and hoping that they’d give me a little bit of slack on the balance requirements, considering it would be in their best interest to build a strong relationship with someone who is relatively young and has fairly a moderately sized IRA in the hopes of more business down the road… at least that would seem logical to most people… but if it’s not even going to get me past 5/24, then there is literally no benefit whatsoever… better to keep the money in Merrill Edge for 100 free trades (PER MONTH!!!) or move it to Schwab and get a discount on the AMEX Plat (the Schwab AMEX plat only charges $350 annual fee if you have $250k+ in assets)… at least those banks know how to entice high net worth customers… oh well Chase, your loss.

Appreciate the heads up, guys.

Curious if we are close to seeing the end of that big 100K sign up bonus.

My wife and me both CPC applied for reserve in branch , both sent in to review and instantly denied for 5/24 when the banker called. Called recon a day after when they reallocated the existing credit and approved. I dont think the CPC mattered for the recon as the private banker was helpless.

I think most of the bypass methods will be closed down over time. There’s no point in a company policy if it can be bypassed several different ways. Just seeing it from Chase’s point of view, it makes little sense to allow indefinite loopholes. Sucks for us but 5/24 has been in place for over a year so I think it’s time to accept it.

You’d think the 250k would open a few doors for you. I mean it’s a business, give a customer some incentives and not too high of hurdle to clear!

Yeah, somehow I doubt that your analytics are superior to Chase’s. I mean, how much money can they really make on your $250K ? Probably it does not make up for what they lose. Furthermore, the more money a person has in his account the easier it is for him MS. With that kind of money you can easily float 10K or more a month so this probably is a net loss for them. I’m sure that their analytics tell them that people who apply for more than 5 cards in 24 months cost them money. So overall, it’s annoying for everyone, and I’m not happy about it either, but it’s no way it’s Chase’s loss.

I applied for Chase CSR and FU and got denied b/c of 5/24 initally as a CSP. Calling in for recon and offering to reallocate credit helped me get approved for both. Did not work at all for Biz application b/c credit can’t be shifted between personal and biz.

Jim, when did you apply for the CSR and FU?

Doc, yes to CPC, my bad.

Dave, in the past few months.

Well, this is pretty bad new for my wife and I. My Southwest CP is expiring this month and she was going to apply for the Chase SW personal and biz cards this weekend to get the CP early 2017. We used CPC to get the CSR in late August as we’re both over 5/24. She has 1 Chase business card and 5 Chase personal cards.

I bypassed 5/24 via CPC just a couple days ago. Any idea when this might be rolled out? If it really is true, time to move my investments elsewhere.

Doc, how credible is your source? What information did this source previously provide that turned out to be true/untrue? I’m asking because this is no longer about just a credit card game. If this rumor is true then it will affect where people, including myself, are placing their life savings.

I can say as a DP from a month ago, CPC changed from my prior experiences. Previously, I was at 8/24 and opened CSP and Ink+ where the banker called recon for me and used my CPC status to get me approved. With the Reserve one month ago, the banker said they were no longer allowed to call recon on our behalf. So I had to call recon myself, and even then they said they needed additional information which they gathered over the phone, and that they needed another level of approval before a final decision. I was ultimately approved, but it was long twisty road. Not surprised to see this news.

I wonder if CPC has always been subjected to 5/24, but can be bypassed with your private banker rep who can call in and vouch for you.

I know for sure this isn’t the case. I applied the day the CSR was released and was flat-out rejected. I called multiple times and was told specifically more than 5 apps in the past 2 years. After I got CPC a few days later, I called again and was again told about 5/24, but I said that my banker said CPC allows me to bypass that. The rep then put me on a hold for a few minutes and then said my app would go through a secondary review. I was approved a couple weeks later.

I was just approved for CSR on 12/6 based on being CPC. Was initially denied when first call in, but mentioned relationship with chase and CPC , the analyst reviewed the app and seent it back to the loop. Was approved later in the afternoon when checked with the status line. Thinking of opening my wife CSR too, but if this true, I might have to wait it out

My husband is a CPC, applied online for the CSR last week (12/2), received a pending message, but when we called the automated status line later that day he was already approved and we received the card yesterday. He was at 10/24 before this card. Really surprised we didn’t have to call recon. We didn’t check for any preapprovals before applying.

This strikes me as really odd.

What percentage of the population has 250k in liquid value? Certainly less than 5% of the country. And Chase is unwilling to let them get an extra credit card?

The downward pressure on their profits must be overwhelming their desire to please their high-value clients.

But most people in the general public, high value or not, do not open a ton of cards, so 5/24 isn’t going to impact them either way.

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