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.

60 Responses to Chase Private Client Status/High Value Customers No Longer Bypass Chase 5/24

  1. Robert says:

    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.

  2. Dave says:

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

    • David LeBlanc says:

      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.

      • Jon says:

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

    • Dan says:

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

  3. Tom says:

    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.

  4. Jeff says:

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

  5. Kreem says:

    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.

  6. Kevin says:

    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.

    • Michael says:

      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!

      • Joe says:

        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.

  7. Jim says:

    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.

  8. Dave says:

    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.

  9. Dan says:

    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.

  10. Jon says:

    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.

    • Sorry, I don’t out information regarding our sources otherwise people will cease to give us information. It’s a reliable source and I think we’ve shown that we are good judges of what is and isn’t worth posting.

      That being said, datapoints will float in naturally that will either confirm/deny if we are correct.

  11. V says:

    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.

  12. somdave2005 says:

    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.

    • Dave says:

      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.

    • DP and my understanding say no

  13. Peter says:

    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

  14. Julie says:

    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.

  15. Ryan says:

    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.

  16. Elias says:

    If this is true I can tell you for sure I am moving my money from chase today… I have neen a CPC for 5 years with more than the required money in it, but it was mostly for the fee free debit card and the credit card benefits. This will kill the only real benefit.

  17. Ryan says:

    Chase’s official response is of course purposely vague. Have they ever publicly commenting confirming 5/24 or have queries about it in general always been vague as well?

  18. Rob says:

    Just approved for business preferred. Applied in branch with CPC banker 22 days ago, Received card today. 8/24 and about 400k with Chase.

  19. Mingjie says:

    DP, 450k with chase, 9/24. CSR approved one month ago with 8/24, but when I saw this news, I applied for Marriott, 7-10days message on automated line, called recon, still denied, due to too many new accounts opened in the past two years. I asked if I can have special consideration with my CPC status, he said they do that before, but since one week ago, they can not do that anymore. F*ck.

  20. Scott says:

    Newly CPC, applied last Friday for DW (15/24) for CSR, IP, and CSP – all approved through extensive recon. Didn’t hear about the new policy, and applied for myself (20/24) for CSR, and was told by 3 different reps, including an elevated resolution specialist, that the new policy as of Dec. 7 doesn’t allow any recon even for CPC. Sounds like the game is up! Anybody else have any luck using CPC to get recon yesterday or today?

  21. Debra says:

    Went to chase branch to move $250k+ and apply for CSR. Local staff told me that if I wanted chase for its credit cards, chase did not want me. (i have a 5/24 issue, obviously). I travel 85%. By a different route, had a contact from Chase and followed up. Was told again my business was not desired. I wont ask a third time. Note, I have an 800 credit score and plenty of disposible income. Cant really understand the point of issuing CSR if you dont want the business that follows.

  22. aj says:

    I’m a new CPC just to skirt 5/24. I was at 5/24. I applied, got the wait message, called a couple hours later and was approved.

    But my 5 was including Ink Plus and United Business, which some say don’t count toward 5/24. Can anyone comment on that?

  23. Diamond Vargas says:

    Data point: Became CPC on Nov. 19. Applied in-branch for the CSR and IP on Nov. 21. Weirdly the rep just took my info, submitted the apps, and said I’d hear back in a few days — when I inquired about getting a decision immediately, she said they “don’t do that for in-branch applications anymore”, which doesn’t sound right but whatever.

    Thanksgiving slowed things down, got a call from her on Nov. 28 saying that both apps had been denied, but she would immediately connect me with reconsideration, which she did. Long conversations about both cards with credit rep: IP first, and at the end she said she’d submit it for further consideration and that I’d hear back. Ok. Basically said the same thing about the CSR, but at the last second I “clarified” that I didn’t need more credit and would be happy to move some over from my existing CSP. She approved it immediately.

    On 12/2 I got a denial letter on the IP for “too many requests for credit with us”. I went to a different Chase branch on 12/7 and spoke with a CPC banker who I know separately through my employer’s relationship with Chase. Explained the situation, he connected me with another reconsideration rep, very long conversation with a very nice lady — I stressed that I’d be happy to move credit over from another business card and that I did not need more aggregate credit. After 1/2 hour was approved.

    So I can’t really draw any conclusions at all from this, but persistence worked. 180k+ UR on the way.

    Details: Prior to this I had 4 business and 2 personal cards with Chase, including Ink Cash and Ink Plus, both of which receive copious and almost exclusively 5x spending. I have churned cards with Chase as much as possible for ~5 years. I have had personal and small business bank accounts with them for many years, neither of which more than a few thousand $$ balances prior to CPC. I was around 28/24 including small business cards. Credit scores around 780. Yes, I feel pretty lucky.

  24. Louis says:

    Do not challenge the rule–2 cards within 30 days. Wish I had read this website before. I am a CPC with over 500k balance on chase savings, and more balance in chase brokerage accounts. I do not know the 300k in branch Cfu offer, so I applied this card online. Even if I had this offer in branch during these months, I cannot match this offer because of the online application. I applied two chase cards in Jan, and two days ago I applied csr. Got denied, because of two many accounts opened in the past 30 days. Do not trust the bankers, they have no idea about their own policies.

  25. JL says:

    I wish I had read this thread before moving assets to qualify for CPC. Wasted a lot of time talking to guys in a branch who wanted my money there. Moved $300K over this month and was denied the Sapphire Reserve card twice. Now moving it back to my other brokerage account. Upside is that I’m getting a small cash bonus and a refund of Chase’s ridiculous transfer fee to move it back.

  26. KP says:

    CPC here at 8/24 and was approved for the Reserve. No pre- approval.

  27. Chris Wall says:

    Any update on this recently? I was invited for CPC, really have no need for it, but desperately want an Ink card. Worth doing CPC for the card?

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