Update 1/4/17: Chase Private Client no longer works to bypass 5/24.
Chase Private Client
We all want to get approved for Chase’s credit cards, yet most cards fall under the notorious 5/24 rule, and we can’t get them through conventional means.
The primary method people are using to bypass 5/24 is getting pre-approvals in a Chase branch or possibly getting an invite-only offer from Chase.
But for a lucky few, there’s another way: Chase Private Client status.
Chase Private Client (CPC) is typically reserved for those with $250,000 or more in accounts with Chase, although some may get that status with less or by piggybacking on family member’s status.
There are three separate points at which Private Client can potentially help you for credit card approvals.
Limited data points suggest that CPC status might help with instant approvals, even using the standard online application system.
Greg from Frequentmiler mentioned to me that he’s aware of some limited data points to this effect, and I know of at least one other similar report from a friend. It seems that CPC is tied to your name/SSN, and the system can sometimes auto-approve you even past 5/24.
According to a CPC banker, applications submitted by Private Clients show up differently on the back-end in the Chase system. All the CPC’s balances and other relationship information is there.
Pending applications which are manually reviewed will automatically get special treatment by the reviewers. They’ll work harder to get it approved.
You can even try calling reconsideration without involving your CPC banker, and you’ll get special consideration due to CPC status.
Your CPC Banker
While I list this last in the chronological order of an application, this is perhaps the most important tool in getting CPC approvals.
If your application isn’t instantly approved, ask your banker to push for approval. It’s the same reconsideration line for Private Clients, but the banker lets them know about the CPC status and they use different measures for approval. By having your banker go to bat for you using this special line, chances are good that you can get approvals other people wouldn’t.
Things like 5/24 and similar hurdles which so often come up for ordinary applicants are often overlooked for Private Clients.
It’s always worth putting your banker’s employee code on the application (ask your banker what it is) so that they’ll be especially invested in trying to get the application approved.
CPC is not a foolproof way to get approved as evidenced by some recent comments from those who couldn’t get approved for the Sapphire Reserve card despite being CPC. Being that we’re dealing here with humans, results will always vary. However, the overall feel of Private Client reconsideration is that they’ll try whatever they can to get you approved.
The 5/24 rule, in particular, seems to be mostly waived for Private Clients. I’d wager that a CPC wouldn’t ever get denied for 5/24 alone when utilizing this special reconsideration.
There’s also a second level of reconsideration which can be used when the initial result is denial. This level might not be exclusive for CPC’s, but they’re more likely to send it up there if you are CPC.
Aside from helping with approvals, CPC’s are known to get higher signup offers than ordinary folks. For example, Private Clients might be offered a 65k bonus on the Sapphire Preferred instead of 55k.
J.P. Morgan Reserve
Above CPC, there’s another status level with Chase called Private Banking client, typically for those who have $5M+ with Chase.
There is one credit card exclusive for Private Banking customers, the J.P. Morgan Reserve. Reports indicate that this card is run entirely separate from the standard credit card department, and typical ‘rules’ (5/24, etc.) probably won’t apply at all for this card.
In conclusion, let’s emphasize that not all CPC applications will get approved, and it’s not necessarily a good idea to move all your money to Chase just to get better odds at credit card approvals. Only you can decide that.