What Exactly is Chase’s “5/24” Rule?!

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For those of you already invested into the many points and miles blogs, you can probably skip this post. For those somewhat new to this crazy world, you’ve probably heard the term “5/24” being used quite often and have no freaking clue what that is. This term has been used quite often in regards to the new Chase Sapphire Reserve credit card. This is a brand new card with an unbelievable offer, so many folks are anxiously trying to get approved! You can read more about this card here. 

Here is the “5/24” rule explained in detail…

Essentially, this is an unofficial Chase rule where if you’ve applied and been approved for five or more personal cards in the past 24 months, you will automatically be declined. It doesn’t matter if you have a perfect credit history or credit score. And this just means you’ve actually received the card in the past 2 years, not that you actually have 5 cards in your wallet. Also,  the five or more cards includes cards from all banks – Chase, Citi, American Express, Discover, etc. It also includes being added on as an authorized user.

With all that being said, some applications seems to have fallen through the cracks and even though they fall within this 5/24 timeframe, their application has been approved. So even though their is a “rule” in place, there is still a chance that you could be approved (although slim chance). Additionally, if what put you over 4 cards was being an authorized user, typically you can talk to the reconsideration line and they will be able to put your application through. So if you have applied for 3 cards in the past 24 months and been added on as an authorized user twice, while you might be declined immediately, a simple call could get you an approval.

What Chase cards fall within the 5/24 rule?

  • Chase Sapphire Preferred
  • Chase Sapphire Reserve
  • Chase Freedom
  • Chase Freedom Unlimited
  • Chase Ink Plus
  • Chase Ink Cash
  • Chase Slate
  • Chase Marriott (personal)
  • Chase Southwest Plus (personal)
  • Chase Southwest Premier (personal)
  • Chase Southwest Premier (business)
  • Chase United MileagePlus Club
  • Chase United MileagePlus Explorer (personal)
  • Chase United MileagePlus Explorer (business)

Which Chase cards DO NOT fall within the 5/24 rule?

While most personal and business cards fall within the rule, there are a handful that are exempt (for no known reason!). This could change at any point, but for now those cards include:

  • Chase Amazon
  • Chase AARP
  • Chase British Airways
  • Chase Disney
  • Chase Fairmont
  • Chase Hyatt
  • Chase InterIHG
  • Chase Marriott Premier (business)
  • Chase Ritz-Carlton

Is this actually a rule?

When this “rule” was rolled out no Chase representative would actually acknowledge this rule. If you called the reconsideration line they would simply tell you that you have been denied by having too many applications and leave it at that. No specific number of timeframe would be given. With that being said, for a few hours last week, Chase actually put wording on the Chase Sapphire Reserve application. It stated “You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months”. That wording on the application was short lived. So there seems as though there is a defined rule, but Chase won’t actually make it official. I am sure the legal department had something to do with taking it down!

Getting around the rule

Rules are meant to be broken, right?! A few ways people have been able to get approved for cards even if they have applied for 5 or more cards in the past 24 months include…

  • Just applying, keeping their fingers crossed, and luck of the draw they are approved (although this isn’t too common!).
  • Being pre-approved. Either getting a pre-approval application in the mail or going into a local Chase branch to ask if they’ve been pre-approved for any offers. If you’ve been pre-approved for an offer there is a good chance you can still get approved (assuming good credit, etc.), despite the “5/24” rule
  • Become a Chase Private Client. With this status, typically the “5/24” rule does not apply and your personal banker is able to get an application approved. This technically requires you to have $250,000 or more with Chase. Although some people have been able to become a client by convincing a representative that they’ll eventually have this much money at Chase. You’ll have to speak to a banker in the branch.

Overall…

While I personally hate this “rule” since it limits the number of cards I can apply for, I do understand why they are doing it. Come November though I will actually only have 4 cards within the past 24 months so will be keeping my fingers crossed that the Chase Sapphire Reserve card still has the same sign up bonus. I keep a spreadsheet documenting when I open cards (along with a bunch of other important information on the card) so that has helped me determine when I am eligible to get more cards through Chase.

Key Links:

  • Chase Sapphire Reserve: 100,000 Chase Ultimate Reward points after you spend $4,000 on the card within the first three months.

Comments

  1. I applied and was not initially approved. I got the “we will get back to you in 30 days by mail” reply.
    However, I contacted Chase and asked to speak with the lending group. They told me my application was still pending. I asked if they needed more information. Apparently not.
    The agent said she could give me an instant answer if I was willing to move some credit around from my other Chase cards. I said sure. So basically she took $15K of credit from the $34K on my Chase Sapphire Preferred and voila, I was approved. Card to arrive in 10
    Days.

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