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The unofficial Chase 5/24 rule prevents consumers from qualifying for some Chase products if you've opened more than five credit cards in the past 24 months.
Table of contents
- What is the Chase 5/24 rule?
- How to calculate your Chase 5/24 status
- Cards affected by the Chase 5/24 rule
- Cards NOT affected by the Chase 5/24 rule
- What other accounts add to your 5/24 status?
- What to do if you are over 5/24
- What to do if you are under 5/24
- Should you wait to apply for a Chase card?
- Chase 5/24 FAQs
The Chase 5/24 rule is an unwritten rule from Chase that prevents you from opening a new card with Chase (and earning the sign-up bonus on that card) if you've opened too many credit cards with any issuer in the recent past.
The credit card rewards arena can be confusing and intimidating when you first enter. There are an infinite amount of credit cards to choose from, and so many factors to consider when applying for a credit card. While credit score, income and employment are important criteria in getting approved for a card, another key factor to keep in mind when looking at opening a Chase card is the infamous Chase 5/24 rule.
We will break down the infamous Chase 5/24 rule to help you pick the best Chase credit card for your situation.
What is the Chase 5/24 rule?
The Chase 5/24 rule is a restriction on who can apply for Chase credit cards. 5/24 is an mnemonic code for "five credit card inquiries in the past 24 months." If you have more than five inquiries, you will likely be denied a Chase credit card.
This rule is not "official" — in other words, it's not published in any of Chase's terms and conditions. However, the rule has been documented by the credit card community, with users sharing their own reports on applying for Chase cards.
To show you how the Chase 5/24 rule works, here is a chart:
Number of credit card inquiries in last 24 months
Do you qualify for a Chase credit card?
Why is the Chase 5/24 rule in place?
While it can be frustrating to have a strict rule placed on these cards, it is for good reason. The sign-up bonuses for the cards covered by the rule are extremely lucrative. Cardholders often game the system by applying for cards, earning the cards' bonuses and then closing the accounts so they can pursue sign-up bonuses on other cards. This behavior can be very costly for issuers.
How to calculate your Chase 5/24 status
To calculate your Chase 5/24 status, you should obtain a copy of your credit report and count your number of new accounts in the past 24 months. There are several sites that allow you to do so for free, including LendingTree.
You can create a LendingTree account and then follow the steps below.
- Log in to your account.
- Click on the credit card tab. From there, you will see a drop-down menu. Select "credit card accounts."
- The list of your accounts should appear on the next screen, like in the screenshot below.
In each account listing, you will see an "opened on" date (we've grayed it out in this example). Count the number of accounts with a date equal to or less than 24 months from the current date. If the number is five or less, you may be eligible to apply for a Chase credit card. If it is six or more, your application will very likely be denied.
Cards affected by the Chase 5/24 rule
In the past, only select Chase credit cards were affected by the 5/24 rule. Now, nearly every consumer credit card offered by Chase is affected.
Here's a list of cards that currently fall under the rule:
|Chase Sapphire Preferred® Card||Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.||720 - 850||$95|
|Chase Sapphire Reserve®||Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,200 toward travel when you redeem through Chase Ultimate Rewards®||720 - 850||$550|
|Chase Freedom Flex℠||Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening!||660 - 850||$0|
Cards NOT affected by the Chase 5/24 rule
While you can safely assume most Chase consumer credit cards will be subject to the 5/24 rule, not all Chase business credit cards will be. Though the list above is not completely comprehensive, it does give you a good idea of the amount of Chase cards that are included in this rule. Also, things like student and auto loans, mortgages and credit cards you applied to but did not get approved for will not count toward your 5/24 score.
Do business credit cards count towards the Chase 5/24 rule?
No, most business credit cards do NOT count towards your 5/24 tally, as long as they do not show up on your personal credit report. Because some business credit cards DO report to your personal credit report, those cards will count towards your 5/24. Be sure to double check your personal credit report to see how many accounts you have open before applying for a Chase credit card.
What other accounts add to your 5/24 status?
In general, by opening a personal credit card, you will fill one of your five slots. There are also other types of accounts that Chase considers to determine your 5/24 status:
- Personal credit cards that have been closed.
- Cards that include you as an authorized user. (Some users online suggest that if you apply for a Chase credit card and are denied because of these accounts, you can ask to be reconsidered.)
- Co-branded store cards
What to do if you are over 5/24
Don't worry. There will be opportunities to apply for a Chase credit card down the road. And don't forget, there are excellent cards from other issuers like Capital One and American Express that don't fall under the rule.
If you want to apply for a Chase card in the future, consider holding off on applying for credit cards until you're outside of the 5/24 window. Chase credit cards, both personal and business, are very lucrative, and it may be worth it to wait. On the other hand, waiting until you are compliant with the 5/24 rule may cause you to lose out on promotional sign-up bonuses, or other cards that can be beneficial for you.
Here are a few alternative cards to keep in mind if you are over 5/24:
|The Platinum Card® from American Express||Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.||660 - 850||$695|
What to do if you are under 5/24
You should strongly consider applying for one of the Chase credit cards listed above. The cards that earn Ultimate Rewards points are extremely valuable as the points can be transferred to a list of airline and hotel programs. Also, if you are a small business owner, Chase offers several excellent business credit cards.
Be sure to select a card that best fits your personal and/or business needs. The rewards you earn, such as points, miles or cash back, can be very valuable. Furthermore, for an increased annual fee, you may find a product with a larger sign-up bonus and better benefits.
Cards raise and lower their sign-up bonuses frequently, so it may be advantageous to do a bit of research of the bonuses prior to applying to see if waiting for a promotion could net you additional points.
Should you wait to apply for a Chase card?
While some consumers may wait for their 5/24 status to become favorable, others don't wait as there are plenty of other credit card offers to grab.
No strategy is necessarily better than the other — it's a matter of what's best for you. Regardless of which method you choose, be sure to practice sound personal finance skills by using credit cards responsibly, and you will be earning heaps of rewards quickly.
Tip: If you are deciding which strategy will be best for you when it comes to managing your Chase credit cards, you may want to take the following steps into consideration:
- Check your personal credit report and make sure you're within your limits for the Chase 5/24 rule.
- If you're planning to open a business credit card, check if it will show up on your personal credit report.
- Make sure your credit score is high enough for approval before filling out an application.
- Consider your personal spending habits and preferences and compare the top card options to make sure you're applying to the best credit card for your needs.
Chase 5/24 FAQs
Do Chase business credit cards count toward 5/24?
No, Chase business credit cards will not count toward 5/24 as long as they aren't listed on your personal credit report. However, you must be under 5/24 in order to be considered.
Do other issuers' business cards count toward 5/24?
Yes, they do.
Which Chase cards are not subject to 5/24?
While most Chase consumer credit cards are subject to 5/24, not all Chase business credit cards are. You'll want to check ahead of time to see if the business card in question will report to your personal credit report. If not, it will not count toward your 5/24 score.
Can I do a product change with Chase if I'm over 5/24?
Yes, you can — this is one method of circumventing 5/24 the rule. Unfortunately, by doing a product change in place of opening a new account, you won't be eligible to earn the sign-up bonus on that card.
Can you bypass the Chase 5/24 rule?
There have been ways published online to circumvent the rule, but many of these loopholes are closed off quickly. So while one-off instances may pop up occasionally, there are no tried and true methods of bypassing the 5/24 rule (aside from doing a product change).
Do other types of loans count against Chase 5/24?
No. Loans like student loans, auto loans or a mortgage are not considered in your Chase 5/24 count.
Does the 5/24 rule affect other card issuers?
Every card issuer has its own rules for card approval, but only Chase adheres specifically to the 5/24 rule.
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