Chase Sapphire Preferred

The Chase 5/24 Rule – Everything You Need To Know [2017]

Chase 5.24 Rule

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Every bank has rules that credit card applicants should know, and some of these rules even restrict who can open particular cards. Chase has one of the most infamous rules in the industry, which we’ll explain to you here.

Before we get to that, let’s also recognize that Chase offers some of the best credit cards on the market. This makes it that much more important to understand the restrictions that Chase places on some of its cards!

If you plan on getting a few cards to build a collection that will earn you great miles and points, then you need to know the ins and outs of the “Chase 5/24 Rule.”

The Chase 5/24 Rule

Put simply, Chase will not allow applicants to obtain certain credit cards if they have already opened 5 accounts in the last 24 months.

Originally, this rule only applied to cards that earned Chase Ultimate Rewards, including the Chase Sapphire Preferred® Card and the Chase Freedom®. This restriction was later extended to business cards that earn Ultimate Rewards as well.

In mid-2016, the 5/24 rule was extended to many of Chase’s co-branded cards as well. This included cards such as the Chase Southwest Rapid Rewards® Premier Credit Card, United MileagePlus® Explorer Card, and the Chase Marriott Rewards® Premier Credit Card.

Cards Included in the 5/24 Count

All new accounts that show on your personal credit card report are included in your count of 5. Let’s dive into the nuances of how this actually works so it’s very clear.

Personal credit cards issued by any bank report to your personal credit report and these will count against your 5/24 limit. This includes cards issued by American Express, Citi, Discover, Barclaycard, and Bank of America. It even includes cards issued by Synchrony and Comenity.

Comenity and Synchrony issue many credit cards that you can get from retail stores such as Macy’s or Banana Republic. These cards also count toward your total of 5, so it might be best to pass on that one-time in-store discount!

In most cases, business cards do not show on your personal credit report. Exceptions include business cards issued by Capital One and Discover, or any card you use for business expenses that was issued in your own name.

If you close a card that was opened within the last 24 months and appeared on your personal credit report, it will still count toward your limit of 5.

One of the most frustrating aspects of the 5/24 rule is that if you are an authorized user on an account, this will show on your personal report too.

However, you can be removed as an authorized user from these accounts. Make sure to contact the issuing bank so they can tell the 3 credit bureaus to remove the account from your report. Since you were never liable for the card’s activity, they will be able to do this.

Which Cards Are Impacted?

Cards Impacted by 5/24Cards Not Impacted by 5/24
Chase Sapphire Preferred® CardChase Hyatt Credit Card
Chase Sapphire Reserve℠ CardChase IHG® Rewards Club Select Credit Card
Chase Freedom® CardChase Marriott Rewards® Premier Business Credit Card
Chase Freedom Unlimited℠Chase British Airways Visa Signature® Card
Ink Business Preferred℠ Credit CardChase Ritz-Carlton Rewards® Credit Card
Chase Ink Business Cash℠ Credit CardChase Amazon Rewards Visa Card
Chase Slate® CardChase Disney Rewards® Visa® Card
United MileagePlus® Explorer CardChase Disney Premier Visa® Card
Chase United MileagePlus® Club CardChase AARP Card
United MileagePlus® Explorer Business Card
Chase United MileagePlus® Club Business Card
Chase Southwest Rapid Rewards® Premier Credit Card
Chase Southwest Airlines Rapid Rewards® Premier Business Card
Chase Southwest Rapid Rewards® Plus Credit Card
Chase Marriott Rewards® Premier Credit Card

Signing up for Chase Cards After 5/24

If you’ve hit 5/24 and are looking to sign up for a new Chase card, there are several approaches to take.

Sign up for Other Chase Cards

There are plenty of Chase cards that are not impacted by the 5/24 rule (listed above). You have several co-branded options, including the Chase IHG® Rewards Club Select Credit Card and the Chase British Airways Visa Signature® Card.

In-Branch Pre-Approvals

As much as we all love the internet, did you know you can still sign up for a credit card in person? You will sometimes find that you are pre-approved for a Chase card if you visit a bank branch and speak with a banker.

Your Offers

On your Chase Ultimate Rewards account under “Your Offers,” you might find a card offer under “Selected For You.”

Targeted Mailers

Sometimes you will be sent physical offers in the mail, which you can then either complete by visiting a Chase branch or going online to finish your application.

Final Thoughts

The Chase 5/24 rule has really shaken up how miles and points enthusiasts decide what credit cards to open. Many people who are new to earning credit card points have made earning Chase Ultimate Rewards a priority.

For those already beyond 5/24, it’s a frustrating time to want some of these cards. People are always trying to figure out how they can open a new Chase card, especially when a product like the Chase Sapphire Reserve℠ Card is released!

Hopefully, Chase rethinks this rule at some point. Until then, we’ll keep an eye out for any changes and let you know!

Featured Image Courtesy of EQRoy/Shutterstock.com

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
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FAQ

What is the Chase 5/24 rule?
This rule refers to a restriction that Chase places on credit card applicants. If you have opened 5 cards in the last 24 months, Chase will not approve you for many of their products.

Are charge cards included in the count of 5?
Yes. Personal charge cards issued by American Express will be counted.

What cards are impacted by the 5/24 rule?

Card Name
Chase Sapphire Preferred® Card
Chase Sapphire Reserve℠ Card
Chase Freedom®
Chase Freedom Unlimited℠
Ink Business Preferred℠ Credit Card
Chase Ink Business Cash℠ Credit Card
Chase Slate® Card
United MileagePlus® Explorer Card
Chase United MileagePlus® Club Card
United MileagePlus® Explorer Business Card
Chase United MileagePlus® Club Business Card
Chase Southwest Rapid Rewards® Premier Credit Card
Chase Southwest Airlines Rapid Rewards® Premier Business Card
Chase Southwest Rapid Rewards® Plus Credit Card
Chase Marriott Rewards® Premier Credit Card

If I’m an authorized user on someone else’s account, will that count toward my 5/24?
Yes. However, you can have this authorized user account removed from your personal credit report by contacting the issuing bank.

I’m at exactly 5/24 but not above the limit. Can I still get a card impacted by the rule?
No. At this point, you are restricted by Chase until your time has passed.