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.”
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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 5/24||Cards Not Impacted by 5/24|
|Chase Sapphire Preferred® Card||Chase Hyatt Credit Card|
|Chase Sapphire Reserve℠ Card||Chase IHG® Rewards Club Select Credit Card|
|Chase Freedom® Card||Chase Marriott Rewards® Premier Business Credit Card|
|Chase Freedom Unlimited℠||Chase British Airways Visa Signature® Card|
|Ink Business Preferred℠ Credit Card||Chase Ritz-Carlton Rewards® Credit Card|
|Chase Ink Business Cash℠ Credit Card||Chase Amazon Rewards Visa Card|
|Chase Slate® Card||Chase Disney Rewards® Visa® Card|
|United MileagePlus® Explorer Card||Chase Disney Premier Visa® Card|
|Chase United MileagePlus® Club Card||Chase 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.
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.
On your Chase Ultimate Rewards account under “Your Offers,” you might find a card offer under “Selected For You.”
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.
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!