What is the Chase 5/24 rule, and how does it work?

While most issuers have some sort of rule for how many accounts you can have open with them before qualifying for a new card, Chase is even stricter than most, holding applicants to what is commonly known as the “5/24” rule.

This rule – which is one of the most limiting in terms of accounts you can have open – can make it difficult for rewards card enthusiasts to open multiple accounts in a short period of time.

However, by understanding how Chase’s 5/24 rule works and how you can abide by it, you can boost your chances of being approved for one of the bank’s popular credit cards.

What is the 5/24 rule?

Chase is known for requiring applicants to meet the 5/24 rule, which means that if you’ve opened five or more credit cards with any issuer in the last 24 months, it is likely you won’t be approved for a new Chase card (even if you’ve since closed the cards).

Unfortunately, there aren’t any sure-fire ways to circumvent this requirement; you must wait the required amount of time before applying for a Chase credit card.

Which cards are subject to the 5/24 rule?

While there is no way to know for sure which cards fall under Chase’s 5/24 rule (the bank doesn’t publicly announce this restriction), reports from The Points Guy show that the following credit cards abide by the policy:

Chase has not always held its airline and hotel co-branded cards, such as the IHG Rewards Club Premier Credit Card, to the 5/24 rule, but recent accounts have found that all Chase credit cards are now subject to the restriction.

Exceptions to the 5/24 rule

Beating the 5/24 rule is no easy feat, but some Chase applicants have had success being approved for targeted credit card offers – even if they have too many recent accounts. While this has happened on a case-by-case basis, it is not a guaranteed way around the rule, and we recommend against using tricks like these to try to skirt the requirements.

  • Apply for a Chase small business credit card: While these cards do require you to meet the 5/24 rule when you apply, they won’t count against your 5/24 standing. That means you can still technically have more than five open accounts in the last 24 months and still be under 5/24 – if some of those accounts are business cards. Plus, qualifying for a small business credit card is easier than you might think, and even sole proprietorships are eligible.
  • Opt for a product change rather than a new card application: If you don’t meet 5/24 – but you already have a Chase credit card that no longer suits your needs – you can upgrade or downgrade a card with Chase. Just keep in mind that you won’t be eligible for the new card’s introductory offer by choosing this option.
  • “Just for you” offers: You may be able to avoid the 5/24 rule by checking your targeted offers. When you’re logged in to your Chase personal account, check the “Just for you” tab under “Explore products” to see your targeted offers.
  • Authorized users: If you’re an authorized user on one of your five new accounts and are over 5/24, you may be able to plead your case to a credit analyst. However, the authorized user card will likely need to be closed and removed from your report, which can take between 60 and 90 days.

How to check your 5/24 standing

The easiest way to see if you are within the five open accounts rule in the last 24 months is to check your credit report. You can request a free copy of your credit report from any one of the three major credit bureaus at AnnualCreditReport.com, for example.

How to calculate your 5/24 standing

When you’re reviewing your credit report, check the list of all of your credit card accounts and the dates they were opened. Count the accounts opened in the last 24 months – even those that were opened and closed within that period. Note that the cards you carry as an authorized user will add to your 5/24 standing, too, so be sure to consider them when calculating. Further, car loans, student loans and mortgages do not count toward your 5/24 limit.

Tips for improving your approval odds for a Chase card

  • Wait out the time you need to fall under 5/24 rather than trying to circumvent the rule. While some people have had success using tricks like applying for targeted offers, you’re better off waiting to meet the qualifications to increase your chances of approval.
  • Keep a close eye on your credit report and open accounts.
  • If you need a new card but want to stay under five open accounts, consider applying for business cards – many don’t count toward 5/24.
  • Avoid applying for too many cards at once. Sign-up bonuses and new rewards schemes can be tempting, but you should think carefully before opening any new credit card.
  • On top of meeting 5/24 rules, make sure your credit score is within the new card’s suggested range before applying. This rule is one of many factors Chase considers for approval.

Bottom line

The Chase 5/24 rule is one of the strictest requirements for new applicants among card issuers, so it’s important to know where you stand before applying for a new card.

As long as you’re strategic about applying for cards and do not exceed five applications in a 24-month period, you can ensure you won’t be hindered by the Chase 5/24 rule.

*The information about the AARP Credit Card From Chase, Aer Lingus Visa Signature Credit Card, Amazon Prime Rewards Visa Signature Card, Chase Freedom, Disney Premier Visa Card, Disney Visa card from Chase, Iberia Visa Signature Credit Card, Starbucks Rewards Visa card, Southwest® Rapid Rewards® Premier Business Credit Card, United℠ Business Card, United MileagePlus Club Business Card and United MileagePlus Club Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

Source: creditcards.com

Has Barclays Started Reporting Business Cards To Personal Reports? (Maybe, Datapoints Needed)

Traditionally Barclays has not reported Barclays Business credit cards to a consumers personal credit report. This is important for people wanting to stay under the Chase 5/24 rule. In the last month there has been two datapoints stating that a Barclays Business card was reported to their credit report: 1, 2. 3,  Datapoints from more than a month ago (e.g 2021 or before) are still showing as unreported so it’s possible this is a new change although with only two datapoints it’s too early to tell.

In the past people have gotten the hard pull confused with the card history showing, but both of these new datapoints that is definitely not the case. Feel free to share your datapoints in the comments below.

Source: doctorofcredit.com

Chase Cards Not Subject To 5/24 Rules?

Update: Seeing some approvals on Southwest Personal & United Explorer cards as well.

Currently there are some datapoints of people being successfully approved for the Chase Amazon credit card despite being over 5/24. That card is currently offering an increased sign up bonus of $200. Earlier this year Chase increased credit limits on existing cardholders Amazon cards by a lot.

Amazon has been considering replacing Chase as a co-branded partner so Chase removing the 5/24 rule could be due to either trying to keep them as a partner or pad the stats if another issuer plans to purchase the backbook from Chase.

If you do apply, share your 5/24 stats and application status in the comments below.

Source: doctorofcredit.com

TPG reader credit card question: Is the Chase 5/24 rule based on inquiries or new accounts? – The Points Guy

Does the Chase 5/24 rule count credit inquiries? – The Points Guy

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Source: thepointsguy.com

Chase Sapphire Preferred Card vs. American Express Green Card

The Chase Sapphire Preferred Card has long been a stalwart in the mid-tier category of cards, consisting of credit cards with annual fees around $100.

For a long time, American Express had great premium cards (such as the American Express® Gold Card or the many varieties of the The Platinum Card® from American Express) but not a strong competitor to the Sapphire Preferred. When Amex announced a major overhaul to the American Express® Green Card* a few years back, with (positive!) adjustments to its benefits and bonuses, that changed.

However, the Chase Sapphire Preferred Card has recently received a boost in benefits. Check out how the cards currently stack up.

Chase Sapphire Preferred vs. Amex Green Card

Card Chase Sapphire Preferred® Card
Chase Sapphire Preferred Card
American Green CardAmerican Express Green Card
Rewards rate
  • 5X points on travel booked through the Chase Ultimate Rewards travel portal
  • 3X points on restaurants, select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs)
  • 2X points on all other travel purchases
  • 1X points on other purchases
  • 3X points on travel, transit and restaurants
  • 1X points on other purchases
Welcome bonus 100,000 points if you spend $4,000 in first 3 months 45,000 points if you spend $2,000 in first 6 months
Annual fee $95 $150
More things to know
  • Transfer points 1:1 to 13 travel partners
  • $50 annual hotel credit
  • Travel insurance
  • Primary car rental insurance
  • No foreign transaction fee
  • $0 authorized user fee
  • One year complimentary DoorDash DashPass subscription
  • 25% bonus on points redeemed for travel through Ultimate Rewards portal
  • Transfer points 1:1 to 20 travel partners
  • No foreign transaction fee
  • Up to $100 CLEAR credit
  • Up to $100 LoungeBuddy credit
  • $0 authorized user fee

Welcome bonus

The most valuable part of signing up for a new credit card is often its initial welcome bonus. Instead of only 1 or 2 points per dollar spent, the initial spend on a new card can often earn 10 or 20 points for each dollar spent toward earning the bonus.

That’s no different from the welcome bonuses on these two cards. Unfortunately, comparing the welcome offers on cards can be tricky, since credit card issuers often change them over time, or you may have access to different offers based on a prior relationship with the card issuer.

Still, we’ll take a look at the welcome bonuses of the Chase Sapphire Preferred versus American Express Green as of writing to compare which card comes out on top.

The current welcome bonus on the American Express Green card is 45,000 Membership Rewards points if you spend $2,000 in the first six months – and some individuals may see a 50,000 points welcome bonus targeted offer on Amex’s website.

For the Chase Sapphire Preferred, the current welcome offer is 100,000 Ultimate Rewards points if you spend $4,000 in the first three months (the highest the card has ever offered).

If you’re able to put $4,000 on the new card in the first three months, then the initial offer on the Sapphire Preferred is a clear winner. If your spending is lower, you might consider the lower spending requirement on the Amex Green card.

Like most Chase cards, the Sapphire Preferred is restricted by the Chase 5/24 rule, so if you’ve applied for five or more personal cards from any issuer in the past 24 months, you are unlikely to be approved for a new Sapphire Preferred card. In that case, the Amex Green card would have a huge edge for you.

Redeeming Amex Membership Rewards vs. Chase Ultimate Rewards

American Express and Chase have competing points programs with their Membership Rewards and Ultimate Rewards systems. Ultimate Rewards and Membership Rewards are widely considered to be two of the top systems of points out there.

Both types of points currencies allow you to either use your points directly for travel or transfer to a variety of hotel and airline transfer partners.

When redeeming your points for paid travel, Chase has a clear advantage. With the Sapphire Preferred, your points are worth 1.25 cents per point, and if you additionally have a Chase Sapphire Reserve card, you can combine your points for free and redeem for 1.5 cents per point. Chase also allows you to pay yourself back for purchases in certain categories at the same 1.25 or 1.5 cents per point value.

With the American Express Green card, you can only use your points directly for travel at a rate of 1 cent per point on airfare or 0.7 cents for hotels, car rentals or cruises. The exception is if you also have The Business Platinum Card® from American Express, where you can pay for airfare at a rate of 1 cent per point but then get 35% of your points refunded to you (on up to 500,000 points per calendar year when booked through amextravel.com), making your points worth 1.54 cents per point.

American Express and Chase also feature a variety of transfer partners. Whether the American Express 20 transfer partners are better than Chase’s 13 transfer partners is a matter of opinion, depending on where you like to fly or stay.

See related: 6 worst ways to redeem your credit card rewards

Comparing perks

The Chase Sapphire Preferred card ($95) and the American Express Green card ($150) have similar annual fees, and neither is waived the first year. Neither card charges foreign transaction fees.

Some of the best perks of the Chase Sapphire Preferred card are its trip delay and rental car insurance. You’ll also get a $50 hotel credit each year and a one-year complimentary membership to DoorDash DashPass.

On the Amex Green card side, helping to offset the slightly higher annual fee are a couple of potential statement credits:

See related: Best credit cards for international travel

Bonus categories and everyday spend

The Chase Sapphire Preferred earns 5 points per dollar on travel booked through the Chase Ultimate Rewards travel (2 points per dollar on other travel purchases), 3 points per dollar on dining and 1 point per dollar on all other purchases. The Amex Green card has similar bonus categories, with 3 points per dollar on dining and travel and an additional 3 points per dollar on transit purchases.

The two cards will earn a similar amount for everyday spend, though the American Express Green card will earn more for people who have high transit spending or a high spending on travel booked directly with hotels or airlines. Whether that is enough to offset the higher sign-up bonus on the Sapphire Preferred card will depend on your particular spending patterns.

Bottom line

Depending on your travel and spending habits, these cards come out pretty similarly. Your choice between these may come down to which points ecosystem you prefer – Amex’ or Chase’s. If you’re still unsure which card is right for you, you can also check out other top travel credit cards to expand your search.

*All information about the American Express Green Card has been collected independently by CreditCards.com. The issuer did not provide the content, nor is it responsible for its accuracy.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Source: creditcards.com

Chase Fixed APR Offers No Longer Bypass 5/24

Unfortunately it seems that Chase fixed APR offers no longer bypass the 5/24 rule. This includes: black star offers, green tick/just for you/selected for you offers and leaked links. I suspect this change is due to the leaked links that were being circulated and that eventually black star/green tick offers will byapss 5/24 in the future. It’s unclear at this stage if in branch pre-approvals are still bypass 5/24 or not.

Source: doctorofcredit.com