Source: The Points Guy
Summary
The Chase 5/24 rule is an unofficial policy that restricts credit card approvals for individuals who have opened five or more new credit cards in the past 24 months. The rule applies to most Chase cards, and approvals are also influenced by credit score, income, and debt levels. To check 5/24 status, sign up for Experian’s free credit report service and count accounts opened in the last 24 months. Certain accounts, such as store cards and small-business cards from specific issuers, are excluded from the 5/24 count. Card conversions and upgrades may not be reported as new accounts, but it’s essential to ask the bank about the process to avoid adding to the 5/24 standing.
Our Reading
The escape is carefully planned.
Chase’s 5/24 rule is a strategic consideration for credit card rewards enthusiasts.
Applying for multiple Chase cards too quickly can lead to account scrutiny and shutdowns.
Authorized user cards and specific store cards can add to the 5/24 count.
Card conversions and upgrades may not be reported as new accounts, but it’s crucial to ask the bank about the process.
Chase’s 5/24 rule is a well-established policy with no signs of disappearing anytime soon.
Author: Evan Null
