Chase 5/24 Rule Explained - Everything You Need to Know (2017)
If you’re wondering, “What is the Chase 5/24 rule I keep hearing about?”, you’ve come to the right place.
The Chase 5/24 policy is an unofficial set of guidelines put in place that restricts applicants from being approved for more than 5 new Chase credit cards within a 24 month period, no matter what your credit score is.
5/24 Simplified: that means if you’ve signed up for 5 new accounts in the past 24 months, your chances of being approved for a Chase credit card within that time period are slim to none.
Chase 5/24 = ‘5’ new accounts reported on your credit report in the past ‘24’ months
Is this a new rule?
Nope, not new. Not official either, though. Back in 2015, reports began surfacing that Chase credit card applications were being automatically denied due to applicants having 5 or more new credit card accounts opened over a 24 month period. It seemed to only affect cards that participated in the Ultimate Rewards Program, and while some reported having success despite being over the rumored “magic” number, most applicants over 5/24 were denied.
Again, it was unofficial, but rumors were swirling.
Then, in May 2016, new requirements made it pretty clear that the rule had expanded to include Chase co-branded cards and business credit cards (noted below). At the time of writing, Chase still hasn’t published anything formal about this policy, but it’s interesting following the evolution of it.
What You Should Know About 5/24
Besides the general definition and history of the rule, there’s still a lot to understand about it. We dug a little deeper to find out
- how Chase defines a new account,
- what cards are affected by 5/24,
- what cards are not affected by 5/24 (and why they’re exempt),
- how to figure out if you’re over 5/24,
- ways to get around the 5/24 rule,
- and some FAQs based on the questions we receive the most.
- How Chase Defines “New Account”
Chase counts all new accounts on your report – not just Chase accounts – which is an important distinction. It’s also probably why a lot of the advice you’ve come across encourages you to prioritize signing up for Chase credit cards first.
As an example, let’s say you’ve applied and were approved for 2 Bank of America cards, 1 Discover card, and 2 American Express cards within a 24 month window. Based on how Chase defines a new account, you’d likely be denied if you applied for a Chase card (affected by this rule) because you would be over 5/24.
New accounts are reported to all 3 nationwide credit bureaus, so it doesn’t matter where Chase pulls your credit report from – they’ll find it.
A silver lining: new accounts do not include applications that are denied since they aren’t reported. No one wants to be denied for a card, but if it happens, it’s good to know it won’t show up on your credit report.
Authorized users: If you’re an authorized user on an account, it will show on your credit report and Chase will count it towards the 5/24 rule. You may, however, be able to get an exemption by calling the reconsideration line and convincing one of the representatives to let it slide. More on that later.
Cards affected by the 5/24 rule
While there’s no official list of cards subject to 5/24 (it’s an “unofficial” policy after all) the following cards are affected based on data from the travel rewards community.
- Chase Freedom® Card
- Chase Freedom Unlimited℠ Card
- Ink Business Cash Credit Card
- Ink Business Preferred℠ Credit Card
- Marriott Rewards® Premier Credit Card
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve℠ Card
- Chase Slate® Credit Card
- Southwest Rapid Rewards® Plus Credit Card
- Southwest Rapid Rewards® Premier Credit Card
- Southwest Rapid Rewards® Premier Business Card
- United MileagePlus® Club Card
- United MileagePlus® Club Business Card
- United MileagePlus® Explorer Card
- United MileagePlus® Explorer Business Card
Cards NOT affected by the 5/24 rule
Again, not an official list, but the following cards are not currently affected by the Chase 5/24 rule. From the research we’ve done, our guess is it could be because these cards don’t have business versions available, but even that is uncertain since Marriott does, in fact, have a business credit card that isn’t affected.
- IHG® Rewards Club Select Credit Card
- Marriott Rewards® Premier Business Credit Card
- The Hyatt® Credit Card
- The Ritz-Carlton Rewards® Credit Card
- Amazon Rewards Visa Signature Card
- British Airways Visa Signature® Card
- Disney Premier Visa® Card
- Disney Rewards® Visa® Card
- AARP® Credit Card from Chase
Chase 5/24 Rule Exemptions
If you’re over 5/24 and looking for a way around to get around this rule, you’re in luck – here are a few known exemptions. Note: there are no guarantees that any of these exemptions will work (but it could be worth a try).
‘Selected For You Offers’
Log into your Chase account and expand the menu in the top left corner to see ‘Your Offers.’
In Branch Offers
If you’re at a Chase branch and told (without prompting) that you’ve been pre-approved for a credit card, you may be able to get approved in branch, thus getting around 5/24.
In Branch BRM Paper Offers
‘BRM’ stands for Business Relationship Manager and not every branch has one. If a BRM submits a paper application for a business credit card on your behalf, you may be able to get approved since the application will be handled by a department that doesn’t deny applications based on the 5/24 rule.
Targeted Offers in the Mail
Don’t throw away that “junk” mail! If you receive an invitation offer in the mail (with your own unique invitation code), you may be able to bypass the 5/24 rule.
Taking a Chance
Even with the odds stacked against you, there’s technically nothing stopping you from applying. As you can probably guess, chances of being approved are slim, but some people have had success with it. For example, those at 4/24 who applied for 2 cards on the same day, one right after the other.
If you’re over 5/24 due to being an authorized user on 1 of your 5 new accounts, you may be able to speak with a credit analyst to plead your case by calling the reconsideration line. As a heads up, you’ll likely need to close the authorized user card and request it be removed from your report. This process can take anywhere between 60-90 days and you’ll want to follow up with the creditor once they have updated their records.
What if I’m a Chase Private Client (CPC)?
As of late 2016, being a CPC doesn’t allow you to bypass the 5/24 rule.
FAQs - Chase 5/24 Rule
How do I know if I’m under 5/24?
The best way to know for sure if to review your credit report. Credit Sesame provides it for free.
Otherwise, by doing a little simple math.
Ex 1. If today is 5/31/17 and you literally count back 24 months, your 5/24 start date would be 6/1/15
Ex 2. If today is 9/18/17 and you count back 24 months, your 5/24 start date would be 9/18/15
Will closing an account help if I’m over Chase 5/24?
No – the account will still have been opened in the past 24 months, so it counts.
Possible workaround: Some have reported being granted an exemption if the account closed was an authorized user account that pushed them over 5/24. Again, no guarantees, but it may be worth calling the reconsideration line to discuss with a Chase representative.
What is the contact information for the Chase Reconsideration line?
For personal cards: 1-888-270-2127
For business cards: 1-800-453-9719
What if Chase shows me a banner offer in the Chase app – can that bypass the rule?
Good looking out(!), but no.
If I’m at 4/24 and apply for two new cards on the same day, one right after the other, can I get approved?
It’s possible, but there are no guarantees.
Does Chase count store cards?
Depends. If the card can be used outside that specific store, Chase will count it (since it uses a payment network like Visa, Mastercard, Discover, or American Express). Otherwise, it probably won’t be counted.
Does Chase count auto loans?
No definitive answer, but we assume no since auto loans aren’t bank cards.
Does Chase count home loans and/or mortgages?
No definitive answer, but we assume no since home loans and/or mortgages aren’t bank cards.
Does Chase count student loans?
Maybe. Similar to the loans above, student loans aren’t bank cards (I hear you) but some have reported being denied due to their student loans being counted as part of the 5 new accounts.
Does Chase count charge cards?
Yes – If it’s affiliated with a bank, Chase will count it.
If I’m over 5/24 and none of the exemptions (above) are applicable to me, what can I do?
1) Wait until your accounts have been opened for longer than 24 months, 2) apply for a card that isn’t affected by 5/24 (see list above).