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Chase has said “we have restrictions related to the number of new cards customers can receive in a period of time.”
The conventional wisdom is that Chase seems only to want to approve people for this card if they haven’t opened for 5 new cards in the past 24 months.
- Not all cards count when calculating whether you’ve had 5 in the last 24 months
- They don’t apply the 5/24 standard to all of their cards
- And the standard doesn’t apply to everyone
In general it’s been thought that the ‘5/24’ standard doesn’t apply to Chase Private Client customers — those with a relationship with a banker, who may be helpful getting an application pushed through. They’ll usually have $250,000 or more on deposit with the bank. Although I’ve heard from readers who tell me they’re Chase Private Client customers and who have been denied for cards due to too many recent accounts opened.
Some people get approved despite having many more than 5 new cards. I’ve been asking their credit scores when they email me, they seem to have very high scores and six figure incomes, but I’m dealing with a small pool of data points and don’t fully know why someone will or won’t have the standard applied to them.
If you live near a Chase branch it’s worth stopping in if you’re over 5/24, ask if you’re preapproved for any cards.
Cards That 5/24 Doesn’t Apply To
If you’ve had 5 or more new card accounts in the past 24 months, you may not be out of luck. As I say, plenty of reports of people still being approved for new Chase cards though they’re definitely in the small minority.
However 5/24 doesn’t seem to apply to all cards. According to Doctor of Credit, the following cards are unaffected by 5/24:
Chase British Airways
Chase Marriott Premier business card
I do not have direct links to these cards (except for the Ritz-Carlton Rewards® Credit Card), and information about them isn’t provided or reviewed by Chase.
The strongest of these products in my view is the Ritz-Carlton Rewards® Credit Card. It offers 3 complimentary nights at any participating Tier 1-4 Ritz-Carlton hotel after $5,000 spend on purchases in your first 3 months from account opening.
Ritz-Carlton Laguna Niguel, Credit: Ritz-Carlton
The card comes with automatic Gold Elite status for your first account year. You can keep Gold status in subsequent years with $10,000 in purchases on the card each year. And $75,000 in purchases in an account year on the Ritz-Carlton credit card earns top tier Platinum status. Gold gets you complimentary room upgrades and late checkout. Ritz-Carlton Rewards Gold is honored as Marriott Rewards Gold at Marriott hotel properties.
You also get a $100 airfare credit when buying tickets through their portal (which limited you to United, Delta, and American) for two to five passengers. You can use this benefit an unlimited number of times.
And you get a $300 annual airline fee credit to use on this like seat upgrades, baggage fees and lounge memberships or club passes. Since it’s an annual benefit, you should be able to get the Ritz-Carlton credit card now and use the credit in 2016, and then again at the beginning of 2017 — for a total of $600 all in your first annual fee year.
Not to mention a Priority Pass Select card for lounge access. This gets you into the 900 clubs that are part of the Priority Pass network. In the US that means Alaska Airlines clubs, and many lounges operated by foreign airlines. It means independent lounge networks like The Club. And it means lounges all over the world, most places you’ll travel.
Cards That Don’t Count Towards 5/24
Small business cards don’t generally show up on your credit report. About a week and a half ago the Business Gold Rewards Card from American Express OPEN 50,000 Membership Rewards points after $5,000 spend on purchases with the card within your first 3 months of cardmembership. That won’t count towards the total Chase sees.
It’s believed that even Chase business cards don’t count, even though they’re aware you have them, although 5/24 may apply to your getting the card.