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Chase seems not to approve new credit cards for most customers that have had 5 or more new accounts in the last 24 months. There are exceptions, there are readers do report getting approved and they usually report especially high incomes and credit scores. But this seems to apply to far more people than it doesn’t.
Non-Chase business credit cards apparently do not count towards your 5 (with most issuers they do not show on your personal credit report).
If you’re under 5/24, getting a Chase business card is a no brainer. Get the Ink Business Preferred℠ Credit Card which offers 80,000 points after $5000 spend within 3 months and earns triple points on the first $150,000 spend on travel, telecommunications, shipping and advertising on social-media and search engines. It even comes with protection for your cell phone if you buy it using the card.
Then if you’re under 5/24, getting another great Chase personal card makes sense. The best online card offer is for the Chase Sapphire Preferred Card: 50,000 points after $4000 spend within 3 months and 5000 more points for adding a no annual fee authorized user and making a purchase on the card within 3 months. This is a $0 annual fee the first year (then $95) card that earns double points on travel and dining.
But if you’re over 5/24 there are several approaches to consider.
- Visit a Chase branch. When I lived in DC there wasn’t one within 100 miles of me so this wasn’t an option unless I built it into my travels. You may be pre-approved for an offer in-branch, or now even online if you have the ‘new’ Chase account interface (I do not) and those generally won’t impose 5/24 restrictions. Chase branches also sometimes have better offers than are available online, for instance the Sapphire Reserve Card still has a 100,000 point offer in branch.
- Get a card that 5/24 doesn’t apply to. Chase doesn’t seem to impose this restriction on its IHG, Hyatt, British Airways, Fairmont, Ritz-Carlton, or Amazon cards. Getting one of these cards adds to your total of new accounts, but your total of new accounts in the last 24 months doesn’t seem to stand in the way of approval for most.
- Hold off applying for cards. You can wait it out until you’ve had fewer new card accounts in the past 24 months. Note that you need to wait until the start of the month following when you’ve hit 24 months to apply.
- Focus on other issuers. Chase is the only one imposing this restriction. American Express will give you the bonus once for each of their products. Citibank will give you a bonus for each family of products and then you need to wait 24 months from closing the account before being eligible for a bonus from that family again. Bank of America remains much more generous.
If you’re over restricted by 5/24, what’s your approach to new credit cards?