I receive compensation for many links on this blog. You don’t have to use these links, but I am grateful to you if you do. American Express, Citibank, Chase, Capital One and other banks are advertising partners of this site. Any opinions expressed in this post are my own, and have not been reviewed, approved, or endorsed by my advertising partners. I do not write about all credit cards that are available -- instead focusing on miles, points, and cash back (and currencies that can be converted into the same).
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 at 5/24, you may be stuck. These are great products and it’s not that you simply aren’t eligible for a signup bonus, many applicants will be declined for the product.
That’s why it’s important to get Chase products first, getting a Chase Sapphire Preferred Card now lets you get other cards from different banks without standing in the way of being approved for a Sapphire Preferred.
I get it what Chase is trying to do here. I really do. Chase figures if you’ve had 5 or more new card accounts in the last 24 months you’re likely switching cards too quickly to become profitable and earn back their marketing costs (e.g. signup bonus). Limiting approvals to those with fewer than 5 new cards in 24 months only cuts off a small percentage of the population, perhaps 5%, and likely much of those cut off would be unprofitable.
But that doesn’t mean everyone is unprofitable. And it’s bad customer service for existing bank and investment clients, or major credit card spenders, to be rejected. Perhaps someone with 4 new cards in the past 2 years starts a business and wants a Chase Visa to keep their business spend separate.
I know that I want the Ink Business Preferred℠ Credit Card for triple points on social media and search advertising, and for the cell phone protection it offers — even apart from the bonus.
So I wish that Chase would approve applications even they won’t award the bonus to people who have reached 5/24. Perhaps they’re worried about not delivering a bonus that’s advertised, but American Express does it — they advertise bonuses but say that an individual is eligible for only one bonus per card product in a lifetime, and they deny bonuses to people who have had a card before. In any case, Chase could create applications with no promise of a bonus specifically for those at 5/24 or above.
That way someone who wants to spend money towards elite status with Marriott (which matches to Starwood) using the Marriott Rewards® Premier Credit Card can do it.
Al Wadi Desert Resort, credit: Marriott
Create an application that offers no bonus, and flag the application so that when some customers invariably message asking agents to match them to the current bonus offer the request is denied.
That way it’s possible for consumers to get and spend money on Chase cards, while meeting Chase’s objective not to acquire unprofitable customers.