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).
If you’ve opened 5 or more new credit cards in the past 24 months, most people are excluded from many new Chase credit cards.
Only a small percentage of people sign up for 5 new cards in 2 years. Those who do spend less on each card, and keep cards for less time, than average. So the bank figures it is excluding unprofitable customers who want earn back the cost of signup bonuses.
Though not published, this is often referred to as the ‘5/24 rule’ where Chase typically only approves people for several of their new cards if they haven’t had 5 or more new card accounts in the past 24 months.
If you’re not sure where you stand — how recently you’ve opened new accounts — Credit Karma has an easy way to find out. When you pull your free credit report on their site, you can select to see your credit card accounts, and then sort by opening date of accounts.
Prioritize the Chase Cards That Are Subject to ‘5/24’
Get the Chase Sapphire Preferred Card as the first card in the frequent flyer rewards game (it’s my gateway drug — a great signup bonus at 50,000 points after $4000 spend within 3 months; 7500 more points for adding an authorized user and making a purchase within the same time period; great points that transfer to several different airline and hotel loyalty programs; and ‘try before you buy’ $0 annual fee the first year then $95).
Then I’d graduate to the Chase Sapphire Reserve Card which earns triple points on travel and dining (Sapphire Preferred earns double points) but has a $450 annual fee, partially offset by a $300 annual travel credit.
And I’d get the Chase Ink Business Preferred Credit Card, the small business card which I think has the very best card signup bonus right now at 80,000 points after $5000 spend within 3 months and earns 3 points per dollar on travel — that’s airlines, hotels, rental cars, tolls, even Uber — and 3 points per dollar on shipping and advertising on social media and search engines. It also comes with $600 protection against theft or damage when you use it to buy your cell phone.
Each of these are great Chase products, but most people report that they’re only able to get approved for them if they’re below ‘5/24’.
Blocked By 5/24, You Can Still Get These Chase Cards
Not all Chase cards seem to be covered by this “5/24” approach.
The British Airways Visa Signature® Card is not reported by readers to be subject to 5/24.
The Hyatt Credit Card also reportedly allows new card approvals for people over 5/24. It offers 2 free nights at any Hyatt hotel or resort worldwide after $2,000 in purchases in the first 3 months after account opening. You also get 5000 bonus points for adding an authorized user to your account and making a purchase with the card in that same 3 month time frame.
Park Hyatt Hadahaa, Maldives
For completeness, it also appears that 5/24 restrictions do not seem to be imposed on the AARP, Amazon, or Disney cards.
Signing up for these cards do count as new cards when calculating whether you’re over (or well over!) 5 new accounts in the past 24 months. But being at or over 5/24 doesn’t prevent you from getting them.
Stay Under 5/24 While Applying for New Cards
If you’re an authorized user on someone’s account and that shows up on your card report, the card counts towards your five. Authorized user cards can be removed from consideration however. Closed accounts in general do count towards your five, it’s the number that you’ve opened not the number that are currently opened which are considered.
The best thing to know though is that most small business credit cards do not report on your personal credit. They will pull your credit when you apply, but your credit report won’t show the new account when you’re approved.
If you’re over 5/24 and waiting to age some of those new accounts to be eligible for consideration for many Chase products again, or you’re trying to stay under, you can still get cards like:
- Business Gold Rewards Card from American Express OPEN which offers 50,000 Membership Rewards points after $5,000 spend on purchases with the card within your first 3 months of cardmembership.
- The Enhanced Business Platinum® Card from American Express which has an offer of up to 75,000 Membership Rewards points: 50,000 points after $10,000 spend within 3 months and an additional 25,000 points after you spend an additional $10,000 within those first 3 months. (offer expired)
The $450 card comes with most of the same benefits as the personal Platinum card — like a $200 airline fee credit; Delta, Centurion, and Priority Pass Select airport lounge access; Hilton and Starwood (and therefore Marriott) elite status; although it doesn’t have the $200 Uber credit. It does comes with free Gogo internet passes though which the personal Platinum card does not.
American Express Centurion Lounge Houston
- CitiBusiness® / AAdvantage® Platinum Select® World MasterCard® which has an offer for a limited time to earn 60,000 American Airlines AAdvantage® bonus miles after making $3,000 in purchases within the first 3 months of account opening. (Offer expired)
There’s a $0 annual fee the first year, then $95. Cardmembers receive one free checked bag (on domestic American Airlines itineraries for you and up to four companions traveling with you on the same reservation) and preferred boarding on American Airlines domestic flights.
American Miles Can Be Used for Business Class on Cathay Pacific
Apply for Chase Business Cards Even if You’re Over 5/24
Chase Ink Business Preferred Credit Card is a fantastic card, but if 5/24 shuts you out then Doctor of Credit says that in-branch a Chase Business Relationship Manager-submitted paper application goes through a different process that isn’t subject to the new recent application limits.