Chase’s 5/24 is Expanding

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On Wednesday I attended a briefing with Chase and Hyatt executives about the new Hyatt co-brand card that launches today. I’ll have more on that today.

We talked through the reasons for the new card benefits and had time for some question and answer. I asked about Chase’s “5/24” rule — that for many of their cards they will only approve applicants who have had fewer than 5 new credit card accounts in the last 24 months. I discussed these restrictions and their full details on, well, 5/24 (May 24th).

That rule hasn’t applied to the Hyatt product. I asked whether it would apply for the new card.

Chase’s President of co-brand cards Leslie Gillin explained that:

  • There was no change in procedure right away for the Hyatt card
  • But that we should expect it eventually
  • Indeed expect the rule to roll out over time across the rest of their portfolio, too

She seemed to suggest that cards like the British Airways Visa Signature® Card which has an offer to earn up to 100,000 Avios and the IHG® Rewards Club Premier Credit Card which has an initial bonus offer of 80,000 points after $2000 spend within 3 months and 5,000 points after you add your first authorized user and make a purchase in the first three months will eventually see 5/24 restrictions applied. (Offer expired)

Today it’s possible to be approved for those cards if you’ve had 5 or more new card accounts in the last 24 months. That may not remain the case, although she didn’t offer a timeline matched to products for when we could see changes occur.

I should add that the detail of when any given product will change over its policy may be below Ms. Gillin’s pay grade so data points will still matter including on the Hyatt card.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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  1. Gary,

    Do you suppose that the agreements with Chase’s CC partners may at times limit Chase’s ability to deny an application based on indicia of churning, and that as time passes by, and new agreements are entered or old agreements get modified, such contractual limitations will get amended?

  2. Sheesh! How the heck are us come-lately hackers supposed to keep up with all you frequent travely types, Boraxo? 😉

  3. Chase cancelled all 4 of my chase cards without telling me because they did a review and decided i had too many credit cards. Not once did i miss a payment and paid off all the cards, except the 0% cards, each month.

  4. Hopefully Chase will limit themselves to the point where it hurts their business I personally will be applying to all other companies but Chase,Ive been a great customer of theirs in the past but I refuse to be bullied around with their stupid 5/24 rule baking literally stick it where the sun don’t shine as far as I’m concerned

  5. Chase is the dumbest card provider out there except in securing desirable travel partners and reasonable customer support
    Chase came up with a rule 5/24 that hurts their business rather than looking
    at who abuses their relationship VS and those that that seriously
    spend and have excellent credit scores and payment histories
    Citibank has it right Amex has it right and Chase are bloody idiots
    I would never buy their stock as they are penny wise pound foolish
    If they only had a brain in their one size fits all head
    They would look at those who sign up and don’t spend and cancel in a short time
    after receiving the bonus looking for patterns
    Or perhaps consider once in a lifetime per card product and a host of other procedures
    that make sense for all parties.
    But to shed profitable customers in hopes of getting more long term loyalty from little to no spending is the height of stupidity otherwise known as Chase

    They have damaged their credibility with me likely a lifetime in anything to do with their credit cards and banking business
    I don’t see how this is even legal or ever made good sense
    Mind you I’m all for ending chronic churning and abuses but at least manage
    in a way that makes sense for all parties to conduct business productively
    I nominate only Wells Fargo and Bank of America as more dishonest than Chase
    in horrible corrupt damaging
    policies
    Have to give Citibank credit card division an honorary mention
    outstanding customer service and great Customer relationship management overall
    .For that reason alone I spend heavily with them

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