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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.