Chase credit cards are one of the best in the business. They offer great sign-up bonuses while having some great features such as 5% rotating categories on popular categories and having a 1.5x point value multiplier when booking travel through the portal with the Chase Sapphire Reserved. Chase is a large competitor of American Express who have their own rules here, and many times compete with American Express on providing more value in sign-up bonuses and credits given on their premium cards. While they provide great value, Chase does keep us in check with a couple rules of their own.
This rule from Chase simply states that the maximum number of applications in any 30 day period is two. After this, your application will automatically be rejected, leaving you with a hard pull and nothing to show for it. This is one way that Chase keeps the velocity of credit card enthusiasts in check.
This rule is most likely the most infamous in the credit card game. With Chase being one of the two top credit card companies (at least in my opinion and many others that I have read and heard), it is difficult not to alter your credit card strategy around this rule.
What this rule basically states is that Chase will deny an applicant after you have received 5 PERSONAL cards in 24 months, your application will automatically be denied.
Is There a Way Around This Rule?
One way to get around this rule is to apply for business credit cards. I have found that there tends to be resistance and hesitation in applying for these cards because “I do not have a business” when in reality, more often than not, people actual qualify for these cards. Do you drive for Uber or Lyft? Do you sell stuff on Ebay or Mercari or Etsy? Do you trim your neighborhood’s lawn? If you make money doing anything, most likely you will qualify for these cards.
From what I have heard you can also get around this rule if you are pre-qualified for a Chase credit card. This usually can be found in the app under “Just for you” and this allows you to bypass the rule.
These two methods are the only ways to get around the 5/24 rule. If you are at or above 5/24, you will most likely be rejected for any Chase credit cards when you apply. In the meantime, you can look at other credit card issuers. If you really want a Chase credit card and you are over 5/24, and you want to still apply for credit cards, you will need to apply for business credit cards to prevent more cards from adding onto the credit card count. The credit card issuers that do not affect the 5/24 rule (outside of Chase) include American Express and Bank of America.
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Checking out, Kenny