What Is Chase’s 5/24 Rule and How Does It Work? (2024)

FAQs

What Is Chase’s 5/24 Rule and How Does It Work? ›

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

The 5/24 rule states that if you have been approved for five or more credit cards in the last 24 months, you will automatically be denied for any Chase credit card products. This is to prevent consumers from applying to credit cards solely for the welcome bonus and closing the account before the annual fee comes due.

The only confirmed method for bypassing the Chase 5/24 rule requires already being a Chase customer. Some customers may receive a targeted "Just for You" credit card offer through their online account.

Because the 5/24 rule only applies to Chase credit cards, it's best to apply for the credit cards you want from Chase first. Once you have the Chase cards you want, you can expand to other issuers. Of course, you'll have to adhere to the rules that apply to the other banks.

To check your 5/24 status, you must count the number of credit cards you've been approved for over the past 24 months. If an account was opened within the past 24 months, even if it's currently closed, it will count against your 5/24 limit. One of the easiest ways to check your 5/24 status is with the Experian app.

Hard pulls can affect your credit score and may also hurt your eligibility for new credit cards and/or loans — especially if the number of inquiries reaches six.

Mortgages, auto loans, student loans, credit cards that you were not approved for and certain small-business cards (see below) do not contribute to your 5/24 score. Generally, all personal credit cards, including charge cards and retail store cards, are factored into your 5/24 count.

Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.

It's fairly simple: the Chase 5/24 rule states that if you've signed up for 5 new accounts in the past 24 months, your chances of being approved for a Chase credit card within that time period are slim to none. You might want to know this is not an official rule (you won't find evidence of it on Chase's website).

Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

What is the $3000 bank rule? ›

for cash of $3,000-$10,000, inclusive, to the same customer in a day, it must keep a record. more to the same customer in a day, regardless of the method of payment, it must keep a record. a record. The Bank Secrecy Act (BSA) was enacted by Congress in 1970 to fight money laundering and other financial crimes.

The highest reported credit limit for Chase is $100,000, on the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®. A limit this high is naturally only available to people with excellent credit and a high income.

Understanding the 5/24 rule:

The most important rule to consider in collecting points is the “5/24 rule.” The rule is simple: If you get 5 personal credit cards in any 24-month period, you're automatically prohibited from getting a 6th Chase or Capital One card.

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

2/30 Rule. The 2/30 rule says that you can only have two applications every 30 days or else you'll automatically be rejected. If you don't have a high credit score (700+), your chances of getting approved for the Chase Sapphire Reserve® is slim.

Certain store cards opened within the past 24 months that are part of a national payment system. Some store cards that can be used only at a single store may also count toward your 5/24 status. Be very careful with these.

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Your credit card billing cycle typically lasts 28 to 31 days. The number of days in each billing cycle can change but should be roughly one month. There should be 12 billing cycles for your credit card per year, even if December's billing cycle ends sometime in January.

No. If you are approved for a Chase business card, it shouldn't add to your 5/24 standing. However, you must be below 5/24 to get approved for most Chase business cards.