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Million Mile Secrets reader, Ryan, commented:
Does the Chase “5/24 rule” only apply to inquires for credit cards or also other loans as well? I have 4 credit inquires in the past 24 months, including 1 loan and 3 credit cards.
Also, are there any free reliable tools to count credit inquiries?
Great questions, Ryan!
Only new credit card accounts count toward Chase’s “5/24” limit. So if you’ve opened 5 or more new credit cards (from any bank) in the past 24 months, you will NOT be approved for most Chase cards.
Additional credit inquiries for loans or declined card applications don’t count toward Chase’s 5/24 limit. That said, all banks review your credit report. And too many inquiries could impact your chances of getting approved for new cards.
Why I Suggest Applying for Chase Cards First
Chase cards have some of the most valuable sign-up bonuses. And their strict application rules mean you won’t be approved for most of them if you apply for other bank cards first.
Although, there are a few Chase travel cards, which are NOT impacted by the rules. And remember, getting small business cards with most banks will NOT count against Chase’s card limits.
1. Chase Sapphire Preferred
Link: Chase Sapphire Preferred
You can earn 50,000 Chase Ultimate Rewards points on the Chase Sapphire Preferred after spending $4,000 on purchases in the first 3 months of opening your account.
Emily and I used Chase Ultimate Rewards points to save money on wonderful stays at hotels like the Hyatt Regency Maui.
With this card, you’ll also get:
- 2X Chase Ultimate Rewards points on travel and dining at restaurants & 1 point per $1 spent on all other purchases worldwide
- 5,000 bonus Chase Ultimate Rewards points when you add an authorized user and make a purchase within the first 3 months
- Primary car rental insurance – Covers damage or theft to your rental car, when you pay for the rental with your card
- Trip delay reimbursement – Get up to $500 back per ticket when your trip is delayed more than 12 hours
- NO foreign transaction fees
The $95 annual fee is also waived the first year. So you can use the card for 11 months without paying anything, and decide if you like the perks enough to pay the annual fee.
2. Chase Sapphire Reserve
Link: Chase Sapphire Reserve
With the Chase Sapphire Reserve, you’ll earn 50,000 Chase Ultimate Rewards points after you spend $4,000 on purchases in the first 3 months from account opening.
You’ll get at least $750 worth of travel when you redeem the sign-up bonus points through the Chase Ultimate Rewards Travel Portal. Because your Chase Ultimate Rewards points are worth 1.5 cents each for travel booked through Chase!
You’ll also get benefits like:
- 3X Chase Ultimate Rewards points on travel & dining
- $300 statement credit for travel purchases (like airfare, Airbnb, hotels, car rental, Uber, etc.) each cardmember year
- Priority Pass Select for access to airport lounges
- $100 statement credit for Global Entry
- No foreign transaction fees
The card comes with a $450 annual fee, NOT waived the first year. But you can easily offset this fee with perks like the $300 travel statement credit and airport lounge access. Emily and I don’t earn a commission on this card, but we’ll always let you know about the best deals!
3. Chase Ink Business Preferred
Because you’ll earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening. That’s the highest public sign-up bonus I’ve seen on a Chase Ultimate Rewards small business card!
Chase Ultimate Rewards points linked to the Ink Preferred are worth 1.25 cents each when you redeem for travel through the Chase portal. This makes the sign-up bonus worth $1,000+ when used toward travel!
With this card, you’ll also get:
- 3X Chase Ultimate Rewards points for every $1 you spend on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites, and search engines (up to a maximum of $150,000 in combined purchases per account anniversary year)
- 1X Chase Ultimate Rewards points on all other purchases
- Up to $600 in cell phone insurance when you pay your cell phone bill with the card
- 25% bonus when you redeem points through the Chase travel portal
- Primary auto rental insurance (CDW) when renting for business purposes, plus purchase and extended warranty protection
Check Chase 5/24 Status
You can quickly check your Chase 5/24 status by viewing your credit report. Here’s a step-by-step guide to using Credit Karma to count how many cards you’ve opened.
If you don’t already have a Credit Karma account, it’s easy and free to sign-up.
Remember, only credit card accounts count toward Chase’s limits. So you don’t have to count home loans or other types of credit accounts.
Chase only counts recent credit card accounts and not other types of credit, like auto or home loans.
Due to the strict Chase application rules, I recommend getting their cards first. Because you can earn valuable sign-up bonuses with cards like:
Remember, you can quickly check your Chase 5/24 status for free by using Credit Karma.