Chase offers many terrific travel rewards credit cards, like the Chase Sapphire Preferred® Card (my #1 card pick for beginners). But the bank also has strict application rules, which makes it difficult to get many of their cards if you open lots of new accounts.
Chase will NOT approve you for most of their cards if you’ve opened 5 or more credit card accounts (from any bank) in the past 24 months (NOT counting Chase business cards and these other business cards).
Team member Keith is over the “5/24” card limit. He’s patiently waiting to get below the limit, so he can earn valuable sign-up bonuses with Chase cards he doesn’t already have. I’ll let him tell you about his current credit credit strategy!
Keith: Thanks, Daraius! My wife and I have been very selective with which credit cards we apply for. Because we’re both on track to drop below the “5/24” level in May 2018, which means we’ll be eligible to get new Chase credit cards!
As a miles & points
addict enthusiast, I don’t think I could completely stop applying for new cards. That’s why my strategy has been to apply for cards that do NOT appear on my personal credit report.
When a card doesn’t show up on your credit report, Chase won’t see it either! This means it will NOT count toward your 5 card limit.
Why Get Below 5/24?
Earning sign-up bonuses on Chase cards the past few years has allowed my wife and I to get Big Travel with Small Money, including an around-the-world honeymoon and a family trip to New Zealand and Australia.
We’ve taken advantage of great offers on these cards:
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve
- IHG® Rewards Club Select Credit Card
- Ink Business Preferred℠ Credit Card
- Southwest Rapid Rewards® Premier Credit Card
- Southwest Rapid Rewards® Premier Business Credit Card
- The Hyatt Credit Card
But opening these accounts (and cards from other banks) means we’ve been unable to get approved for other Chase cards, like the Marriott Rewards® Premier Credit Card. And we can’t reapply for Chase cards we’ve previously had to earn the sign-up bonus again.
My main motive for getting below 5/24 is to be eligible to earn 2 Chase Southwest credit card sign-up bonuses next year. When you time it right, the sign-up bonus points from 2 Southwest cards make it easy to earn the Southwest Companion Pass.
I’ve had the Companion Pass for 3 years. It’s saved my wife and I thousands of dollars on flights to amazing destinations like Cabo San Lucas, New York City, and many more! And Southwest will begin flying to Hawaii in 2018, so it would be amazing to continue getting 2-for-1 flights!
Continue to Earn Sign-Up Bonuses If You’re Above 5/24
To avoid opening new cards that count toward Chase’s 5/24 limit, my strategy has been to strictly apply for certain small business cards. I qualify for business credit cards by selling items for a profit on eBay. You can check out these 7 quick small business ideas if you’re looking for inspiration to make yourself eligible for valuable credit card sign-up bonuses!
Specifically, I’ve applied for the Bank of America Alaska Airlines Visa Business Card®. Alaska Airlines miles are extremely valuable because you can use them to book award flights on partner airlines like Cathay Pacific.
And it’s possible to have multiple Bank of America Alaska Airlines small business cards open at the same time. You just have to wait 90 days between applications. Keep in mind, some folks are reporting Bank of America is restricting folks to opening 3 Bank of America cards per rolling 12-month period.
Depending on your travel goals, you could also consider these cards if you’re over 5/24 and still want to earn a new cardmember sign-up bonus:
- JetBlue Business Card from Barclaycard
- Starwood Preferred Guest® Business Credit Card from American Express
- The Business Gold Rewards Card from American Express OPEN
- The Business Platinum® Card from American Express OPEN
How to Check Your Chase “5/24” Status
If you’re looking to check how many credit cards you’ve recently opened, you can sign-up for a Credit Karma account. It’s free and only takes a few minutes.
Million Mile Secrets team member Keith is anxious to drop below Chase’s “5/24” card limit. He’s planning ahead to hopefully have an opportunity apply for 2 Chase Southwest credit cards in 2018 to earn the Southwest Companion Pass.
That said, he hasn’t completely stopped applying for credit cards. He’s earned valuable sign-up bonuses with small business cards like the Bank of America Alaska Airlines Visa Business Card®.
Remember, business cards issued by most banks do NOT appear on your personal credit report. So they don’t count toward Chase’s “5/24” card limit.
If you’re over “5/24,” I’d love to hear your strategy. Are you waiting to drop below or just continue to apply for cards from other banks?