Newly Expanded Chase 5-24 Rule Versus Warren Buffett 5-25 Rule: My Chase Credit Card Strategy

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Newly Expanded Chase 5-24 Rule Versus Warren Buffett 5-25 Rule: My Chase Credit Card Strategy

Scott LiebermanNewly Expanded Chase 5-24 Rule Versus Warren Buffett 5-25 Rule: My Chase Credit Card StrategyMillion Mile Secrets Team

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Chase 5-24 Rule:  Chase won’t approve you for the most of the best travel credit cards if you’ve opened 5 or more credit cards from ANY bank within the past 24 months.  Important exception:  Business credit cards from American Express, Bank of America, Chase, Citi, and Wells Fargo do NOT count towards your 5 credit card total.

That locks you out from terrific Chase credit cards like:

Scott using his Chase Sapphire Preferred credit card points to hike the beautiful mountains and lakes of Poland
Because of the Chase 5-24 Rule, You Want to Collect Certain Chase Credit Cards First.  Here’s How to Think It Through.  (That’s Me Rocking My Chase Sapphire Preferred in Europe.  Not Shown: Europeans Wondering Why Some American Guy Is Wearing a Seinfeld T-Shirt and Posing With a Credit Card)

Warren Buffett 5-25 Rule:  Make a list of your top 25 career goals.  Circle the 5 most important.  Cross out the rest.  Do not let them distract you.  Focus is your friend.  Distraction is your enemy.

In short, don’t spread yourself too thin!  Master a handful of things, rather than be mediocre at many.

Here’s how I apply Buffett the Billionaire’s rule to my travel credit card collecting.

A Chase 5-24 Rule Strategy That’ll Get You Awesome Travel

Make a list of all the Chase credit cards you desire.  It might look something like this:

Chase Sapphire Reserve®

Chase Sapphire Preferred® Card

(You can only have ONE of the two cards above.  So cross one out.  Both are great.  Everyone on our team has one of the two above, so you can’t go wrong.)

Ink Business Preferred Credit Card — Biggest Chase Ultimate Rewards points bonus!

Ink Business Cash Credit Card

Ink Business Unlimited℠ Credit Card

(You ARE allowed to have one of each of the Ink small business cards!  I have the Ink Cash AND the Ink Unlimited.  And when I’m under the Chase 5/24 rule, I’m eyeing the big bonus on the Chase Ink Business Preferred.)

Southwest Rapid Rewards® Premier Credit Card

Southwest Rapid Rewards® Plus Credit Card

Southwest Rapid Rewards® Priority Credit Card

You can only have ONE of the three Southwest personal cards above.

You can have the Southwest Business credit card and a personal Southwest card.

You should be circling these if you want the #1 deal in travel — the Southwest Companion Pass.  When you earn it, your partner flies free with you for up to 2 years on Southwest Airlines.  Our co-founder Emily saves $1,000s with this perk each year.

The World Of Hyatt Credit Card – I have the older version of this card.  Love it.  Previously this card wasn’t part of the Chase 5-24 rule but now it is!

British Airways Visa Signature® Card

IHG® Rewards Club Premier Credit Card — IHG points are super easy to use around the world.  I have this card too.

United℠ Explorer Card

You might even have MORE Chase options on your list!  Circle the ones you MUST have.  Cross out the others.

The Order in Which You Apply for Travel Credit Cards Matters

Now that you’ve selected your Top 5, start with the business credit cards, if you’re eligible.  Yes, your for-profit side-hustle makes you eligible.

I’ve been approved for Chase credit cards using my social security number and applying as a sole proprietor for the businesses I’m growing.  Meghan on our team rents out vacation homes as her business.  Keith re-sells products on sites like eBay as his business.  We use the Chase business credit cards to improve our businesses.  The Ink Business Preferred Credit Card has 3X categories that incentivize you with bonus points for your regular business expenses.

You’re starting with the business credit cards because they do NOT count towards the 5 credit cards you can open in the previous 24 months.

So knock yourself out with

Ink Business Preferred Credit Card

Ink Business Cash Credit Card

Southwest Rapid Rewards® Premier Business Credit Card,

and so on.

Ink Business Preferred Credit Card is a great one to start with because with it you can transfer your Chase Ultimate Rewards points into awesome travel loyalty programs to get luxury hotels and First Class flights.  Of course coach flights are good too.  I’ve often moved my Chase Ultimate Rewards points into United Airlines miles to fly to Europe on United’s partners like TAP Portugal and LOT Polish. 

As for comfort, for me, paying $8,000 to lay down to sleep 8 hours on a bed in Business Class with good food and complimentary cocktails to Europe wouldn’t have been possible without using Chase Ultimate Rewards points instead of money.

I Flew in Business Class bed to Europe using Chase points from my Chase Sapphire Preferred credit card
I Used Chase Ultimate Rewards Points to Fly Business Class to Europe This Past Summer.  Understanding the Chase 5-24 Rule Helped Me Make Smart Credit Card Application Decisions to Earn the Points I Needed!

I simply moved my Chase Ultimate Rewards points to United and flew on Air Canada Business Class there and on Lufthansa Business Class back home.  It was great!

After you get you Chase business credit cards (or you skip it because you don’t have a business) move on to circle your top personal credit card choices.


Chase Sapphire Preferred® Card 


Chase Sapphire Reserve®.   

You can’t have both.

If you know for sure you’ll use all the perks on the Reserve go for that one.  Otherwise, the Chase Sapphire Preferred is perfect for your situation.  Again, EVERYONE on our team has one of these 2 cards.  It’s the most important tool in your Big Travel with Small Money toolbox.

Then go down your list and focus on the cards that make the most sense for YOUR situation.

Not all of the Chase cards on that big list above will deny you because of opening “too many” credit cards recently.  But the Hyatt card was recently added to the restricted list and it’s clear that Chase is moving to add most/all of their cards to this unfortunate policy.

After you’ve been approved for the Chase cards you want, go for travel credit cards from other issuers.  And remember business credit cards from American Express, Bank of America, Chase, Citi, and Wells Fargo do NOT count towards the 5 you can open within 24 months to still be eligible for Chase cards.

3 Top Credit Cards to Look at Once You’re Locked Out by the Chase 5/24 Rule

Bottom Line

Which Chase credit cards do YOU have?  Or which do you want next?

I’ve got

Chase Sapphire Preferred® Card
Ink Business Cash Credit Card
Ink Business Unlimited℠ Credit Card
IHG® Rewards Club Premier Credit Card
The World Of Hyatt Credit Card (older version)
Chase Freedom

and I REALLY want the Ink Business Preferred Credit Card next!

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Ink Business Preferred℠ Credit Card

Ink Business Preferred℠ Credit Card

  • Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
  • Earn 1 point per $1 on all other purchases–with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more – your points don't expire as long as your account is open
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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I don’t recommend applying for CSR or CSP right after you get Ink Preferred, because any one of the three can transfer points. I would wait for at least a year, during which you can get one or two other cards, then apply for CSR or CSP, if approved, you can cancel Ink Preferred to avoid the annual fee without losing the ability to transfer points.

This stupid post has been way too high with respect to lead articles for way too long. Quality has significantly deteriorated since the departure of Darrious.

You DO NOT want to start with the business cards as your post suggests.

You want to get Chase personal cards first.

If you start with biz cards, you are missing out on running time off of the 2 year clock on Chase personal cards.

Basic stuff. Agree blog has gone down in quality.

Currently I’ve got:

Chase Sapphire Preferred
Ink Business Cash
IHG Rewards Club Premier
IHG Rewards Select (old card)

Looking to add:
The World Of Hyatt
Chase Freedom Unlimited (or the business version)

Wow! You’ve got a pretty nice collection of cards there 🙂

I’ve got 6 cards with Chase myself. I’ve got my eye on the World of Hyatt card!

My husband applied for and received the business preferred card. About a month later, he applied for the CSR and after a half hour interview, he was ultimately denied because in essence, they just opened a business card for him. How long should one wait between applying for a chase business card and a chase personal card ?

Does applying for a chase business checking account with a soft credit pull count towards the 5/24 rule? I received a $300 promo for opening a chase business checking account.

I’m confused slightly because my partner had both the reserve and the sapphire preferred cards. I dunno how he did it but I know he did.

Hi YoshG!

For a time, it was possible to have both the Sapphire Preferred and Sapphire Reserve cards. I believe in late 2017 is when Chase introduced a new restriction allowing new card members to only have a single Sapphire product.

Ahh! Thank you very much for the clarification :).

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