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Folks love Chase credit cards because they have some of the most lucrative sign-up bonuses of any bank. But Chase also has the most restrictive rules for approving new applications.
Million Mile Secret Agent Wendy asked:
I thought the “5/24” rule only applied to Chase cards. It seems it’s not like that?
Let’s review what exactly the Chase “5/24” rule is and how it works.
Which Credit Cards Are Affected by the Chase “5/24” Rule?
You will have a much tougher time getting a Chase credit card application approved if you have opened 5+ new credit cards from any bank within the past 24 months. This rule applies to all of Chase’s credit cards except for the following:
|Card Name||Sign-Up Bonus|
|Marriott Rewards Premier Business Credit Card||75,000 Marriott points after you spend $3,000 on purchases in the first 3 months from account opening|
|The Hyatt Credit Card||40,000 Hyatt points after you spend $2,000 on purchases in the first 3 months from account opening. Plus, a $50 statement credit after your first purchase.|
|British Airways Visa Signature® Card||Up to 75,000 British Airways Avios points after you spend $10,000 on purchases in the first year of account opening|
|Ritz-Carlton Rewards® Credit Card||2 complimentary nights at any Tier 1-4 Ritz-Carlton hotel after you spend $4,000 on purchases in the first 3 months from account opening|
|Disney® Premier Visa® Card||$200 statement credit after you spend $500 on purchases in the first 3 months from account opening|
Team member Jasmin is waiting to fall under “5/24” so she can get new Chase cards. Here’s how to check your status.
Which Credit Cards Do NOT Count Toward Your “5/24” Limit?
Small business credit cards from certain banks will NOT show up on your personal credit report. And those accounts will NOT count toward your “5/24” limit. Small business credit cards from the following banks will not show up on your personal credit report:
- Bank of America
- Wells Fargo
Because Chase small business cards do not count toward your “5/24” status, you could apply for one while you’re under the limit and it won’t put you over. But if you are already over the “5/24” rule, then it’s likely you won’t be approved for a new Chase small business credit card. The one exception to that situation is the Chase Marriott Rewards Premier Business Credit Card.
That said, whether or not you’re approved for any Chase card is still up to the bank.
If you are looking to open a new Chase credit card, remember, this rule is not the only factor that will affect your approval chances.
Thanks for the question, Wendy!