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The Obvious First Card Choice After Dropping Below “5/24”

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The Obvious First Card Choice After Dropping Below “5/24”

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FINALLY!  It’s been a struggle for my wife and me to earn some of the best Chase card sign-up bonuses because we were both impacted by the “5/24” rule.  Chase will NOT approve you for most of their cards if you’ve opened 5+ cards from any bank (NOT counting Chase business cards and these other business cards) in the past 24 months.

Unfortunately, I’m still under this restriction until August 2018.  But my wife fell below the limit as of June 1.  To celebrate, she obviously had to apply for a new card right away — the Ink Business Preferred℠ Credit Card.

The Ink Business Preferred has the HIGHEST sign-up bonus of ANY card earning Chase Ultimate Rewards points.  And these points have been key to our success in the miles & points hobby!  We used these flexible points to save a lot of money on our around-the-world honeymoon and an unbelievable family vacation to New Zealand!

After Patiently Waiting to Drop Below Chase’s “5/24” Limit, My Wife Was Approved for the Ink Business Preferred Card!

The nice part is my wife and I both have cards that earn Chase Ultimate Rewards points.  So after she earns the valuable 80,000-point Ink Business Preferred sign-up bonus, we can combine points in one account to make it easier to book award travel.

Why the 80,000-Point Ink Business Preferred Offer Is an Amazing Deal!

When you sign-up for the Chase Ink Business Preferred card, you’ll earn 80,000 Chase Ultimate Rewards points after you spend $5,000 on purchases in the first 3 months from account opening.

You can redeem the sign-up bonus for $800 in cash back OR $1,000 in travel by booking airfare, hotel stays, or car rentals through the Chase travel portal (with no blackout dates!).

But the sign-up bonus has the potential to be worth MUCH more if you transfer points directly to Chase’s airline and hotel partners, which include:

  • Aer Lingus
  • British Airways
  • FlyingBlue (Air France / KLM)
  • Hyatt
  • Iberia
  • IHG
  • Korean Air
  • Marriott or Ritz-Carlton
  • Singapore Airlines
  • Southwest
  • United Airlines
  • Virgin Atlantic

Thanks to alliances and partnerships, the list of Chase airline partners opens up a lot of opportunities for Big Travel with Small Money!  For example, after earning the Ink Business Preferred sign-up bonus myself, I transferred points to United Airlines to book a Business Class award flight on Star Alliance partner Air New Zealand.  Paying cash for a similar ticket would have cost more than $4,000!  And flying across the Pacific Ocean in a lie-flat seat was awesome!

Earning the Ink Business Preferred Sign-Up Bonus Helped Me Get This Amazing and Comfortable Lie-Flat Business Class Seat on a ~12 Hour Flight to New Zealand!

My wife and I don’t have specific plans for what we’ll do with the 80,000-point sign-up bonus.  But I’m confident it will get us at least $2,000 worth of travel!

Ink Business Preferred cardholders 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 Ultimate Rewards travel portal
  • Primary auto rental insurance (CDW) when renting for business purposes, plus purchase and extended warranty protection

The card has a $95 annual fee, which is NOT waived the first year.  But the value of the sign-up bonus and ongoing 3X bonus category make it a card worth keeping in my opinion.

The cell phone insurance perk is handy too!  I filed a claim after damaging my iPhone and received a reimbursement check to offset part of the repair cost.

The Ink Business Preferred will be a great addition to my wife’s wallet because she already has other Chase Ultimate Rewards point earning cards, including the Chase Freedom and Chase Freedom Unlimited.

Plus, I have 4 cards earning Chase Ultimate Rewards points.  So between both of us, we can earn a lot of points in different bonus categories.  Then, combine points to book award flights or free hotel stays!

See related:   Best Chase credit cards

Even After Opening a New Card, My Wife Will Still Be Below “5/24”

This is one of the top secrets in the miles & points hobby.  Most small business credit cards do NOT appear on your personal credit report.  This includes Chase small business credit cards.

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.

So even though my wife recently opened the Chase Ink Business Preferred, she’ll remain below the “5/24” limit because this account will NOT appear on her personal credit report.  This means she’s eligible to apply for other valuable Chase cards, like the Marriott Rewards® Premier Plus Credit Card, which currently has a 100,000-point sign-up bonus offer!

Marriott Credit Card Review
Adding a Chase Small Business Card to Your Wallet Will Not Count Toward Your 5 Card in 24 Month Limit! So You Can Still Be Eligible for Other Popular Cards, Like the Chase Marriott Card! This Card’s 100,000-Point Sign-Up Bonus Could Get You a Luxurious Stay at The St. Regis Punta Mita!

Helpful “5/24” Application Tip!

I had been tracking my wife’s “5/24” status like a hawk.  I knew that the 5th oldest card on her credit report would drop off in the middle of May.  The day after I thought it would fall off, she decided to apply for the Ink Business Preferred.  But she was NOT approved because of the typical “too many recent card accounts.”

We called the Chase reconsideration line and the helpful representative advised the 5th oldest card wouldn’t drop off in their system until a new month started.  So we waited a couple more weeks and applied for the card on June 1.  Sure enough, she was instantly approved!

Bottom Line

My wife and I love earning new cardmember sign-up bonuses to save on travel.  But we’ve been limited from earning most Chase card bonuses because of the “5/24” rule.

As of June, my wife dropped below the limit.  So she decided to apply for the Ink Business Preferred card, which has the highest sign-up bonus of ANY card earning Chase Ultimate Rewards points.

After she meets minimum spending requirements on the card, she’ll earn 80,000 Chase Ultimate Rewards points, worth at least $1,000 in travel!

The best part about getting this small business card is it does NOT appear on her personal credit report.  So she’ll continue to stay below the “5/24” limit, which means she has an open slot to apply for other top Chase credit cards!

Are you impacted by the Chase “5/24” rule?  What’s your strategy been to continue earning miles & points?

Other Popular Million Mile Secrets Articles to Read

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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Thank you for the tip about old applications dropping off on the new month. I was skeptical google would help me find an answer for when to apply after dropping under 5/24.

Wonderful! Glad you found the information helpful. Would have been a shame to take a hard pull on your credit report without realizing you’re still over 5/24 🙂

I’m over 5/24 because I’m an idiot and being over is THE worst!! (I didn’t realize that the business card wouldn’t count and I ordered my applications weird!). Anyway I’m in a real pickle and torn between waiting or just proceeding with the new Hyatt card. But I’m really concerned because I have a ton of Chase cards, 9 in total, and I’m worried if I cancel my current Hyatt and reapply that I won’t get it. I’ve never heard of anyone else holding 9 Chase cards simultaneously before , have you? I’d cancel some but I love them all. And as I said, I’m worried about not being able to get them again. Do you think, having 9 cards, that applying for a new one will trigger them to shut down my accounts or to just not approve it? I’m sitting on 200,000 UR and I don’t want to lose them! But I really want that Hyatt card . Tell me what to do

Hi Kristi, that’s a tough question! The good news is that I’ve read other people in online forums having more than 10 cards with Chase and haven’t had any issues. My understanding is that they mainly care about how much credit they’ve extended to you.

It seems like Chase shutdowns of accounts are quite rare, especially as long as the rest of your credit profile is good (good credit score, not maxing our accounts, applying for too many cards in a short amount of time, or anything that might make it seem like you’re high risk), I’m thinking you should be okay and that worst case scenario they ask you to reallocated credit limits among your existing cards.

Ultimately, no one will know exactly what will happen since it’s the banks final call. But all I can say is that it is possible to have 10+ cards with Chase and not be shutdown (based on reports of others in online forums).

Thanks Andrew! That is the perfect answer. I genuinely had only heard of others having 6 or 7 Chase cards so I was feeling so lucky to have my nine! It might be worth the gamble to me to try for the Hyatt again.

I have a free night sitting in my Hyatt account right now, do I need to book that first or since it’s in my Hyatt account would cancelling the card not affect the free night voucher?

Hi Kristi! I did poke around some forums online and it seems the overwhelming consistent consensus is that for the old Chase Hyatt, cancelling the card will not affect the annual night certificate/voucher if it’s already in your account.

I have managed to accumulate 340,000 chase points since last summer.

I can’t get any new cards. It’s frustrating because between my business and personal I earn 10,000 per month. Every time I look at it and basically see 1 point per it drives me crazy.

I still have a 5-year-old ink card that I earn 5 points for cable and phone.

I use the sapphire reserve for everything else but the bonus is poor. I earn 2 points per dining out but everything else is 1 point. I wish I was smarter in the beginning and got the freedom card with the cash back.

Can you call chase and find out when you fall below the 5/24 rule. I have a spreadsheet but my credit report does not have most of the cards on it I have gotten

Hi Tim – we recently published a guide to checking your 5/24 status:

When they say small business, what is their definition? I’ve seen some say business account or some kind of identifier/proof. Others not.

Hi Vonnie – you don’t have to be a formal corporation, but you must show the bank you’re attempting to make a profit or already realizing a profit with a for-profit venture.

I still have the Ink Business Plus card from 2+ years ago. Since this Ink Business Preferred card (I assume) is essentially the same as that Ink Plus card, will I even be able to get approved for the 80k bonus?

Yes! You can earn the sign-up bonus on both because the 2 cards are considered different card products.

Thanks for such a quick reply!

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