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Million Mile Secrets reader, Brian, commented:
Do store cards (like Synchrony and Lowes) count toward the Chase 5/24 rule?
Thanks for the question, Brian!
As long as your store card can be used at other stores, it will count toward the Chase “5/24 rule.”
I’ll remind you what counts against Chase’s strict application rules. And what does not count.
Which Cards Count Against Chase’s “5/24 Rule”
As a general rule, any card that appears on your personal credit report will count toward Chase’s strict application policies. Here’s how to check your Chase 5/24 status.
1. Store Cards
Signing-up for a store card at checkout, like the GAP or Macy’s card, to get a discount might seem like a good decision in the moment. But it’s actually costing you a lot more than you’re saving!
That’s because Chase will stop approving you for some of their cards, like the Chase Freedom and Chase Sapphire Preferred Card, if you’ve opened ~5 or more credit cards (from any bank) in the past 24 months. So by opening a store card to save a few bucks, you’re forfeiting a chance to sign-up for valuable Chase credit cards that can potentially save you thousands!
According to Doctor of Credit, store credit cards will count against the “Chase 5/24 rule” if the card can be used outside of that particular store. In other words, if it is a Visa, MasterCard, American Express, etc., it will count against the Chase rule.
If it can only be used inside the store, the card will not count against the Chase “5/24 rule.”
2. Authorized Users
If you are an authorized user on a credit card, it will be reported on your credit report. So it will count against the Chase “5/24 rule.” But you can call the Chase reconsideration line and try to explain the situation. Readers report mixed results in getting their applications approved if they’re an authorized user on someone else’s accounts.
What Does NOT Count Against Chase’s “5/24 Rule?”
Any cards that do not show up on your personal credit report will not count against Chase’s strict application rules.
1. Certain Small Business Credit Cards
This includes certain small business cards, like the The Business Gold Rewards Card from American Express OPEN. That’s because small business cards from AMEX do not show up on your personal credit report, and so don’t count towards the 5/24 rule. Emily applied for the card last month because she knew it would NOT hurt her chances of being approved for any Chase cards.
2. Chase Targeted Offers and Pre-Approvals
If you receive a targeted offer from Chase for a certain credit card, you can be approved for the card even if you have applied for 5+ cards in the past 24 months.
Or, if you are pre-approved for a card in-branch, you will have an easier time getting approved than if you aren’t!
3. Chase Private Client
If you’re a Chase Private Client, you can avoid Chase’s tougher application rules. But it’s kind of a pain!
To become a Private Client you’ll usually have to bring a total of $250,000 in assets to Chase (checking, savings, investment, and retirement accounts, etc.).
Any cards that show up on your personal credit report will count towards the Chase “5/24 rule“, including some store cards and authorized user accounts. Read my post on how to easily check your Chase 5/24 status.
There are ways to get around the rule, like Chase Private Client, in-branch pre-approvals, and taking advantage of targeted Chase offers.