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Chase Credit Cards: Change of Rules A.K.A. 5/24

Chase is unveiling a new policy in regards to gaming the credit card system. If you’ve opened more than five new credit card accounts in the past 24 months (hence 5/24), you won’t be approved for any new cards from Chase. Currently this rule only applies to Chase Ultimate Reward earning personal cards (e.g Chase Freedom & Chase Sapphire Preferred. We have made mention in previous posts that Chase will soon be extending their 5/24 rule to co-branded  credit cards (e.g. United, BA, ect) sometime in April.

 Chase Bank Credit Cards

Most people that read this blog apply for a lot more than five cards every two years, so this might be your last chance to grab some Chase cards. I thought it would be a good idea to have a look at the Chase application rules & best practices, the current best offers for each Chase credit card and the best current offers overall. If there will be a work around that someone will figure out – that can be possible. However there are no workarounds reported as of yet. This is almost as bad as Amex rule allowing credit cards to be opened only once per cardmember.

Chase Application Rules To The Best Of Our Research

Chase will usually approve a maximum of two new credit cards per month. (Some people got three, but this requires a reconsideration call ). An application January 31 and February 1 is not considered 2 months. You will need to wait the full 30 days.

If you’re not instantly approved for a card, WAIT. If you call reconsideration it’s more then likely that you’ll be denied, based on the 5/24 rule. Although it officially hasn’t gone into effect yet the reps are already implementing it. Our advise, and the advise of many other bloggers is to wait it out.

There is a 24 months period from the time you received the sign up bonus to get it again. This is the 24 from the 5/24 rule.

For most people the best option will be to apply for two credit cards in the same day to get the hard pulls combined (keep in mind that you can either do two business or two personal not a mix of the two). If you are not a churner do what you want. However a word of caution, the Tortoise won the race because he was slow and steady – enough said.

Tortoise wins  the race !

Best Offers For Each Card:

Visit our Credit card page to see all offers, some of them are not the best offer. I have compiled a list of the best offers taken from DoC.

Chase Southwest Premier: 50,000 points after $2,000 in spend. The $99 annual fee is not waived

Chase Southwest Plus: 50,000 points after $2,000 in spend. The $69 annual fee is not waived.

Chase United MileagePlus Explorer: 30,000 miles after $1,000 in spend and an additional 5,000 for adding an authorized user and making a purchase. (The AU does not need to make the purchase to get the bonus miles.)Try to get 55,000 miles + $50 statement credit by making a dummy booking, or you can try this method.

Chase British Airways: 50,000 Avios after $2,000 in spend, an extra 25,000 after $10,000 in spend or an extra 50,000 after $20,000 in spend (first year). The $95 annual fee  is not waived.

Keep in mind, the following cards already have the 5/24 rules in effect:

Chase Sapphire Preferred: 50,000 Chase Ultimate Reward points after $4,000 in spend. $50/5,000 Chase Ultimate Reward points after adding an authorized user.

Chase Freedom: $150/15,000 Chase Ultimate Reward points after $500 in spend. $25/2,500 Chase Ultimate Reward points after adding an authorized user.

Chase Slate: 0% Introductory APR for 15 months on purchases & balance transfers and 0% balance transfer fee for the first 60 days.

Hotel Cards

Chase Hyatt: 2 free nights at any Hyatt property worldwide after $1,000 in spend and 5,000 Hyatt points for adding an authorized user and them making their first purchase. Sometimes it is possible to get the same offer with a $50 statement credit when making a dummy booking on the Hyatt website.

Hyatt Regency Danang Resort & Spa, Da Nang, Vietnam

 

Chase IHG: 80,000 points after $1,000 in spend or 60k link

Chase Marriott Premier: 80,000 points after $3,000 in spend and 7,500 points for adding an authorized user and them making their first purchase. The $75 annual fee is not waived on this card.

Ritz Carlton: 2 free nights at any participating Tier 1-4 Ritz-Carlton hotel after $4,000 in spend.The $395 annual fee is not waived for the first year, but comes with a bunch of other benefits like $300 annual airline credit.

Chase Fairmont: 2 free nights after $3,000 in spend. The annual fee is waived first year

Business Cards

Chase Ink Plus: 60,000 Chase Ultimate Rewards points after $5,000 in spend. Annual fee of $99 is not waived. (You may be able to get the same offer with the annual fee waived in a branch YMMV.)

Chase Southwest Business Premier: 50,000 points after $2,000 in spend. Annual fee of $99 is not waived first year.

Chase United MileagePlus Explorer Business: 50,000 points after $2,000 in spend.

Chase Marriott Business Premier: 80,000 points after $3,000 in spend. Annual fee of $99 is not waived the first year.

Okinawa Marriott Resort & Spa| Kyushu-Okinawa Japan

HT: DoCReddit and PWAC

Follow us on Twitter to be entered into our $50 Giveaway!

In Summary:

Chase is changing their structure on how they accept new credit card applicants. You will only be allowed to apply for five credit card every two years 5/24.

If you like what you read keep updated, and share what you learned with friends.
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