Why Does Chase Have The 5/24 Rule? While Chase has never officially confirmed this rule exists, you’ll know you were denied due to the 5/24 rule if your rejection letter states, “too many credit cards opened within the last 2 years.” Understanding the No 5/24 rule: Yes, there are some personal cards that aren't impacted by the 5/24 rule. It restricts our ability to get access to many of Chase’s lucrative credit card welcome bonuses. 0. The Chase 5/24 Rule is the most important rule to know for credit cards. Over the last few weeks, I’ve written extensively about how banks are responding to the public health and economic crisis. Reply. In fact, it’s downright confusing. But whenever a card is NOT impacted by 5/24, we'll still let you know. I was grounded by Chase due to 5/24 rule. Terms and Conditions for American Express Card Acceptance and Merchant Regulations – U.S. Even those who do not keep going for cards over and over can get 5 cards in two years way too … If you’re in the miles and points space one thing you need to know is the Chase “5/24” rule: for most Chase credit cards, a new application will not be approved if the applicant has opened more than 5 new credit cards (from any bank) in the 24 months prior to their application.. The 5/24 rule has been around for at least two years now. The Chase 5/24 rule is rumored among credit card forums, yet not officially published anywhere by Chase. Whether you want a Chase credit card for its specific rewards or simply wish to churn, baby, churn, the 5/24 Rule will likely play a big role in your journey toward the Chase card of your dreams. @DaninMCI – Agree. The framework for our relationship with U.S. merchants and the way we communicate our policies are outlined in these key documents. Many of you reading might be familiar with Chase’s new stricter rules for credit card approvals which started late May/early June, 2015. This rule affects your ability to get Chase cards and your strategy for other cards. The Basic Rules Of Applying For American Express Cards. I don’t believe this countdown makes sense. This policy is called the 5/24 rule. We’re seeing referral and welcome bonuses being cut. The Chase 5/24 rule has been a roadblock for many miles and points enthusiasts. I cannot seem to find an answer to this but I am curious how Chase knows you have opened 5 credit cards in the last 24 months. The gist of the 5/24 rule is this: If you have opened 5 or more new credit cards in the past 24 months (from any issuing bank), you will not be approved for a new credit card from Chase. If you want to beat the 5/24 rule, it won’t be easy, but some Chase applicants have had success being approved for targeted credit card offers despite having too many recent accounts. So this one isn't actually a rule. Chase cards that are subject to the 5/24 rule; As of now, it's been reported that all Chase cards are subject to the 5/24 rule. The rule basically means that anyone that has opened 5 or more credit cards in the past 24 months cannot get approved for any Chase credit card. Chase’s infamous 5/24 Rule has easily become the bane of rewards junkies everywhere by putting the majority of its credit cards out of reach for even those with excellent credit scores. Overall, Amex seems to be tightening and formalizing its rules on how many credit cards and charge cards it will allow its customers to hold at once. Put simply, Chase will not approve applications for certain credit cards if the applicant has already opened 5 (or more) credit card accounts in the last 24 months.. For example, if you are above 5/24 and fall below it on May 15th, you would need to wait until June first before you applied for a card that was subjected to the Chase 5/24 Rule. If you don’t know this rule, your Chase application could be automatically denied even if you have a great credit score. Chase's 5/24 rule doesn't only include approvals for Chase credit cards—new credit card accounts opened across all banks count toward your five-account limit. The Chase 5/24 rule has been around long enough for us to know that it exists, even if it isn’t memorialized in fine print. Here's how it can affect your Chase credit card applications. The Chase 5/24 rule will not apply to these lines of credit. 0. Update: Ritz-Carlton isn’t affected. October 24, 2016 by Ben 25. Is this for every card that you actually get or just the number of times you applied. It's the exception to the rule. Taking up on this offer will delay my eligibility for Chase's card. Time and time again I hear from readers, points enthusiasts and friends about how many months they have left to once again be under 5/24.