What Is Chase 5/24?

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What Is Chase 5/24?

07/22/24 03:23 pm

The Unofficial Rule

It's important to note that Chase has not officially published any documentation about its 5/24 rule. All available information has been compiled from crowdsourced data. While several reputable sources provide insights on the topic, without confirmation from Chase, there is no definitive set of rules regarding the Chase 5/24 policy. Essentially, everything known about it is based on hearsay.

What We Think We Know

The general understanding is that to qualify for a Chase credit card, you should have opened fewer than 5 personal credit cards in the last 24 months. In essence, Chase typically declines applications after a person's 5th approval within a 24-month period. It's crucial to note that closing accounts does not alter your 5/24 status; only account openings are considered.

Business vs. Personal

While Chase business cards generally adhere to the same 5/24 guideline for applications, they do not impact your 5/24 standing in the same manner as personal cards. It's important to note exceptions such as Discover and TD Bank business cards, as well as Capital One small business cards other than the Venture X Business and Spark Cash Plus, which are counted toward your 5/24 limit similar to personal cards.

In practice, if you've opened 4 cards in the last 24 months and apply for a business card, you would likely be eligible. Even if approved, that particular card would not count as your 5th card, thus maintaining your eligibility for another application. However, once you've opened your 5th card, the rule suggests you wouldn't be approved for either a business or personal card. Recent crowdsourced data, however, indicates that exceptions to this rule do occur, more on this below.

Authorized Users

Being added as an authorized user on someone else's card often triggers the system to count that card toward your 5-card limit. Many applicants have successfully contacted Chase's reconsideration line to request that these cards be manually noted as authorized user accounts, explaining that the primary cardholder is responsible for the account. Removing yourself as an authorized user at least a month before applying for another card is another approach to mitigate this issue.

Exceptions To Every Rule

Exceptions exist for every rule, including unofficial ones. Some applicants have successfully applied for cards like the Ink Business Preferred® Credit Card, even when their 5/24 limit appeared to be maxed out. Their applications were initially pending but were ultimately approved, contrary to the usual automatic rejection. While this outcome isn't universal, it suggests that taking advantage of such offers might still be worthwhile despite 5/24 restrictions.

The Bottom Line

Navigating Chase's unofficial 5/24 rule reveals a landscape where general guidelines are shaped by crowdsourced insights rather than official documentation. While applicants are encouraged to strategize, taking into account variables like business card applications and authorized user statuses that influence eligibility, the elusive nature of definitive clarity from Chase underscores the uncertainty. In some cases, the unpredictability of exceptions may justify taking a chance, highlighting the importance of informed decision-making amidst evolving credit card policies.

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