How the Chase 5/24 rule works and what it means for your Chase credit card applications (2024)

FAQs

How the Chase 5/24 rule works and what it means for your Chase credit card applications? ›

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months. Put simply, the number of cards you've opened in the previous two years will affect your approval odds with Chase.

How to bypass the Chase 5/24 rule? If you've been approved for five cards in the past 24 months, you will not be approved for another Chase card thanks to the 5/24 rule. There have been reports of “Selected for you” and “Just for you” offers being exempt from the 5/24 rule.

Chase's 5/24 rule states that you cannot be approved for most Chase credit cards if you've opened five or more credit cards within the past 24 months.

Hard pulls can affect your credit score and may also hurt your eligibility for new credit cards and/or loans — especially if the number of inquiries reaches six.

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

In short, this refers to the unofficial rule that Chase won't approve a credit card application for someone who has opened five or more new credit cards from any issuer in the past 24 months.

Paying more than the minimum payment due every month is recommended so you can minimize interest charges. Paying the entire balance every month will eliminate interest charges completely.

Yes, you can have more than one credit card from the same company. It's not only possible, but it can be a great way to deepen your relationship with one specific bank and take advantage of their card rewards and benefits.

Two Cards per 30 Days

Data points conflict on this, but a safe bet is to apply for no more than two personal Chase credit cards or one personal and one business Chase credit card every 30 days.

Does Chase do a soft or hard pull? ›

Getting prequalified for a credit card does not negatively affect your credit score. This is because card issuers typically use what's called a soft inquiry during the prequalification process.

However, multiple hard inquiries can deplete your score by as much as 10 points each time they happen. People with six or more recent hard inquiries are eight times as likely to file for bankruptcy than those with none. That's way more inquiries than most of us need to find a good deal on a car loan or credit card.

How often does Chase increase credit limits? Chase may automatically increase your credit limit every six to 12 months if you're a borrower in good standing. Whether or not Chase will automatically increase your credit line depends on several factors, including your credit score, account history and credit utilization.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

If you do happen to get approved for 2 cards in the same day or month, you're probably better waiting at least 90 days before applying for another card with Chase.

Do product changes affect my 5/24 count? According to user reports, downgrading from one card to another, such as the Chase Sapphire Reserve^® to the Chase Sapphire Preferred^® Card, won't be counted against you. If, before the downgrade, you were at 4/24 then you'd remain at 4/24.

Yes. You can receive a Chase Sapphire bonus more than once. If it's been more than 48 months since you've last earned a bonus on either the Chase Sapphire Preferred or Chase Sapphire Reserve card, you can earn the bonus again.