Chase Limits Card Approvals on most Credit Cards (5/24 Rule)
According to Doctor of Credit, Chase is now limiting most co-branded credit card applications to individuals with less than 5 card applications, from ANY bank, every 24 months. This means if you’ve had 5 credit applications, from any bank, in the last 24 months you’ll be unable to be approved for many Chase credit cards. The rule was implemented on May 22nd to most Chase personal and business cards. The same rule was already instituted last year for the Chase Sapphire Preferred and Chase Freedom Cards, and the new rule has been rumored since February. This is a significant blow to the points game and our method of travel in general. Chase has some of the most lucrative co-branded cards such as Southwest, Hyatt, Marriott, IHG, United, British Airways, and Fairmont. Luckily some of those cards are still available outside of the new rule!
Within the last six months, Chase has started to crack down on credit card applicants who routinely apply for multiple Chase credit cards. If you have been working the system and apply for Chase cards every 24 months, to earn the bonus again, you’re now mostly out of luck!
- Chase sign-up bonuses can be earned again 24 months after earning the previous bonus.
New rule: (As of May 22, 2016)
- Applicants will only be approved for many Chase credit cards, if they have had less than 5 credit inquiries, from ANY bank, in the last 24 months.
- Chase Sapphire Preferred Cards
- Chase Freedom cards
- Chase Business Ink Cards
- Chase Marriott Cards
- Chase Southwest Cards
- Chase United Cards
Thrifty Tip #1: If you’re new to the points game you should apply for Chase cards first before you get too many inquiries.
Thrifty Tip #2: The chase application rules are no more than 3 applications in 6 months and generally no more than 4 in one year.
Our favorite Chase co-branded cards not covered under 5/24:
- Chase Hyatt
- Chase IHG
- Chase British Airways
- Chase Fairmont
For many years now Chase has been our go-to source for travel rewards credit cards. With Chase cracking down on applicants, we’ll have to look for other avenues to fund our favorite airline and hotel programs. The following are a few examples of how much value Chase credit cards can provide:
- Our favorite way to travel in the US is using the Southwest Companion Pass
- This spring we used two Hyatt free nights at one of Hyatt’s awesome all-inclusive resorts
- Later this year we are flying in Business Class on Air Canada’s new Dreamliner using United miles
- We are staying in Budapest and Vienna this fall using IHG points.
All the above points and miles can be earned from the Chase Sapphire Preferred card as well as the specific co-branded cards (Southwest/Hyatt/United/IHG). Thankfully many of our favorite cards are still available, even if you’re past 5/24!
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer.