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Deciding when is the best time to apply for a new credit card is key, especially if you're looking to open a Chase credit card. While Americans have an average of four credit cards, those with more may run into Chase's "5/24 rule."
The 5/24 rule limits who can open a new Chase credit card, based on how many cards they have opened within the past two years. So, if you're looking to maximize travel rewards with the Chase Sapphire Reserve® or get out of debt with the Chase Slate®, you may need to calculate your 5/24 score before applying.
Below, Select explains how the Chase 5/24 rule works, so you can gauge qualification odds for Chase credit card applications.
What is the 5/24 rule?
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.
For instance, if you've opened two Citi cards and three Amex cards within the past 24 months, then you will likely be denied for a new Chase card until your 5/24 score decreases. There really aren't any workarounds to the 5/24 rule, beyond waiting for a new account to be over 24 months old.
What Chase cards are affected by 5/24?
While Chase doesn't publish which cards are affected by the rule, there are numerous reports on forums, such as Reddit, that report which credit cards are subject to 5/24.
The 5/24 rule reportedly affects most Chase credit cards, including:
Co-branded cards are also reportedly affected:
How to calculate your 5/24 score
If you've recently opened new credit cards and want to apply for a Chase credit card, you may not know where you stand for the 5/24 rule. To calculate your 5/24 score, simply review your credit report and count the number of accounts that were opened in the past 24 months.
This also includes if someone added you as an authorized user on their account. And any accounts that were opened within the past two years but also closed within that time should still be counted.
Does the 5/24 rule affect other card issuers?
No — other card issuers don't follow the 5/24 rule, so you may qualify for an Amex or Citi card if you've opened five accounts within the past 24 months. However, all card issuers have their own requirements and criteria for approving applicants.
Don't miss:
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Information about the Chase Freedom®, Chase Slate®, Prime Visa, Disney® Premier Visa® Card, Disney® Visa® Card, Starbucks® Rewards Visa® Card, United Club℠ Business Card, Marriott Bonvoy Boundless® Credit Card, and United Club℠ Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. If you purchase something through Select links for the Prime Visa, we may earn a commission.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
FAQs
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.
What is Chase's 5 24 rule on 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.
How do you get around the Chase 5 24 rule? ›
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.
How does being an authorized user affect 5/24? ›
Will authorized users on my cards count toward 5/24? When you add authorized users to your Chase credit cards, it does not affect your 5/24 status. However, it will most likely count toward the authorized user's 5/24 status, and if they apply for a new Chase card on their own could prevent them from getting approved.
What is the 2 30 rule for Chase? ›
2/30 Rule. The 2/30 rule says that you can only have two applications every 30 days or else you'll automatically be rejected. If you don't have a high credit score (700+), your chances of getting approved for the Chase Sapphire Reserve® is slim.
How many inquiries are too many for Chase? ›
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.
What is the 2 48 rule for Chase? ›
Most cards allow you to earn a welcome bonus if it has been at least 24 months since your last received a welcome bonus on the same card. Chase Sapphire-branded cards, such as the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®, you can only earn a welcome bonus once every 48 months.
Does closing a credit card hurt your credit? ›
Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.
Can you open two Chase credit cards at the same time? ›
Chase reportedly limits credit card approvals to two Chase credit cards per rolling 30-day period. 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.
What cards are exempt from 5/24? ›
Exceptions to the 5/24 rule
- The British Airways card.
- IHG card.
- Hyatt Ritz-Carlton card.
- Marriott Business card.
- Disney Rewards and Premier Rewards cards.
- Amazon Prime and AARP cards.
Authorized user accounts must show up on your credit report to affect your credit score. As for how long it takes for authorized user to show on credit report, you might see your score change as soon as the lender starts reporting that information to the credit bureaus, which can take as little as 30 days.
Can you get denied as an authorized user? ›
Can an authorized user be denied? Yes, authorized users can be denied. Typically, the reasons are more straightforward than with a typical credit card application.
Will my credit improve if I am an authorized user? ›
Becoming an authorized user on someone else's credit card account is a strategy for improving credit quickly. It works best if the primary user's card has a long record of on-time payments and a high credit limit and the authorized user doesn't have recent blemishes on their credit report.
How often does Chase increase credit limits? ›
Automatic credit limit increases
This typically happens after 6 to 12 consecutive months of on-time bill payments. If you do get an increase, it may help your credit score since your credit utilization ratio could decrease when your credit limit gets higher.
What is churning a credit card? ›
Credit card churning is the process of opening cards for the sole purpose of earning welcome bonuses or other benefits. Usually, it involves closing cards after the bonus posts to your account and before the next annual fee is charged.
Does Chase give second chances? ›
Chase Secure Banking℠ is a second-chance account that comes with a rare opportunity to earn a welcome bonus.
How many Chase cards can you apply for in a month? ›
Two Cards per 30 Days
Chase reportedly limits credit card approvals to two Chase credit cards per rolling 30-day period. 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.
What is the approval criteria for Chase? ›
Chase does not offer recommendations on its website regarding minimum credit scores, but applicants should have good to exceptional credit scores for the reward-and perk-heavy Chase Sapphire Preferred® Card. FICO categorizes good credit as 670-739, very good as 740-799 and exceptional as 800 and up.
What is the Chase Sapphire 1 48 rule? ›
Understanding the 1/48 Sapphire rule:
This is a relatively new Chase rule, but an important one: You cannot receive a Sapphire sign-up bonus if you've already received a bonus from either version (Preferred or Reserve) within previous 48 months.
How many credit cards will Chase let you have? ›
Hopefully you're not disappointed to learn that there is no official, widespread restriction on the number of credit cards you can have.
