Less Than A Week Until It’s 5/24 Application Time!

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All of the major credit card issuers have some policies in place to prevent people from applying for cards or earning welcome bonuses under certain circumstances.

One of those policies is Chase’s 5/24 rule, whereby they won’t approve you for many of their cards if you’ve opened five or more new card accounts in the past 24 months. There are some more details to be aware of, so see this post for everything you need to know about 5/24.

Over the past year I’ve decided to try and get under the 5/24 limit, so that I can pick up a couple of cards that would really add a lot of value to my credit card portfolio long term. This has of course required some restraint in applying for other cards, which has been sort of tough.

I’ve already written a couple of posts regarding this over the past several months, so check those out for more context:

I’m now under 5/24!

Well, the time is finally here. My fifth credit card was opened on September 13, 2016, meaning I should have been under the limit around September 13, 2018.

However, different credit bureaus update things at different times, so it’s generally advisable to wait until the beginning of the following month before applying, just to be sure that card has fallen off your report. So by my math that means I should be good to by Monday, October 1, 2018.

Preparing for my applications — the two “5/24” cards I want

There are only two credit cards subject to this policy that I’m hoping to get. Those are the $95 annual fee Ink Business Preferred℠ Credit Card and the no annual fee Ink Business UnlimitedSM Credit Card.

Why do I want these cards?

I already have the Chase Sapphire Reserve®Chase Freedom® CardChase Freedom Unlimited®, and Ink Business Cash℠ Credit Card, so they will complement those cards very nicely. It’s amazing how lucrative of a card ecosystem you can create if you have all of those cards.

I think it should be possible to apply for both of these cards on the same day (Chase typically allows two applications every 30 days), though if anyone has any recent experiences suggesting otherwise, please let me know and save me the denial on Monday. 😉

The other cards I’ve been holding off on

Once I have the two cards I’ve been holding off on, I want to apply for the other cards I’ve been wanting to get for a while, but haven’t had the chance to yet. I’ll be getting these once I’m approved for the Ink Business Preferred℠ Credit Card and Ink Business UnlimitedSM Credit Card (since it’s important I remain under 5/24 until I’m approved for them).

After that, the four cards I’m most interested in are the following:

There are a few further considerations:

  • I won’t be able to apply for an additional Chase card within 30 days, due to the limit of being able to apply for two Chase cards in 30 days
  • The IHG Premier Card 100K offer is expected to end on October 4, 2018
  • The SPG Luxury Card 100K offer is expected to end on October 31, 2018
  • While the Hilton Honors Aspire Card bonus is an increased offer, no end date has been published

So, what does this mean for me?

  • Applying for the Hilton Honors™ Aspire® Card will be my first order of business, since I should be able to easily apply for an Amex card, and I’ll get the most use out of that due to my upcoming Hilton stays
  • You can typically apply for two Amex cards in a 90 day period, so I should be able to apply for the SPG Luxury Card before October 31, 2018, when that offer expires
  • Realistically I won’t be able to apply for the IHG Premier Card under the current bonus, since I can’t apply by October 4, due to needing to wait for at least 30 days; I’ll probably hold off on applying for this card until it next has a bonus of 100K points (hopefully that happens)
  • That means once I’m again eligible to apply for a Chase card, the World of Hyatt Credit Card will be my next Chase application

I’ll report back on my application results!

Anyone have a different take on how I should approach this?


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Comments

  1. @Lucky: I have just posted this info/question on the forum, but I believe it would be useful here as well, because of its implications when applying for a new card, even if one is under the 5/24. So here is my post:
    “My wife applied for the Ink Business Unlimited card, and after the message of “we need more time to consider your application”, she got the rejection letter which stated that the reason for the denial was: “New Chase business card recently opened. Not enough time has passed since your last account with us was opened”.
    This surprised me because she opened her Chase Business Ink Preferred in April 2018, and has been using it a lot. She is well under 5/24.”
    When I opened the same Chase Business Ink Preferred account at the same time, in April 2018, and applied for the Ink Cash 3 days later, I got approved for that too without any problem. So it might be a new restriction.

  2. People are getting their cards shut down even if they are 5/24.

    You may be special with chase but others should tread carefully.

  3. @Lucky: I asked this before but didn’t get a reply: what is your take on the Revolut card for non-US residents?

  4. Lucky,

    Based on this post

    https://onemileatatime.com/current-credit-cards/

    I count five AMEX credit cards. What two cards are you cancelling to make way for the Aspire and SPG Luxury?

    There are increasing reports of AMEX denying bonuses to those that cancel credit card accounts, so these decisions are more important. I myself have four AMEX credit cards and I need to decide whether to apply for the SPG Lux or Aspire in a few weeks.

  5. Lucky there have been reports in the last month of Chase shutting down the 2nd card when you apply for 2 in a day. So some people have been approved for the 2nd card and then later Chase closes the 2nd card on you. I have never had this issue but this seems like a new policy implemented recently.

  6. @ Daniel B — I don’t believe there is a firm policy/restriction, rather it’s one of many factors the business analysts look at when deciding to approve an application.

  7. I’m expecting to be below 5/24 early Nov. In the same boat where CIP and CIU will be available. RE: WOH, should I cancel my Hyatt Card now to apply for that in Nov? I presume I’ll be eligible (signed up for Hyatt Visa 4/2016)

  8. @ Anthony — Indeed, I think I’ll be canceling the Hilton Ascend Card and replacing it with the Aspire Card, and think I’ll probably trade in the standard SPG Amex for the SPG Luxury Card. So I guess I should get going on those cancelations.

  9. @ Daniel B. — That is indeed strange, sorry to hear about her experience. As Tiffany said, sometimes it comes down to the individual customer. Chase really does analyze things on a person by person basis, so I’ve long heard similar reports from some, but not from others.

  10. Did the same. Applied for Ink Cash 5/18 and Ink Biz Pref 7/18 and got them both. Got a targeted United Biz 75k offer and applied earlier this month but Chase said too many new accounts too fast.

  11. @ Lucky Did you not receive the offer on your Hilton Ascend Card to upgrade to the Aspire for the same bonus? I have the offer when accessing the full Amex website but not using the app. Could save you an application.

  12. You should find an upgrade offer of 150K to Aspire in your AMEX account offers online. Even our no fee HH cards see this offer. This would be the easiest way to do it WITHOUT adding a new account to your report.

    There is even a 150K offer upgrade to Ascend floating around but not always show up. I have seen it once myself but given we would not have any FS Hilton stay the rest of the year and probably most of 2019 due to I have done the Plat Challenge on Marriott and would make the most of it with the Plat Premier status thru Jan 2020 – we would have most of our stays at Marriott properties especially with the 60K cap booked before end of 2018.
    Hence I do not take the upgrade offer which I honestly believe it will come back in the future. No reason to pay the AF when not able to use it in the next 9 to 12 months!

    With your business being a genuine and thriving business, I believe you can do both applications of the Inks on the same day, but it does not hurt either if you wait for another month.

  13. @Tiffany and @Lucky. Thanks. She applied for and got the Aviator Business Card instead – instant approval!

  14. @Justin. Almost identical to what I did including applying for the 75k on the United Business 5 days ago. Now I know what to look for when the letter from them arrives 🙁

  15. @Lucky, I applied for the the Ink Business Preferred a couple of months ago. My bank manager told me that due to a glitch in Chases system, if you apply in person with a bank manager they can extend the bonus to 100k.

    Who knows if that’s accurate re the glitch but, sure enough I did receive 100k points after meeting the minimum spend.

    Thought it was work noting!

  16. If you have the Ink Plus you can self-refer to the Ink Preferred and still get a total of 100K (80K sign up bonus + 20K referral bonus deposited to your Ink Plus UR account a couple weeks after the Ink Preferred is approved.)

  17. @Daniel B. – Yep hopefully they’ll green light you. I haven’t called recon yet but I don’t know if I’m going to. I’m eventually going to go after WoH (I had old Hyatt and closed it – I’d be eligible for the new signup bonus) but I’ll give Chase some time before I go back for another app.

  18. Lucky,
    You may want to think again about closing two Amex cards to apply for the Hilton Aspire and SPG Luxe. I closed a Delta card and got approved for the Aspire. Hubby got denied because he closed too many cards. He had plenty of space in his Amex portfolio. So, he didn’t close one to make room for the the Aspire.

    I keep checking his basic Hilton card for a 150,000 pt upgrade offer, but none there.

  19. @Justin and @Lucky. Update on my previous posts above: tonight I checked my Chase account, and the new UA MileagePlus Business card showed up there so I got approved! (75k bonus). Totally weird and unexpected based on my wife’s experience (second card application rejected, while for me all 3 approved). Her credit score and business income are both higher than mine… Makes no sense to me.

  20. Ben,

    Are you nervous at all about the reddit chase shutdown thread? A TON of reports there of people being shut down after a human starts reviewing everything. A lot of the reports are from regular people that aren’t MSing and doing sketchy stuff. It’s scarred me a lot. I’m down to 3/24 and got the ink biz preferred a few months ago but am nervous about going for the unlimited now so I still haven’t.

  21. @fll. Have you actually referred yourself with your Ink Plus card to an Ink Preferred and gotten a 20kbonus? Has anyone else encountered something like this?

    Question – I read you could apply to the Ink Preferred even though you have the old Ink Plus since they’re different cards. Correct?

  22. @ Joe — I don’t know about the referring situation, but it is possible to get the Ink Preferred if you have the Ink Plus. I actually have two Ink Pluses (one was converted from an Ink Bold), and had no issue getting the Preferred.

  23. @Joe

    Yes.

    Many on FT also reported successes. You would need to generate a referral email from Chase Refer A Friend site. Google it you can find it. You then check if your card has referral bonus offer(s).

    You certainly can get Ink Preferred while having other Inks.

  24. I also experienced Chase shutting down my second card. After I was approved for the CSR, I applied, and was approved for, the Freedom Unlimited on the same day. Fifteen days later Chase shut down the Freedom Unlimited card. When I called, they indicated that my account was flagged because one cannot open two cards in the same day. The letter indicated that I already had a sufficient credit line from the CSR. I plan to reapply for the Freedom Unlimited after a couple of months and, if rejected, call recon and ask to have the credit line on my CSR decreased (hoping that will free up my credit line with Chase so they approve the second card).

  25. I also just dropped below 5/24 and have a similar strategy as yours. Approved for Ink Preferred 9/18 and pulled the trigger on applying for Business Unlimited today (used your referral link!) and got instantly approved this time.

    Hoping for an increased United offer and have my eyes on CSR since I’ve never had it before also.

    Thanks for all the tips and your ‘effortless’ writing style!

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