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?
- The Ink Business Preferred℠ Credit Card offers a welcome bonus of 80,000 Ultimate Rewards points after spending $5,000 within three months, offers excellent bonus categories, and has a great cell phone protection plan (more details here)
- The Ink Business UnlimitedSM Credit Card offers a welcome bonus of 50,000 points after spending $3,000 within three months, and offers 1.5x points on all purchases, so will be one of my go-to cards for business spend (more details here)
I already have the Chase Sapphire Reserve®, Chase Freedom® Card, Chase 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:
- Hilton Honors™ Aspire® Card
- Starwood Preferred Guest® American Express Luxury Card
- IHG® Rewards Club Premier Credit Card,
- The World of Hyatt Credit Card.
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?
Non-Affiliate Product Disclaimer: The information for the Starwood Preferred Guest® American Express Luxury Card and Hilton Honors Aspire Card has been collected independently by One Mile At A Time. The card details on this page have not been reviewed or provided by the card issuer.