One of the most restrictive policies for new credit card approvals is the 5/24 rule. Back in July I wrote a detailed explanation of how the restriction works, though let’s recap the basics first.
What is the 5/24 rule?
With Chase’s 5/24 policy, you typically won’t be approved for a card if you’ve opened five or more new accounts in the past 24 months. This is more of a general guideline than a strict rule, though. Here’s what you should know about 5/24:
- A vast majority of new credit card accounts will count towards that limit, meaning that opening five or more cards in 24 months will make you ineligible for certain Chase cards
- One exception is most non-Chase business cards don’t count towards this limit
- There are people who report not having any issues being approved for a card even though they surpassed the 5/24 rule, so it’s not consistently enforced
- The 5/24 rule doesn’t apply to all Chase cards, meaning that there are some Chase cards you can still easily be approved for if you’ve opened five or more card accounts in the past 24 months; among these cards is the IHG® Rewards Club Select Credit Card
- This is mostly anecdotal, since Chase doesn’t officially publish this restriction for most cards
Amex Business Cards don’t count towards the 5/24 limit
As I mentioned above, generally speaking non-Chase business cards don’t count towards the 5/24 limit. I tend to think that the best non-Chase business cards are those issued by American Express. Given the number of limited time American Express credit card offers available at the moment, I think it’s worth specifically talking about them in the context of this. Why does this matter?
- For those with excellent credit, Amex business cards are among the easiest to be approved for
- Amex typically uses internal data to conditionally approve people for their cards (which means applying for Amex cards is basically “risk free,” since there’s typically not a pull if you get denied)
- Typically there’s not even a hard pull when applying for an Amex business card
Amex Business Cards
If you’re looking to apply for cards but don’t want to increase your “count” towards the 5/24 limit, consider applying for one of these cards:
American Express business cards are compelling to begin with, though we’re seeing quite a few limited time offers on their cards at the moment that are worth considering. Generally I find Amex business cards to be quite easy to be approved for, though I figured it was worth pointing out that they don’t typically count towards the 5/24 restriction, for anyone who is worried about that.