Update: These offers for The Business Gold Rewards Card from American Express, the Gold Delta SkyMiles® Business Credit Card from American Express and the Platinum Delta SkyMiles® Business Credit Card from American Express have expired. Learn more about the current offers here.
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
Three great limited time Amex business card offers
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 the following three limited time offers:
- The Gold Delta SkyMiles® Business Credit Card from American Express is offering 50,000 SkyMiles after spending $2,000 within three months, plus 10,000 additional SkyMiles after spending an additional $1,000 within the first six months, plus a $50 statement credit after making a Delta purchase within the first three months; the card has a $95 annual fee, which is waived for the first year (expires November 4, 2017)
- The Platinum Delta SkyMiles® Business Credit Card from American Express is offering 70,000 SkyMiles plus 10,000 Medallion Qualifying Miles after spending $4,000 within three months, plus a $100 statement credit after making a Delta purchase within the first three months; the card has a $195 annual fee (expires November 4, 2017)
- The Starwood Preferred Guest® Business Credit Card from American Express is offering 25,000 Starpoints after spending $6,000 within three months, plus 10,000 additional Starpoints after spending an additional $4,000 within the first six months; the card has a $95 annual fee, which is waived for the first year (expires November 1, 2017)
On top of that, while the cards don’t have offers with published end dates, keep in mind the following Amex business cards are great as well, and would also typically not count towards the 5/24 limit:
- The Business Gold Rewards Card from American Express OPEN offers a sign-up bonus of up to 50,000 Membership Rewards points, great bonus categories, and a waived annual fee for the first year (read a full review here)
- The Business Platinum® Card from American Express offers a sign-up bonus of up to 75,000 Membership Rewards points and lots of fantastic perks, including lounge access, inflight internet, and more (read a full review here)
- The Blue Business℠ Plus Credit Card from American Express has no annual fee and offers 2x Membership Rewards points on the first $50,000 spent on the card annually, which is the best return on non-bonused spend offered by any card out there, in my opinion (read a full review here)
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.