For a while now Chase has had a 5/24 rule, which basically means that they won’t approve you for a card if you’ve opened more than five cards in the past 24 months.
Up until now this has been a mostly unpublished rule, in the sense that it wasn’t written anywhere, but rather anecdotally matched peoples’ experiences.
The rule started off slow on just some cards, and over time expanded to other cards. Nowadays it applies to all “native” Chase cards and many co-brand cards as well, though there are still some exceptions.
This rule doesn’t impact a vast majority of consumers, though ultimately is an effort to prevent people from applying for cards just for the bonuses. It’s something that all card issuers are trying to crack down on nowadays.
Anyway, it looks like for the first time ever, Chase has official verbiage confirming the 5/24 rule. The Chase Sapphire Reserve application has the following footnote:
You will not be approved for this card if you have opened 5 or more bank cards in the past 24 months
Those are some pretty absolute words they’re using, so it’s at least nice to see the rule in writing. I’m happy they’re being transparent about this rule, as I’m sure there are plenty of people who have been denied for a Chase card without knowing of this restriction.
As of now the Sapphire Reserve is the only card I’ve seen with the verbiage, though I suspect it will be expanded to other cards soon as well. They probably added it to this card first given how popular it is at the moment.
Do keep in mind that the 5/24 rule isn’t being enforced quite as strictly as the terms state. While the above is generally going to be true for online applications, many report having been pre-approved for the card in a Chase branch, and otherwise there seem to be some exceptions for Chase Private Client customers.
Lastly, keep in mind that the rule doesn’t seem to be quite as straightforward as just having opened “5 or more bank cards.” For example, some report that being added as an authorized user does count towards this limit, while others report that opening many non-Chase business cards doesn’t count towards that limit.
(Tip of the hat to Miles To Memories)
Non-Affiliate Product Disclaimer: The information for the Chase Sapphire Reserve 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.