Update: These offers for the IHG® Rewards Club Premier Credit Card and The Business Gold Rewards Card from American Express have expired. Learn more about the current offers here.
In January I wrote a post about how to check your 5/24 status. In the post I outlined a method where you can use Credit Karma to check how many accounts you’ve opened in the past 24 months. The downside to the method I outlined is that it only showed cards you’ve opened in the past 24 months that are still open, so if you closed a card that you opened within the past 24 months, it wouldn’t show there (even though it would count against the 5/24 limit).
A lot of people have asked if there’s an easy way to check your 5/24 status that also accounts for cards that have been both opened and closed in the past 24 months. The good news is that there is, and it’s super easy.
The basics of 5/24
With the 5/24 restriction, you typically won’t be approved for a Chase 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
- Any card you opened in the past 24 months will count towards this limit, even if you’ve also canceled it
- Being an authorized user on someone else’s card will generally count towards that limit
- One exception is most business cards, including those issued by American Express, Barclays, Chase, and Citi, won’t count towards that limit (this includes cards like The Business Gold Rewards Card from American Express OPEN, CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®, Ink Business Preferred℠ Credit Card, etc.)
- 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 (this includes cards like The Hyatt Credit Card, IHG® Rewards Club Premier Credit Card, and British Airways Visa Signature® Card)
So if you want to be approved for cards like the Chase Sapphire Reserve® Card, Chase Sapphire Preferred® Card, Ink Business Preferred℠ Credit Card, Ink Business Cash℠ Credit Card, and Ink Business UnlimitedSM Credit Card, you’ll want to be aware of this restriction.
How to determine how many credit cards you’ve opened
In January I outlined a way to use Credit Karma to check your 5/24 status. The problem with the method I outlined is that it would have only shown you cards that you’ve opened in the past 24 months that are still open. In other words, the method I showed wouldn’t account for cards that you’ve opened in the past 24 months and have closed in the meantime.
The good news is that there’s a workaround to seeing these as well (thanks to Frequent Miler for finding this link). If you haven’t done so yet, the first step is to register for Credit Karma for free, which is an easy process. You’ll just need to enter some personal information and then verify some security questions, all of which should take just a couple of minutes.
Once you’re logged into your account, follow this link. This is the old Credit Karma interface that will show you the most accurate 5/24 status. Note that you’ll want to log into your Credit Karma account and then click that link, rather than clicking the link and logging in there, because that will typically return an error message.
Once you’re on that page, this is super easy. You’ll see the “Open Date” button before all your individual accounts are listed, so click that, and it will sort all of your accounts based on their opening date. I clicked it twice so that it showed my newest accounts first.
And that’s it — that will list all of your cards that have been opened, and you can then figure out how many have been opened within the past 24 months.
For example, here are the seven most recent cards that show on my report:
As you can see, my fifth most recent application was on September 13, 2016. That means that on September 13, 2018, it has technically been 24 months since my fifth most recent application, meaning that around October 1, 2018, I’d officially fall under 5/24. I guess I’ll be waiting about four months until my next credit card application!
As a reminder, you’ll want to be aware of the following:
- Only credit cards count towards this limit, and not car loans, mortgages, etc.
- It can sometimes take a while for recent applications to show on your report, so if you’ve applied for a card in the past few weeks, it may not be on there yet
- Most business cards shouldn’t show there, and therefore shouldn’t count towards the limit
- If you’re waiting for the final application that gets you below 5/24, you’ll want to wait until the beginning of the following month to apply for a card; in other words, if the card that put you over 5/24 was opened on June 5, 2016, you’ll want to wait until July 1, 2018, to apply for another card
The process of checking your 5/24 status with Credit Karma is free and easy. This method is better than the one I outlined in the past, since it will show you not only the cards that are still open, but also those that you closed within that timeframe.
In my case I plan to be especially disciplined here and not apply for any more non-business credit cards in the next 24 months, so that I can fall under this limit. I’m doing this so that I’ll be able to get the Ink Business Preferred℠ Credit Card and Ink Business UnlimitedSM Credit Card.