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Chase issues some of the best rewards credit cards out there, though one of the major restrictions associated with being approved for many of their cards is the “5/24 rule.”
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 business cards, like The Business Platinum® Card from American Express OPEN, The Business Gold Rewards Card from American Express OPEN, The Blue Business℠ Plus Credit Card from American Express, etc., 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; this includes cards like The Hyatt Credit Card, IHG® Rewards Club Select Credit Card, and British Airways Visa Signature® Card
How can you figure out your 5/24 “status?”
One question I’m often asked if how you can see your status as it relates to 5/24. Most people probably remember how many cards they’ve opened in the past 24 months, but for those who don’t, there’s an easy way to look it up. It’s quick and takes just a few minutes.
My preferred way of looking it up is through Credit Karma. You can sign-up 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, you should see your credit scores displayed. At the bottom left of the page you’ll see a section that reads “Credit Health” — click that.
On the next page you’ll see all kinds of interesting data on your credit score (which really puts into perspective what matters and what doesn’t). Click on the “Credit age” section at the bottom left.
The next page will list all of the credit card accounts you’ve opened in chronological order. So to see the ones you opened the most recently, scroll all the way down, and count how many there have been in the past two years. In my case, that’s a total of seven cards.
So it looks like I’m “7/24.” The only thing this doesn’t include is cards that have been opened and closed within the past 24 months (as it only includes cards you opened and still have open). I assume most people have a limited number of cards they’ve both opened and closed in that timeframe, though to access that, click on the “Accounts” section next to “Credit Health,” and at the bottom it will list the card accounts you’ve closed, along with their opening dates.
In terms of other things to be aware of:
- 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
The process of checking your 5/24 status with Credit Karma is free and easy. In my case I have most of the Chase cards I want, including the Chase Sapphire Reserve® Card. My only regret is not having the Ink Business Preferred℠ Credit Card, which has so many fantastic benefits and a great sign-up bonus. I guess I need to decide whether I want to lay low for nine months and wait for my report to drop below 5/24, or not.