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- As rewards credit cards become more popular, issuers have implemented their own restrictions.
- Under Chase's 5/24 rule, applicants with 5+ new cards over the past 24 months will not be approved.
- The best way to sidestep this restriction is to apply for Chase cards before pursuing other issuers.
Introduction to the Chase 5/24 rule
If you want to use points and miles to book travel, rewards credit cards and their associated welcome bonuses are a great place to start. Not only do intro bonuses help you earn a lot of points or miles quickly, but after you open a rewards credit card, you'll also earn additional rewards on all your everyday spending, and can enjoy valuable perks like travel insurance and statement credits.
While credit card points can make travel more affordable, there are plenty of rules and idiosyncrasies to remember. One of the biggest ones you'll want to know about is Chase's 5/24 rule. This rule affects your ability to be approved for some of the most popular rewards cards, including the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®.
What is the Chase 5/24 rule?
Chase's 5/24 rule states that you cannot be approved for most Chase credit cards if you've opened five or more credit cards within the past 24 months. This means five credit cards across all card issuers — not just Chase — so if you've opened three of the best American Express credit cards and two of the best Bank of America credit cards within the past 24 months, you still wouldn't be approved if the Chase card you're applying for is subject to Chase's 5/24 rule.
Having opened five or more cards within 24 months essentially puts you in a "blackout" period, meaning you won't qualify for most of Chase's cards. When you're no longer in this blackout period as time progresses, you're "out from under 5/24." You may also see people refer to this as having "5/24 slots free" again.
What credit cards are impacted by the Chase 5/24 rule?
Chase doesn't officially publish its application rules, but the 5/24 rule appears to apply to almost all Chase cards, including all of Chase's top rewards credit cards. So yes, the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® are subject to the 5/24 rule.
Like other issuers, Chase does a credit check (often referred to as a hard inquiry)before approving or denying your credit card application. This gives it access to your account open dates for all lines of credit on your credit report. This is how it's able to check your eligibility for a card based on the 5/24 rule.
Being mindful of the cards you open is crucial to staying "under" 5/24. Even some department store credit cards count toward the five-card limit in 24 months — however, student loans, mortgage loans, and car loans are not included in this rule.
Here are some of the top personal Chase credit cards known to be affected by the 5/24 rule:
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve®
- Chase Freedom Flex℠
- Chase Freedom Unlimited®
Do Chase business credit cards count toward 5/24?
Chase's business credit cards are also affected, along with Chase co-branded business cards with travel partners like United. However, a Chase business credit card does not count toward your overall 5/24 count — in other words, you can apply for a Chase business card while you're at 4/24 (four new cards over 24 months), but you won't tip the 5/24 scale when you apply for your next Chase card.
Here are some of the top Chase business cards to keep in mind:
- Ink Business Cash® Credit Card
- Ink Business Preferred® Credit Card
- Ink Business Unlimited® Credit Card
How to check your 5/24 "status"
You don't have to wait for Chase to tell you your card application has been denied because you've opened too many accounts in the past 24 months — you can keep track of your 5/24 status yourself.
One way to do this is to check your credit report for free with a site like AnnualCreditReport.com or Credit Karma. Once you have an account, you can view all the accounts associated with your credit report, including your open dates.
What does Chase's 5/24 rule mean for your credit card strategy?
Apply for Chase cards first
Because the 5/24 rule only applies to Chase credit cards, it's best to apply for the credit cards you want from Chase first. Once you have the Chase cards you want, you can expand to other issuers. Of course, you'll have to adhere to the rules that apply to the other banks.
Top Chase cards to consider
Chase Sapphire Preferred® Card — $95 annual fee; offering a welcome bonus of 75,000 bonus points after you spend $4,000 on purchases in the first three months from account opening (worth $1,350 in travel, based on Business Insider's valuation of Chase points)
Chase Freedom Unlimited® — $0 annual fee; earns 5% cash back on travel purchased through Chase TravelSM Portal, 3% cash back on dining and drugstore purchases, and 1.5% cash back on everything else
Chase Sapphire Reserve® — $550 annual fee with recently added benefits with DoorDash and Instacart; it's also currently offering a welcome bonus of 75,000 bonus points after you spend $4,000 on purchases in the first three months from account opening (worth $1,350 in travel, based on our valuations)
Consider upgrading or downgrading your Chase card
Especially if you're over 5/24, if you feel that a different Chase card would be better for your lifestyle, you could request to upgrade or downgrade your card.
Upgrading or downgrading a Chase card won't affect your 5/24 standing, since you're not opening a new card. Instead, you're trading one card for another. Just keep in mind that you won't qualify for any promotional offers like a welcome bonus.
Don't forget about Chase business cards
If you can qualify for a business credit card — either because you run your own business or you have a side gig like freelancing — don't overlook Chase's business credit cards like the Ink Business Preferred® Credit Card.
You won't be approved for them if you're over 5/24, but if you're nearing five new card accounts in 24 months, opening a new Chase business card won't push you any closer toward being over the limit, so this could be a great way to earn more Ultimate Rewards points without preventing you from opening other Chase consumer cards in the near future.
It's all about the open date
Contrary to what you may think, closing one of your cards won't help you stay below 5/24. Chase looks at open dates, but does not care whether those credit cards have since closed.
So, it's important to regularly monitor your credit report and check your 5/24 status before applying for a Chase credit card.
Bottom Line
The Chase 5/24 rule is strict for a reason — the issuer offers valuable rewards credit cards and lucrative welcome bonuses, and without guidelines in place it would be easy to take advantage of these and "game" the system.
While other banks may not conform specifically to the 5/24 rule, that isn't to say that they don't have their own set of guidelines. So, a good rule of thumb is to only open credit cards that you really want, space out your applications so they don't exceed five in a 24-month span, and start with your favorite Chase cards.
Chase 5/24 frequently asked questions
Does Chase 5/24 count loans?
The Chase 5/24 rule primarily applies to credit card accounts. It counts the number of credit card accounts you've opened in the past 24 months when considering your eligibility for certain Chase credit cards. Loans, such as personal loans or mortgages, are typically not counted as part of the 5/24 calculation.
How do I avoid Chase 5/24 rule?
To avoid the Chase 5/24 rule, wait to apply for a new Chase card until some of your recently opened accounts fall outside the 24-month window. Prioritize applying for the Chase cards that offer the most value to you. Business credit cards and authorized user accounts may not count towards the 5/24 limit, so explore these options.
What is the 5 24 rule Chase?
The 5/24 rule, often referred to as the Chase 5/24 rule, is an unofficial Chase guideline that states you will not be approved for a new Chase card if you have opened five or more credit card accounts from any bank within the past 24 months.
Junior Investing Reporter
Tessa Campbell is a Junior Investing Reporter for Personal Finance Insider. She reports on investing-related topics like cryptocurrency, the stock market, and retirement savings accounts. She originally joined the PFI team as a Personal Finance Reviews Fellow in 2022.Her love of books, research, crochet, and coffee enriches her day-to-day life.
Gina Zakaria, the founder and writer for TheFrugalConvert.com, is based in Los Angeles. She is passionate about helping others find their sweet spot in spending and saving, by being more frugal. It’s her mission to teach others how to maximize on life while saving money. She’s appeared on MeTime with Frangela talk show and featured in Money Magazine, Yahoo Finance, and other prominent personal finance sites.
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