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Guide to the Chase 5/24 rule

Which cards it covers, how to check your standing and tips for increasing your approval odds

Summary

Chase is unlikely to approve you for a credit card if you’ve opened five with any bank in the last 24 months. But there are some ways to get a new Chase credit card without it counting toward your total or while having more than five open accounts in that timeframe.

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Every credit card issuer has its own set of rules that govern who gets approved for a new card – especially when it comes to the number of credit card accounts you’ve opened recently. Chase is one of the strictest issuers in this area, holding applicants to what is commonly known as the “5/24” rule. This rule – which is one of the most limiting in terms of accounts you can have open – can make it difficult for rewards card enthusiasts to open multiple accounts in a short period of time.

However, by understanding how Chase’s 5/24 rule works and how you can abide by it, you can boost your chances of being approved for one of the bank’s popular credit cards.

What is the 5/24 rule?

While most card issuers have some sort of rule for how many accounts you can have open with them before qualifying for a new card account, Chase is even more strict than most. The bank is known for requiring applicants to meet the 5/24 rule, which means that if you’ve opened five or more credit cards with any issuer in the last 24 months, it is likely you won’t be approved for a new Chase card (even if you’ve since closed the cards).

Unfortunately, there aren’t any surefire ways to circumvent this requirement, other than waiting the required amount of time to fall under five open accounts in a 24-month period before applying for a Chase card.

Which cards are subject to the 5/24 rule?

While there is no way to know for sure which cards fall under Chase’s 5/24 rule (the bank doesn’t publicly announce this restriction), The Points Guy reports that the following Chase credit cards abide by the policy:

Chase has not always held its airline and hotel co-branded cards – such as the IHG Rewards Club Premier Credit Card – to the 5/24 rule, but recent accounts have found that all Chase credit cards are now subject to the restriction.

Exceptions to the 5/24 rule

Beating the 5/24 rule is no easy feat, but some Chase applicants have had success being approved for targeted credit card offers – even if they have too many recent accounts. While this has happened on a case-by-case basis, it is not a guaranteed way around the rule, and we recommend against using tricks like this to try to skirt around the requirements.

Alternatively, there are some legitimate ways to get a new Chase credit card without it counting toward your total or while having more than five open accounts in the past 24 months.

For example, you can apply for a Chase small business credit card. While these cards do require you to meet the 5/24 rule when you apply, they won’t count against your 5/24 standing. That means that you can still technically have more than five open accounts in the last 24 months and still be under 5/24 – if some of those accounts are business cards. Plus, qualifying for a small business credit card is easier that you might think, and even sole proprietorships are eligible.

Another way to circumvent the 5/24 rule is to opt for a product change rather than a new card application. If you don’t meet 5/24 – but you already have a Chase credit card that no longer suits your needs – you can upgrade or downgrade a card with Chase. Just keep in mind that you won’t be eligible for the new card’s introductory offer by choosing this option.

How to check your 5/24 standing

The easiest way to see if you are within five open accounts in the last 24 months is to request a free copy of your credit report from any one of the three major credit bureaus at AnnualCreditReport.com. Your report will list all your open accounts, and you can count the ones opened in the last 24 months.

See Related: Credit report sample: How to read, understand a credit report

You can also check your report for free online with Experian.

Tips for improving your approval odds for a Chase card

  • Wait out the time you need to fall under 5/24, rather than trying to circumvent the rule. While some people have had success using tricks like applying for targeted offers, you are better off waiting to meet the qualifications to increase your chances of approval.
  • Keep a close eye on your credit report and open accounts.
  • If you need a new card, but want to stay under five open accounts, consider applying for business cards – as most don’t count toward 5/24.
  • Avoid applying for too many cards at once. Sign-up bonuses and new rewards schemes can be tempting, but you should think carefully before opening any new credit card.
  • On top of meeting 5/24 rules, make sure your credit score is within the new card’s suggested range before applying. 5/24 is one of many factors Chase considers for approval.

Final thoughts

The Chase 5/24 rule is one of the strictest requirements for new applicants among card issuers, so it is important to know where you stand before applying for a new card. As long as you avoid applying for too many cards at once and keep a close eye on your credit report, you can ensure you qualify for the card you want.

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Airline
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