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Deciding when is the best time to apply for a new credit card is key, especially if you're looking to open a Chase credit card. While Americans have an average of four credit cards, those with more may run into Chase's "5/24 rule."
The 5/24 rule limits who can open a new Chase credit card, based on how many cards they have opened within the past two years. So, if you're looking to maximize travel rewards with the Chase Sapphire Reserve® or get out of debt with the Chase Slate®, you may need to calculate your 5/24 score before applying.
Below, Select explains how the Chase 5/24 rule works, so you can gauge qualification odds for Chase credit card applications.
What is the 5/24 rule?
Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
For instance, if you've opened two Citi cards and three Amex cards within the past 24 months, then you will likely be denied for a new Chase card until your 5/24 score decreases. There really aren't any workarounds to the 5/24 rule, beyond waiting for a new account to be over 24 months old.
What Chase cards are affected by 5/24?
While Chase doesn't publish which cards are affected by the rule, there are numerous reports on forums, such as Reddit, that report which credit cards are subject to 5/24.
The 5/24 rule reportedly affects most Chase credit cards, including:
Co-branded cards are also reportedly affected:
How to calculate your 5/24 score
If you've recently opened new credit cards and want to apply for a Chase credit card, you may not know where you stand for the 5/24 rule. To calculate your 5/24 score, simply review your credit report and count the number of accounts that were opened in the past 24 months.
This also includes if someone added you as an authorized user on their account. And any accounts that were opened within the past two years but also closed within that time should still be counted.
Does the 5/24 rule affect other card issuers?
No — other card issuers don't follow the 5/24 rule, so you may qualify for an Amex or Citi card if you've opened five accounts within the past 24 months. However, all card issuers have their own requirements and criteria for approving applicants.
Don't miss:
- Here are the best Chase credit cards for earning rewards and getting out of debt
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
FAQs
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
What is Chase's 5 24 rule on card applications? ›
What is the Chase 5/24 rule? According to the 5/24 rule, you won't be approved for a Chase credit card if you've opened five or more cards from any bank (excluding most business credit cards) in the past 24 months, even if you have an excellent credit score.
How do you get around the Chase 5 24 rule? ›
How to bypass the Chase 5/24 rule? If you've been approved for five cards in the past 24 months, you will not be approved for another Chase card thanks to the 5/24 rule. There have been reports of “Selected for you” and “Just for you” offers being exempt from the 5/24 rule.
What are the exceptions to the Chase 5 24 rule? ›
Chase 5/24 rule exceptions
Credit accounts that are excluded from the Chase 5/24 rule include: Credit cards you were denied for. Small business credit cards (except the ones noted above) Auto loans.
What is the 2 30 rule for Chase credit cards? ›
Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.
How do I know if I am under Chase 5 24? ›
There are several ways to check your 5/24 status. If you already subscribe to a service that allows you to see your entire credit report for free or if you've ordered your free credit report from annualcreditreport.com, you can simply count the accounts opened in the last two years.
How many inquiries are too many for Chase? ›
Hard pulls can affect your credit score and may also hurt your eligibility for new credit cards and/or loans — especially if the number of inquiries reaches six.
What is the 2 48 rule for Chase? ›
This is what Chase states on its website regarding Chase Sapphire Preferred bonus eligibility: The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.
Does closing a credit card hurt your credit? ›
Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.
Can you open two Chase credit cards at the same time? ›
Yes, you can have more than one credit card from the same company. It's not only possible, but it can be a great way to deepen your relationship with one specific bank and take advantage of their card rewards and benefits.
The 5/24 rule blocks applicants from opening a Chase credit card if they've opened five or more cards from any issuer in the past two-year period. Understanding this policy could be the difference between rejection or getting a lucrative new card.
Do loans count towards Chase 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®
How many credit cards should you have? ›
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
Is there a way to bypass Chase 5 24 rule? ›
The only confirmed method for bypassing the Chase 5/24 rule requires already being a Chase customer. Some customers may receive a targeted "Just for You" credit card offer through their online account.
Is Chase 5 24 a hard rule? ›
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
What is the 2 90 rule for credit cards? ›
1-in-5 rule: This states that you can only apply for one American Express card every five days. 2-in-90 rule: You can only be approved for up to two American Express cards within a 90 day period.
How many Chase cards can you apply for in a month? ›
Two Cards per 30 Days
Chase reportedly limits credit card approvals to two Chase credit cards per rolling 30-day period. Data points conflict on this, but a safe bet is to apply for no more than two personal Chase credit cards or one personal and one business Chase credit card every 30 days.
What is the approval criteria for Chase? ›
Most Chase credit cards are intended for consumers with good to excellent credit scores (FICO® Score of 670 or higher). A score above 700 is even better and gives you a strong chance at approval.
How often can you apply for Chase business cards? ›
Though there is no limit to the number of business cards you can apply for, you'll want to take into account that every application initiates a hard inquiry on your credit report.
