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Home » What is the 5 24 rule?

What is the 5 24 rule?

If you’re considering applying for a Chase credit card, understanding the 5/24 rule is crucial. This rule, unique to Chase, sets a specific criterion for approval. In simple terms, if you’ve opened five or more personal credit cards within the last 24 months, regardless of the card issuer, Chase is likely to deny your application for most of their cards. This rule is designed to prevent “churning,” a practice where individuals open multiple cards to earn rewards and then close them shortly after.

This rule impacts many individuals who are avid credit card users or those who enjoy taking advantage of rewards programs. The 5/24 rule can be a roadblock for those looking to add a Chase card to their wallet, especially if they’ve been active in acquiring new cards recently. However, it’s important to note that not all Chase cards are subject to this rule. Certain co-branded cards, like the ones offered in partnership with airlines or hotels, may not fall under the 5/24 restriction.

For anyone strategizing their credit card applications, being aware of Chase’s 5/24 rule is essential. Before applying for a Chase card, take a moment to review your credit card history. If you’ve opened five or more personal cards in the last two years, it might be wise to hold off on your application until you’re no longer in the 5/24 range. This rule can significantly impact your approval chances, so plan accordingly and choose the timing of your applications wisely.

(Response: The 5/24 rule is a policy from Chase that restricts approval for most of their credit cards if an applicant has opened five or more personal credit cards from any issuer within the past 24 months.)