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On May 24th (coincidentally, 5/24), Doctor of Credit announced that Chase’s dreaded 5/24 rule was now in place as of May 22nd or 23rd for most cards. Specifically, he said that the rule now applies to the following cards:
- Freedom and Freedom Unlimited
- Ink Plus and Ink Cash
- Marriott Rewards Premier (Personal and Business)
- Ritz Carlton Rewards (Maybe)
- Sapphire Preferred
- Slate
- Southwest Airlines Rapid Rewards Plus
- Southwest Airlines Rapid Rewards Premier (Personal and Business)
- United MileagePlus Explorer (Personal and Business)
- United MileagePlus Club
Interestingly, he states that the rule does not (yet?) apply to these co-branded cards:
- Amazon
- British Airways
- AARP
- Disney
- Fairmont
- Hyatt
- IHG
Is it real?
Based on the number of data points I’ve heard, I have no doubt that the 5/24 rule is real, but I believe that there are situations where it is not applied (more on that below). Whether or not the rule is now in effect for all of the cards listed by Doctor of Credit, I don’t know. I’m sure that we’ll hear many data points soon that will clarify which cards are, or are not, subject to the rule.
There is already at least one data point suggesting that the United card (the 50K targeted offer) might not be subject to the rule (yet):
@garyleff @Drofcredit @milestomemories @FrequentMiler @OneMileataTime Josh applied to UA today. Instant approval.
— Mommy Points (@Mommy_Points) May 25, 2016
As I’ll discuss further down in this post, though, there may be another explanation for Mommy Points’ husband’s instant approval.
What is the 5/24 rule and how do you know if you got caught by it?
In the past year or so, Chase has frequently denied applications for certain cards (Freedom, Sapphire Preferred, and Slate) due to having 5 or more new credit card accounts (with any bank) in the past 24 months. That means that anyone who regularly signs up for credit cards in order to earn points & miles is likely to be denied when they try to sign up for these cards. Now it appears that the rule applies to far more cards than before.
If you call reconsideration after a denial (which you should do because it can’t hurt), you may be told that your application was denied because you have opened 5 or more accounts in the past 24 months. If so, you’ve been caught by the 5/24 rule. Most who have been denied due to 5/24 have been unable to reverse the decision through reconsideration phone calls.
It’s important to note that Chase often denies applications for other, similar sounding reasons. For example, it is common to be told that you already have too many Chase cards. Or, you may be told that you have had too many recent credit inquiries. Neither of these explanations for denial is the same as the 5/24 rule. These are simply factors that influence Chase’s decision. And, importantly, applications denied for these reasons are frequently approved after reconsideration phone calls.
Breaking 5/24 (How to get approved anyway)
At this point, this is just conjecture based on a very limited number of data points. Hopefully, readers will help confirm or deny these assumptions…
Private Client
Many banks offer special privileges for high net worth clients. Chase’s version is called Chase Private Client. It’s like a bank’s version of elite status. Based on my admittedly very limited data, I believe that Private Client customers may be exempt from the 5/24 rule.
More details can be found here: Chase Private Client and Sapphire Preferred 65K.
Pre-Qualified Offers
If you receive a credit card offer from Chase that says you are pre-approved or pre-qualified, there is some evidence to suggest that you will not be subject to the 5/24 rule for that application. When you receive these offers via email or mail, the offer usually includes an invitation number and/or offer code. Make sure to use the number and/or code when applying.
You can also check for pre-qualified offers online: creditcards.chase.com/prequalified-offers.
Targeted Offers
This one goes even further into pure speculation than the two options shown above (Private Client and Pre-Qualified Offers). As shown above, yesterday Mommy Points reported that her husband was instantly approved for the United MileagePlus 50,000 mile offer. The current public offer for this card is 30,000 miles. He found the 50,000 point offer by signing into his United.com account. Since this offer is not shown to everyone who signs in to United.com, it is a targeted offer.
It is possible, of course, that the 5/24 rule is not yet being applied to United cards. However, I think it is even more likely that targeted offers are exempt from the rule.
Note: If you’re thinking of signing up for the United card, don’t forget to start the process of booking a paid flight first. This way you’ll get the same offer given upon logging in plus a $50 statement credit after first purchase. See: 8 ways to get the best Chase signup bonus offers.
Reader experiences?
Have you applied for any Chase cards since Monday, May 23rd? If so, which cards did you apply for and what was the result? Are you a Private Client? Did you use a pre-qualified offer or a targeted offer? Please comment below.
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[…] Breaking 5/24 […]
Let me know how it goes too that’s the price for the info;)
Yea bud it’s this one. Make sure once you click on it. You go into settings and open into desktop mode. Put in your info and bam. You got it. It’s works for my fiance to just went through like mine yesterday. https://www.chase.com/credit-cards/chase-online-access
I just successfully bypassed 5 / 24 rule with targeted offer on chases desktop website via smartphone. I’m at 8/24 I froze experian report before I submitted it. It worked instantly! 16% apr 15 k limit. To check your offer you must go into Google settings and hit desktop mode at home screen. Otherwise it will direct you to mobile version. I want people to know this does work! All the same rules still apply don’t be applying for 3 cards in the sane week and expect this to work. It probably wont. On the website left side bar it will say your offers with a green check by it if you have any. Click on it and you will see 1 to 3 targeted pre approved offer that will have fixed interest rates. Pick one put in your income and sit back and get ready to bypass 5/24. My info is 757 fico 8 trans 743 experian but I froze that one because of 12 hard pulls in 24 months. And equifax 735. For some reason my equifax just won’t rise. I have 2 years 6 months 1 year average age. No collections or missed payments. Hope this helps someone.
What is the URL for the site that showed you the “your offers” link? Thanks!
Hello,
I often received email from Mariott & Southwestern (i have frequent flier accounts) to apply for their credit cards with expiration date for the offer, is this what you call “targeted offer”? My hubby is at 9/24, recently denied for Chase Reserve, will the email offer circumvent the 5/24 if he applies for either Mariott or Southwestern?
I am at 5/24 with my recent approval for Chase Reserve, what are my chances of getting approved for either Mariott & Southwestern credit cards having received “targeted offer” from both? Can I apply for both as long as I wait out the timing of my application. I understand I can only apply for two cards with Chase within 30 days, so when can I apply for the 3rd one?
Thank you so much.
There have been some reports of people getting around 5/24 with targeted offers, but many reports to the contrary as well. Best bet is to get an offer that says you are “pre-approved”. Without that term, you’re probably stuck with 5/24. A good way to try to get pre-approved is to visit a Chase branch and ask them to check for you.
Do you get a hard pull if you denied under 5/24 ?
Yes
[…] There is no indication yet whether this will help break Chase’s infamous 5/24 rule. See: Breaking 5/24. […]
[…] this is all true, a 100K signup offer from Chase will be big news. If you can get around Chase’s 5/24 rules, or fly under them, and unless the minimum spend requirements are extraordinary, the card will be a […]
[…] Breaking 5/24 […]
How about the ones that have been opened and closed are they counted?
Unfortunately they are counted even when you close them. They stay on your report for 10 years after closing
I am confused about 5/24. Is it the number of applications in the last two years. Or is it the number of accounts opened in the past two years that remain open
5/24 has nothing to do with the number of applications — it is the number of new accounts opened.
I see “sub” written various times here. What does it mean? I can’t find a definition anywhere.
In order to subscribe so that you get emailed when people add comments to a particular page, you need to add a comment yourself and check the subscribe box. So, to subscribe, people often write “sub” or “subscribe” and check the box.
Thank so much! Mystery solved!
I applied for both the Mariott Business and United Explorer with the 70k offer this week. I’ve opened 8-9 CC’s in last two years. I got pending for both and called reconsideration. The gentleman approved me on the phone for the Marriott Business, but denied me for the United due to “Too many cards opened in the past two years”. I would say based on this the Marriott Business card is NOT under the 5/24 rule.
[…] Breaking 5/24 […]
[…] knocks the annual fee down to $45 the first year. I am clearly well over 5/24, but there is some evidence that targeted offers don’t count towards 5/24 and evidence of people being approved for this […]