The Chase 5/24 rule is probably one of the most hated for churners. Chase denies applications for certain credit cards if you’ve opened more than 5 bank cards in the last 24 months. If you go after credit card bonuses, then most likely you can not get any Chase cards that fall under this rule.
Cards Under 5/24 Rule:
- Chase branded cards such as Freedom, Slate & Sapphire Preferred
- Chase Ink Business Cards
- Marriott Co-branded personal card
- United Co-branded cards
- Southwest Co-branded cards
Cards NOT Under 5/24 Rule:
- IHG Rewards Club
- British Airways
- Marriott Co-branded business card
New Way to Bypass 5/24 Rule
Trying to get under 5/24 means that you need to skip lots of bonuses for two years. But Chase has some very good credit cards with amazing sign up bonuses that you might also want. A post on r/churning gives details about a new possible way to get you both. It involves a business relationship manager and it can get you approved for business cards. What’s even more appealing, is that you’re able to get bonuses that are no longer available publicly, such as 100K for the Chase INK Preferred, or $500 for Chase INK Cash.
A business relationship manager (BRM) is not the same as a CPC banker (who could also get you around this rule previously) and not every branch has one. If you can get a BRM to put your application through, then it is handled through a specialized business lending department who doesn’t deny applications based on 5/24. It has to be a paper application, not online, to go through these channels. The application process takes a bit longer and if you need to call in for reconsideration, you also have to go through the same specialized business lending department.
Getting a BRM to put your application through is the key. If you have a good relationship with any Chase employees, you could ask them to put you in touch with a BRM or you can call some of your local branches to check if they have one.
This is good new for many of us who are way over 5/24. It doesn’t guarantee that you’ll be approved but having a couple of positive data points, sure gives you hope. Another way to get around 5/24 is with pre-approved offers in branch, so you could try that to if you don’t have access to a BRM.
Let me know if you have any data points.