Chase Shutdown After Redeeming Millions of Points from 50+ Ink Cards in One Year

Chase Shutdown After Redeeming Millions of Points

Chase Shutdown After Redeeming Millions of Points from 50+ Ink Cards in One Year

Shut downs from banks or airlines happen often. Sometimes the cardholder might be in the right, and sometimes there might be a good reason for the shutdown. The latter seems to be case this time. Chase has shut down one customer who opened tons of Chase Ink cards over the last year and redeemed over 7 million Chase Ultimate Rewards through Pay Yourself Back.

The first thing you are going to ask is how is it even possible to open that many Chase cards when there’s a Chase 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. You will not 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. But there are some pre-approved offers that let you bypass this rule. However, even those offers might normally get you a card or two, and certainly not millions of points.

In this case there were some specific links that were used, which were generated from those pre-approved offers. The links were made public a few days ago and quickly died. Those in the know could apply for two Chase Ink cards monthly. So doing this for over a year for several people can easily get you millions of points. 7 million Chase Ultimate Rewards are over $100,000 when redeemed through through Pay Yourself Back with a Chase Sapphire Reserve card. And that wasn’t even the total of points that was accrued through these links.

I guess being shut down and not being able to get any Chase cards for the foreseeable future after such a massive haul of points is not that bad after all. That’s if there are no legal issues afterwards. We have seen people arrested for opening Amex cards, hotels scams in Japan for over $1M, and for a Nordstrom Online Reward scheme

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14 thoughts on “Chase Shutdown After Redeeming Millions of Points from 50+ Ink Cards in One Year

  1. Pingback: American Road Trips, Economy Optimists, Delta Dangers, Higher Card Offers And Fees - TravelBloggerBuzz

  2. Im happy for them. They applied for cards, chase approved them, they completed requirements and got the points. Wish I knew about it!

  3. This is the reason why everything gets harder and we have lifetime and 5/24 rules. Few people cash in and everyone else suffers.

  4. I’m jealous if they really get away with this. But I doubt that Chase will let this go. That’s just one person cashing in $100K+. I’m sure hundreds of people knew about this. So that’s millions of dollars in losses for Chase. And once it was made public, probably thousands more applied. This is not the end of this story.

      • don’t be so jelly bro. you probably have some secrets that u not sharing right now. everyone wants to keep their tricks a secret but want everyone else to share everything.

      • Hard to go after someone for fraud when there’s no fraud.

        They didn’t have to approve them for those cards and give signup bonus every month for a year. As long as they didnt lie on their application, there’s no fraud.

        • It makes things worse for everyone else in the long run, but I agree that there’s no fraud as far as I can tell from the article. And as someone else said here, we would have all done the same thing if we had this information.

  5. I wouldn’t mind a shutdown if I could get 10 million points from Chase first. But the question is how is Chase approving them for 50 cards a year?

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