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What is the Chase 5/24 Rule?

Updated: Jan 22, 2023

The Chase 5/24 rule is a guideline established by Chase Bank that limits the number of new credit card accounts that an individual can open within a 24-month period. According to this rule, if an individual has opened five or more new credit card accounts within the last 24 months, they will not be approved for most Chase credit cards, including some of the bank's most popular cards such as the Chase Sapphire Preferred and the Chase Freedom Unlimited.


The 5/24 rule applies to all new credit card accounts, not just those from Chase. This includes accounts opened with other banks and credit card issuers, as well as store credit cards.


The main reason for the 5/24 rule is to prevent credit card churning, which is the practice of opening and closing multiple credit card accounts in a short period of time in order to earn sign-up bonuses and other rewards. This can be detrimental to the bank's bottom line, as well as the credit score of the individual.


However, there are some exceptions to the 5/24 rule. For example, some business credit cards are not subject to the rule, and some individuals may be approved for a Chase credit card even if they have opened five or more new accounts within the last 24 months.





It's worth noting that the 5/24 rule is not an official policy that is publicly acknowledged by Chase Bank, and the bank does not publicly disclose the exact criteria it uses to determine an individual's creditworthiness. However, based on reports from customers and credit card industry experts, it is widely believed that the 5/24 rule is used by Chase as a general guideline for approving new credit card applications.


In conclusion, the Chase 5/24 rule can be a hurdle for those who are looking to apply for Chase credit cards, especially if they have opened multiple new credit card accounts in the last two years. However, there are some exceptions to the rule and it's worth considering them before applying for a credit card. It's also important to keep in mind that opening and closing multiple credit card accounts in a short period of time can have negative effects on your credit score and should be avoided.

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