Are you looking for an all-in-one credit card option? Get to know everything about Chase Credit Card, the Chase 5/24 rule and why it is one of the best credit cards in the market. Check how the Chase 5/24 rule works and affects your credit score in 2022.
Chase credit card is a credit card for all travellers with many rewards that will make your travel more affordable. If you have convinced yourself to apply for a credit card, then the Chase 5/24 rule comes into the picture. Without passing all the criteria, you cannot be eligible enough to apply for the Chase credit card, and you will not be able to enjoy the most popular credit cards like:
Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, Chase Freedom Unlimited®, Chase Freedom FlexSM, British Airways Visa Signature® Card, there many more. So, let us dig deep to know more about the Chase 5/24 rule and see how it affects the overall process of getting a Chase credit card.
Key Takeaways: Chase 5/24 Rule
- Every company and credit card holders have certain kinds of directives. Likewise, the Chase 5/24 Rule will decide and check your abilities to get approved by them.
- To apply for a Chase credit card must have at least five credit card approval in the past 24 months.
- In 2016 Chase 5/24 Rule was implemented for the Chase Sapphire Reserve® application, but Chase removed all languages that came under Chase 5/24 Rule in September 2016.
- But still, we cannot neglect the fact that today without passing the Chase 5/24 Rule, we will not be able to get an excess of Chase credit cards and their benefits.
- Banks like American Express, Citibank and many others also have rule policies.
What Is The Chase 5/24 Rule?
While you are just taking a sip of your coffee, billions of customers have already applied for different credit cards. But most of the customers, after earning their welcome reward, cancel their card memberships, which eventually makes the credit card companies lose their money.
It is one of the main reasons why Chase comes with the 5/24 Rule. We all know that Chase credit cards provide you with a mouth full of rewards that only give them the right to be strict while selecting or rejecting the applications.
Chase gives a sign-up bonus, open-handed rates on spending, and additional points, which will lead you towards great rewards.
Chase 5/24 Rule is a way by which you get approval to apply for many Chase credit cards. To become eligible for a Chase credit card is essential to open at least five credit card accounts within the past 24 months. If you failed the process of the Chase 5/24 Rule, then you will not qualify for any of their Chase Cards.
Read – All You Need To Know About Citi Price Rewind in 2022
Why Should You Know About Chase 5/24 Rule? How Does It Work ?
While going through the approval procedure for Chase Credit card, the 5/24 Rule plays an important role. It restricts you from being approved after you have at least five or more credit card accounts within 24 months.
We suggest you apply for the credit card, which you need first, and after you get the green signal, you can apply for other Chase credit cards later on. Chase business and personal credit cards are considered the best, among others. It will give you benefits of concierge service, travel insurance, car insurance and many other benefits.
How To Check If You Come Under Chase 5/24 Rule?
To check your Chase 5/24 Status, first, have a copy of your credit report, and check the list of your accounts. Fetch the details of all your opened and closed bank accounts from the past 24 months. Your 5/24 Status will depend on the number of running accounts you have from the past 24 months.
Remember, if your cards are not there on your current report, they will not count and can become a barrier to getting your Chase Credit card.
Must Read – What Does ‘No Credit Score-Zero Credit Score’ Mean in 2022?
How To Calculate Chase 5/24 Rule ?
To calculate your Chase 5/24 Rule, you need a copy of your credit report to check and count the number of credit cards linked to your accounts from the past 24 months. Your credit report includes all the information from open to closed accounts, your data and your financial status. If your score does not match the criteria or fails to fit in the Chase 5/24 Rule, Chase will decline your request, and then you have to start from scratch.
Tip: If your credit card needs repair, focus on that first and then try applying for a new credit card.
Top 5 Credit Cards That Are Affected By The Chase 5/24 Rule
Here are the Top 5 credit cards that are affected by the chase 5/24 rule in 2022:
- Chase Freedom
- Chase Freedom Unlimited
- Chase Sapphire Preferred
- Chase Sapphire Reserve
- Ink Business Credit Card
1. Chase Freedom®
With the Chase Freedom credit card, you can earn up to 5% cash back on spending $1,500. It keeps on giving you opportunities by which you can earn plenty of rewards. Also, zero annual and foreign transaction fees make it more affordable for many users. You receive cashback on expenses like groceries, gas, travel, utilities, general purchase and dining. It offers 0% APR for 15 months after opening your account and comes with a warranty.
2. Chase Freedom Unlimited®
With no annual fee, you can receive an excellent rewards program can get DashPass membership, including free delivery on a 12% order and an extra benefit of 0% on APR. If you are the one who spends more on purchases, then apply for Chase Freedom Unlimited, as it comes with multiple benefits.
3. Chase Sapphire Preferred
A card where you can earn more points on dining, travel, online subscriptions, and grocery Chase Sapphire Preferred credit card is best for epicure and travel lovers. Not only this, a new cardholder gets 60,000 bonus points on spending $4,000 in the first three months, and you can transfer those points to buy other expenses. So, if you are planning to travel, do not forget to have your Chase Sapphire Preferred credit card first.
4. Chase Sapphire Reserve®
Chase Sapphire Reserve® is with you all the time, whenever you need it. While $550 is an annual fee, the Chase credit card is still the most demanded among the customers. Compared to other luxury credit cards, it is still affordable. Competitive rewards make this credit card more desirable.
Some of its benefits include:
- No foreign transaction fees
- Auto rental collision damage waiver
- Baggage delay insurance
- Emergency evacuation and transportation
- Extended warranty protection
- Trip delay reimbursement
- Travel and emergency assistance
5. Ink Business Credit Card
It is an excellent card for those who own small businesses because you need to manage all the money like your employee salaries, business expenses, and travel insurance. Also, earn great rewards while spending money through Ink Business Credit Cards.
Related – 7 Best Business Credit Cards Balance Transfer in 2022
Top 5 Credit Cards That Are Not Counted In The Chase 5/24 Rule
- The Business Platinum card® by American Express
- American Express® Business Gold Card
- World of Hyatt Business Credit Card
- The Blue Business® Plus Credit Card by American Express
- American Express Blue Business Cash™ Card
All, the rewards bonus and some zero-fee credit cards by Chase make it more tempting for any customers. But we have understood the fact that without getting approved by the Chase 5/24 Rule, we cannot have access to any of Chase Credit cards.
So, if you are applying for any of these Chase Credit cards, make sure to have at least five running credit cards from any bank in the past 24 months.
Mount Shine’s Tip: After getting through the Chase 5/24 Rule, apply first for the credit cards you need the most. Rest, you can upward or downward your credit card later on.
How To Apply For Chase Credit Card?
Let Mount Shine’s expert advisor help you get a credit card that suits your needs. We understand our customer’s needs and are always there to get the best Chase credit card. Contact us, check out the list and online details, and get free reports of your credit score, eligibility to get credit cards, and quotes. We have free, fast, and simple service, so get started today!