Analyzing New 5/24 Rules – What We Know
The other day I wrote a post looking at the data behind the so called 5/24 rule. This rule basically says that Chase will deny you automatically if you have opened 5 or more accounts across all banks within the past 24 months. At the time I felt comfortable with my assertion that this rule isn’t in place across the board for all people. Some people are approved with more than 5 accounts and some denied with less.
Up until a few days ago the rule was supposedly only in place for Chase branded cards excluding the Ink Business cards. On May 24, Doctor of Credit quoted a source saying that the 5/24 rule was in effect for many more cards as of May 22.
According to the DoC post, here are the cards now under the 5/24 rule:
- Chase branded cards such as Freedom, Slate & Sapphire Preferred
- Chase Ink Business Cards
- All Marriott Co-branded cards
- United Co-branded cards
- Southwest Co-branded cards
The following cards are thought to not be under the 5/24 rule:
- IHG Rewards Club
- British Airways
Looking at the Data
Since Doctor of Credit’s post, many people have rushed in to share their data points both in the comments on the original post and on Reddit. (Doctor of Credit is doing a great job of organizing data points.) Since I know it can be a lot to sort through, I thought it was time for me to chime in to share with you guys what people are reporting.
While there is still limited data, here are a few things that I have been able to tell by reading through everything:
- IHG, Hyatt, British Airways & Fairmont definitely aren’t the 5/24 rule. There are numerous data points of approvals on both the Doctor of Credit post and Reddit.
- There is at least one data point each confirming an approval with more than 5/24 on the Southwest, United & Marriott cards.
- There are some data points of people being denied for too many new accounts, although this isn’t anything new with Chase even on these co-branded cards.
- There are a couple of data points of people applying for one card on the 5/24 list and one not on the 5/24 list and being instantly approved for the non-5/24 card, but pending on the 5/24 card.
- We know that people with Chase Private Client and targeted offers have also been able to get around 5/24. Frequent Miler has a good post describing the ways to get around 5/24.
So as of now we have data points going both ways regarding the 5/24 rule. It does seem like Chase may have tightened approvals, but just as before based on the data it seemingly isn’t being applied across the board.
As of now it is too early to tell if Chase really has a hard 5/24 rule on these cards or if they have simply tightened. I’ll let you sort through the data and make up your own mind, but I am doubtful that this rule is being enforced 100% of the time. With that said, Chase has definitely tightened over the past year and it wouldn’t surprise me to see them tighten even more going forward.
What do you think based on the data? Feel free to share your thoughts and data points in the comments.