Chase Sapphire Reserve 5/24 Rule Enforcement & Workarounds
The Chase Sapphire Reserve card is now publicly available. On 8/21/2016 it became available for sign-ups in-branch and now it is available online as well. Since the cards’ launch, the big question has been about Chase Sapphire Reserve 5/24 rule enforcement and if there are any workarounds. Let’s take a look at the data and what you can do.
Chase Sapphire Reserve Overview
Before discussing Chase Sapphire Reserve 5/24 rule enforcement and workarounds towards getting approved, here are the basics of Chase’s new premium credit card offering.
- 100,000 Ultimate Rewards points (worth $1,500 in travel) after $4,000 spend in the first 3 months.
- Annual fee: $450
- 3X Dining & Travel.
- 1X Everywhere else.
- $300 annual travel credit per calendar year (get it twice in your first cardmember year.)
- Priority Pass Select membership
- Global Entry fee credit
- 1:1 points transfers
- Travel & purchase protection
- Points worth 1.5 cents each when used to book travel.
What Is the Chase Sapphire Reserve 5/24 Rule?
The 5/24 rule or guideline as I like to call it, means that Chase will almost always deny an applicant who has opened 5 or more new revolving credit accounts within the past 24 months. A denial under the 5/24 rule generally comes with the language, “Too many new accounts in the past 24 months” or simply “Too many new accounts.” Sometimes the specific number of 5 is used and other times no specific number is given.
Chase Sapphire Reserve 5/24 Rule Enforcement
On 8/21 I covered some of the data points regarding in-branch applications for the Chase Sapphire Reserve card. Unfortunately, the data was mixed, but it seemed to indicate that 5/24 was in place for this card. When the card went live for online applications, the data confirmed that the 5/24 rule is being enforced with the Chase Sapphire Reserve card.
In addition to a number of data points that have surfaced on Reddit (compiled data here) and the data points I covered on 8/21, several Miles to Memories readers have also been denied due to “too many new accounts.”
Applied online at what I thought was 8/24. Got “we need to review” message, called recon and was declined for 9/24! Apparently, heloc counts against you as well! – David T
5/24 is an effect. I can confirm. I was just denied. I’m at 4/24 (my accounts). My wife put me on two of her accounts as an AU. they refused to no count the AU accounts. – A
Chase Sapphire Reserve 5/24 Workarounds
There are a couple of known ways to possibly get a Chase Sapphire Reserve approval if you have opened 5 or more new accounts within the past 24 months. The two confirmed Chase Sapphire Reserve 5/24 workarounds are:
Chase Private Client
Chase Private Client is a program for high net worth customers. Customers who participate in this program are known to get around the 5/24 rule and there are indeed data points indicating CPC works to avoid 5/24 with the Sapphire Reserve card. Unfortunately this option won’t be available to most people since it isn’t easy to get Private Client status.
Preapproved In-Branch Offers
Preapproved offers (in-branch) have been known to get around the Chase Sapphire Reserve 5/24 rule. At this point I have seen dozens of data points from people who are over 5/24, were preapproved in-branch and then had their applications for the Chase Sapphire Reserve approved. To see if you are preapproved, go into a Chase branch and speak with a banker or give your local branch a call.
More Sapphire Reserve Info
As a reminder, I have covered everything you need to know about this card over the past week. For more info see these posts:
- Chase Sapphire Reserve & 5/24: Mixed Results from In-Branch Applications
- How to Activate Chase Sapphire Reserve Priority Pass Lounge & Car Rental Elite Benefits
- Chase Sapphire Reserve Full Benefits Guide Released: All Card Benefits Top to Bottom
- Chase Sapphire Preferred vs. Sapphire Reserve: Which Card to Get & Which to Keep
- How I Got Approved for the Sapphire Reserve but Almost Completely Screwed It Up! (And Other Tidbits)
- Chase Sapphire Reserve Priority Pass Guest Policy Confirmed?!?
- How to Easily Track Your Chase Sapphire Reserve Travel Credit & 3X Earnings
For those who have opened up a lot of credit cards within the past two years it may be a difficult road towards getting a Chase Sapphire Reserve approval. I’ll continue to monitor the data points and share the news if anything changes, but for now things are not looking good for the Chase Sapphire Reserve and the 5/24 rule.
Feel free to share your thoughts and experiences with the Chase Sapphire Reserve and the 5/24 rule in the comments.