Not long ago, Chase was the favorite of credit card churners due to their wide-range of available products with great signup bonuses. The bad news came when they cut down on approving new cardholders who have five new credit cards showing in their credit report. This became known as ‘the 5/24 rule’ in which Chase won’t approve new cards for those with five new accounts showing as opened within the past 24-months.
Two important points about 5/24:
- It does not apply to co-brands, like airline and hotel credit cards, as we explained in the post, Chase Credit Card Churning – Living with the New Reality (5/24 Rule)
- 5/24 does not apply to business cards, importantly the INK line of cards, as noted in the post, Do The Chase 5/24 Rules Apply To Business Credit Cards?
Based on a trusted source who is an expert in the credit card industry, Chase will soon be applying 5/24 to business cards as well, meaning that INK cards will be very hard for most of us to get. It looks like this new rule will start at some point during the month of March.
Get it while you can…
Is it possible to get one Ink as a sole proprietor and one via my llc (with an application personally guaranteed by me) at the same time? Does this work for all business cards? Also, I do heavy churning with my personal credit–is it likely my application via my llc would be approved where an app as sole proprietor would be denied due to too many inquiries, i.e. can I successfully guarantee a card if I have too many hard pulls to be able to be approved for another personal card?
Yes, Chase does allow getting two business cards (and two bonuses) for separate businesses, provided you use separate TIN (e.g. one SSN and one EIN).
I don’t know if it’s easy to get approved for two businesses or not.
I havent heard any reports, is it safe to say this didn’t happen (yet)? If not, I’m guessing it safe to assume the co-branded side will be delayed as well (if it in fact is going to happen).
Unclear about INK. I’d guess co-brands are still fine, but hard to know for sure.
As of today, Chase still isn’t enforcing their 5/24 rule for business cards. Just got delayed approval for Chase Ink Plus (“the card is in the mail”) after >10 new cards in the past 24 months.
Just posted about this https://www.doctorofcredit.com/524-effect-yet-ink-co-brands/
Could someone pls clarify whether it is ok to apply for 2 chase business cards on the same day? I am reading conflicting statements about it…thank you!
any updates on when the 5/24 kicks in for cobranded credit cards?
Co-brands will probably be at some point in April. I don’t have any more exact date.
Hi Doctor, I have an urgent question regarding Ink Plus. I applied on 2/10 in branch, followed advice and waited. Branch banker called for me and got decline. I recon and got another decline. Then I opened a new business checking account and deposit 75k into it, got a special reconsideration (launched by banker) last Thursday and it’s now pending with 7-10 days in writing in automatic line. Since tomorrow is 3/1, do you recommend I go to branch and ask banker call for me, or just wait?
Btw the reasons for second decline are: 1) Too many accounts opened (15 past 12 months); 2) Too many inquiries; 3) Business too young; 4) Not enough revenue. 3) and 4) are wired to me as I got a UA business card for same business in 3/2015. Would it help if I request a CLI on UA business now?
Probably worth going in branch, we don’t know if the new rules will go into effect on the 1st or just some during March.
Thank you so much for quick reply! Yet a follow up question: my UA Business has 5k credit line (minimum line for approval) and thus can not transfer credits; would it help if I request a CLI before I go to branch tomorrow (so that I can offer credit line transfer)?
Doubtful, if they are happy to extend additional credit to you then they will do so during the application process.
Thanks a lot! Will go to branch tomorrow.
DP: The rep in branch has been trying to request for a expedite review and it finally got approved today (3/10). Seems 5/24 hasn’t been applied to Ink now…
Hey, I applied for CSP on Jan 8 because of 5/24 rule. I really want to get this before it goes away (the ink card), so I know it’s cutting it close in March if I wait until March 8 to apply for ink, but that’s 60 days. I haven’t had problems applying for these cards with chase in the past. Should I just go for it March 8th or do you think it’s too risky?
Sorry doesn’t deal with the Ink card but was wondering if the 5/24 rule applied to the Slate card? Ty in advance
Yes it does.
I specifically didn’t apply for the Ink last week because I wanted to wait until the new business has more revenue so instead I applied for four other cards(one was Freedom, others non-Chase)…all approved.
Now this is happening. If I start a new LLC which I was going to do anyway and open a Business Checking Acct mid February with Chase in Branch and do an Ink app there at the same time, would that increase my chances of getting approved or am I straight up screwed because of my apps for those four cards last week?
Rule isn’t going into effect until March, I’d apply sooner rather than later though.
I was denied for the chase ink because of too many inquiries. Do you think I should apply for the chase southwest?
Hmm
You can always try, but maybe give it a few months to let your report cool off? Not sure.
What’s too many inquiries in your case, how many do you have in the last 1 year, and in the last 2 years?
Did you receive the final denial via mail?
Will the Amex Costco conversion to Citi affect the 5/24 rule. I hope not . I’m about 6 months out from being able to get the sapphire but not if the citi card counts as a new account. I’m going to be pissed if that’s the case.
It probably will be viewed as a new card, I’d think