According to a reliable source all customers may be denied for too many cards opened recently with Chase, this is better known as the 5/24 rule. Previously those that were Chase Private Clients or High-Value Customers were able to sometimes bypass this rule. According to my source this was done to “help provide a consistent experience for all credit card products and customers”, we asked Chase for an official comment but they are yet to respond – we will update this post if they do (official response now at end of post).
It’s unclear if this has gone into effective immediately or will be phased in. I’m slightly surprised by this change as CPC status normally requires $250,000 in deposits (although this wasn’t always enforced either) and I assume Chase would want to be attracting more high value customers, but it’s entirely possible that this was attracting the wrong type of customer.
All hope isn’t lost though, it’s currently possible to bypass the Chase 5/24 rule in one of two ways:
The other thing to keep in mind is that not all Chase cards are affected by the 5/24 rule. You can find Chase’s official response here:
Chase carefully reviews each application, and considers a variety of factors, including the number of cards opened. Customers who open multiple card applications in a short period of time, regardless of issuer, will likely encounter difficulties.
This does not match up with what we’ve been told by our reliable source.
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Any update on this recently? I was invited for CPC, really have no need for it, but desperately want an Ink card. Worth doing CPC for the card?
Nope, CPC doesn't really help anymore
CPC here at 8/24 and was approved for the Reserve. No pre- approval.
What are your 8 cards? When did you apply for them?
Amex Plat - 8/15
Hawaiian Air 2/16
Chase Marriott 3/16
Jetblue 3/16
Hilton Reserve 12/16
Jetblue Business 3/16
Citibank American 2/16
Chase United - dropped off on 3/2 so only 7 cards.
I wish I had read this thread before moving assets to qualify for CPC. Wasted a lot of time talking to guys in a branch who wanted my money there. Moved $300K over this month and was denied the Sapphire Reserve card twice. Now moving it back to my other brokerage account. Upside is that I'm getting a small cash bonus and a refund of Chase's ridiculous transfer fee to move it back.
Do not challenge the rule--2 cards within 30 days. Wish I had read this website before. I am a CPC with over 500k balance on chase savings, and more balance in chase brokerage accounts. I do not know the 300k in branch Cfu offer, so I applied this card online. Even if I had this offer in branch during these months, I cannot match this offer because of the online application. I applied two chase cards in Jan, and two days ago I applied csr. Got denied, because of two many accounts opened in the past 30 days. Do not trust the bankers, they have no idea about their own policies.
Data point: Became CPC on Nov. 19. Applied in-branch for the CSR and IP on Nov. 21. Weirdly the rep just took my info, submitted the apps, and said I'd hear back in a few days -- when I inquired about getting a decision immediately, she said they "don't do that for in-branch applications anymore", which doesn't sound right but whatever.
Thanksgiving slowed things down, got a call from her on Nov. 28 saying that both apps had been denied, but she would immediately connect me with reconsideration, which she did. Long conversations about both cards with credit rep: IP first, and at the end she said she'd submit it for further consideration and that I'd hear back. Ok. Basically said the same thing about the CSR, but at the last second I "clarified" that I didn't need more credit and would be happy to move some over from my existing CSP. She approved it immediately.
On 12/2 I got a denial letter on the IP for "too many requests for credit with us". I went to a different Chase branch on 12/7 and spoke with a CPC banker who I know separately through my employer's relationship with Chase. Explained the situation, he connected me with another reconsideration rep, very long conversation with a very nice lady -- I stressed that I'd be happy to move credit over from another business card and that I did not need more aggregate credit. After 1/2 hour was approved.
So I can't really draw any conclusions at all from this, but persistence worked. 180k+ UR on the way.
Details: Prior to this I had 4 business and 2 personal cards with Chase, including Ink Cash and Ink Plus, both of which receive copious and almost exclusively 5x spending. I have churned cards with Chase as much as possible for ~5 years. I have had personal and small business bank accounts with them for many years, neither of which more than a few thousand $$ balances prior to CPC. I was around 28/24 including small business cards. Credit scores around 780. Yes, I feel pretty lucky.
I'm a new CPC just to skirt 5/24. I was at 5/24. I applied, got the wait message, called a couple hours later and was approved.
But my 5 was including Ink Plus and United Business, which some say don't count toward 5/24. Can anyone comment on that?
Yeah Chase business cards do not count.
Went to chase branch to move $250k+ and apply for CSR. Local staff told me that if I wanted chase for its credit cards, chase did not want me. (i have a 5/24 issue, obviously). I travel 85%. By a different route, had a contact from Chase and followed up. Was told again my business was not desired. I wont ask a third time. Note, I have an 800 credit score and plenty of disposible income. Cant really understand the point of issuing CSR if you dont want the business that follows.
Newly CPC, applied last Friday for DW (15/24) for CSR, IP, and CSP - all approved through extensive recon. Didn't hear about the new policy, and applied for myself (20/24) for CSR, and was told by 3 different reps, including an elevated resolution specialist, that the new policy as of Dec. 7 doesn't allow any recon even for CPC. Sounds like the game is up! Anybody else have any luck using CPC to get recon yesterday or today?
DP, 450k with chase, 9/24. CSR approved one month ago with 8/24, but when I saw this news, I applied for Marriott, 7-10days message on automated line, called recon, still denied, due to too many new accounts opened in the past two years. I asked if I can have special consideration with my CPC status, he said they do that before, but since one week ago, they can not do that anymore. F*ck.
Nooooooooo!!!
Just approved for business preferred. Applied in branch with CPC banker 22 days ago, Received card today. 8/24 and about 400k with Chase.