Before applying to Chase credit cards, it’s important to understand the rules for applications (2/30 Rule), eligibility (5/24 Rule), and bonuses (once every two years).
The 2/30 rule says that you can only have two applications every 30 days or else you’ll automatically be rejected.
If you don’t have a high credit score (700+), your chances of getting approved for the Chase Sapphire Reserve® is slim. Chase usually looks for a great credit score or a banking relationship. It’s a lot easier and less risky for Chase to give you a credit line of $1,000 with the Chase Freedom Flex℠, as opposed to the minimum $10,000 credit limit with the Chase Sapphire Reserve.
The most infamous rule is the Chase 5/24 rule. The idea is if you have more than five new credit cards in the past 24 months, from any issuer, you’ll automatically get rejected for certain Chase cards.
For example, if you received 4 Bank of America credit cards and 1 Citi credit card in the past 24 months, then your Chase application will be automatically rejected because of 5/24.
The main exception to this is Chase business cards because they don’t go on your credit report. Even though Chase can see them on your report, they don’t care.
Regarding intro bonuses, you can qualify for a new bonus every 24 months. For example, if you received the Hyatt sign up bonus in 2013 and applied for the card again in 2017, you would be eligible to receive a new bonus.
If you’re currently an authorized user for a card you want to apply for, you should remove yourself to qualify for the intro bonus.
The one exception to the intro bonus rule in the section above is the Chase Sapphire family of cards.
The “One Sapphire Rule” refers to Chase Sapphire card applications and approvals.
You cannot apply and get approved for a Sapphire card if you currently have an open one.
You can have an open Chase Sapphire Reserve, Chase Sapphire Preferred® Card, OR a Chase Sapphire card, but not more than one at a time.
Exceptions to the “One Sapphire Rule”:
If you had more than one Chase Sapphire card before the rule kicked in August 2018; then your cards are grandfathered.
You can product change a card to have multiple Sapphires
In addition to the “One Sapphire Rule,” you can only receive an intro bonus to a Chase Sapphire card once every 48 months (4 years).
For example, if you receive an intro bonus for the Chase Sapphire Preferred in Jan 2018, you would have to wait until Jan 2022 to receive another Chase Sapphire bonus.
If you were to downgrade the Chase Sapphire Preferred in Jan 2019 to a Chase Freedom card and apply for the Chase Sapphire Reserve, you would not qualify for the bonus due to the 48-month rule.
Again, the 48-month rule only applies to the Chase Sapphire family of cards.
If you are an authorized user on a Chase Sapphire card and you want to get your own, be sure to remove yourself as an authorized user before applying.
You are not eligible for a personal Southwest credit card intro bonus if you:
Currently have any (personal) Southwest Rapid Rewards credit card
Received a Southwest Rapid Rewards credit card intro bonus in the past 24 months
The above rules do not apply to the Southwest Rapid Rewards Business cards. There are currently 3 personal Southwest credit cards, so you can only get the intro bonus for one every 24 months.
However, if you want to earn Southwest Companion Pass from credit cards, you can apply for one personal and one business Southwest card.
Chase business credit cards are affected by 5/24 (you can get rejected due to 5/24).
Chase business cards (and business cards from most issuers other than Capital One) do not show up as a new account on your credit report and therefore do NOT add to 5/24.
For example, you can be at 4/24, add a Ink Business Cash® Credit Card, and you would still be at 4/24.
On the flip side, if you are at (or above) 5/24, and apply for a Ink Business Cash® Credit Card, the application would be rejected due to the 5/24 rule.
If you’re looking for the optimal strategy, go for the Chase cards you want first based on your goals (travel or cash back) before any other credit issuer.
The benefit of going for Chase cards first is that unlike other card issuers, most of the core Chase cards have no annual fee product change options to keep your credit history alive.
At the end of the day, we recommend applying for cards that make sense for you and add value based on what you’re trying to achieve.
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
The American Express® Gold Card works more like a traditional charge card than a credit card, not allowing you to carry a balance from month to month on purchases, although you may qualify for the card issuer's Pay Over Time feature.
Authorized users under your Amex Platinum get many of the same benefits the primary cardholder gets but for a portion of the standard hefty annual fee. These benefits range from Global Entry or TSA Precheck membership fee credits to lounge access and even select elite status to take advantage of when traveling.
Yes, CardMatch is safe. CardMatch safeguards your personal information and data with 256-bit encryption. There's also no impact on your credit score since it's a soft credit check.
The golden rule of credit card usage is to do everything you can to pay off your entire balance each month. If you can do this, you won't be charged any interest.
"While your scores may decrease initially after closing a credit card, they typically rebound in a few months if you continue to make your payments on time," Griffin says. The primary reason your score may decrease is through losing a credit limit and increasing your utilization rate.
Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.
The Amex Gold and Amex Platinum are different products, meant for different consumers. If you travel frequently and want access to airline lounges, luxury travel experiences, hotel status and travel insurance protections, go for The Platinum.
Both cards provide some pretty impressive ways to earn points. The Gold card offers more chances to earn points on everyday spending while the Platinum card's 5X Membership Rewards on travel makes it better for those who travel frequently. We prefer the Gold in this category.
Is the Amex Gold Card a premium card? The Amex Gold Card is a midtier card with a price point to match, which places it a notch below a true premium card, like The Platinum Card® from American Express which carries a $695 annual fee to match its long list of perks (terms apply, see rates & fees).
While it may seem hard to believe, there are two ways to avoid the annual fee on this premium card.
Open the Morgan Stanley version of the card and a Platinum CashPlus account. There are multiple versions of The Platinum Card® from American Express. ...
If you're active-duty military, American Express waives the fee.
The application fee credit for Global Entry or TSA PreCheck is available to American Express Gold Corporate Card Members, Consumer Platinum Card® Members, Corporate Platinum Card Members, Business Platinum Card Members, Consumer Centurion® Members, Corporate Centurion® Members, Business Centurion® Members, Delta ...
As a Corporate Gold Card Member, you can receive a $100 statement credit every 4 years after you apply for Global Entry or a statement credit of up to $85 every 4.5 years after you apply for a 5-year membership for TSA PreCheck® through any Authorized Enrollment Provider and the application fee is charged to your ...
To check your 5/24 status, you must count the number of credit cards you've been approved for over the past 24 months. If an account was opened within the past 24 months, even if it's currently closed, it will count against your 5/24 limit. One of the easiest ways to check your 5/24 status is with the Experian app.
Credit accounts that are excluded from the Chase 5/24 rule include: Credit cards you were denied for. Small business credit cards (except the ones noted above) Auto loans.
While you may hear the occasional story of someone applying for a co-branded card above the 5/24 limit and getting approved, don't count on being the exception to the rule. There's only one confirmed way to bypass 5/24, but it requires a targeted invitation.
You may be able to upgrade or downgrade an existing credit card without impacting your 5/24 status, depending on how your credit report changes. Keep track of your credit card open dates so you'll know when you're approaching the limit or when the limit no longer applies.
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