• Thu. Jan 21st, 2021

Credit Cards 5/24 What Does It Mean

Credit Cards 5/24 What Does It Mean

Why I tell you to start with Chase Credit cards before you open cards from other banks.

Chase Bank will only approve a credit cared application if you had not opened 5 credit cards in the last 24 months from any bank.

Business cards and being an authorized user and their ramification on the 5/24 policy we will discuss later.

Chase Cards That Are With In 5/24 Policy

  • Chase Freedom Unlimited
  • Ink Business Cash Credit Card
  • Ink Business Preferred Credit Card
  • Chase Sapphire Preferred Card
  • Chase Sapphire Reserve
  • Chase Slate*
  • Southwest Rapid Rewards Plus Credit Card
  • Southwest Rapid Rewards Premier Credit Card
  • Southwest Rapid Rewards Premier Business Credit Card
  • Southwest Rapid Rewards Priority Credit Card
  • Starbucks Rewards Visa Card*
  • United Club Infinite Card
  • United Business Card
  • United Explorer Card
  • AARP Credit Card From Chase*
  • Aer Lingus Visa Signature Credit Card
  • Amazon Prime Rewards Visa Signature Card*
  • British Airways Visa Signature Card
  • Disney Premier Visa Card*
  • Disney Visa Card*
  • The World Of Hyatt Credit Card
  • Iberia Visa Signature Credit Card
  • IHG Rewards Club Premier Credit Card
  • IHG Rewards Club Traveler Credit Card
  • Marriott Bonvoy Boundless Credit Card

Note this list has been collected independently and has not been verified by the author. If we did not list the card that does not mean it is not subject to 5/24 it just means no one has confirmed it yet for us!

5/24 Are You After The 24

if your fifth most recent account was opened on July 5 2020. Do not attempt to open a new card with chase till Aug. 1 2020.

Don’t worry if you did apply to early just try again in the 25th month!

What Credit Cards Are Included In 5/24

The following accounts count toward your 5/24 standing:

  • All personal credit cards opened with any bank
  • All personal charge cards
  • Business cards opened with Capital One, Discover and TD Bank
  • Authorized user cards from another person’s personal credit or charge card, as they’re reported on your credit report. However, you can call the Chase reconsideration line and ask for these accounts to not be considered
  • Specific store cards which are part of a national payment system and can be used elsewhere. Though some store cards that can only be used at the issuers establishment also seem to count.

The following accounts will not count toward your 5/24 standing:

  • Cards you apply for but are denied.
  • Small business cards from the majority of card issuers, with the known exceptions listed above
  • All other loans including auto loans, student loans and mortgages.

Credit Card Downgrades And Upgrades And 5/25

Depending on how the bank issues you the upgrade. If the bank does a hard credit pull it most likely going to count as a new card so before you ask for the upgrade ask them these 2 questions.

  • Will it be a viewed as a new application
  • Is there a hard credit check

If its either of the above I would recommend skipping the upgrade.

5/24 And Other Card Issuers

Yes. 5/24 Is a Chase policy, however all banks have their own rules so check them out before you apply.

Chase Business Cards And 5/24

No, however wants you have 5 you wont be able to get a business card.

Hope you enjoyed and please share,

Binyomin Terebelo

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