![]() ![]() This simple tally is all you need to calculate your 5/24 score. To calculate your 5/24 score, you’ll need to count the number of credit cards listed on your personal credit report that were opened in the past 24 months, even if you’ve already closed them. This may include some (but not all) business cards. Therefore, if you have cards that aren’t listed on your credit report, they aren’t counted in your 5/24 tally. Only cards that are reported to your personal credit report count toward 5/24 status. The number of accounts opened within the past 24 months will give you your 5/24 status. Remember to check your closed accounts as well. Once you have a copy of your credit report, you’ll need to look at the list of your accounts and check to see which ones have been opened in the past 24 months. Currently, Experian, Equifax and TransUnion are offering free weekly online credit reports through the end of 2022 using the secure tool at. There are no tools to automatically tell you your 5/24 status but you can easily calculate it on your own by checking your credit report. Are all Chase Cards Subject to 5/24?Ĭhase will consider your 5/24 status in applications for any and all of its credit cards. For others reevaluating their points and miles strategy, being locked out of credit card products can be frustrating. From large welcome bonuses to benefits like concierge service and comprehensive coverages, such as travel insurance and rental car coverage, Chase cards can provide outsized value for many types of customers.įor some, this may not matter. This may seem like nothing to worry about, but Chase credit card products, both personal and business credit cards, are considered some of the best on the market. The Chase 5/24 rule restricts consumers from being approved for any Chase credit card products after being approved for five or more credit cards, from any bank, within a 24 month period. Paying out those rewards isn’t free and issuers aim to control those costs while at the same time continuously promoting their rewards programs for current and potential-profitable-customers. 2021 report by the Consumer Financial Protection Bureau (CFPB), consumers who opened a new card cited rewards, benefits and sign-up bonuses as the primary reason for applying. If consumers are only interested in the welcome offer, the credit card company has no way to make money after the welcome offer has been earned.Īccording to a Sept. This is done to the ire of credit card companies, as they earn revenue from both charging fees to merchants for accepting their cards and from interest from customers who carry a balance. ![]() Why Chase Uses the 5/24 RuleĬonsumers who regularly earn welcome offers then cancel the cards are informally known as “ churners” and can cost credit card companies millions of dollars.Ĭhurners are aptly famous for applying for a credit card, earning the welcome bonus, then no longer using the card. This is to prevent consumers from applying to credit cards solely for the welcome bonus and closing the account before the annual fee comes due. The 5/24 rule states that if you have been approved for five or more credit cards in the last 24 months, you will automatically be denied for any Chase credit card products. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases. Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back.
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