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The Chase 5/24 rule has been a roadblock for many miles and points enthusiasts. It restricts our ability to get access to many of Chase’s lucrative credit card welcome bonuses. Over the last few weeks, I’ve written extensively about how banks are responding to the public health and economic crisis. We’re seeing referral and welcome bonuses being cut. Banks are also not approving credit card applications at the same rate. Even when banks approve you, they’re offering lower credit limits than before.

Chase 5/24 Rule

As per Chase’s 5/24 rule, Chase will not approve you for their credit card if you’ve been approved for 5 of more cards from any bank in the last 24 months. Initially, Chase used to enforce this rule for their cards that earned Ultimate Rewards points. Eventually, Chase expanded the 5/24 rule to include almost all of their credit cards.

However, Doctor of Credit reports that Chase could well be expanding this rule to other products. One data point hints at Chase citing the 5/24 rule as a reason for denying a credit limit increase.

One reader reports that he applied for a credit limit increase with Chase and was denied due “Too many credit cards opened in the last two years associated with you” (this is the reason given for denials due to 5/24), they then called in and was specifically told the request was denied due to more than 5 cards in the last 24 months.

A few commenters also point out that Chase could also be applying this rule to auto loans as well.

The Pundit’s Mantra

It’s no surprise that banks are tightening their belts and putting in more restrictions. At the moment, we’re still not seeing any credible signs of a recovery on the economic as well as public health front. On expected lines, banks are simply playing it safe by reducing the amount of credit they can offer to customers.

Similarly, Amex’s CFO has already pointed out publicly that they’re approving credit card applications at a much lower rate.

Have you applied for a credit card limit increase off late with Chase? If yes, did Chase 5/24 stop you from doing so? Tell us in the comments section.

Hat Tip to Doctor of Credit


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