If I Could Start All Over From 0/24 Again…

I’ve been in the miles and points hobby long enough that the 5/24 hit me like a bombshell when it was first enacted. I had no post-Chase 5/24 plan. I’d gotten used to being approved for numerous cards from various issuers every year, with few questions and fewer denials. It was a points bonanza.

When Chase implemented their initial “5/24 Rule” on their UR-earning cards, it initially sunk me. Just months away from applying for my second Chase Sapphire Preferred within 3 years, the new rule made me switch gears. I was already at LOL/24, and it’d be a long time before I could pick up another Ultimate Rewards-earning card.

For the next couple years I basically didn’t worry about the 5/24 rule, content to earn points from card offers with other issuers. But as I ran dry, and as Chase’s infamous rule slowly spread across all their card products, I finally bit the bullet and decided I better plan to slip under 5/24, if only for a number of months. I’ve been without a few critical products, and it is time to change that.

In this process, I’ve often wondered: how would I do things all over again if I could start from 0/24?

Chase 5/24 Plan Step A: Pick Your Top Five

If I was at 0/24 again, with not a single hard pull or new account staining my credit report, I have a good idea exactly how I’d apply for cards. With a limited number of slots, I’d focus pretty much exclusively on Chase cards at the beginning. Call this my Chase 5/24 plan.

The first card would certainly be the Chase Sapphire Preferred. This is the perennial starter card that I recommend to everyone, since it is really hard to go wrong with it. If I knew I had a lot of travel planned, I’d opt for the Sapphire Reserve instead. But we’re pretending this is “starting over me” not “experienced me”.

From there I’d want to make sure I pick up the best UR-earning cards, spaced by a few months so as not to get shut down by Chase. My next picks would certainly be:

• The Chase Ink Cash Card (for the office supply bonus)
• Chase Freedom Card (for the 5x earning)
• World of Hyatt Visa

These are the absolute essentials for my typical points and travel plans, and they provide earning abilities that cover the most important bases. As I have three personal applications in the mix, I’d expect it would take me a solid four months to pick up all these cards.

To finish off the Chase cards, I’d toss in a final pick. Currently, it’d be the Ink Business Preferred with its 80,000-point sign-up bonus or the Southwest Performance Business Credit Card with its 70,000-point sign-up bonus. I’d be hard pressed to decide between the two.

At the end of the day, I’d be sitting on 130,000 Ultimate Rewards points, 50,000 World of Hyatt points, and either 80,000 more Ultimate Rewards or 70,000 Southwest miles solely from bonuses. Not a bad haul for five cards.

But I’d also have completely exhausted my options with Chase. But there is something you can do simultaneously.

Step 2B: Pick up Select Business Credit Cards

Assuming it takes me ~1 full year to roll through all my Chase picks, I’d space 2-3 business card applications with other issuers over this period. Business cards typically do not tally against your 5/24 count. In other words, they don’t show up as new accounts. My understanding is that Chase business cards do, but most with other issuers do not (these certainly being American Express, Citibank, and Barclays).

This leaves me open to applying for strictly business cards with these banks at the same time. I’d likely focus on those offering the greatest bonuses, and potential candidates would be:

• Delta Platinum Business Card (if there is an elevated 70,000 or 80,000-mile bonus)
• American Express Business Platinum (if I could catch to 100,000 Membership Rewards point bonus)
• American AAdvantage Platinum Citibank card (if I could catch the 60,000 or 70,000-mile bonus)
• AAdvantage Aviator Red World Elite Mastercard for the easy 60,000 AAdvantage miles

There are other options, but the sweetest picks would be those that offer a great sign-up bonus. I’d also consider a staple cards that has a great ongoing earning potential: the American Express Blue Business Plus (currently with a 15,000-point bonus).

Chase 5/24 Plan, Step B: Hit The Other Issuers

Only after picking up five Chase products would I consider starting personal card applications with other issuers. At that point, the field is wide open. There are plenty of great card products out there.

What you will need to be aware of are the application restrictions you might encounter with other issuers as well. Here are several to be aware of:

• American Express Once-Per-Lifetime Restriction: All American Express card products are subject to this. You cannot get a bonus for an American Express card more than once. However, there is a workaround at times if you receive a targeted offer without this restriction. I’ve not pulled the trigger on any of these, but I know folks who have successfully gotten a second bonus this way.
• American Express Popup: The application popup box is American Express’ way of denying you a new cardmember bonus “in their sole discretion” if they have determined that you’re prone to gaming them. Most likely, it is because you are an unprofitable customer. Here is a potential way to slay the Amex popup.
• Bank of America 2/3/4 Rule: This is BofA’s own rule that is different than Chase’s as it applies to only their own cards. There are rolling windows for 2, 3 or 4 Bank of America cards.
• Just Bank of America in General: I’ve personally not been able to pick up a new Bank of America card in nearly 2 years. They’ve denied me every time. Things are certainly tighter than they once were. One of the main potential issues preventing application approval is that I don’t have any deposit accounts with them.
• Citi 8/65 Rule: You cannot apply for more than one Citi card within 8 days or more than two within 65 days. More info on this restriction. This is hitting things hard if you’re even considering trying this.
• Citi 24/48 Month Rules: Citi has been moving from a 24-month restriction from picking up a new product from card opening or closing date. This is annoying, since closing the account resets the clock. Some new cards are showing a once-per-48-months restriction, which I oddly find more tolerable.
• US Bank Mystery: Your mileage may vary. Let’s just keep it at that.

Step C: Rinse and Repeat

I went multiple years with Chase 5/24 in the rear view mirror, not caring about how many new accounts I opened. The opportunity cost of not applying for new cards is generally higher than the bonus potential offered by playing by Chase’s rules.

But at some point you might find yourself itching to pick up a couple new Chase products, like I did. In this case, you’ll have to ramp down your new account approvals, and this can be tough. Save a few “slots” for when a great offer pops up with another issuer that you can’t pass up. I made it a rule to not apply for anything unless the bonus is worth $500 or more. Even then, I tried to be selective as I could. In January, I should be at 4/24, even including the recent business card application, and able to pick up a personal Chase card.

You’re also still free to apply for business cards with other issuers this whole time, as these don’t typically count against 5/24. This has been my primary strategy as I’ve waited Chase out.

Conclusion

This isn’t a hard and fast Chase 5/24 plan that I would suggest for everyone’s situation. But this is definitely how I’d approach things. Given that I’m never going to truly dip back to 0/24, I won’t ever implement it. But I am picking up a couple cards I was never able to obtain previously, including the Chase Ink Business Unlimited, and hopefully the Cash or Preferred, too. We’ll see which other Chase cards I manage to snag before I start picking up apps with other banks again.

With so many products on the market, there are plenty of ways to earn points. But it pays to plan out a strategy, especially if you have the luxury of being brand new to this hobby.

Chase Bank featured image courtesy of Jim the Photographer used under CC BY 2.0 license. Chase Bank in Athens, Ohio courtesy of user Ed! via Wikimedia Commons used under CC BY 3.0 license.