What is the 5/24 Rule?

Here are the basics:

The 5/24 rule is specific to Chase Bank. 

5= 5 personal credit cards from any bank

24= opened in the last 24 months

So... if you've opened 5 or more personal cards in the last 24 months, you'll be declined for any new Chase cards- personal or business.

Why does this matter?

Chase has some really valuable cards- especially the Ink Business cards that have low annual fees, unique transfer partners, and make it easy to rack up a ton of points quickly! If you aren't careful with your 5/24, you may cut yourself out of hundreds of thousands of points. 

The 5/24 Rule also applies to co-branded cards (Southwest, Hyatt, Marriott, United). If you want to earn the Southwest Companion Pass via credit cards, you'll need to be under 5/24 to be approved.

What counts toward 5/24?

All personal cards from any bank opened in the last 24 months (and a couple of business cards) will count toward your 5/24. Also, being an authorized user also shows up on your credit report and could hurt your 5/24 status. If you are under 5/24 on your own cards, but being an authorized user is the reason you are declined, it is worth a call to the reconsideration line-- we have found that Chase will sometimes overlook these AU cards and approve you. 

The great news is, most business cards do not count toward 5/24. 

Tips:

-Use an app like Travel Freely to track your (and your Player 2's) 5/24 status

-Avoid adding your Player 2 as an authorized user

-Major on business cards (they often have more valuable sign-up bonuses anyway)