I’m seriously considering getting below 5/24 so that I can apply for Chase credit cards again. A few years ago, I had planned to do this. But, I purposely strayed from that path because there were still so many non-Chase lucrative credit card offers out there I wanted to get.
However, last week when I had trouble getting approved for an Amex business card, I took another look at the timing of my past credit card applications. I discovered that I could potentially get below 5/24 by the middle of next year. So unless some incredible offers come out on personal cards that I just can’t resist, it looks like I’ll be saving all my eggs for the Chase basket.
![Chase Cards I Plan to Get When I’m Below 5/24](https://milesforfamily.wpenginepowered.com/wp-content/uploads/2019/04/autumn-mott-rodeheaver-45386-unsplash-820x1024.jpg)
The Ins and Outs of 5/24
Back in 2015, Chase started putting restrictions on new credit card approvals to discourage churning and weed out unprofitable customers. If you had opened more than 4 new personal credit cards from any bank (not just Chase) in the past 24 months, Chase would deny your application. If you were added as an authorized user on a spouse’s credit card, those cards also counted against your total. You could only be approved for new cards if you had opened less than 5 new credit cards in the past 24 months, hence the nickname “5/24”.
It started with the bank’s own cards (like Chase Sapphire Preferred, Chase Sapphire Reserve) and then moved to selected co-branded cards (like the Southwest Airlines cards). I was devastated when the Southwest cards became restricted! Then in late 2018, Chase expanded this “5/24” restriction to cover all Chase credit cards.
If you have a small business, most small business credit cards DO NOT show up on your personal credit report and therefore do not count towards your 5/24 number. The exceptions are business cards from Capital One, Discover and TD Bank.
Ironically, Chase business credit cards do not count towards your 5/24 total. However, you must still be below 5/24 to be approved for one. So, if you have a small business and you get below 5/24, it makes sense to apply for a Chase business card before a personal card so that you can get still apply for a personal card while you’re below 5/24.
Note: If I get below 5/24 next year, I would not be eligible to get the bonus on the Chase Sapphire Reserve or the Chase Sapphire Preferred. These cards require 48 months between bonuses of any card in this “family”. Most other cards require 24 months from your last bonus to get the bonus again.
Chase Ink Business Preferred
As soon as I’m below 5/24, I plan to apply for the Chase Ink Business Preferred credit card. Why? It usually has a bonus of 80k-100k Ultimate Rewards points. With that bonus, I consider this to be one of the most valuable Chase cards.
Chase Ultimate Rewards points are the most valuable to me because I can transfer them to many partners including Southwest Airlines, British Airways, United and Hyatt. I can also transfer the points to my husband’s Chase Sapphire Reserve card to use in the travel portal for 1.5 cents per point towards travel.
Applying for this business card first would still keep me below 5/24 so that I could also apply for a personal card.
Chase Southwest Personal and Business Cards Combo
In 2013-2015, my husband and I each had a few rounds of Southwest cards and earned two companion passes. These were invaluable to my family for our domestic flights! We flew to Orlando, Denver and other places many times on these points.
The rules have changed since then, and now Chase only allows one personal Chase Southwest card per person. But, if you can get approved for the business version, it’s still possible to earn 110,000 points in a calendar year to earn a companion pass.
If I decide to go after Southwest points, I would need to time my applications just right. I would want to wait for the sign-up bonuses to be at least 50k-60k points. Also, I would want to earn the bonus points towards the beginning of a year so that I could have at least 18 months to use the companion pass.
Chase British Airways
British Airways Avios have been very useful for my family. Because we fly out of an AA hub, we can use BA Avios on AA flights for fewer points. For example, using BA’s distance-based award chart, my family can fly to Denver or Orlando for just 7500 points each way.
We used Avios to fly on AA to Puerto Vallarta in 2016. I’m currently using Avios to book international flights for a trip early next year. It would be nice to have a new supply of Avios. I would sign up for this card if the bonus was 50k-75k.
United Personal and Business Cards
Believe it or not, I’ve never owned a United credit card! Southwest points, BA Avios and AA miles are more important to me since I fly out of DFW regularly.
However, United usually has better award availability, and I could still use the miles for connecting flights. If my family decides to fly to Europe in 2021, collecting United miles would be a good strategy to get there.
Bottom Line
Since I could get below 5/24 next year, it’s fun to dream about Chase credit cards that could be within my reach. In the mean time, I can still apply for certain non-Chase business cards. Maybe Amex will decide to like me again. Or, I’ll find other business cards with lucrative bonuses.
Are you counting down the days until you are below 5/24? What’s your plan?
Click here to view various credit cards and available sign-up bonuses
Author: Nancy
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.
Thank You for your information.
Go for it! Just a word of caution though… if you’ve ignored Chase cards you may be unaware that Chase is cracking down on going for too much too fast. DPs of people getting shutdown by getting 4 personal Chase cards in a year. I’m not sure what is considered “safe”, but tread carefully.
@projectx You’re absolutely right, we can’t go too crazy with Chase anymore. I already have three personal cards with Chase (Disney, IHG and Hyatt). Before I even consider applying for another personal card next year, I will decrease my credit limits. I may even need to cancel a card.
My husband just dropped to 3/24 and I’m going to be under May 1. Yay! We went on an application spree in the spring/summer of 2017 so we are about to be way under when all those fall off one right after the other. I’m just having a problem deciding which card to get first. We could use hotel points and airline miles, as I don’t have a big stash of either. I’m thinking of getting the Chase Marriott today before that offer expires.
@Jennifer I envy your position!
We’re playing the two player version, so I’m doing a lot of applications for me but none for my wife until we can get her back under 5/24 later this year. Then we will do applications for her until I’m under 5/24, and we will swap back and forth as much as we can. Wishing us all good luck!
That’s our game plan too!
@Michelle Good luck! I really tried to get under 5/24 a few years ago, but this time I’m more serious about it. I miss those Chase cards!
Hi there!
Doing the same here. I’ll be under 5/24 September this year. It feels crazy I waited all of this time but I’ll get there. Hopefully rules don’t change with even more restrictions. Hope to see you in May!
@Leticia September is right around the corner!
@Bear That’s a great game plan. I’m hoping to get both my husband and I under 5/24 because we typically need so many miles to get the 5 of us anywhere. but if there is a great offer on another card, I’ll just have one of us get it.