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Recently, my credit card timing broke me out from under Chase’s 5/24 rule. Hallelujah! I have been looking forward to this day for quite a while. Due to everything happening with the pandemic right now, I had actually forgotten than my liberation day was coming up. My handy free tool from Travel Freely sent me a reminder email of my new status.
Unfortunately, any excitement I had about this moment quickly disappeared. Why?
Business Cards Are Off the Table
My original plan was to apply for a business card first, then a personal card. This is because you need to be out from under 5/24 to qualify for a business card, but getting one doesn’t add to your 5/24 amount.
Of course, I tried to apply for one myself. I already have bank accounts with Chase and a legitimate business. But, I was still denied due to business structure (i.e. I’m a sole proprietorship as a freelance writer).
I’ve Seen Better Offers
To be completely honest, I’ve seen better offers on some of these Chase cards. I realize this is like a car salesman telling people he’s not wild about the cars on the lot. But, this blog has always been more about being honest than being hard-core about selling credit cards.
The best offer on a personal card is for the Chase Sapphire Preferred. 60k Chase Ultimate Rewards points are very useful. But, Chase’s rules state that you can’t get the bonus on that card until it’s been 48 months after receiving the bonus on any Sapphire card. Based on my card history, I don’t qualify for the bonus on this card until next year. Bummer.
I’ve seen higher bonuses on the current Southwest cards and lower spending thresholds for the second-tier bonuses on the Avios cards.
I’m Not in a Rush
Because my big summer trips have all been pushed back a year, and because I don’t need more points for those trips, I have the luxury of time on my side. I’m not in a big crunch to accumulate miles and points in a hurry.
My next goal is to get miles and points for a trip to Europe in 2022. I’m already about halfway there with United miles. But, I have time to apply and accumulate the rest in a different currency.
So for now, I’m not rushing to apply for a card. I’m going to wait at least a few weeks to see if offers change. If not, I might circle back to a card that earns Avios (Aer Lingus, Iberia or British Airways). Or, I may go with a non-Chase card if the offer is more useful to me.
Anybody else out from under 5/24 recently? What is your plan?
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.