A Positive Data Point on Chase 5/24 Rule

Chase Bank’s Ultimate Rewards (UR) is was one of the better miles currencies to have thanks to some pretty good transfer parters.  However, there has been some developments that have greatly diminished the utility of URs.  The major development was back in May when Chase began denying applications if you have had 5 new account (any bank!) openings in the last 24 months, aka the 5/24 rule.  I just did my first major App-o-Rama since we bought our house and I have a positive data point to report on the 5/24 rule. 

I just finished buying/selling a house. So in the last 18 to 24 months I have taken it easy on the rewards card front. In last 24 months I have 4 maybe 5 new accounts. 5 if you count upgrading Hilton Amex to Surpass.

Now that the house buying crap is over it was time to get back in the saddle. I applied for 6 cards over last weekend, including Chase INK and Chase BA. I got pending on both apps. Last week on Monday, I decided to call Chase re: the British Airways card. I did not want to discuss the INK card because I figured I did not have much of a chance and didn’t want to be hassled. I applied for it hoping the computer would eventually approve me but I was not optimistic. However, I did want to push through the British Airways card. My call went like this:

Me: Hi, on Sunday I applied for the British Airways card and got a pending, I was hoping to speed that up,

CSR: Sure, what is your SSN?

Me: [SSN]

CSR: Let me put you on hold and take a look at your application.

Me: Ok, thank you.

…[A couple of minutes later]

CSR: So I went ahead and approved you for the business card with a credit limit of $5k

Me: [trying to contain my shock] oh great thank you. What about the British Airways card? I applied for the business card as well as the BA card?

CSR: Yes, so that was denied because of the multiple applications.

Me: Ok, I didn’t realize you could not apply for a business card and a personal card at the same time.

CSR: I will be happy to open that up again and see if I can get it approved, let me just ask you a few questions about the application…

Long story short, the BA card was also approved by moving credit lines. But I was utterly shocked at the INK card not only being approved but not having to answer any questions about the business. Based on the horror stories I have read recently with Chase I figured a person to person call was a lost cause. I do have a legit business but the revenue is about $1k per month so nothing major. With the 4 or 5 accounts in last 24 months I did not have much hope. Anyway, turned out to be one of the easiest recon calls ever.

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