Chase 5/24 Rule and Why to Get the Ink Plus Now
Hilary Stockton

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Chase 5-24 Rule and Why to Get the Ink Plus Now


There's good reason to get the Ink Plus now, before Chase anti-churning rules take effect for the Ink Plus card in March, 2016. TravelSort reader Jason writes "I tried applying for the Sapphire Preferred from your Best Travel Credit Cards page but was denied due to too many recent credit applications. How many is too many, for Chase credit cards? And is there another Chase card I could still get?"

Chase Anti-Churning Rule: 5/24

Jason has run into Chase's anti-churning rule, nicknamed 5/24 because in most cases, Chase will deny your application for the Chase Sapphire Preferred or Chase Freedom if you've opened 5 or more new credit cards within the past 24 months. This new rule emerged last year, around May 2015, but so far hasn't been used for the Chase Ink Plus or Chase's co-branded cards, such as the Hyatt Visa, United Visa, Marriott Visa, Ritz-Carlton Visa, etc. that are issued by Chase.


Starting in March 2016, 5/24 Will Also Apply to Chase Ink Plus Cards: Apply Now

Per Flyertalk, which cites credible reports, the 5/24 rule will also applying to the Chase Ink Plus in March 2016, and is slated to apply to Chase co-branded cards such as the Hyatt Visa, etc. starting in April 2016. That makes now an ideal time to apply for the Ink Plus *if* you're eligible to earn the bonus.


Can I Earn the Bonus Again for the Ink Plus?


You're eligible to earn the bonus again for the Ink Plus if you don't currently have the card and haven't received a bonus for this card within the last 24 months.


Do I Need an EIN to Apply for an Ink Plus Card?

No, you can just use your SSN to apply for an Ink Plus or other small business cards, if you're a sole proprietor. If you haven't officially named your business, for example if you want a business card to separate out business expenses for your real estate rentals, consulting work, etc., you can put your own name as the company name.


What If I Have Two Businesses, Can I Earn the Bonus Again for a Second Ink Plus While Keeping the First?

I've been told by Chase that you can earn the bonus for a second Ink Plus card for a legitimate second business, but only if you haven't received a bonus for your current Ink Plus card for your first businesses within the last 24 months. Note that according to the representative, this rule has only been in effect since late last year, so before that, it was possible to get the bonus again for a second Ink Plus card for a second business, even if you'd received the bonus for the first card within the past 24 months. 


Does the 5/24 Rule Only Count Chase Credit Card Applications?

No, the rule applies to ALL new credit card openings from all issuers and banks, not just Chase.


Does Being an Authorized User on a Card Count Against the 5 New Credit Cards in 24 Months Limit?

Unfortunately, yes: even if you weren't the primary cardholder on any new credit card applications within the past 24 months, if you were added as an authorized user on another cardholder's account, that does count. It makes adding your spouse as an authorized user much less appealing, at least if you want to apply for Chase credit cards.


What is the 60K Signup Bonus Worth?

Keep in mind that by the time you meet minimum spend, you'll have at least 65,000 Ultimate Rewards points, and depending on how you meet minimum spend, you could have more than that, due to the 5X and 2X categories:

  • 5X per $1 spent on cellular phone, landline, Internet and cable TV services
  • 5X per $1 spent on office supply store spend (including Whole Foods and Amazon gift cards)
  • 2X per $1 spent on stand alone gas stations and hotels, when purchased directly from the hotel
In my view the best Ultimate Rewards transfer partners are Singapore KrisFlyer and Korean SkyPass, and to a lesser extent British Airways, United MileagePlus and Hyatt. I can't speak for others, but because we tend to redeem miles for Singapore Suites, Singapore First Class and Singapore Business Class, our redemptions tend to get us 6 cents or more in nominal value per point. That means 60,000 points yield $3600 in nominal value for our uses, although a more common valuation of 1 Ultimate Reward point is about 2 cents per point, or about $1200. And if you're not getting at least 2 cents per point in value when redeeming your Ultimate Rewards points, you should probably be focusing on cash back cards.
Do you plan to apply for the Ink Plus before the 5/24 rule goes into effect in March 2016?
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User_avatar_default Sil L. commented 20 Feb 2016
I applied for the Marriott this past week and got the dreaded 30 day email. My fico score is 740 , dropped 52 points from last month . Would i have problems being instantly approved?
Avatar_60_hilary Hilary Stockton commented 20 Feb 2016
It depends; it may be less about your FICO (and note that Chase and other banks have their own proprietary algorithms that incorporate FICO but other factors as well) and more about how many recent credit applications you've had and the total amount of credit extended you by Chase. It's worth a try if you're eligible for the Ink Plus signup bonus, given that it will be harder starting in March to be approved if you've opened 5 or more credit cards in the past 24 months.
User_avatar_default Elliot W. commented 20 Feb 2016
Perhaps you could put a disclaimer on the credit card links page about the 5/24 rule so others don't make the same mistake
Avatar_60_hilary Hilary Stockton commented 20 Feb 2016
Thanks for the suggestion; have added it in my comments on each card.
Picture?type=large Robert S. commented 20 Feb 2016
Have others reported a really hard time getting biz cards approved from Chase in the last year or so? I included two Chase biz cards (United & SWA) in my last AOR and was denied due to insufficient business history (3 years) and "low revenue" (~$30k/year). Seems to me like they are cracking down on biz cards. During that same AOR, I was approved for two other Chase cards (CSP & United). So maybe it was more the fact that I hit Chase way too hard on one day (4 apps), than the biz history. That was 5 months ago...I wonder if I can squeeze in this app before March.
Avatar_60_hilary Hilary Stockton commented 20 Feb 2016
I do think your 4 (!) Chase applications all at the same time had something to do with it. Personally, I aim to not apply for more than 2 cards from any issuer at the same time, and of course in the case of Citi, one. But, while there are always exceptions (you can read on Flyertalk of people getting approved for an Ink Plus recently with newer businesses than yours and lower revenues) in general the trend is towards Chase and other banks applying greater scrutiny to business card applications.
Picture?type=large Robert S. commented 20 Feb 2016
Thanks for the info, Hilary. I agree, in hindsight, I should'nt have done 4 Chase cards in one day :) I may try for the Ink Plus here soon but not sure if 5 months is long enough. Looks like Chase will likely pull Experian here in CA for the Ink Plus, and I'm at 6 hard pulls in the last 2 years on Experian, two of those from Chase. I'm curious how you manage your hard pulls. You say if you are not working on a minimum spend, it's time for a new card. Do you apply every 3-4 months then? I was previously doing annual AOR's but would like to learn more about your strategy. Are you planning your applications around what bureau will be pulled from CreditBoards? What's your threshold for "too many" recent hard pulls on your report? Thanks!
Avatar_60_hilary Hilary Stockton commented 23 Feb 2016
Robert, you may want to see this post I wrote awhile ago on hard credit pulls: We usually do each apply for a couple new cards every 4 months or so, although we're off to a bit of a slow start this year with just 1 new card each so far. Because we've slowed down a bit with our applications (in part due to the restrictions on getting the bonus again for the cards we value) we're not worrying too much about our hard pulls, even though many of them are Experian due to all our Chase apps.
Picture?type=large Joe C. commented 25 Feb 2016
Thanks for the info. Do you expect the 5/24 rule to apply to Chase Marriott and United cards in April as well?
Avatar_60_hilary Hilary Stockton commented 25 Feb 2016
Based on what I've heard, yes, I do expect the 5/24 rule to apply to those cards and all other Chase co-branded cards: Hyatt Visa, Ritz-Carlton Visa, IHG Rewards Visa, Fairmont Visa (well, if it continues as a product in light of the Accor merger: see etc.
Picture?type=large Lanny H. commented 29 Feb 2016
Is it a better deal to purchase Amazon gift cards through the Amex blue cash preferred care where you get 6% off groceries including gift cards or to use the ink plus for 5x points for Amazon GC purchased through office supply stores? Thanks for your wonderful information and advice!
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