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Best Credit Cards If You're Over Chase's 5/24 Rule
Posted on Jul 3, 2018
Updated on Sep 25, 2024
A perfect credit score isn't enough to get approved for many Chase credit cards and so called 5/24 rule proves it. The Chase 5/24 rule limits you to five new credit card accounts opened in the last 24 months. This means you won't be approved for a new Chase card if you've opened five or more new cards across all banks in the past two years. Most Chase credit cards are subject to 5/24 for approval.
Alternatives to Chase Credit Cards
When you're over the 5/24 limit, you still have options. The 5/24 rule only applies to getting approved for credit cards issued by Chase. That means you can still get just about any credit card that's not issued by Chase. Take a look at some of the best options out there.
Alternatives to Chase Travel Credit Cards
Chase travel credit cards allow you to earn bonus points on select purchases and redeem for travel, gift cards and cash back. Other issuers offer as good or even better travel credit card offers. If you are over the 5/24 rule, consider applying for one of the travel rewards credit cards below.
Alternatives to Chase Cash Back Credit Cards
Chase cash back credit cards allow you to earn from 1% cash back on all purchases and up to 5% cash back in bonus categories. Similar cash back rewards can be found on other credit card offers and at better terms. You can get the same up to 5% cash back in rotating bonus categories with the Discover it® Cash Back card (up to the quarterly maximum, activation is required). Other issuers can offer 1.5% or even 2% cash back on all purchases. For example, the Citi Double Cash® Card earns 2% cash back on every purchase (1% cash back when you buy, plus an additional 1% as you pay for those purchases).
Alternatives to Chase Cards with 0% Intro APR
The average 0% intro APR period lasts for 15 months on Chase credit cards. But what if you need more time to pay off a big purchase or transferred balance. There are a lot of credit cards that offer longer promotional 0% APR periods on balance transfers and purchases. For example, with the Wells Fargo Reflect® Card, you can get 0% intro APR for 21 months from account opening on purchases on purchases and balance transfers (17.74%, 24.24%, or 28.49% Variable APR thereafter).
Alternatives to Chase Small Business Credit Cards
There are business credit cards that are aimed at travelers and cards that allow you to earn rewards on business expenses. Based on your business spendings, you can choose to earn miles rewards or cash back rewards on all purchases. For example, those who travel for business a lot, may like the Wells Fargo Signify Business Cash® Card. The card earns cash rewards and comes with additional travel and business perks.
How the Chase's 5/24 Rule Works
Before we proceed with any explanation, it should be said that so called "5/24" rule is not an officially published policy from Chase. It is an informal policy based on consumers' experience of applying for Chase credit cards. So what's the 5/24 rule? In order to get approved for any Chase credit card, you should not have opened five or more personal credit cards in the last 24 months.
Chase looks at the total of all new consumer credit cards you've opened across all banks in the past two years. To check your 5/24 count, get a free copy of your credit report and look at the dates your credit card accounts were opened. The accounts that were opened in the last 24 months should be counted (including closed credit card accounts).
Working Around the 5/24 Rule
While for some people the only option to overcome 5/24 is to wait, the others may bypass the rule. Here are some potential workarounds for rejections based on being over the 5/24 limit.
1. Ask for reconsideration if you are an authorized user on someone's credit card. Call the Chase reconsideration line and request a manual evaluation. A human reviewer may discount cards on which you are an authorized user and may approve you.
2. Choose the card that is exempt from the rule. Not all Chase cards are subject to the 5/24 rule. For example, such co-branded cards like British Airways Visa card, Amazon Prime Rewards Visa card and some other co-branded cards are not subject to 5/24.
3. Apply for an alternative credit card. There are credit cards from other banks that are similar to Chase credit cards in rewards terms. Some cards offer even better rewards or terms. So, it is worth shopping around and comparing.
