Chase 5/24 Rule Full Guide in 2020 | Summary and Q&A

TL;DR

This video discusses the Chase 5:24 rule, which states that if you have opened five or more personal credit cards within the last 24 months, you will be automatically denied for a Chase card.

Key Insights

• 💳 The Chase 5:24 rule has been around since 2015 and specifically applies to personal credit cards from Chase.
• 💳 You can determine if you are subject to the rule by checking your card history on Credit Karma or contacting the credit card issuer.
• 😑 Bypassing the rule through targeted or pre-approved offers is not recommended due to the risk of account shutdown.
• 🎴 It is important to apply for Chase cards organically and naturally, without rushing or trying to play the system.
• 💳 Business credit cards do not count towards the 5:24 rule and can be a way to continue acquiring cards while being subject to the rule.
• 💳 The credit card game is a long-term strategy, and it is recommended to establish a strong relationship with the bank and take it slow when applying for cards.

Transcript

hi everyone welcome back to the channel in today's video we're gonna talk about the chaise 5:24 rule and exactly everything you need to know about this infamous rule now regardless if you're a beginner in the credit card game or if you're someone who's expert advanced I think this video is gonna be a good refresher just for anyone in the credit car... Read More

Questions & Answers

Q: What is the Chase 5:24 rule and when did it come into effect?

The Chase 5:24 rule states that if you have opened five or more personal credit cards within the last 24 months, you will be automatically denied for a Chase card. It has been in effect since 2015.

Q: How can I determine if I am subject to the Chase 5:24 rule?

You can check your card history on Credit Karma to see when you opened your cards. If you opened five or more within the last 24 months, you are subject to the rule.

Q: Can I bypass the Chase 5:24 rule?

There are ways to bypass the rule, such as targeted or pre-approved offers. However, this is not recommended as it can increase the risk of account shutdown.

Q: Are all Chase cards subject to the 5:24 rule?

About 99% of Chase cards are subject to the 5:24 rule. There may be rare instances where certain co-branded or product change cards are exempt, but it is best to assume all Chase cards are subject to the rule.

Summary & Key Takeaways

• The Chase 5:24 rule has been in effect since 2015 and applies only to Chase credit cards.

• To determine if you are subject to the rule, you can check your card history on Credit Karma or ask the credit card issuer directly.

• There are ways to bypass the rule, such as targeted or pre-approved offers, but it is not recommended due to the risk of account shutdown.