Getting Approved for Chase Card Over 5/24
Update (Apr 26, 2023) – More data points are coming through that people are getting approved for the VShase Sapphire Preferred Card at or above 5/24. You can see many data points here and here. Currently you can get a welcome bonus of 80,000 Ultimate Rewards points after spending $4,000 or more within the first three months. You can read more about that offer and find more information about the card here. Just keep in mind that the same offer is also available through referrals, and you can also get a 90,000 in-branch bonus points. If you’re lucky you might also receive a 100,000 point offer.
Update (Mar 8, 2023) – There are more data points that show it’s still possible to get approved for Chase Ink cards at or above 5/24. But I think overall it’s still a rarity. Let me know in the comments if you have been able to get approved for Chase Ink Cash gold Chase Ink Unlimited (90K bonuses are ending soon) this year without being under 5/24.
Original article (Dec 29, 2023):
A few days ago I wrote about Chase temporarily relaxing its 5/24 rule for all Ink Business cards through the end of the year. The rule is still in effect but some “insider information” and a few data points show that you might have a better chance at getting approved now.
As a reminder, the Chase 5/24 rule states that you will not be approved for a new Chase card if you have opened 5 or more bank cards in the past 24 months. This includes non-Chase cards as well. You can read all about Chase 5/24 here. And if you need to check your Chase 5/24 count, read this article.
After I wrote the article about Chase relaxing it’s 5/24 rule, I checked my credit report to see where I stand. From my count, I’m at 5/24. I still went ahead and applied and after a very long call, I have a new Chase Ink Business Unlimited credit card.
Checking my Chase 5/24 Status
I used the Experian app to check my Chase 5/24 status. I counted six new accounts in the last 24 months, with one of them being a SoFi Loan. That means that I have five new credit card accounts in the last 24 months.
Being at 5/24 means that normally I shouldn’t get approved for a new Chase credit card.
I went ahead and applied for the Chase Ink Business Unlimited credit card. It currently has the best ever bonus of 90,000 Ultimate Rewards points after spending $6,000 in three months. I had already tried on May 19, 2022 when I was at 8/24 and on October 23, 2021, when I was at 6/24. Both applications were denied.
After applying on December 28th, I received the 7-10 days message. My application was for a Sole Proprietorship, using an EIN.
Then today I received an email about a new letter in my Chase inbox. I logged in, opened the letter and DENIED! There are three reasons listed, with one of them being “too many credit cards opened in the last two years”. Strangely it also listed insufficient business deposit relationship.
Strangely it also listed insufficient business deposit relationship. I have two business accounts and one personal account with Chase, although no deposit account for the business I applied for.
I didn’t give up just yet. I picked up my phone and called the Chase recon line at 800-453-9917. After dialing, you need to press “1” for credit line increases and new credit applications. Enter your social security number, and you’ll get a rep on the line.
After explaining that I’m calling about the status of my application, and I wanted to talk to someone about reconsideration, I was connected to a specialist. These are the people that will actually look at your application and decide if they will approve it. I repeated that I was calling about reconsideration for my application, and that I was surprised that one of the reasons was “insufficient business deposit relationship” as I had a few Chase accounts.
I was on hold for about 25 minutes while the specialist looks at my application information.
Then came a few questions about my business. Make sure you have the answer ready for things like income, expected revenue, monthly expenses, type of business etc. These numbers should be in the same ballpark as the ones you submitted during your applications. I actually didn’t have the exact numbers in front of me, but I provided similar amounts to what I put in the application.
After another long hold of about 10 minutes, the specialist came back and said that I would need to move over credit in order to get approved. The minimum credit limit for the Ink Business Unlimited Credit Card is $3,000. I moved $4,000 from another business credit card, and I was approved for the Chase Ink Unlimited while at 5/24.
A minute later, I received an email with confirmation that I have a new Chase credit card.
Chase has reportedly relaxed its 5/24 rule for Ink business cards through the end of the year. This doesn’t mean that you’ll be automatically approved for an Ink card if you are at 5/24 or over. But it worked for me. I was approved for a new Chase Ink Unlimited card after calling recon and moving over some credit.
Let me know if you have tried applying for a Chase credit cards over the last few months, while at 5/24+. Did you get approved?