Chase’s Infamous 5/24 Rule May Be Removed For the Sapphire Preferred 80K Promo
Chase 5/24 Rule May Have Been Removed for Some Applications to the CSP 80k bonus: What Does This Mean for You?
For those who don’t know, Chase's 5/24 rule was a long-standing yet unacknowledged policy that prevented applicants from being approved for most of Chase's credit cards if they had opened five or more new credit cards in the past 24 months. The rule was designed to protect Chase's risk and ensure that it was only approving cards to borrowers who were likely to be good credit risks (i.e., Chase doesn’t want credit card “churners”).
However, it appears that Chase has softened the infamous 5/24 rule for certain cards and has started accepting people who are well beyond 5/24. All of a sudden, people are sharing that they have been approved for the Chase Sapphire Preferred (CSP) special 80k bonus despite being over 5/24. Take a look at some of the following posts coming from Reddit credit card community members who have applied for the CSP in the past few days despite being over 5/24:
As you can see, the sudden influx of these approvals heavily suggests that Chase has deactivated the 5/24 automated rejection for this CSP promotion. While some users still reference that they were rejected while over 5/24, this is the first time we’ve seen a large group of people be approved while over 5/24.
So, what does this mean for you? Well, this means that potentially anyone, regardless of their recent credit card application history, is now eligible to apply for the CSP! If you've been wanting to get the CSP but have been held back by the 5/24 rule, it is worth a shot to apply even if you've opened five or more new credit cards in the past 24 months.
This definitely doesn’t guarantee approval of course, as just because you're eligible to apply for a Chase credit card doesn't mean that you'll be approved. Chase will still consider your credit score and other factors when making a decision. However, the number of recent credit card approvals no longer appears to be an automatic flag!
This first removal of the 5/24 rule is a major change for Chase and for credit card users in general. It opens up the possibility of getting a Chase credit card to a much wider range of people and completely changes the strategies for applying. It will be interesting to see if this is Chase testing the waters on removing 5/24 outright, or simply an added bonus to get more people applying for the Sapphire Preferred (or a Chase platform glitch).
For those who don’t know, here are the main benefits of the Chase Sapphire Preferred, which is largely considered one of the best travel cards on the market:
Special 80,000 point sign-on bonus after spending $4k in the first 3 months of having the card open (rare promo)
2x points on travel purchases, 3x points on dining/delivery/takeout, 3x points on online grocery shopping, 3x on select streaming services, and 5x points on travel booked through the Chase travel portal (where you get an extra 1.25x value on redemptions)
1:1 point transfer with major brands like Hyatt and United
If you're looking for a new credit card, I highly recommend the Chase Sapphire Preferred. However, if you’re new to credit cards, make sure to check out our tips on key starting tips, unique ways to hit sign-on bonuses, and answers to common questions like, “How many credit cards should I have”!