For those of you under Chase 5/24, the CIC and CIU are having their 90k offer for $6k spend in 3 months (Sept 2023)! Make sure to grab one if it fits your credit card plan!
Think imma grab it once they announce like a last day to apply gotta hit this 5 night certificate for Marriott 1st to start this clock on the Ritz card thanks to you lol
Of course Ahnon! Yeah, I think it would be interesting to think about how we all would act if the Chase 5/24 rule didn’t exist! It’s a rule that’s both annoying and somewhat appropriate, although something like 8/24 would be a lot more flexible!
Great points Stan! Still dislike the rule and the fact that Chase tries to dictate how and when you get cards. They have a few good cards but not enough for them to dictate how I get my cards hahaha. And I did get the IHG Business at 13/24
Thanks Sledge! Yeah, I was trying to come out with positive for the Chase 5/24 rule, and trust me, there weren't many, hah! I agree that it's annoying that Chase funnels you into their system early, but as you pointed out, YMMV. Especially for people like you and me who have a lot of cards, and probably a higher Chase 5/24 count, it's still possible to get approved for Chase business cards, but it's a gamble at that point 🎲 🎲! Congrats on the 13/24 approval - that's the highest I think I've heard so far!
Definitely agree with the point that the 5/24 rule helps credit card enthusiasts think more critically about the cards that they are applying for. Definitely makes me think about my next steps instead of just blindly applying for a credit card that just so happens to have a "elevated welcome bonus offer". Great Video Stan the Man!
Thanks Eric! Yeah, I think that's the biggest positive about Chase 5/24. The rule basically makes you stop and make sure you're doing the right thing before applying for that next personal credit card. Otherwise, I know I'd rapid fire all the elevated bonus offers and I would for sure be spending way more money than I should. Chase 5/24 helps keep that YOLO mentality in check. Credit cards can be dangerous 👀
Great video, Stan! If anything, the chase 5/24 rule helps you stay within a reasonable credit card boundary where if you truly care for your credit, you’ll be a little bit more cautious either way. Love your content - Ivan
Definitely agree Ivan! It's both a good and a bad thing, but I'm all about planning things out carefully given the situation, and the Chase 5/24 rule is one of those fundamental rules to get started with! Appreciate the support!
Sitting around minding my own business when a good sign up bonus hits 😂😂😂. Great perspective! Much agreed, I know a lot of us who’d go crazy if 5/24 didn’t exist, even myself, I got denied the CIU and in retrospect, that SUB would have been very hard to hit at that time so I’m thankful for getting denied now. Gardening is a blessing in disguise! Never know when you’ll need some loans, or when a new HIGH Sub will hit so you can take advantage down the line once gardening. I actually did the same, I got all 3 Charge cards within like a year. It was a lot 😅. Great video Stan!
Thanks Tony! Yeah, I think the Chase 5/24 rule has a lot of hidden benefits, and especially for those of us who may be trigger happy, it puts a definite barrier on our velocity, which in many cases can be a good thing. I’m all about the slow and methodical approach, but I definitely want to YOLO now and then!
It's important to note that Chase only examines whether an account was opened. If you've closed an account that was opened in the last 24 months, it still counts toward your standing. Also, you will need to wait until the first day of the 25th month after your fifth account was opened to actually be below the 5/24 limit and that's an important technicality.
Great video makes people think twice to apply and plan road maps out if anything. The spacing on trying to hit multiple cards was great advice especially for people trigger happy signing up for multiple cards lol.
Thanks so much! Yes, I agree. A good roadmap is super helpful in making sure the credit card game works best for you! I know it's more fun to pull the trigger on a bunch of applications all at once, and that's ok too! It's just important to know the implications of what's going on.
Appreciate your points on 5/24 but it just plain stinks IMO. I'm not sure if there's a CHASE card that is even a must have....... Life's too short to wait on Jamie Dimon & Co to bless ya with one of their CCs. Thanks for the info + video!
Very true Jimmy James! There are tons of great cards out there, and although there are some great Chase cards, there are plenty of other issuers out there with better cards and a more competitive product that isn’t as restricted! You’re right. Life is too short to wait on Chase 5/24!
I see it as a good moderator. I’m an expat living overseas, so travel bennies are the single most important factor for my setup. That’s why I got the CSP a few months ago, and will request an upgrade to the CSR when I hit the anniversary date next year. The other cards in the trifecta are kind of useless outside the US, so no need for those. What I will need is the co-branded cards such as the United Quest & World of Hyatt since I’m flying 10 or more trans-Atlantic and/or trans-Pacific segments per year on United, and stay at Hyatt properties mostly for the ability to transfer points. Having the spend for the bonuses isn’t that bad since I will always enough in airfare/hotel expenses to cover it, most of the time. The Amex gold and platinum cards are all I need to apply for in the next 18 months round out a set-up which will take me into retirement. I’ll have my recent college grad kid watch this vid as I guide her through her card journey.
Sounds like you got a great roadmap ahead of you! If you go for the United/Hyatt cards, you'll have a very nice transferrable currency setup with the CSP/CSR as both programs are transfer partners with Chase. If you plan to travel a lot, the Amex Platinum is great for the frequent traveler as well!
At times when I look at my credit card setup and realize it needs a refresh or overhaul due to lifestyle/travel/location changes, I don't want to be hindered by the 5/24 rule to have to spread my overhaul over 2+ years in order to be eligible for Chase cards. If I want to jump from Delta and Amex because of their recently announced changes and want to get a United Chase card to start flying United then that would suck if I'm unintentionally over 5/24 and not allowed entry. With that said, Chase has approved me at 9/24 this year so I can't really complain and at least their application/entry rule is not as vague as Capital One or Us Bank or etc about getting approved or wasting inquiries.
I agree with you Sean! It definitely is super annoying if you want to make a quick pivot to your credit card setup and 5/24 definitely does get in the way of that in terms of getting new cards - especially if they're Chase personal or business cards! Waiting 2+ years to cool off 5/24 is not ideal. I'm glad you were able to get approved way over 5/24 to get the card that you want. And like you said, at least Chase is open about their rules so you know what to expect, which is much less the case with Citi, C1, or US Bank, where you have to guess and hope that you get approved even if all your pertinent data points are looking good! Personally, I'd much rater have that so I can structurally plan out my credit card roadmap/strategy rather than leave it to "chance."
I think the positive side of Chase 5/24 is that it can get you to focus on business credit cards. And when it comes to bonuses, business cards are the best ☝🏾 So for those of you who are over 5/24, but still want to get new cards added to their wallet, join the business card game and watch your points soar ✈️
Yes, business cards are the way to go when you're gardening! It's definitely been my strategy, and I've been able to keep up with the SUB game while at the same time, optimizing my credit report for a future application!
The 1st video I’ve seen in support of 5/24. Good pts. 👍🏼 I think its more of an issue for us credit card enthusiasts. But for normal people it’s probably less of an issue. My wife only opens a credit card like once a year, if that. She basically stays perpetually below 5/24 😆
Thanks Doc! Yeah, it's definitely only a thing that we really care about. Like you said, most people don't even know about it, or even apply for that many credit cards in a 2-year timeframe! But there are always two sides to a story so it was fun to find some positives with Chase 5/24. For the record, not a fan either 🤣
"For now" I laughed out loud. Wish I knew about the credit card game when I first started. I feel like this rule makes the game more fun. Thanks for the video Stan.
Haha! Yeah, it would have been so much better to start with Chase first. Oh, well, I'm not that sad about it at this point 👍. Great way to think about it JP!
14/24 crew checking in! 😂 Glad I didn't care about 5/24, allowed me to pick up 1.4 million points in 2022 plus got both the CS Plat and MS Plat. I may not have applied for these had I decided to nurse my 5/24, and now I would be locked out of those SUBs completely with the new rules. My credit score went up ~20 points across all bureaus after I added 14 personal cards in the last 18 months. I believe in life its better to take action while the going is good, as we know things can change
Well said Wandering Doc! I think you’re the real winner here getting all of those very nice SUBs. Yeah, one of my biggest regrets is not getting the CS Platinum when I could - although I did get 2 100k personal Platinum offers so I think I’ll take that as a W. That’s also unique that your score went way up with all those cards, but it just goes to show that average credit age is not worth much compared to the other factors! Yeah, things change so fast with credit cards so it’s good to get the best SUB you can and earn and burn before things get devalued!
Great breakdown Stan! Question ? In 2022 you got new personal cards but 3 out of 4 were AMEX ( platinum, delta sky miles, and Marriott Bonvoy) … do Amex count towards 5/24 since they don’t hard pull usually ? Or is it more because they show up on your revolving credit in your credit report? I guess my other question is … how does chase determine where you are at with 5/24 ? Thanks
Thanks! So yes, personal Amex cards do count towards Chase 5/24. The determination for 5/24 is based on new accounts, not hard pulls. So check your credit report and count how many credit card accounts you have within 24 months, and that will be your 5/24 count! Authorized users count too, but sometimes a denial for this reason can be overturned by calling the reconsideration line.
The 5/24 rule is a good thing for Chase, primarily because they don't want want average card holders to overextend, but yeah for those 'in the game' it does act as a brake to velocity. I started getting new cards again this year but with no plan in mind other than needing a balance transfer, but now at 4/24 (actually 4 in this year). 3 of those cards are 'cash back' but the Venture X got me thinking I should go for travel points. Another rule that holds me up is the 6 month rule from Capital One that keeps me from the Savor 1. But now I have an option to stay with business cards with Chase, or wait for a bigger bonus on the CSP, and then get the Savor 1 and/or Amex Gold, or Citi cards Lesson learned.... there is no rush, plan the spends.
For sure Ben! It's super important to plan out your spending, and knowing about the Chase 5/24 rule is important for that! It's also great that you bring up the 6-month rule with Capital One since that's another rule that tends to get in the way as well. Being at 4/24 is the best though because you have the ability to get Chase Ink cards without them adding to your 5/24 status! I agree, no rush, just plan it out accordingly!
It keeps me from abusing the system but also keeps other credit card enthusiasts from abusing the system also... I believe it has a net positive effect in keeping the whole thing sustainable for credit card issuers
Yeah, it definitely helps the community as a whole like you said - whether we want to admit it or not. It's the only steadfast rule so that people don't overapply for credit cards. Especially for those people with elevated business spend that can rack up an insane number of points very quickly!
Am at 8/24, was tempted to try for the Ink Preferred when the min spend was lowered to 8K in 3 months and since there was data points saying that Chase made exceptions to 5/24 for the Ink Preferred. I would only fall back to exactly 5/24 in August of next year but I have been eyeing a Hilton Aspire after getting the Hilton Honors and Surpass over the summer grabbing the free nights a long with the points and also so I can climb the Hilton ladder
Yeah, that’s a tough call Johnny! At 8/24, I think the move is to not worry about it anymore and just go for the non-Chase cards that make sense. The Hilton Aspire is a beast card so you can’t go wrong with that. I think trying to integrate some business cards to garden for a while may also be something to consider! The Ink cards are fantastic so if there’s a move where you can eventually get to 4/24 and stay there, that would be a great way to go!
Great video Stan question do you know if a person who is authorized user on a credit card can apply for the freedom rise card? The authorized user is a student who has not ever applied for a credit card. Thanks for sharing
Hey Clausell! In my opinion - yes, I think this is fine. It's very common for someone with no credit cards to be an AU. I don't think that will have any factor on approval, but that is only my guess. The Rise is made for beginners so in theory, approval odds should be very good for someone just starting out!
5/24 definitely has slowed my signup game. At 4/24 now, and just thinking how many of their business cards I will get before closing out 5/24 with the hyatt card possibly.
For sure! Well now that you're at 4/24, and there's the CIC/CIU 90k bonus offers - and that refreshed Ink Preferred offer. I'd say that there are at least 3 cards you can get for some great SUB value before you close out of the Hyatt card. Depending on how you play it and where your 4/24 cards are located on the timeline, you may even get down to 3/24 or 2/24 before that happens!
I agree Mason! It really does force us to apply for Chase first. That's definitely what I should have done, but now that I'm really far into multiple credit cards, I have no idea when I'll ever get the CFF/CFU/CSP because I'm almost always over 5/24, hah!
I definitely DO NOT like the 5/24 rule as it will likely make me miss the 90K offer on the Ink Cards yet again :/ To your point, the 5/24 Rule does make you think really strategically about your setup, and prioritize things like Business Cards. Really intriguing argument here though Stan, and I definitely think if it wasn't for 5/24 I would certainly get carried away with how many good offers are always out there for new Cards haha. Credit Card Gardening has definitely made me rethink certain parts of my strategy (such as prioritizing Hotel Cards) and what makes sense for my long-term setup as well. Great video Stan!
Thanks Matt! Yeah, I am definitely not saying that Chase 5/24 is the best thing since sliced bread. But I know it would be so much harder to pass up all of these elevated and limited sign-up bonus offers because if there wasn't a rule to stop that, I feel like we would all get carried away .. whether we like to admit it or not! Credit card gardening with business cards is the way to go to lower the 5/24 status, but there's always a new card coming out so it's very tough to stay under the limit!
Understood your points, still hate 5/24 Stan😂 Currently at 7/24, I’ll be below 5/24 May 2024 but will see😂 Great video, information and strategy Stan!🫵
Thanks César - haha! I also do not like 5/24, even though I was trying to play Devil's advocate in this video. Yeah, the trick is trying to stay under Chase 5/24 because there are so many great cards out there! It's very hard unless you can garden with business cards! Appreciate it as always bro!
Why aren’t there more thumbs down for this video? 😂. 5/24 is ruining my life. I doubt that a bank is doing this for altruistic reasons. They probably have datapoints that show their default risks increase when a client is in the 5/24 range. Your example with your 3 Amex cards shows that some clients who have too many new cards at once either struggle to hit the SUBs or they manufacture some spend about normal spend just to get the SUBs. Most people don’t need that many new cards at once and it puts the bank at risk. Your other point that they attract younger bank clients is valid too. They are more risky for the bank and if they take out too much credit then chase could be on the hook. Amex didn’t do bank accounts until recently and they have an older and more established customer base. I still liked the video.
Haha, thanks for liking the video Keith! For you, specifically, Chase 5/24 is such a barrier. Since you can load up business spend on a lot of these business cards, you can rack up tons of points very quickly (you're probably doing this already anyways, hah!). For sure Chase is not doing this for altruism, it definitely leads to to their bottom line in some way. I think it's more like a gateway drug where they get younger clients into their banking system early, and then it's harder to switch down the line since everything is all set up already at this point. That's why I think bank account bonuses exist - otherwise there would never be an incentive to switch banks, unless they were just terrible with their services. Yeah, I wonder what the data is about defaulting risk and if 5/24 is around the area where the tends to be the highest. I would love to see that data! Thanks again for liking the video - I'm glad that I'm not getting a lot of hate messages (yet) 🤣
I think that would be a great combo provided that you wanted to keep the Gold card to maximize MR point earnings. The USB AR actually overlaps with the Gold card a lot, and in my situation, would actually replace my Gold card since restaurants and groceries in my area are all mobile wallet purchases. Both cards also offer 3X on travel, but of course, USB AR doesn't have the transfer partner magic like MRs do, so you have to figure out if you're goal is more cash back value vs. MR travel value using transfer partners.
Fun fact, I’ve never been over 5/24 or even at 5/24 so I don’t feel any pain with this rule 😂😂😂. Plus, I nearly have every Chase credit card I want, so, this rule is about to be completely irrelevant to me and I’m happy with that 😃.
Dang. Respect! I do not have that same experience, lol! I'm struggling to stay at 4/24 or below, but that's awesome you're able to keep those personal applications to a minimum and not have to worry about it! If Chase had more Rose Gold products on the market, you'd probably have an issue with 5/24 as well 🤣
My view of it is this: If you're an AU, this counts towards 5/24 if you apply online and so you may be denied by the online bot that screens applications. But if you calculated 5/24 correctly and when removed, you're under 5/24, there should be no problem explaining this to a Chase representative, and they can push you through a manual approval, if you are indeed under 5/24 when the AU cards are removed 👍
That’s awesome Kevin! I think if you’re having this much luck, applying for the CIU would be no problem. I would wait 30 days between each application and just make sure , and if you already have a CIU that you’ve waited at least 24 months since you were approved the last time! Good luck!
Dang, that sucks Tariq! But at least you have a countdown timer so you'll know when it'll be best to pull the trigger! IHG and Hyatt cards have business versions so that could be one way to get those cards and not have them add to your Chase 5/24 status
@@krs1905 Haha, in my eyes, you're not trolling, you're just speaking truths!! I'm trying to play devil's advocate and it's hard because I know you're right!
@@TheCreditFrogI’m also just having fun and keeping it lively with you. 5/24 is the most controversial rule in the credit card game. I think what you said in the video has a lot of merit.
All you have to do is take today's date and subtract 2 years. Any personal card that you were approved for (and shows up on your credit report) counts as one card towards your Chase 5/24 status. If you're at 5 or more cards, you will likely get denied for any Chase personal or business card, but as always, exceptions apply, and your mileage may vary!
For those of you under Chase 5/24, the CIC and CIU are having their 90k offer for $6k spend in 3 months (Sept 2023)! Make sure to grab one if it fits your credit card plan!
Think imma grab it once they announce like a last day to apply gotta hit this 5 night certificate for Marriott 1st to start this clock on the Ritz card thanks to you lol
@@deadxpride45 Haha, no worries. Glad you got that Boundless 5-night SUB! It's a good thing when there's so many good SUBs to choose from!
I hadn’t considered Chase slowing my velocity as a good thing, but it certainly has moderated my behavior. Thanks for the perspective.
Of course Ahnon! Yeah, I think it would be interesting to think about how we all would act if the Chase 5/24 rule didn’t exist! It’s a rule that’s both annoying and somewhat appropriate, although something like 8/24 would be a lot more flexible!
Great points Stan! Still dislike the rule and the fact that Chase tries to dictate how and when you get cards. They have a few good cards but not enough for them to dictate how I get my cards hahaha. And I did get the IHG Business at 13/24
Thanks Sledge! Yeah, I was trying to come out with positive for the Chase 5/24 rule, and trust me, there weren't many, hah! I agree that it's annoying that Chase funnels you into their system early, but as you pointed out, YMMV. Especially for people like you and me who have a lot of cards, and probably a higher Chase 5/24 count, it's still possible to get approved for Chase business cards, but it's a gamble at that point 🎲 🎲! Congrats on the 13/24 approval - that's the highest I think I've heard so far!
Man I love a good alternative take and this was it, great work Stan!
Thanks Chad! Yeah, I think the Chase 5/24 Rule is definitely a polarizing topic so playing devil’s advocate was fun in this one!
Definitely agree with the point that the 5/24 rule helps credit card enthusiasts think more critically about the cards that they are applying for. Definitely makes me think about my next steps instead of just blindly applying for a credit card that just so happens to have a "elevated welcome bonus offer". Great Video Stan the Man!
Thanks Eric! Yeah, I think that's the biggest positive about Chase 5/24. The rule basically makes you stop and make sure you're doing the right thing before applying for that next personal credit card. Otherwise, I know I'd rapid fire all the elevated bonus offers and I would for sure be spending way more money than I should. Chase 5/24 helps keep that YOLO mentality in check. Credit cards can be dangerous 👀
Great video, Stan! If anything, the chase 5/24 rule helps you stay within a reasonable credit card boundary where if you truly care for your credit, you’ll be a little bit more cautious either way.
Love your content
- Ivan
Definitely agree Ivan! It's both a good and a bad thing, but I'm all about planning things out carefully given the situation, and the Chase 5/24 rule is one of those fundamental rules to get started with! Appreciate the support!
Sitting around minding my own business when a good sign up bonus hits 😂😂😂.
Great perspective! Much agreed, I know a lot of us who’d go crazy if 5/24 didn’t exist, even myself, I got denied the CIU and in retrospect, that SUB would have been very hard to hit at that time so I’m thankful for getting denied now.
Gardening is a blessing in disguise! Never know when you’ll need some loans, or when a new HIGH Sub will hit so you can take advantage down the line once gardening.
I actually did the same, I got all 3 Charge cards within like a year. It was a lot 😅.
Great video Stan!
Thanks Tony! Yeah, I think the Chase 5/24 rule has a lot of hidden benefits, and especially for those of us who may be trigger happy, it puts a definite barrier on our velocity, which in many cases can be a good thing. I’m all about the slow and methodical approach, but I definitely want to YOLO now and then!
It's important to note that Chase only examines whether an account was opened. If you've closed an account that was opened in the last 24 months, it still counts toward your standing. Also, you will need to wait until the first day of the 25th month after your fifth account was opened to actually be below the 5/24 limit and that's an important technicality.
Yes, good points to make about the Chase 5/24 rule!
Great video makes people think twice to apply and plan road maps out if anything.
The spacing on trying to hit multiple cards was great advice especially for people trigger happy signing up for multiple cards lol.
Thanks so much! Yes, I agree. A good roadmap is super helpful in making sure the credit card game works best for you! I know it's more fun to pull the trigger on a bunch of applications all at once, and that's ok too! It's just important to know the implications of what's going on.
@TheCreditFrog Yeah I'm currently trying to hit like 3 bonuses good thing I got the max rewards to keep track for the rest of the yr lol
Appreciate your points on 5/24 but it just plain stinks IMO. I'm not sure if there's a CHASE card that is even a must have....... Life's too short to wait on Jamie Dimon & Co to bless ya with one of their CCs. Thanks for the info + video!
Very true Jimmy James! There are tons of great cards out there, and although there are some great Chase cards, there are plenty of other issuers out there with better cards and a more competitive product that isn’t as restricted! You’re right. Life is too short to wait on Chase 5/24!
I see it as a good moderator. I’m an expat living overseas, so travel bennies are the single most important factor for my setup. That’s why I got the CSP a few months ago, and will request an upgrade to the CSR when I hit the anniversary date next year. The other cards in the trifecta are kind of useless outside the US, so no need for those. What I will need is the co-branded cards such as the United Quest & World of Hyatt since I’m flying 10 or more trans-Atlantic and/or trans-Pacific segments per year on United, and stay at Hyatt properties mostly for the ability to transfer points. Having the spend for the bonuses isn’t that bad since I will always enough in airfare/hotel expenses to cover it, most of the time. The Amex gold and platinum cards are all I need to apply for in the next 18 months round out a set-up which will take me into retirement. I’ll have my recent college grad kid watch this vid as I guide her through her card journey.
Sounds like you got a great roadmap ahead of you! If you go for the United/Hyatt cards, you'll have a very nice transferrable currency setup with the CSP/CSR as both programs are transfer partners with Chase. If you plan to travel a lot, the Amex Platinum is great for the frequent traveler as well!
Great advice. I believe opening a new personal card every 4 months is a good pace.
For sure Frank! Gotta open credit cards at a slow, steady pace 👍
At times when I look at my credit card setup and realize it needs a refresh or overhaul due to lifestyle/travel/location changes, I don't want to be hindered by the 5/24 rule to have to spread my overhaul over 2+ years in order to be eligible for Chase cards. If I want to jump from Delta and Amex because of their recently announced changes and want to get a United Chase card to start flying United then that would suck if I'm unintentionally over 5/24 and not allowed entry. With that said, Chase has approved me at 9/24 this year so I can't really complain and at least their application/entry rule is not as vague as Capital One or Us Bank or etc about getting approved or wasting inquiries.
I agree with you Sean! It definitely is super annoying if you want to make a quick pivot to your credit card setup and 5/24 definitely does get in the way of that in terms of getting new cards - especially if they're Chase personal or business cards! Waiting 2+ years to cool off 5/24 is not ideal. I'm glad you were able to get approved way over 5/24 to get the card that you want. And like you said, at least Chase is open about their rules so you know what to expect, which is much less the case with Citi, C1, or US Bank, where you have to guess and hope that you get approved even if all your pertinent data points are looking good! Personally, I'd much rater have that so I can structurally plan out my credit card roadmap/strategy rather than leave it to "chance."
I think the positive side of Chase 5/24 is that it can get you to focus on business credit cards. And when it comes to bonuses, business cards are the best ☝🏾 So for those of you who are over 5/24, but still want to get new cards added to their wallet, join the business card game and watch your points soar ✈️
Yes, business cards are the way to go when you're gardening! It's definitely been my strategy, and I've been able to keep up with the SUB game while at the same time, optimizing my credit report for a future application!
Very well done, as a gamer, you're absolutely right.
Thank you kindly!
The 1st video I’ve seen in support of 5/24. Good pts. 👍🏼
I think its more of an issue for us credit card enthusiasts. But for normal people it’s probably less of an issue. My wife only opens a credit card like once a year, if that. She basically stays perpetually below 5/24 😆
Thanks Doc! Yeah, it's definitely only a thing that we really care about. Like you said, most people don't even know about it, or even apply for that many credit cards in a 2-year timeframe! But there are always two sides to a story so it was fun to find some positives with Chase 5/24. For the record, not a fan either 🤣
"For now" I laughed out loud. Wish I knew about the credit card game when I first started. I feel like this rule makes the game more fun. Thanks for the video Stan.
Haha! Yeah, it would have been so much better to start with Chase first. Oh, well, I'm not that sad about it at this point 👍. Great way to think about it JP!
14/24 crew checking in! 😂 Glad I didn't care about 5/24, allowed me to pick up 1.4 million points in 2022 plus got both the CS Plat and MS Plat. I may not have applied for these had I decided to nurse my 5/24, and now I would be locked out of those SUBs completely with the new rules.
My credit score went up ~20 points across all bureaus after I added 14 personal cards in the last 18 months.
I believe in life its better to take action while the going is good, as we know things can change
Well said Wandering Doc! I think you’re the real winner here getting all of those very nice SUBs. Yeah, one of my biggest regrets is not getting the CS Platinum when I could - although I did get 2 100k personal Platinum offers so I think I’ll take that as a W. That’s also unique that your score went way up with all those cards, but it just goes to show that average credit age is not worth much compared to the other factors! Yeah, things change so fast with credit cards so it’s good to get the best SUB you can and earn and burn before things get devalued!
Great breakdown Stan! Question ? In 2022 you got new personal cards but 3 out of 4 were AMEX ( platinum, delta sky miles, and Marriott Bonvoy) … do Amex count towards 5/24 since they don’t hard pull usually ? Or is it more because they show up on your revolving credit in your credit report? I guess my other question is … how does chase determine where you are at with 5/24 ? Thanks
Thanks! So yes, personal Amex cards do count towards Chase 5/24. The determination for 5/24 is based on new accounts, not hard pulls. So check your credit report and count how many credit card accounts you have within 24 months, and that will be your 5/24 count! Authorized users count too, but sometimes a denial for this reason can be overturned by calling the reconsideration line.
The 5/24 rule is a good thing for Chase, primarily because they don't want want average card holders to overextend, but yeah for those 'in the game' it does act as a brake to velocity. I started getting new cards again this year but with no plan in mind other than needing a balance transfer, but now at 4/24 (actually 4 in this year). 3 of those cards are 'cash back' but the Venture X got me thinking I should go for travel points. Another rule that holds me up is the 6 month rule from Capital One that keeps me from the Savor 1. But now I have an option to stay with business cards with Chase, or wait for a bigger bonus on the CSP, and then get the Savor 1 and/or Amex Gold, or Citi cards Lesson learned.... there is no rush, plan the spends.
For sure Ben! It's super important to plan out your spending, and knowing about the Chase 5/24 rule is important for that! It's also great that you bring up the 6-month rule with Capital One since that's another rule that tends to get in the way as well. Being at 4/24 is the best though because you have the ability to get Chase Ink cards without them adding to your 5/24 status! I agree, no rush, just plan it out accordingly!
I been on buisness cards for like the past year or so now. Love it
Business cards are great! For a lot of reasons, but one of them definitely being gardening for Chase 5/24 and still being able to get SUBs!
It keeps me from abusing the system but also keeps other credit card enthusiasts from abusing the system also... I believe it has a net positive effect in keeping the whole thing sustainable for credit card issuers
Yeah, it definitely helps the community as a whole like you said - whether we want to admit it or not. It's the only steadfast rule so that people don't overapply for credit cards. Especially for those people with elevated business spend that can rack up an insane number of points very quickly!
Am at 8/24, was tempted to try for the Ink Preferred when the min spend was lowered to 8K in 3 months and since there was data points saying that Chase made exceptions to 5/24 for the Ink Preferred. I would only fall back to exactly 5/24 in August of next year but I have been eyeing a Hilton Aspire after getting the Hilton Honors and Surpass over the summer grabbing the free nights a long with the points and also so I can climb the Hilton ladder
Yeah, that’s a tough call Johnny! At 8/24, I think the move is to not worry about it anymore and just go for the non-Chase cards that make sense. The Hilton Aspire is a beast card so you can’t go wrong with that. I think trying to integrate some business cards to garden for a while may also be something to consider! The Ink cards are fantastic so if there’s a move where you can eventually get to 4/24 and stay there, that would be a great way to go!
Great video Stan question do you know if a person who is authorized user on a credit card can apply for the freedom rise card? The authorized user is a student who has not ever applied for a credit card. Thanks for sharing
Hey Clausell! In my opinion - yes, I think this is fine. It's very common for someone with no credit cards to be an AU. I don't think that will have any factor on approval, but that is only my guess. The Rise is made for beginners so in theory, approval odds should be very good for someone just starting out!
Recent 5/24 rejection on both ink pref and Hyatt business
F. Sorry bro, guess you have to wait until you're under the limit 😕
5/24 definitely has slowed my signup game. At 4/24 now, and just thinking how many of their business cards I will get before closing out 5/24 with the hyatt card possibly.
For sure! Well now that you're at 4/24, and there's the CIC/CIU 90k bonus offers - and that refreshed Ink Preferred offer. I'd say that there are at least 3 cards you can get for some great SUB value before you close out of the Hyatt card. Depending on how you play it and where your 4/24 cards are located on the timeline, you may even get down to 3/24 or 2/24 before that happens!
Although this rule locks us out of Chase, it also encourages us to apply for Chase cards first. So it results in Chase brand loyalty I guess.
I agree Mason! It really does force us to apply for Chase first. That's definitely what I should have done, but now that I'm really far into multiple credit cards, I have no idea when I'll ever get the CFF/CFU/CSP because I'm almost always over 5/24, hah!
I definitely DO NOT like the 5/24 rule as it will likely make me miss the 90K offer on the Ink Cards yet again :/ To your point, the 5/24 Rule does make you think really strategically about your setup, and prioritize things like Business Cards. Really intriguing argument here though Stan, and I definitely think if it wasn't for 5/24 I would certainly get carried away with how many good offers are always out there for new Cards haha. Credit Card Gardening has definitely made me rethink certain parts of my strategy (such as prioritizing Hotel Cards) and what makes sense for my long-term setup as well. Great video Stan!
Thanks Matt! Yeah, I am definitely not saying that Chase 5/24 is the best thing since sliced bread. But I know it would be so much harder to pass up all of these elevated and limited sign-up bonus offers because if there wasn't a rule to stop that, I feel like we would all get carried away .. whether we like to admit it or not! Credit card gardening with business cards is the way to go to lower the 5/24 status, but there's always a new card coming out so it's very tough to stay under the limit!
I'm at 5/24 until August. I'm trying to garden until then AND IT'S KILLING ME!
Dang! August is a long time from now! Stay strong! Business cards are your friends!
Understood your points, still hate 5/24 Stan😂 Currently at 7/24, I’ll be below 5/24 May 2024 but will see😂 Great video, information and strategy Stan!🫵
Thanks César - haha! I also do not like 5/24, even though I was trying to play Devil's advocate in this video. Yeah, the trick is trying to stay under Chase 5/24 because there are so many great cards out there! It's very hard unless you can garden with business cards! Appreciate it as always bro!
Why aren’t there more thumbs down for this video? 😂. 5/24 is ruining my life.
I doubt that a bank is doing this for altruistic reasons. They probably have datapoints that show their default risks increase when a client is in the 5/24 range. Your example with your 3 Amex cards shows that some clients who have too many new cards at once either struggle to hit the SUBs or they manufacture some spend about normal spend just to get the SUBs. Most people don’t need that many new cards at once and it puts the bank at risk.
Your other point that they attract younger bank clients is valid too. They are more risky for the bank and if they take out too much credit then chase could be on the hook. Amex didn’t do bank accounts until recently and they have an older and more established customer base.
I still liked the video.
Haha, thanks for liking the video Keith! For you, specifically, Chase 5/24 is such a barrier. Since you can load up business spend on a lot of these business cards, you can rack up tons of points very quickly (you're probably doing this already anyways, hah!). For sure Chase is not doing this for altruism, it definitely leads to to their bottom line in some way. I think it's more like a gateway drug where they get younger clients into their banking system early, and then it's harder to switch down the line since everything is all set up already at this point. That's why I think bank account bonuses exist - otherwise there would never be an incentive to switch banks, unless they were just terrible with their services. Yeah, I wonder what the data is about defaulting risk and if 5/24 is around the area where the tends to be the highest. I would love to see that data! Thanks again for liking the video - I'm glad that I'm not getting a lot of hate messages (yet) 🤣
Stan, what do you think about an Amex gold card/us bank altitude reserve combo. Gold for food/groceries and reserve for all other Apple Pay purchases?
I think that would be a great combo provided that you wanted to keep the Gold card to maximize MR point earnings. The USB AR actually overlaps with the Gold card a lot, and in my situation, would actually replace my Gold card since restaurants and groceries in my area are all mobile wallet purchases. Both cards also offer 3X on travel, but of course, USB AR doesn't have the transfer partner magic like MRs do, so you have to figure out if you're goal is more cash back value vs. MR travel value using transfer partners.
@@TheCreditFrog this is true. So maybe a Marriott boundless or an IHG premier might be better paired with the gold. I’m a big Amex fan
Fun fact, I’ve never been over 5/24 or even at 5/24 so I don’t feel any pain with this rule 😂😂😂. Plus, I nearly have every Chase credit card I want, so, this rule is about to be completely irrelevant to me and I’m happy with that 😃.
Dang. Respect! I do not have that same experience, lol! I'm struggling to stay at 4/24 or below, but that's awesome you're able to keep those personal applications to a minimum and not have to worry about it! If Chase had more Rose Gold products on the market, you'd probably have an issue with 5/24 as well 🤣
@@TheCreditFrog 🤣🤣🤣🤣
What's the current data points on chase regarding if you are a AU on a newer card. Don't count?
My view of it is this: If you're an AU, this counts towards 5/24 if you apply online and so you may be denied by the online bot that screens applications. But if you calculated 5/24 correctly and when removed, you're under 5/24, there should be no problem explaining this to a Chase representative, and they can push you through a manual approval, if you are indeed under 5/24 when the AU cards are removed 👍
If you could only get one right now , business preferred 100k or one of the 90k bonuses which would you get?
I would get the 90k since the MSR is lower, but that’s just my personal preference
I would totally get the 90k offer. Plus those are no AF & have 0% for 12 mths if you care about that
i’ve actually been approved for the CIC and CIP while AT 5/24.. do you think they’ll allow me to go for a CIU? 🤔
That’s awesome Kevin! I think if you’re having this much luck, applying for the CIU would be no problem. I would wait 30 days between each application and just make sure , and if you already have a CIU that you’ve waited at least 24 months since you were approved the last time! Good luck!
I am locked out of Chase & Citi cards. I would like to have Chase Sapphire Preferred for car rentals, IHG and Hyatt Hotel cards in 18 months.
Dang, that sucks Tariq! But at least you have a countdown timer so you'll know when it'll be best to pull the trigger! IHG and Hyatt cards have business versions so that could be one way to get those cards and not have them add to your Chase 5/24 status
Stan, is 5/24 still a good rule?
It has its moments for sure, but man, sometimes it can really get in the way of our fun!! 😢
@@TheCreditFrog when are you going to start calling me Keith The Credit Troll ?
@@krs1905 Haha, in my eyes, you're not trolling, you're just speaking truths!! I'm trying to play devil's advocate and it's hard because I know you're right!
@@TheCreditFrogI’m also just having fun and keeping it lively with you. 5/24 is the most controversial rule in the credit card game. I think what you said in the video has a lot of merit.
@@krs1905 Thanks! I appreciate the banter. Keeps me on my feet!
How I can know if I out chase 5/24
All you have to do is take today's date and subtract 2 years. Any personal card that you were approved for (and shows up on your credit report) counts as one card towards your Chase 5/24 status. If you're at 5 or more cards, you will likely get denied for any Chase personal or business card, but as always, exceptions apply, and your mileage may vary!
Look at your credit report and count the opening dates of your credit cards opened in the last 2 years just like Chase would do.
I’m first! Naysayers will say I’m not but I wont allow that to impact me 👀
Congrats on being in the top 50! 🏅
@@TheCreditFrog😂😂😂 #shade
Hey im first 😬
You are Nick 🥇! The competition for first is heating up!🔥🔥🔥
Umm…Nick, I came to claim my medal. Thanks for holding it for me tho 🙌🏾
@@ItsMeCJ sounds like we might have to split.. a gold and a rose gold first place trophy!? 🫡
@@Nick-1828 deal!! 🙌🏾