What is the Chase 5/24 Rule?
Basically, if you open more than five new credit cards in a 24 month / two-year consecutive period then Chase will automatically decline you for most of their credit cards. Yes, this sucks but not knowing about it and finding out too late sucks even more.
There are a few Chase credit card exceptions such as the Chase Hyatt Card, the British Airways card, The IHG card and a handful of other cards.
However, pretty much all the best Chase travel reward cards including the Chase Sapphire Reserve, Chase Sapphire Preserve, the United cards, etc. do count on the 5 cards in 24 months rule. You might have noticed that I am always talking about Chase cards because their cards are the best out there.
This is the reason it’s important to follow the 5 cards in 24 months rule and plan your credit card applications accordingly. I recommend starting travel hacking with Chase credit cards and then moving on to other cards. It makes sense, Chase has some of the best cards, so you might as well apply to them first anyway.
Another item to mention is that while you need to be under the 5/24 rule to get the Chase Business Ink cards, they do not count towards the 5/24 (as most business cards do not count on your personal credit report). This is an important thing to note and a great way to keep yourself under 5/24.
I recommend starting with either the Chase Sapphire Reserve or Chase Sapphire Preserve, maybe one of the Chase Freedom cards, and a United card (so you can get extra United availability and United is also a transfer partner of Chase).
If you’re just getting started in the travel rewards game, opening five new credit cards over a two-year period might sound crazy to you. Trust me this game is really addicting and it tends to escalate quickly. Once you take that first free flight you will be just like the rest of us, totally hooked and will never look back.
Chase Sapphire Preferred® Card
With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.
More Things to Know About CHASE SAPPHIRE PREFERRED® CARD
<li>Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®</li>
<li>2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.</li>
<li>Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening</li>
<li>No foreign transaction fees</li>
<li>1:1 point transfer to leading airline and hotel loyalty programs</li>
<li>Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel</li>
<li>No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards</li>