Holy banana cakes, I’m under 5/24!
If you’re unfamiliar with the rule, 5/24 means that being approved for most Chase cards is not possible if you’ve opened at least five personal credit cards from any bank in the last 24 months. Some of my cards started dropping off my report, and I got super excited about the possibility of replenishing my point balances.
With this new development, I had to plan carefully which Chase cards I wanted to apply for this month, especially because some of them don’t fall under the 5/24 rule. If you’re interested in which cards I chose and what the approval process was like, read on.
Ink Business Preferred Credit Card
A few months before applying for this card, I opened a business checking account with Chase for my freelance writing business. Because I travel quite a bit, I wanted to be earning 3X Ultimate Rewards points on travel in addition to the sizeable sign-up bonus.
The public welcome offer on this card is 80,000 Ultimate Rewards points, but if you apply for this card at a Chase branch, you can receive 100,000 points!
I called my local Chase branch and made an appointment with a Private Client banker. (I don’t have a Private Client relationship with the bank, but the banker was available to talk with me.) He looked over my checking account information and said that he would have to discuss my application with a business relationship manager above him and submit it through him. My appointment didn’t last longer than 10 minutes, and I saw the new card number show up under my business account the next business day. I was approved just like that!
Keep in mind that the Ink Business Preferred Card from Chase is a business credit card, and you do need to have a business. The banker asked about what I do and my revenue, and I used my Social Security Number to open the account as a sole proprietor. Easy peasy. I recommend opening a business checking account first to help speed up the application process.
Related: What Kind of Side Hustles Qualify Me for A Small Business Card?
United MileagePlus Explorer Card
Although you have to be under 5/24 to apply for the Ink Business Preferred Credit Card, it doesn’t count toward your 5/24 status, so technically I had another slot to fill with a Chase credit card. I went with the United MileagePlus Explorer Card and its 50,000-mile bonus. I had held this particular credit card before, but it’s been more than 24 months since I received a bonus on it.
A few days after being approved for the Ink Card, I applied for the United credit card online and received a 30-day message. However, two business days later I called the automated line and was notified that I was approved.
In addition to the 5/24 rule, Chase implements a 2/30 rule. The 2/30 rule means that you cannot apply for more than two personal Chase credit cards (or one business card) in a 30-day period. Because my first application was for a business card and the second for a personal card, I stayed within the rules and was approved for both.
Related: Chase, Citi, Amex: Application and Bonus Restrictions You Need to Remember
In Conclusion
Depending on your travel goals, deliberately staying under 5/24 is not always the greatest plan. By waiting, you generally miss out on many sign-up bonuses. However, if you’re not huge on opening new cards every month, falling under 5/24 has its perks. As for me, I’m about to score a haul of 150,000 points after meeting the minimum spending requirements. Ultimate Rewards are so versatile that they can be worth the wait, and United miles are great for building multi-destination trips.
What do you think about staying under 5/24 to qualify for more Chase-issued credit cards? Is it worth it or not?
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