New Rules for Chase Credit Cards

I receive no compensation of any type from JP Chase – in fact, they probably don’t know anything about me.  The views below are mine entirely.

Chase is tightening up their rules for obtaining one of their credit cards.  This past summer/fall, they began implementing the 5/24 rule.  If you opened 5 credit cards from any bank within twenty four months, you would most likely be declined for any of Chase’s own credit cards.  This was exclusive to their own credit cards such as Chase Sapphire Preferred, Chase Freedom card and any of their cards that are not co-branded with another company such as Marriott.

 

If you are new to credit card churning, then I would suggest before you get to the 5 card you apply for the Chase Sapphire Preferred credit card, one of my favorites of all time.  I do not have an affiliate link as I do not have a business relationship with them but if you are thinking of getting their card, I would receive 5,000 Ultimate Reward points if I refer you.  If interested, just drop me an email and I’ll begin a dialogue with you.  If not, I still HIGHLY recommend this credit card because of its flexible Ultimate Reward points.

Now Chase is changing the rules AGAIN!  Their co-branded cards will follow the same 5/24 rule sometime in April.  If you are on the fence or thinking about applying for one of their co-branded cards, my advise is to do it within the next month to six weeks.  In fact, I would do it sooner than later. Some of their co-branded cards include British Airways, Hyatt, Marriott, IHG, Ritz Carlton,  Disney, Southwest Airlines and United Explorer.

I have been thinking about getting both the Hyatt card and the Marriott card but my problem is that you can only have five personal credit cards from Chase.  Which card to close is my dilemma.  I already have the United Mileage Plus Select card (a co-branded card) which is my oldest credit card dating back to the early 1990’s.  It is a card that is no longer available and for those of us that have it, it makes it worthwhile to keep it.  I certainly do not want to close that card out since I have had it as long as I do – always keep your oldest card!

hyatt logo

I also have the IHG card ( a co-branded card) which gives me Aspire elite status with IHG (Holiday Inn, Intercontinental, etc) and I do participate a few times a year with their promotions and there ALWAYS is a step that has you paying with your IHG credit card.  Also, this card gives me one free night a year and the annual fee is only $49.  I have only had the card about ten months now and do not mind paying the $49 for the one free night, which we will use in Brussels.

ihg

I currently have the Freedom (one of Chase’s cards, not co-branded) which I do love for the revolving quarterly bonus categories.  It has been particularly useful to me before the holidays as Amazon has been one of the bonus stores.  That might be the one that I will consider closing and perhaps my husband could get it instead.

Freedom

In December I applied for and one month later  approved for the United Explorer credit card which gives me free checked bags when I fly on United.  Since I tend to fly United the most, that will be particularly useful to me.  Since I have had that card only about a month, obviously I do not want to close it.

Finally, I have the Chase Sapphire Preferred.  Thinking that I might never be approved for it again, I’m keeping it.  I love the Ultimate Reward points and since am boosting my United points with my new Explorer card, I can use those UR points for other airlines, like Singapore Airlines.

images-3
Chase Sapphire Preferred

So if I want the Marriott or Hyatt card, I’ll have to close one of my Chase cards and it will probably be the Freedom, much to my chagrin.

Have you thought about applying for any of the Chase co-branded cards before the 5/24 rule takes effect?  Are you having the problem that I am as to which card to close?

 

 

 

 

 

 

 

 

 

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3 thoughts on “New Rules for Chase Credit Cards

  1. Hi Jane,

    Both my husband and I had the United Mileage Plus Visa that we got in June 1991. It was definitely my oldest card. I closed mine in August 2012 and applied for the UA Explorer in January 2013. DH closed his in October 2013 and applied for the UA Explorer in December 2013. Neither of our credit scores has been adversely affected.

    However, we both recently applied for the Marriott card (adding each other as an AU for 7500 more points), and we both had extra scrutiny before approval, despite high credit scores (over 800), being Chase customers since the mid-80’s, and with substantial balances in our Chase checking and savings accounts. For me, I have a fraud alert due to stolen SS# several years ago, so I never get instant approval. I did have to shift credit lines around to get it approved. My husband also did not get instant approval, and despite a very significant salary, he, too, had to shift around credit lines before they would consider approval.

    We are now both at 5 cards each – CSP, Freedom, UA Explorer, IHG and Marriott. If we decide to get the Hyatt card again, we will cancel 1 Marriott and 1 IHG after consolidating the points and adding the one cancelling to the other’s card as an AU. We had the Hyatt card and cancelled when the fee was due – but we did use our 4 free nights at the Andaz Maui. I won’t try to get this again until I know I can use the free nights for high value within the 12 months of earning the certificates. You need to consider this time-frame if you go for the Hyatt card. If you and your DH both get the Marriott and add each other as AUs, you would be well on your way to a nights and miles deal. I’m hoping we can do this.

    1. I agree with the timing of applying for and being able to use the free nights that the Hyatt card gives you. Blogger Hubby had the Hyatt a few years ago and we used it at the Grand Hyatt Kauai. That was one of my hesitancies about getting the Hyatt – we already have our reservations in Paris for this fall yet, if I don’t apply for it now, I’m not sure I could get it again as I usually get 5 new cards (at least) every 24 months. As I mentioned, I applied for the Explorer card and decided NOT to call the reconsideration line – didn’t want to have to answer all the myriad questions they would ask. Instead, I just waited. About a month after I applied, I was notified that I had been approved.

      1. I had to call reconsideration because of the fraud alert and because I needed to get working on the minimum spending becuase we knew my DH was going to get the card as well.

        I applied for 6 cards in the past 2 years, but I got the Marriott before the implementation of this new rule. That was a lot of apps for me, and I don’t expect to be doing so many in the future, as we will be retiring but postponing taking Social Security, so I won’t have very much income to use on an application, although I can declare other assets. I want the Hyatt card, again, but we’re not eligible until the summer, so won’t be applying anytime soon.

        I still think you can close your old UA card (mine had a $60 annual fee – doesn’t yours?) unless you don’t keep any of your other cards for more than a few years. Amex has me listed as having my cards since 2000, which is really only my sock-drawer Delta Options card. My Hilton Amex is from 2008, my CSP and Freedom are from 2012 and my other 6 are from 2014 and 2015.

        Marriott has quite a large footprint compared to Hyatt. You may find it fits into your travel plans more. And the outcome of the merger with SPG is still to be determined.
        Good luck with your decision!

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