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!
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.
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.
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.
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?