Understanding the 5/24 Rule: How It Affects Your Chase Sapphire Card Application

When it comes to applying for a credit card, particularly one from Chase like the Chase Sapphire card, there are certain rules you should be aware of before submitting your application. One such rule is the 5/24 rule, which can impact your eligibility for approval and potentially affect your chances of receiving a sign-up bonus.

To begin with, it's essential to review your credit report to count how many new credit card accounts have been opened in the past 24 months. This will give you an idea of whether or not you're under the 5/24 threshold. A convenient way to do this is by opening a free account with Credit Karma or Credit Sesame, which can provide you with a detailed report of your credit activity.

So, what is the 5/24 rule exactly? Chase has an unpublished policy that states you'll only be approved for their cards if you've opened fewer than five credit cards from any issuer in the past 24 months. This means that if you've applied for and been approved for more than four credit cards in the previous two years, your application for a Chase Sapphire card may be denied or result in you missing out on a sign-up bonus.

It's worth noting that this rule is not publicly disclosed by Chase, but it's well-known within the miles and points community. To avoid wasting a credit inquiry if you're ineligible for the card or the bonus, it's crucial to understand these rules before applying.

In summary, if you're considering applying for a Chase Sapphire card, make sure you review your credit report and count how many new credit accounts have been opened in the past 24 months. If you've exceeded the 5/24 threshold, it may be worth waiting until you meet the eligibility criteria or exploring other credit options.

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