Get approved for the Sapphire Reserve 100K offer despite 5/24

A new, updated version of this post has been published, please click here to view the new post:

How to get approved for the Sapphire Reserve 100K offer


Update 8/23/2016: Some of the recommendations in this post were motivated by the Chase Special Reconsideration Form. Unfortunately, as of yesterday (8/22), Chase has discontinued the Special Reconsideration Form for Personal Card Exceptions (but the business form still exists).

Sapphire Reserve 100K Offer

Sapphire Reserve 100KPreviously I gushed about Chase’s soon to be released new card: Sapphire Reserve.  With this new card, Chase will offer an amazing 100,000 Ultimate Rewards points after $4K spend in 3 months.  The 100K offer is itself worth gushing over, but so too are some of the card’s features such as 3X travel & dining, $300 travel credit, and 1.5 cent per point travel redemptions.

In response to my Sapphire Reserve post, many people asked “What about 5/24?

Update 8/22/2016: Early results indicate that Chase is enforcing the 5/24 rule. This means that those who have opened 5 or more accounts (including becoming authorized users) in the past 24 months may not get approved. Fortunately, there is some good news:

  • Many who applied in-branch were told that they were pre-approved. In most cases, pre-approval appears to overrule the 5/24 rule.
  • Since Chase business cards do not appear on personal credit reports, it has been unclear whether or not they count towards 5/24. The good news is that several people have reported getting approved for the Sapphire Reserve card even though their Chase business cards should have put them over 5/24.
  • Those with Chase Private Client status continue to report success in dodging the 5/24 Rule (this isn’t new, but it’s good to get new confirmation).

Chase’s 5/24 Rule

Chase doesn’t like to approve credit cards for those who game the system by signing up for lots of cards.  Their solution, which has been called “the 5/24 rule,” has been to reject applications when the applicant has opened 5 or more credit cards in the past 24 months.

Not all Chase cards are subject to the 5/24 Rule, but most are.  For currently available cards, you can see the 5/24 status on my Best Offers page.  Next to each Chase card, you’ll find either “Note: This card is known to be subject to Chase’s 5/24 rule” or “Note: This card is believed to not be subject to Chase’s 5/24 rule.”

Sapphire Reserve and 5/24

The Sapphire Reserve card does appear to be subject to the 5/24 Rule.  This means that a large percentage of Frequent Miler readers may not be approved for the card if they apply.  That’s a bummer since the soon to be released Sapphire Reserve 100K offer is one of the most exciting offers we’ve seen in ages.

But, all hope is not lost.  Even those who are far over 5/24 may have a chance of success.  It will take effort, though, and some money

Note: The following suggestions are intended to help get around Chase’s 5/24 Rule.  There are many other reasons a person may be denied a credit card that might not be helped with any of these suggestions.  Also, it’s possible that Chase will limit approvals of the Sapphire Reserve card to high net worth individuals.  We don’t yet know.

Preparation

There are a number of things you can do to prepare before applying for the Sapphire Reserve:

  • Don’t apply for any other cards in the meantime (Unless you want business cards, which do not appear on your personal credit reports)
  • Remove authorized user cards from your credit report (where you are the authorized user) since they too count towards your 5/24 limit.  Doctor of Credit has complete instructions here.  Of course, don’t bother with any that show an open date of more than 24 months ago.
  • Try to enroll in Chase Private Client.  Chase Private Client customers do not appear to be subject to the 5/24 Rule (they might still have applications denied, but not typically for 5/24).  Chase Private Client is a program intended for high net worth individuals with at least $250,000 on deposit with Chase.  In reality, many (including me) have been enrolled with far less.  Also note that you might be able to get Chase Private Client status simply by opening a joint account (including a free safe deposit box account) with a friend or family member who is already a Chase Private Client.
  • Establish a relationship with a Chase banker.  Maybe setup a meeting to discuss the possibility of moving your retirement savings to Chase.  Or, at the very least, open a checking or savings account and chat openly with your new friend about how great Chase credit cards are.
  • If possible, deposit at least $10,000 with Chase (this can be all in one account or spread across several).  And, you might as well earn $500 while doing so.
    Note: This is no longer helpful for personal applications. See update at top of this post
  • Watch your mail for a pre-qualified or pre-approved offer for the Sapphire Reserve.  Pre-qualified / pre-approved offers are know to sometimes (but not always) circumvent 5/24.

Application

  • Apply in-branch with your new friend/banker
  • Ask your banker first to check if you are pre-qualified or pre-approved.  If so, there is some evidence to suggest that you might be able to circumvent 5/24.

You can alternatively apply online (find application link here):

  • Call your banker to ask for his/her bank number, banking center number, and employee number so that you can add that info into the application (this is important in case your application is denied).  Make sure he/she understands that you are applying for the Reserve card and you want to give them credit for the application.

Chase Bank Use Only

Note: The above may no longer helpful for personal applications. See update at top of this post

If application goes pending….

If you applied and got a pending decision, DON’T CALL. By waiting for the automated process to plow through, you still have a chance of automatic approval. You can still call recon if denied. If you call now, though, you’ll forfeit your chance of automated approval.

If denied

  • Ask your banker to call on your behalf for an instant decision (if applying yourself, call recon at 888-245-0625)
    • Be ready with a reasonable answer to the question of why you opened 26 cards in the past 24 months (for example).  When this has come up for me, the answer has been easy: My business is my blog and I blog about credit cards.  I realize that for you it may be harder to come up with a good (and ideally truthful) answer, but it’s worth having something ready.
    • If you have other Chase cards, make sure the analyst understands that you do not need new credit: you would be happy to have credit moved from other accounts to this one.
  • If the first phone call is unsuccessful, try, try again.  This may sound ridiculous, but it does sometimes work to call multiple times until you get someone willing to consider your special circumstances.

If several follow-up calls are unsuccessful in reversing the decision, then its time to ask your banker to file a Special Consideration Form.  They can do this only if you have at least $10,000 on deposit with Chase.  Since you applied through your banker, your banker will get a commission if you’re approved.  They have skin in the game and will want to help.

Note: The Special Consideration Form is no longer an option for personal applications. See update at top of this post

Chase Special Consideration Form Business

I previously wrote that the Special Consideration Form does not help in situations where people were denied due to 5/24.  Since then, though, a few people have come forward to say that it worked for them.  So, it is certainly worth a try!

Good luck!

I can’t promise that the above recommendations will lead to success, but I do believe that they can increase your chances.  Whether or not it’s worth the effort is for you to decide.

About Greg The Frequent Miler

Greg is the owner, founder, and primary author of the Frequent Miler. He earns millions of points and miles each year, mostly without flying, and dedicates this blog to teaching others how to do the same.

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Comments

    • I think it’s worth a try! Note that if it comes time for the special consideration form, they do need your signature to send it in. So, if you’re not approved while in-branch you might want to ask the banker to let you sign a form before you leave.

  1. I will definitely be applying in branch. On my last visit, the banker made a hard push for me to get a pre-approved freedom unlimited or sapphire preferred. I declined knowing this card would be coming out. I was also in a focus group months ago about this card. Its cool to see what name, design and features they picked given all the options they shared with us.

  2. Is it possible to apply for a Chase card directly with the Special consideration form? What is the reason of waiting for a denial?

  3. What do you think about applying online and then, if denied by 5/24 and reconsideration doesn’t help, re-applying in a branch location? Bad strategy due to the number of pulls?

  4. This is brand new to me: Remove authorized user cards from your credit report since they too count towards your 5/24 limit.

    • You can ask during a reconsideration call for them to exclude accounts which you are an authorized user on if it puts you under 5/24 rule. Worked for me

  5. As far as depositing $10k, do you think that transferring $10k from a line of credit will work for Special Consideration?

  6. I like to think that with the expensive $450 annual fee coming to them, Chase will not enforce the 5/24 rule on this card, as long as all other approval qualifications are satisfied. If I were Chase, why would I not take the $450 if you qualify? Perhaps just wishful thinking on my part.

  7. Good stuff. My wife is 7/24 and I am 4/24 but applying for a mortgage while she will not be on the mortgage (stay at home). We don’t have Chase checking but have it on the list to get the $300/ea. The question is, do we go now, open those checking accounts with 10K in hers and then come back in a few weeks for the CS(R), or go and try and do it all at once after AUg 21 and hope while opening the checking the banker gives a pre-qual offer on the spot. If we go ahead of time, the upside would be having 10K on the books for one statement and maybe higher likelihood of pre-qual offer to get around 5/24. But we’d be dragging 2 kids there so there is a real time/sanity cost to asking my wife to come with me twice instead of once – she won’t do it alone. Decisions, decisions…

  8. Can you suggest a strategy (really asking more for recommended process) for getting both this Sapphire Reserve and the new Ritz Cards?

    I would like to get both, and I would like to get both for my wife. I think we are both safe with regards to the 5/24 rule and since Ritz is assumed not to be part of that, my main consideration is how to get both without raising flags. Assuming Sapphire Reserve is the priority:

    Should I definitely hold off on the Ritz and apply for Sapphire Reserve first?
    Should I apply for both in the same day (If not, how long should I wait after Sapphire approval)?
    Is there any risk in my wife and I applying at the same time being a risk (Same home address)?

    The last time I applied for a Chase Card, I had to go through the reconsideration process not because I had too many cards but because I was authorized for “too much available credit”. Should I call and have Chase back off the authorized credit amounts on my other cards to “make room” for the Sapphire Reserve and Ritz?

    • I don’t think you have to worry at all about you and your wife applying at the same time — the apps will be considered separately. I’d recommend the following process:
      1) Apply for the Reserve card. When app goes pending, call recon and offer to move credit around
      2) Apply for the Ritz card. Call recon.
      Then repeat with your wife

  9. Establishing a relationship with a banker (at any bank) will have no bearing on whether or not you get the card, since this is all decided by underwriters and the credit department’s back offices. Save yourself the time and hassle of sitting in front of a Chase sales rep…I mean “banker”.

    • I agree that the initial decision has nothing to do with your banker relationship, but if the app is denied, it is up to the Chase banker to fill out a Special Reconsideration Form on your behalf. They have a lot of latitude in what they write. That’s where the relationship is key.

      • Don’t branch managers have a lot of discretion? I doubt they can overrule Chase’s underwriting department on 5/24 but they should have a lot of pull if they want to see you get approved. Maybe ask for a meeting with a branch manager?

  10. I am on 15/24 and I was approved for both CSP and INK plus earlier this year. I was pre-qualified for both. I have been having $40k in my Chase checking/saving/biz checking acct. I hope it will help me get the CSR again.

  11. Can we talk about credit limits with Chase? Say I have 3 Chase cards with 10k, 10k and 20k limits and let’s say miraculously I’m under 5/24 on Aug 21st. Do I still risk getting denied because I have too much total outstanding credit with Chase? What’s the best way to go about bringing down these limits before August 21?

    • You might get denied due to that, but Chase’s recon dept is very good about allowing you to move credit from one personal card to another. If that’s the only thing holding up your app, it should be an easy conversation with the recon line to say that you’re not seeking new credit and that you’re willing to move credit from another card

      • and if you are over 5/24 and hoping for an easy auto-approval, any suggestions then? is there a well-known ‘cap’ to chase’s willingness to give credit ie x% of income?

  12. What if you know that you won’t make it due to the 5/24 rule and want to convert your Chase Sapphire Preferred card to the new Reserve card. Do you think Chase will do that for their customers? I know they offered me a conversion on my Chase Freedom to the Chase Freedom unlimited with no problem. Anyone have any comment on this?

    • points are stored with each credit card. If you redeem points from your Ink Plus account you’ll get 1.25 value. If you redeem from your Reserve account you’ll get 1.5 cents value. So, just move points over to the Reserve card before redeeming.

  13. So I’ve got a recent Ink Cash, which of course is a business card. Do I understand you to say Chase doesn’t count that card when computing 5/24?

    • That’s the one scenario that I’m not sure about. It’s true that the Ink card doesn’t show up on your credit bureau report, but it’s also true that Chase obviously knows that you got that card recently. So, the question is whether Chase bases the 5/24 rule entirely on the credit report or on a combination of that and other things they know. I don’t know the answer.

  14. I am 4/24 on Transunion and 12/24 on Equifax. What will Chase pull/see? I am curious to see what happens with this card and whether I will be targeted despite of 5/24. In no rush to apply for now.

  15. if converting my CSP is not going to get me a signup bonus, I will wait until I am 5 24 which is sometime near the end of next year.

  16. Regarding Chase Private Client.. Not sure if those are the strict requirements you listed. I started out with the Chase Amazon, and subsequently got the Sapphire Preferred, and then the Freedom. I believe the Chase Private Client banner showed up before I had the Sapphire Preferred. I have no banking relationship with them, never been in branch, don’t have a banker… but do put quite a bit of spend on my personal cards for business purposes.

  17. Hi Greg, I currently have saphire reserve card (1 year) , I already got the sign up bonus of 50k. I am chase private client banking client. If i apply for this new reserve card, can i also get 100k sign up bonus . I do understand it is subject to 4k spent in 3 months since opening.

  18. Just applied in branch at Chase for the Sapphire Reserve card. I’m at least 7/24. The helpful gentleman confirmed I had a pre-approval. Pulled the trigger and was approved. So, I guess 5/24 isn’t always applied for this card. I don’t know if it was considered but I’ve had a Chase Sapphire Preferred for 4 years and indicated I would cancel it if I got this one.

  19. I’m at 11/24 and have $70k in deposits with Chase. Have been a long term customer with a credit score over 800. I applied online and was denied. I called reconsideration, denied. Called the branch, no help. Threatened to remove my deposits. They don’t care.

  20. Just applied via your link—thanks for all the great content over they years—5/24 is no issue for me…..was approved immediately following a “fraud prevention review”…..shifted a bit of credit from CSP…..all good! Looking forward to the next big trip with the 100k sign up bonus! Appreciate your guidance!
    -N.

  21. All: I’ve updated this post to recommend against calling if your application goes pending. I wrote:

    If you applied and got a pending decision, DON’T CALL. By waiting for the automated process to plow through, you still have a chance of automatic approval. You can still call recon if denied. If you call now, though, you’ll forfeit your chance of automated approval.

    • Literally read this while on hold for reconsideration for my wife. Thanks for the advice!

      On a related topic, I’m not sure if I’m at 4/24 or 5/24. One of my cards will cross the 24-month mark in October. Would it be a bad strategy to apply now anyway, and if I get denied due to 5/24 just re-apply in October?

      Or would getting denied now negatively impact my chances in a few months?

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