Credit card junkies: it’s time to apply for Chase Ink.

Doctor of Credit reports that Chase’s dreaded 5/24 rule will be applied to Ink business cards in March 2016.

What is the 5/24 rule?

In the past year or so, Chase has frequently denied applications for certain cards (such as the Sapphire Preferred and Freedom) due to having opened 5 or more credit cards (with any bank) in the past 24 months.  That means that anyone who regularly signs up for credit cards in order to earn points & miles is likely to be denied when they try to sign up for these cards.  There are exceptions.  It appears that being pre-approved for an offer may be the key to circumventing the rule (see this post, for example).

Which cards are affected by the 5/24 rule?

Currently, the 5/24 rule does not apply to co-branded cards (e.g. it does not apply to hotel or airline cards) and it does not apply to business cards.  According to Doctor of Credit, though, the 5/24 rule will be applied to business cards beginning sometime in March 2016.

We don’t know at this time whether the 5/24 rule will be applied to co-branded business cards in March (such as the United Business card).  My guess is that it will not.

Apply for Ink before March

If you have many new credit cards on your credit report and you’re interested in adding a new Ink card to the pile, I’d recommend signing up before March.  Currently, the standard offer is for 60,000 points after $5,000 spend in 3 months.  If you signup through a public offer online, the first year fee is not waived.  If you signup in-branch, or receive a targeted offer, the first year $95 fee is waived.

To increase your chances of success, please read: How to get approved for the Chase Ink 60K offer.

apply for Chase Ink

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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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Brandon
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Brandon

Do authorized user cards count toward the limit? I opened 4 of my own credit cards and became an authorized user on a 5th card.

Also, do denied credit card applications count toward the limit? In addition to the above cards, I applied for the Ink Plus last July and got denied.

Tyson
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Tyson

@Brandon My wife got denied last week for a Chase Sapphire Preferred solely based on authorized user count. No credit card apps in over a year on her credit but had added her as an auth user on all my apps (6 total I think). Couldn’t get them to budge one bit. Just my experience.

Josh
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Josh

Same here with Tyson. Carefully applied wife’s under 5/24, but still got denied on CSP due to too many AU cards open. Called 3 times, no luck.

Brandon
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Brandon

I closed my authorized user card about 6 months ago. Does that still count toward the number of new accounts?

Ken
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Ken

Can anyone apply in branch for the Ink Plus card, and do they have the 60k offer in all branches? I have a legit business, what do I need to bring with me for the application?

Vicente
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Vicente

I got my Ink Plus in branch last year. I don’t even have a Chase checking account, just CC. The lady was just filling out a form on the screen so they asked questions about revenue and so on. It was just verbal, was not asked for any paperwork. She did of course take the opportunity to “sell” their branch services, gave me business card, etc.

Ken
Guest
Ken

Thanks. Really wish I could do this online, the closest Chase is a 30min drive each way for me.

Gabriel
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Gabriel

I thought this was already the case???? didn’t realize ink cards were exempt…

Vicente
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Vicente

Was denied for CSP due to 5/24 last week. I had a CSP, cancelled couple years back and focussed on Ink. Wanted that bonus again! But noooo…… anyhow good wakeup call for spring cleaning.

Pulled my Equifax report. It prompted me to remove a bunch of dangling Authorized User cards. Some I’d only gotten to get bonus points and they were sitting in a drawer since. Did the same with spouse cards. Also cancelled a few primary cards while I was at it.

losingtrader
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losingtrader

anything I can do to legally screw Chase , they deserve for closing all my accounts in 2013 including a checking account at 0% with 60k in it. No reasons,was not doing the level of MS even close to other people, many tens of thousands in actual charges.
I think that I now have 5 cards with them (for no reason they stopped rejecting me when I was told it was a lifetime ban).
I plan to open a checking account with $60k, then the next month send them a letter from my corporate risk cntrol department closing all of their accounts with me.
No loss to me.
I’ll list about 10 things the corporation has done that was pretty bad. I can easily google that.

Meiji
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Meiji

Just for clarification, is it 5 cards or more than 5 cards that would get you rejected. Oh, some other people asked too but I didn’t see any answer. Do the previously denied applications count or just the approved ones? Thanks

Meiji
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Meiji

The first sentence was a question. Missed the question mark

MSPTraveler
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MSPTraveler

Does anyone have any experience applying by phone? I have one of the offers that came in the mail where I can apply via internet, mail, or by calling in with the invitation code. I am wondering if doing that way might let them ask me all the questions up front, possibly avoiding the reconsideration call later. Any suggestions?

Mary
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Mary

Hi Frequent Miler,

Thanks so much for all of your direction the past couple of years…our four kiddos and the two of us have traveled so many different places for nearly free (there are 6 of us-smile) and it has been absolutely magnificent.

My husband was denied the Ink and called after we received the rejection~received another letter with rejection but it said to call if there was any info to add that could change their mind…do you have any suggestions with adding to our plea and calling again?

Charlie
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Charlie

What is the limitation on the INK plus as far as how often you can get the bonus for the same business. Is it 24 months like the personal cards? I know the banks often let you do get the signup bonus for business cards more often but wasn’t sure how chase handled this. Hoping to get it one more time before 5/24 kicks in.

Sophia
Guest
Sophia

I applied for the chase ink in branch but was denied because of too much credit available to me in my personal account and too many inquiries in the last year. Even with the agent as my advocate they wouldn’t allow me to change credit limits on my personal account since the chase ink is a business account.

Ken
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Ken

Please post how many inquiries you’ve had in the last year and also how much available credit you currently have. We need these numbers to try and establish a pattern.

Sophia
Guest
Sophia

Available credit: $50k
Inquiries : 12

I am wondering if I should go ahead and apply for the chase southwest now

Ken
Guest
Ken

That’s not terrible, but 12 in a year probably gave Chase a heart attack. Do you have a short credit history? When did you apply in branch and when did you receive the denial? Did you try calling recon?

Sophia
Guest
Sophia

Credit history x10 years. Pending, next day denial, called the following day for reconsideration.

Ken
Guest
Ken

Thanks for data points.

Billy
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Billy

FM,

I saw your post about Chase Private Client a couple days ago…a little late. I specifically didn’t apply for the Ink last week because I wanted to wait until the new business has more revenue so instead I applied for four other cards(one was Freedom, others non-Chase)…all approved.

Now this is happening. If I start a new LLC which I was going to do anyway and open a Business Checking Acct mid February with Chase in Branch and do an Ink app there at the same time, would that increase my chances of getting approved or am I straight up screwed because of my apps for those four cards last week? Any recommendations about conversations to have with Chase if Private Client might still be doable given this scenario? Thanks.

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Myra
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Myra

Thought I read somewhere that anything over 50k points is considered taxable income. Does anyone have the scoop on this? Would I be taxed on $750 if I do this offer?

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[…] Credit, though, the 5/24 rule will be applied to business cards beginning sometime in March 2016 (as I previously reported), and to co-branded cards sometime in April […]

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