In the previous post, Chase’s “5/24” rule was explained quite nicely by DrofCredit.com
But why does it matter? Is 5/24 even real?
Two very important questions. The second point first. It might as well be called the Bigfoot or Loch Ness Rule as Chase (in my experience) doesn’t acknowledge it’s existence.
Regarding the first point, let’s roll back the clock. My first experience with a Points/Miles Credit Card was in early 2015 with the American Express Delta Skymiles card, then came the Wyndham Hotels card, followed by the “What’s in your wallet” Quicksilver card by Capital One, American Express Hilton, wait, I need the Hilton Surpass card instead so cancel the basic Hilton and finally the Chase Sapphire, which was approved on the first try. But I also need Chase Marriott and IHG too, approved. Early 2016 arrives and with the spring rains came the American Express Platinum and Starwood Hotels cards and hints of some 5/24 rules thing from Chase.
Then came word from on high that Chase was looking at a NEW card, the Sapphire Reserve! Cue the swans, butterflies and trumpets…I want this card and I want it bad! With childlike enthusiasm I excitedly await it’s release. I picture the two of us (Sapphire Reserve and me) taking long walks along the coast in Greece, in Hawaii, we’ll be inseparable, the world is mine!… Ok, a bit over the top, but I want the damn Card!
Finally, it’s delivery time and we’re having a baby…Hello Chase, why yes please, I’ll take one! Whatta ya mean no?, NO!. Seriously? But my score is 800 and I’ve been good, paid my balance off every month and I’ve been seriously considering a Chase tattoo…no, No, NO!
Reconsideration Line time, plead my case, even tried tears, NO! It’s that 5/24 thing isn’t it. The reply, “what 5/24 thing?”, then I was admonished, advising me to not believe everything I read on the internet. Ok then, why the “NO”? His reply, because you have opened too many accounts in the last 24 months…So, I asked, crestfallen, how many is too many? More than 5 “or so”. Really? REALLY!… Said Bye, called back immediately, different person…same result. So much for long walks…
This Matters: I’m an idiot. In the beginning, I did little or no research on which cards I “actually” needed to accomplish my goals. I had no idea of the rules or policies of the Credit Card companies and just opened cards “willy-nilly”. I closed cards when I was done with their points/miles, thinking there were no consequences. That has been corrected and with the passage of time and a large amount of Groveling, I am the proud parent of a Chase Sapphire Reserve card. We’re very close.
What we endeavor to do, which is to maximize our advantage in the use of Points and Miles, can be enormously rewarding but definitely requires a plan and an appropriate amount of research. It’s really not hard and can be quite interesting. Information is everywhere (like travelinggump.com).