Well, more bad news in the credit card churning world today as it appears that Chase will be applying their draconian 5/24 Rule to all co-branded and business cards. Details are limited at the moment, but here is what we know so far…
Per Doctor of Credit (one of the most trusted and reputable sources in the game), effective as of March for business cards and April for co-branded cards, Chase will be applying their 5/24 Rule to all cards. For those not familiar with Chase’s 5/24 Rule, the rule provides that anyone with 5 new credit cards opened within the past 24 months will not be approved for a new Chase credit card.
Previously (and currently) Chase only applied their 5/24 Rule to their own branded cards such as the Sapphire, Slate and Freedom cards.
This new move to include co-branded cards especially impacts those that were trying for the Southwest Companion pass using the three Chase co-branded Southwest cards. As the new 5/24 Rule for co-branded cards is reported to go into effect in April, you still have some time to get your Chase co-branded cards while you can. But one thing is clear – Chase credit cards are going to be dead to a large contingent of the public as I have to imagine a large portion of people will be ruled automatically under the draconian 5/24 Rule.
While this has not been a good year so far in the churning/manufactured spend world, it is definitely time to grab whatever Chase cards you can that you may be interested in now before the 5/24 Rule eliminates Chase for a lot of people. I certainly will be jumping on 3 or 4 cards if/while I can.
What cards are you planning on picking up before this new 5/24 Rule goes into effect across the board?
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