What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
The best way to check your 5/24 status is to log in to a free service like LendingTree Spring or AnnualCreditReport.com and count the number of card accounts you've opened within the last 24 months. You should count all accounts you have opened within the last two years.
How to bypass the Chase 5/24 rule? If you've been approved for five cards in the past 24 months, you will not be approved for another Chase card thanks to the 5/24 rule. There have been reports of “Selected for you” and “Just for you” offers being exempt from the 5/24 rule.
Put simply, the rule is this: if you've opened five or more personal credit cards across all issuers in the last 24 months, Chase almost certainly will deny your next card application.
2/30 Rule. The 2/30 rule says that you can only have two applications every 30 days or else you'll automatically be rejected.
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
While American Express doesn't have a "5/24" rule like Chase does, the issuer does limit welcome offer eligibility based on your card history — nominally, you're eligible for one welcome offer per credit card “per lifetime,” but it's not necessarily as simple as that.
48 month rule
Specific to the Chase Sapphire Preferred® and Chase Sapphire Reserve®, you can not receive a welcome bonus if you have received one on either the Chase Sapphire Preferred® or Chase Sapphire Reserve® within the last 48 months.
Credit card churning happens when a person applies for lots of credit cards to collect big sign-up and welcome bonuses (often in the form of cash back or miles). Once they get the sign-up rewards and bonuses, a credit card churner will usually stop using the cards or cancel them, only to repeat the process again.
After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout.
Is PayPal Credit a digital credit card? PayPal Credit is a reusable credit line that is a digital credit card. It is linked to your digital wallet with PayPal, so you can use it every time you shop with PayPal. At checkout, simply select PayPal Credit as your payment method, and complete your purchase.
Using a percentage of your income can help determine how much house you can afford. For example, the 28/36 rule suggests your housing costs should be limited to 28 percent of your total monthly gross income and 36 percent of your total debt.
According to most recent data points, you will not technically be below 5/24 until the first day of the 25th month after your fifth account was opened. For example, if your fifth most recent account was opened on Oct. 17, 2023, do not apply for a new card until at least Nov. 1, 2025.
Credit card limits can range from a few hundred dollars to tens of thousands of dollars, depending on a variety of factors including: Payment history. Current accounts. Account history.
What is the Chase 1/30 rule? The 1/30 rule is short for "1 card every 30 days," meaning your chances of being approved for a Chase business card are slim to none if you've applied for any card in the last 30 days.
Generally, you'll need to have a credit score of at least 700 in order to qualify for the Chase Sapphire Preferred® Card. It is possible for you to qualify with a lower score — or even be rejected with a higher score — but to improve your odds of being approved, aim to have a score above 700.
Chase has a "one Sapphire card" rule that prevents you from applying for one version if you already hold the other. You're only eligible for a new Sapphire card if it's been more than 48 months since you received a new cardholder bonus.
Capital One also has a hard-and-fast rule when timing your applications. You're only able to get approved for one card every six months. This lumps personal and small-business cards together.
Hard pulls can affect your credit score and may also hurt your eligibility for new credit cards and/or loans — especially if the number of inquiries reaches six.
3/12 or 7/12 Rule: Similar to Chase's 5/24 rule, you won't be approved for a card if you have opened 3 or more accounts, with any bank, within the past 12 months. For those with Bank of America deposit accounts, the rule changes to 7 accounts in the past 12 months.
Closing a credit card can hurt your credit, especially if it's a card you've had for years. An account closure can cause a temporary hit to your credit by increasing your credit utilization, lowering your average age of accounts and possibly limiting your credit mix.
Key takeaways
If you don't use your card, your credit card issuer may lower your credit limit or close your account due to inactivity. Closing a credit card account can affect your credit scores by decreasing your available credit and increasing your credit utilization ratio.
There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.