Some people use credit cards strictly for convenience and making everyday purchases. Other people use a multiple credit card strategy to maximize rewards and squeeze every drop of earning power out of sign up bonus offers. If that describes you, there’s no shame. However, you should know that your moves haven’t gone unnoticed by the big banks. At least one of the card issuers — Chase — has set a limit on your ability to put some well-oiled, points-earning machinery in place. This speed bump on the road to rewards domination is the Chase 5/24 rule.
What is the Chase 5/24 rule?
First off, it’s important to note what the Chase 5/24 is not. It’s not actually a “rule.” That is, you won’t find it written down anywhere in Chase’s official documentation.
Instead, it’s a threshold you need to be under in order to be approved for a new Chase credit card. When the card you’re applying for is subject to the 5/24 rule — and all of Chase’s credit cards ar… Read More