How to Track Your Chase 5/24 Status (and Why You Should)


This article contains references to products from one or more of our advertisers. We may receive compensation when you click links to these products. The content on this page is accurate as of the date of publication; however, some of the offers mentioned may have expired. For more information, please review our Advertising Disclosure.

Each major bank has its own rules for determining who qualifies (or doesn't qualify) for a new credit card, which goes well beyond the usual credit check.

With American Express, you can only get one huge bonus per card in your lifetime – and this rule gets even stricter. Citibank limits bonus earning per card to once every 48 months, as does Capital One. For Chase, no eligibility rule is more infamous than the bank's 5/24 rule.

in short, If you have opened five or more credit cards in the past 24 months, Chase will not approve your application for a new card any bank. It's not just Chase. This rule is a big reason why we recommend starting with Chase before moving on to cards from other banks. For most travelers who only have one or two cards in their wallet, the Chase 5/24 rule isn’t a cause for concern. But if you want to build a points and miles fortune, you need to have a strategy about which cards to apply for and when.

Here's why the Chase 5/24 rule is so important, along with some of our favorite tips and tricks for tracking your own 5/24 status.

Read next: Everything you need to know about the Chase 5/24 rule

Should you be concerned about the Chase 5/24 rule?

Of course, there are plenty of ways to keep earning points besides the big welcome deals… but nothing comes faster than this. Just sign up for a new card, meet the minimum spend requirements, and boom: you've racked up a ton of points or miles to power your next vacation.

Okay, but if the 5/24 rule only applies to Chase cards, what’s the big deal—can’t you just open a card from another bank? The answer is yes, it can. But in the process, you'll be giving up some of the best travel rewards cards on the market.

Chase not only has a stable of its own Ultimate Rewards cards, but it also offers co-branded cards from major travel companies like United Airlines, IHG, Hyatt, Southwest Airlines and more. If you ignore Chase's 5/24 rule (at least in the beginning), you could be missing out on some of the best cards and the huge bonus offers that come with them.

Take the bank’s flagship Sapphire card, for example — Chase is currently offering huge bonuses on both cards:

These are two great cards with great bonus offers, the ability to track your 5/24 count and stay eligible for a new Chase card are an important part of using points and miles to get more travel for less . Understanding this rule can help you strategically plan your credit card application, especially if you're targeting a specific Chase card that offers valuable rewards or benefits.

But remember: Credit cards are serious business. While a huge sign-up bonus may be tempting (and effective), no amount of points or miles is worth putting yourself in debt. If you can't immediately pay off every penny charged on your new card, you shouldn't consider Chase's 5/24 rule at all right now.

Related Reading: The Best Balance Transfer Credit Cards to Eliminate Debt

How to track your 5/24 status

Now that we’ve covered the basics of the Chase 5/24 rule and why it makes sense to pay attention to it, let’s discuss it how Track your own status.

For some, tracking is easy – If you open one or two cards a year, you don't have to worry. For others who are truly invested in earning and redeeming points and miles, it gets a little more complicated…unless your memory is like a steel trap, additional tools and resources are required.

Travel freely

The best tool I've found over the years for tracking my 5/24 status is a service called Travel Freely. It allows you to track your opened and closed credit cards and provides an automated 24/5 number. It also reminds you of your annual fee due date and provides guidance on when is the best time to apply for a new card.

Free Travel 5/24 ScreenshotFree Travel 5/24 Screenshot

Best of all, the service is completely free to use and does not track any sensitive financial information. It only takes effect on the day you open and close your new card account.

Of course, these numbers are only as good as your data. It does require keeping track of the dates you opened and closed your credit cards, but this service makes it very easy. Any time you add a new product, change a product or close a card, just enter the date into Travel Freely and it will do the rest for you.

Read our full review: Travel Free: The Best Ways to Keep Your Credit Cards Organized

Annual Credit Report

Another great option for staying on top of things is to use a service like Credit Karma or even Experian to get a complete picture of your credit.

Either service should show you a list of all open credit accounts and when they were opened. From here, you should be able to figure out which ones will count toward your 5/24 status. However, Travel Freely does the calculations automatically.

You can also access free copies of your credit reports from each credit reporting company every 12 months at AnnualCreditReport.com. Not only does this keep you informed of your 5/24 status, but it's also a great way to monitor any identity theft incidents and ensure your credit reports are accurate.

Build a spreadsheet

Some people are better at using Microsoft Excel and Google Sheets than others. If this is you, maybe you'll find it best to track all your accounts on a spreadsheet.

Just like with Travel Freely or other tools, your data is only as good as your data. If you want to track your credit card registrations this way, you'll need to make sure you enter all of your credit card account details. Remember to include information such as the opening date and when you will earn your bonus (if possible). It's a good idea to have a column to record any changes to your account, such as downgrading or eventual account closure.

bottom line

If you understand the limitations of the Chase 5/24 rule, you should be able to navigate it without any problems. The key here is to have a system to track it all.

With tools like Travel Freely, managing your account is no longer a chore.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *