Check your 5/24 status to see if you are eligible for opening a new Chase card. The dreaded 5/24 rule essentially states that you will not be approved for a Chase Credit card if you have opened 5 or more credit cards in the last 24 months. This includes any credit cards you have opened, not only the cards that you have opened with Chase.
To check your status, you can go about it a couple different ways. However, the best way is to use CreditKarma.com. For those who don’t know, Credit Karma allows you to check your credit card score for free. Some perks about this site is that it doesn’t charge you monthly, and that it doesn’t require you to give out your credit card number. Keep in mind that if you use this site to check your credit score, it is not always completely accurate. However, it does make for a good tool in accessing your 5/24 status.
With the Chase Freedom Unlimited® Card:
-Unlimited 1.5% cash back on every purchase - it's automatic
-Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
-0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%. Balance transfer fee is -5% of the amount transferred, $5 minimum
-No minimum to redeem for cash back
-Cash Back rewards do not expire as long as your account is open
-Free credit score, updated weekly with Credit JourneySM
-No annual fee
How to Check Your Chase 5/24 Status
- Log into Credit Karma
Log into your Credit Karma account, or create a new account if you haven’t already.
2. Step 2: Click on “Accounts” at the top of the page to be redirected to a list of every account on your credit report.
There will be an Accounts page you can click on, and once you click on it you should be able to see an exhaustive list of all your accounts.
3. Scroll through your open credit accounts and tally any account that is less than 2 years old.
The first thing you will see in the accounts tab is a list of all of your open credit accounts. Each one has an option to view more information. Once you click the + sign for more details, it will show you you utilization, payment history, and account age. Take a look at the “Opened” date and make a note of any cards that are less than 2 years old. For any cards that you have opened over 2 years ago, they do not count towards the 5/24 rule.
4. Do the same thing with your closed accounts
Even if you open and then close an account, it still counts towards the 5/24 rule if it was within the last 24 months.
5. Add up your total number of open and closed accounts that were opened less than 2 years ago
To determine your 5/24 status, simply add up all the total open and closed accounts you have opened in the last 24 months. Voila! You have now found your current 5/24 status.
Compare Travel Cards
With the Chase Sapphire Preferred® Card:
-Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
-Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
-2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
-Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
-No foreign transaction fees
-1:1 point transfer to leading airline and hotel loyalty programs
-Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
-No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Now that you know how to check your 5/24 status, you can use this information to your advantage. If you’re under the limit, you are free to sign up for more cards. If you’re over the limit, you can check the date of your oldest opened account within the last 24 months, and then sign up for another card when you become eligible again. Yes, this rule is super inconvenient if you are trying to collect bonus points, but when you know your 5/24 status you are much better equipped to maximizing your card potential. If you are interested in more Chase Bank Deals, Bonuses, and Promotions, see our compiled list of Chase Bank Deals.