How I circumvented Chase's 5/24 rule

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protagonist
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How I circumvented Chase's 5/24 rule

Post by protagonist »

I opened 7 cards in the last 24 months, and just got accepted for a Sapphire Reserve card with $34K credit limit.

I can't say that what I did would work for everybody, but I am relating my experience. YMMV.

Two months ago I opened up a Chase savings and checking account with ~$15K, in order to collect a $500 bonus in 3 months. This had nothing to do with opening a Chase credit card.

Two weeks ago I took a chance and applied for Sapphire Reserve (CSR) and was rejected. Reason given: opened too many accounts in the past 24 months. Just what I expected.

So I walked into a branch and asked if I could become a "private client". Supposedly that involves depositing $250K, but the bank rep. said "sure, no problem". I didn't care about private client status, but thought it might improve my chances for the card....I never thought I would qualify.

At the same time, I told him I was rejected for the Reserve card and asked if I could be reconsidered.

He said he could get me pre-approved, which he did within hours after making a phone call.

I had to return to the branch to sign the papers in person. But I now got the CSR with the 100K point bonus if I spend $4000 in 3 months.

Maybe you can do the same. Maybe it was just a matter of opening an account and maybe $1 is enough. I have no idea.

Good luck.
Last edited by protagonist on Sat Sep 10, 2016 11:42 am, edited 3 times in total.
orca91
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Re: How I circumvented Chase's 5/24 rule

Post by orca91 »

What is this... really a $34k credit or $100k bonus... like they give you that much??

I will be furnishing a new home later this year... I could spend $4k in a day!
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protagonist
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Re: How I circumvented Chase's 5/24 rule

Post by protagonist »

orca91 wrote:What is this... really a $34k credit or $100k bonus... like they give you that much??

I will be furnishing a new home later this year... I could spend $4k in a day!
hahahha

100K POINT bonus. and $34K credit limit on the card.
orca91
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Re: How I circumvented Chase's 5/24 rule

Post by orca91 »

Oh, darn it!! :happy
Mudpuppy
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Re: How I circumvented Chase's 5/24 rule

Post by Mudpuppy »

I wonder how frequently you'll get called by your local Chase branch now. Back when Chase bought WaMu, and I already had a Chase Freedom card, the branch closest to my house kept calling with all the "exciting new offers" they had to sell. I ended up closing down the old WaMu account (but kept the card), because they didn't seem to take "stop calling me" for an answer.
CajunDan
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Re: How I circumvented Chase's 5/24 rule

Post by CajunDan »

protagonist wrote:I opened 7 cards in the last 24 months, and just got accepted for a Sapphire Reserve card with $34K credit limit.

I can't say that what I did would work for everybody, but I am relating my experience. YMMV.

Two months ago I opened up a Chase savings and checking account with ~$15K, in order to collect a $500 bonus in 3 months. This had nothing to do with opening a Chase credit card.

Two weeks ago I took a chance and applied for Sapphire Reserve (CSR) and was rejected. Reason given: opened too many accounts in the past 24 months. Just what I expected.

So I walked into a branch and asked if I could become a "private client". Supposedly that involves depositing $250K, but the bank rep. said "sure, no problem". I didn't care about private client status, but thought it might improve my chances for the card....I never thought I would qualify.

At the same time, I told him I was rejected for the Reserve card and asked if I could be reconsidered.

He said he could get me pre-approved, which he did within hours after making a phone call.

I had to return to the branch to sign the papers in person. But I now got the CSR with the 100K point bonus if I spend $4000 in 3 months.

Maybe you can do the same. Maybe it was just a matter of opening an account and maybe $1 is enough. I have no idea.

Good luck.
You had a nice rep. I had $250 in a Chase personal account and just over $300k in a Chase business account, and he said he could do nothing for me because I needed to have $250k in a personal account. I transferred $265K out of my Chase business account to VG a few days later.
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jabberwockOG
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Re: How I circumvented Chase's 5/24 rule

Post by jabberwockOG »

Good info - thanks for sharing. I had recently hit the 5 card in 24 month limit being rejected for one of the new Chase cards.
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Re: How I circumvented Chase's 5/24 rule

Post by travellight »

I was about to try the same. I opened a Chase savings account with 15k for $200 bonus a week ago. I already had done a checking account for a bonus a few years ago. I didn't have time that day as I was flying out but the local bank said I could come back and they would try to open the fancy credit card for me. They said if it got denied that there is no harm done and they don't pull your credit.
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Re: How I circumvented Chase's 5/24 rule

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (credit card).
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masteraleph
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Re: How I circumvented Chase's 5/24 rule

Post by masteraleph »

I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
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Re: How I circumvented Chase's 5/24 rule

Post by protagonist »

masteraleph wrote:I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
Good to know.

When I get my bonus and withdraw my $15K, I'll leave a dollar in (laughing)

If I want a new card, maybe I'll drop a cool thousand or so in for a week or two.

Though all that would preclude my canceling my account and being eligible for another $500 promotion next year.

OK, never mind,,,, (laughing)
2stepsbehind
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Re: How I circumvented Chase's 5/24 rule

Post by 2stepsbehind »

I have a random free business checking account with chase which I opened some years ago. I walked into a branch and asked whether I was pre-approved and I was. I am way above 5/24 and have many chase credit card accounts. Thanks Chase for keeping me traveling for cheap!
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Re: How I circumvented Chase's 5/24 rule

Post by sharukh »

note: there is a $450 annual fee, *not* excluded for first year.
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

sharukh wrote:note: there is a $450 annual fee, *not* excluded for first year.
And you get a $300 travel credit before 12/31/2016, and another $300 travel credit after 1/1/2017.
If you are traveling at all, and planning on cancelling before renewal, the annual fee is really -$150 for the first year.
IMO the card is worth keeping longer, though.
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

masteraleph wrote:I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
This did not work for my husband who was right at 5/24, unfortunately. No pre-approval in branch. His CSR application went to pending. Still waiting.
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

madbrain wrote:
masteraleph wrote:I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
This did not work for my husband who was right at 5/24, unfortunately. No pre-approval in branch. His CSR application went to pending. Still waiting.
Got the denial letter in the mail today. There is not even a phone number to call on that letter for reconsideration.
Reason listed was "Too many credit cards opened in the last 2 years" .
paramedic
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Re: How I circumvented Chase's 5/24 rule

Post by paramedic »

madbrain wrote:
madbrain wrote:
masteraleph wrote:I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
This did not work for my husband who was right at 5/24, unfortunately. No pre-approval in branch. His CSR application went to pending. Still waiting.
Got the denial letter in the mail today. There is not even a phone number to call on that letter for reconsideration.
Reason listed was "Too many credit cards opened in the last 2 years" .
So he did not have a pre-approval on the screen, right?

Is the general route to approval for those exceeding the 5/24 rule, either private client status OR an in-branch pre-approval on the screen?
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

paramedic wrote:
madbrain wrote:
madbrain wrote:
masteraleph wrote:I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
This did not work for my husband who was right at 5/24, unfortunately. No pre-approval in branch. His CSR application went to pending. Still waiting.
Got the denial letter in the mail today. There is not even a phone number to call on that letter for reconsideration.
Reason listed was "Too many credit cards opened in the last 2 years" .
So he did not have a pre-approval on the screen, right?

Is the general route to approval for those exceeding the 5/24 rule, either private client status OR an in-branch pre-approval on the screen?
No, he did not have a pre-approval in branch. Also did not have private status or try to acquire it.

We found a reconsideration number to call on reddit Churn. But still no go.

Turns out that I added him to 2 cards as an authorized user, and those cards are counted by Chase against the limit. So he is actually at 7/24. One of them was a Chase card. I was able to remove him. Chase said they will remove it from his credit file within 1 week.

Another is a Citi Hilton card. They said it won't be removed from his credit report until the next billing cycle. His CSR application is only good for 30 days. We tried to call the credit bureau (Equifax) but there is no human being to talk to for this case - we're told to use snail mail for updates !

Also, I had just gotten approved for a Citi Prestige card and ordered a card for him as authorized user. I don't know when that new card will actually show on his credit report. It's too late to interrupt that process with Citi. Cards are already on their way with Fedex.

Seems like there most likely will be no CSR 100k bonus for my husband.

Edit: called recon a second time. Told them I removed the 2 AU cards. Also told them not to count one of his cards which is a store card (Kohl) as they normally only count bank cards. That should put him at 4/24 instead of 7/24. Now his CSR application is in secondary review with them, they said it will be another 1-2 weeks. I don't have too much hope that this will work, but I hope it does anyway. That CSR bonus is just too good to pass up. If it gets denied, I may still try to see if his CSP can be upgraded to CSR - there would be no bonus that way, but still $600 in travel credits vs $450 annual fee.
Last edited by madbrain on Tue Sep 13, 2016 10:57 pm, edited 1 time in total.
masteraleph
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Re: How I circumvented Chase's 5/24 rule

Post by masteraleph »

paramedic wrote:So he did not have a pre-approval on the screen, right?

Is the general route to approval for those exceeding the 5/24 rule, either private client status OR an in-branch pre-approval on the screen?
Yes, but note that private client isn't a guarantee, it just makes it much more likely. Preapproval on the screen will work. Note that Chase seems to do new preapprovals roughly every month, so even if there's nothing there now, it's worth going in to check in October. And I'll note that I had no preapprovals online- it appears to be a totally different system.
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

madbrain wrote: Edit: called recon a second time. Told them I removed the 2 AU cards. Also told them not to count one of his cards which is a store card (Kohl) as they normally only count bank cards. That should put him at 4/24 instead of 7/24. Now his CSR application is in secondary review with them, they said it will be another 1-2 weeks. I don't have too much hope that this will work, but I hope it does anyway. That CSR bonus is just too good to pass up. If it gets denied, I may still try to see if his CSP can be upgraded to CSR - there would be no bonus that way, but still $600 in travel credits vs $450 annual fee.
Great news, I was able to get my husband approved for a CSR today during the secondary review. But we sure waited a long time on hold, about a half hour this week and as much last week. Still worth it for that bonus offer. I think what finally did it was him saying "no" when they asked if he was responsible for payment for the cards on which he is authorized user. We have been applying for many cards.

Since June, we each got 2 CSPs (met the $4k requirements on each). I got a Citi Hilton VISA (met the $2k requirement). Got my CSR in august (met the $4k requirement). Also got a Citi prestige last week, with a $5k requirement. And a Barclay Arrival + with a $3k requirement, last week also. Those are not met yet, but I'm getting good at figuring ways to meet them quickly and cost effectively. Now we'll have to also figure out how to meet the $4k requirement on the second CSR. When all is said and done, the signup bonuses will have earned us a total of 310,000 Chase UR points, 50,000 Thankyou points, 40,000 Barclay miles, 80,000 Hilton miles. Wonder what the next few cards will be ;)
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Re: How I circumvented Chase's 5/24 rule

Post by AllenSmith »

Is there an easy way to find out how many Credit Cards you have opened in last 2 years?
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protagonist
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Re: How I circumvented Chase's 5/24 rule

Post by protagonist »

AllenSmith wrote:Is there an easy way to find out how many Credit Cards you have opened in last 2 years?
Yes. Go to Credit Karma. Sign up. You can get your entire credit history, including the dates you established each line of credit.

I think they can be somewhat invasive if you let them, so navigate with care.
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Re: How I circumvented Chase's 5/24 rule

Post by guitarguy »

masteraleph wrote:I've had a normal Chase savings account for a while now, but not Private Client. I'm above 5/24, but I walked in, waited to talk to a banker (again, not as PC) and the preapproval popped up on his screen right away.
Interesting. Part of me wants to give this a shot.

I have had a Chase checking and savings for as long as I can remember - probably 20 years - and recently opened up a business checking as well. Definitely not enough cash there to be a private client...but I wonder if it's still worth a shot.
Barefootgirl
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Re: How I circumvented Chase's 5/24 rule

Post by Barefootgirl »

So the key is a physical visit? (asking since they don't have branches in my area)
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Re: How I circumvented Chase's 5/24 rule

Post by adam61 »

I'm not generally confrontational, but I also got around the 5/24 rule. I applied and was immediately declined due to being 7/24. I have $75,000 with chase in DDA/SAV and implied I was considering refinancing my $120k Mortgage and setting up an appointment with a broker to discuss rolling over my $750k IRA, but if I couldn't get a simple card just because I had applied more recently to switch my cards to chase I planned to discontinue my relationship. I received a call from a manager in a credit department later that day, was approved for $35,000 and the card was over-nighted. They profusely apologized for any trouble and issued a $50 statement credit against the annual fee as well. I did this all without making a big fuss or yelling just tried to get them to look at how silly their decision was from a business perspective.
opus360
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Re: How I circumvented Chase's 5/24 rule

Post by opus360 »

protagonist wrote: So I walked into a branch and asked if I could become a "private client". Supposedly that involves depositing $250K, but the bank rep. said "sure, no problem". I didn't care about private client status, but thought it might improve my chances for the card....I never thought I would qualify.
So, are you a "private client" now?

I am way over the 5 card limit, but love to get on hands on that Reserve card. :sharebeer
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protagonist
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Re: How I circumvented Chase's 5/24 rule

Post by protagonist »

opus360 wrote:
protagonist wrote: So I walked into a branch and asked if I could become a "private client". Supposedly that involves depositing $250K, but the bank rep. said "sure, no problem". I didn't care about private client status, but thought it might improve my chances for the card....I never thought I would qualify.
So, are you a "private client" now?

I am way over the 5 card limit, but love to get on hands on that Reserve card. :sharebeer

Well, it says "private client" on my monthly statement.
That said, I have not received any marketing yet.
And certainly no other significant benefits.
So I really don't feel any different.
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Re: How I circumvented Chase's 5/24 rule

Post by DTSC »

What is the interest rate you can get on the $250K to be a private client? How long do you have to leave the money there?

Right now, I can get almost 1% interest in a completely liquid savings account at my credit union. A quick look online shows Chase paying only 0.05% interest even on a 1 year CD. To me, the opportunity cost of putting $250K at Chase for a year is almost $2500. I'm not sure it's worth it to get a credit card with a $450 annual fee, even if you get $300 back in credits and 100,000 points (valued at ~$0.01 per point)
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protagonist
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Re: How I circumvented Chase's 5/24 rule

Post by protagonist »

DTSC wrote:What is the interest rate you can get on the $250K to be a private client? How long do you have to leave the money there?

Right now, I can get almost 1% interest in a completely liquid savings account at my credit union. A quick look online shows Chase paying only 0.05% interest even on a 1 year CD. To me, the opportunity cost of putting $250K at Chase for a year is almost $2500. I'm not sure it's worth it to get a credit card with a $450 annual fee, even if you get $300 back in credits and 100,000 points (valued at ~$0.01 per point)
The interest is terrible. I don't think private clients get a better rate.

I just collected my $500 in bonuses for opening the accounts with about $15K. I intend to close them and transfer out the money asap.

I suppose that will end my tenure as "private client" (laughing)
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Re: How I circumvented Chase's 5/24 rule

Post by DTSC »

protagonist wrote:
DTSC wrote:What is the interest rate you can get on the $250K to be a private client? How long do you have to leave the money there?

Right now, I can get almost 1% interest in a completely liquid savings account at my credit union. A quick look online shows Chase paying only 0.05% interest even on a 1 year CD. To me, the opportunity cost of putting $250K at Chase for a year is almost $2500. I'm not sure it's worth it to get a credit card with a $450 annual fee, even if you get $300 back in credits and 100,000 points (valued at ~$0.01 per point)
The interest is terrible. I don't think private clients get a better rate.

I just collected my $500 in bonuses for opening the accounts with about $15K. I intend to close them and transfer out the money asap.

I suppose that will end my tenure as "private client" (laughing)
I guess it might be worth doing it if you plan to keep the card for years to come. I am way past 5/24 and I just look for other deals, such as Bank of America Alaska Airlines which gives 30K points for only $1000 spent and $100 credit (which covers $89/year annual fee)
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

DTSC wrote: I guess it might be worth doing it if you plan to keep the card for years to come. I am way past 5/24 and I just look for other deals, such as Bank of America Alaska Airlines which gives 30K points for only $1000 spent and $100 credit (which covers $89/year annual fee)
Even if you don't get the signup bonus, the CSR is still worth having, especially if you are planning to travel by the end of this year and again in the next 12 months. If you have another Chase card, you might be able to convert it to a CSR. You would pay -$150 in annual fee over the next 12 months ($450 - $600 in travel credits). And the ongoing rewards rate of the cards are quite decent - basically 4.5% on travel & dining purchases, the PP lounge access, no foreign transaction fee. Reason enough for me to keep it past 12 months.
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Re: How I circumvented Chase's 5/24 rule

Post by rjbraun »

madbrain wrote:And the ongoing rewards rate of the cards are quite decent - basically 4.5% on travel & dining purchases, the PP lounge access, no foreign transaction fee. Reason enough for me to keep it past 12 months.
How does the PP lounge access work and how good is it? When I looked, my understanding was that you had to pay for access to each individual lounge. The actual price varied, but my impression was on the order of $25 and up, per person. The lounge amenities seemed to vary, such as in terms of availability and cost of items (drinks, alcohol, etc). Even if a lounge was available in a given airport, they only seemed to be offered in certain terminals and then had language about subject to space, etc. I couldn't tell if the qualified language was there mainly as a precautionary step or if it was likely to be enforced.

Bottom-line, while I was initially somewhat excited to learn about the lounge access, I became concerned about just how many would be available and at what price. If there's a chance I show up and get shut out because it's full or something, I would just as soon have not bothered in the first place.
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Re: How I circumvented Chase's 5/24 rule

Post by leonard »

And we need a Sapphire Reserve card because?
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

leonard wrote:And we need a Sapphire Reserve card because?
Because you don't want to leave money on the table. Even if you don't travel at all and redeem the signup bonus for cash, you will get a net $550 cash from Chase after $4000 spending. That would be 100,000 points redeemed at 1 cent per point, less the $450 annual fee.

If you travel, you can redeem the 100,000 points for $1500 in travel booked through Chase. And you can get a $300 travel credit. That's $1800 in travel less than $450 fee - $1350 in travel rewards, on the same $4000 spending.

Also, the $300 travel credit is per calendar year. You could collect it this late year , and again next year, before the annual fee comes due again. So your travel rewards would be $1650, still on the same $4000 spending.

I don't know about you, but I don't like to leave money on the table, and it doesn't get much better than this, if you qualify for the card.
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Re: How I circumvented Chase's 5/24 rule

Post by leonard »

madbrain wrote:
leonard wrote:And we need a Sapphire Reserve card because?
Because you don't want to leave money on the table. Even if you don't travel at all and redeem the signup bonus for cash, you will get a net $550 cash from Chase after $4000 spending. That would be 100,000 points redeemed at 1 cent per point, less the $450 annual fee.

If you travel, you can redeem the 100,000 points for $1500 in travel booked through Chase. And you can get a $300 travel credit. That's $1800 in travel less than $450 fee - $1350 in travel rewards, on the same $4000 spending.

Also, the $300 travel credit is per calendar year. You could collect it this late year , and again next year, before the annual fee comes due again. So your travel rewards would be $1650, still on the same $4000 spending.

I don't know about you, but I don't like to leave money on the table, and it doesn't get much better than this, if you qualify for the card.
Not a big traveler. Even less a fan of complexity.

Plus, unless I am going to cancel the card after all these hoops - I looking at a card with a $450 annual fee? Plus a credit hit when I cancel it? If those are true, I'd pass.
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slbnoob
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Re: How I circumvented Chase's 5/24 rule

Post by slbnoob »

I'll share my DP.

Walked into a branch. Asked for any pre-approval for credit cards. Ensured that the pre-approval was indeed 'true'. This meant making sure there was a fixed interest rate on the pre-approval, not a range. Then applied for the CSR. Got approved with 35k limit. This was after being rejected for the CSP a couple of months ago for being over 5/24. I am well over 5/24 now.
madbrain
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

leonard wrote: Not a big traveler. Even less a fan of complexity.

Plus, unless I am going to cancel the card after all these hoops - I looking at a card with a $450 annual fee? Plus a credit hit when I cancel it? If those are true, I'd pass.
If you don't travel, then it's probably not the card for you.

But I disagree that it's a lot of hoops to jump through to collect. If you normally spend at least $1333 per month on card-eligible purchases, apply for the card, switch all your normal spending to that card for the next 3 months, cash your points, cancel the card. I would not worry about the credit hit from cancelling the card.

Anyway, this is only the best reward credit card offer ever. If you pass on this one, you will probably pass on just about every other card out there. Meanwhile I'll be taking 3 week round-the-world trip in 2 months paid almost entirely from reward cards signup bonuses (more than one card, but including this one).
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Re: How I circumvented Chase's 5/24 rule

Post by Mudpuppy »

madbrain wrote:
leonard wrote:And we need a Sapphire Reserve card because?
Because you don't want to leave money on the table. Even if you don't travel at all and redeem the signup bonus for cash, you will get a net $550 cash from Chase after $4000 spending. That would be 100,000 points redeemed at 1 cent per point, less the $450 annual fee.
If someone is going to redeem for cash and not use the travel benefits of CSR, then the Chase Freedom Unlimited is a better deal out of the Chase offerings. The CFU has no annual fee and a $150 sign-up bonus after $500 in spending.
madbrain
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Joined: Thu Jun 09, 2011 5:06 pm
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Re: How I circumvented Chase's 5/24 rule

Post by madbrain »

Mudpuppy wrote:
madbrain wrote:
leonard wrote:And we need a Sapphire Reserve card because?
Because you don't want to leave money on the table. Even if you don't travel at all and redeem the signup bonus for cash, you will get a net $550 cash from Chase after $4000 spending. That would be 100,000 points redeemed at 1 cent per point, less the $450 annual fee.
If someone is going to redeem for cash and not use the travel benefits of CSR, then the Chase Freedom Unlimited is a better deal out of the Chase offerings. The CFU has no annual fee and a $150 sign-up bonus after $500 in spending.
While the CFU is a decent credit card, if you don't travel, you might as well get a Fidelity 2% VISA, or a Citi 2% Doublecash. The downside is that these other cards don't have and kind of signup bonus. $150 is a good bonus for that level of spending, but nothing to write home about.
All 3 of these cards have 3% foreign transaction fees, so they are definitely unsuitable for international travel.

I will probably convert my CSP to a CFU before the 1yr and the annual fee becomes due, just to keep the account history active. But I'm not really sure if I would actually ever use that card given the other options. I already have a Fidelity 2% VISA (heck, 2 of them, I used to have FIA Amex and FIA VISA). The Fidelity Amex 2% cashback was my go-to card until this year when I started looking at travel rewards cards with their juicy signup bonuses.
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