The Chase Sapphire Reserve 5/24 rule is not real, at least not right now, according to what a Chase representative said over the phone. The rule is a rumor, based on reality, that has circulated online and is talked about on many third-party sites. Supposedly, if you’ve opened 5 credit cards from any issuer in the past 24 months, you’ll automatically be denied for any new Chase card you apply for. Language to that effect briefly appeared on Reserve’s application in 2016, but Chase removed it the same year.
Most evidence that this rule still exists comes from people’s anecdotes on forums. But if you ask Chase, they’ll tell you the 5/24 rule is not currently used. That’s not to say Chase doesn’t take the number of accounts you’ve opened recently into consideration. But you won’t be denied based on that alone.
Here’s what matters more than the Chase Sapphire Reserve 5/24 rule:
- Credit standing. Your credit report and credit score are very important for approval. You’ll need excellent credit for Sapphire Reserve, which means a score of 750+ is ideal. And you’ll want your credit report to be in top shape, showing on-time payments and low utilization.
- Income. You must be able to afford both the card’s $450 annual fee and your minimum monthly payments. Those payments could be pretty pricey, considering the lowest credit limit anyone will get is $10,000. So you’ll need some source of income, even if it’s not from a job. Assets also count.
- Debt. Issuers look at both your income and your debt to see how much you can afford to spend on new credit cards. Paying down debts gives you a better chance of approval.
- Your housing status. Chase considers whether you own or rent your home. Ownership shows more stability than renting.
- The number of cards you’ve opened. No, Chase won’t automatically deny your application just because you’ve opened 5 cards in the last 24 months. But opening cards that frequently will raise red flags and increase the odds of denial, especially if anything else on your application indicates you’re a risk. People often open a bunch of new credit card accounts when they’re having trouble making ends meet.
These certainly aren’t the only things Chase looks at when deciding whether or not to approve you for Sapphire Reserve, but they’re some of the most important. And while the 5/24 rule isn’t an official policy in terms of automatic denial, Chase does take a look at the number of cards you’ve opened recently.