In a recent article we discussed Chase's 5/24 rule. This means that applicants who have applied five times in the past 24months for Chase credit cards are automatically denied. We also reviewed the Chase's new plan to give Visa an unspecified amount of revenue. The new Infinite Concierge service by Chase was also discussed.
Chase's 5/24 rule automatically denies most applicants who have applied for five or more credit cards in the last 24 months
Chase offers almost all consumer credit cards with the 5/24 rule. This is a strict requirement. This basically means that you must have opened at most five credit cards in the past 24 months. This includes credit cards that are not issued by closed-loop retailers. To make sure that you don't open more than five cards at once, you should review your credit reports.
This rule can be circumvented by applying for multiple Chase credit cards within a 30-day time period. While some people have successfully applied for more than one card, the 5/24 rule will prevent most applicants from being approved. Chase is becoming more aggressive in flagging, closing and closing accounts. As a result, many customers have been denied cards or shut down by Chase.
Chase's new plan to pay Visa an unspecified amount of revenue
Visa and Chase have agreed to a new deal that will give the former unspecified amounts of revenue. The new agreement is expected to take effect by the end of the year. This will allow Chase to commit more card volume to Visa. As a major issuer of Visa and MasterCard credit cards, Chase is well-positioned to benefit from the new relationship. Merchants who offer Chase cards can offer cardholders targeted deals and discounts through the CMS platform.
The CFPB also found that Chase had enrolled customers in credit card "add on" products that promised to monitor credit and alert them to fraudulent activity. In many cases, these products required written authorization from customers, but many of them paid for them without ever receiving the services. Chase will need to strengthen its management and oversight of third-party suppliers following the CFPB’s actions.
Chase's Infinite Concierge Service
The concierge services offered by credit card companies can help you improve your travel experience as well as maximize your time. Chase offers two concierge options: Visa Infinite Concierge & Visa Signature Concierge. These concierge-level services are available to people who don't normally have the means to access them.
With concierge services, you can tap into a team of experts to help you make the most of your travel experience. They can assist you with any questions related to travel and help you arrange rental cars or flights. They can even arrange a birthday celebration for you! The best thing is that there is no additional charge unless you use the service.
Chase Sapphire Preferred
The Chase Sapphire Preferred credit card is an excellent choice if you are looking for the best rewards and perks. The Chase Sapphire Preferred offers an excellent introductory bonus that allows you to start earning points instantly. Double points can be earned for dining out and on travel. The card also offers strong traveler protections.
Sapphire Preferred Visa provides additional benefits like collision coverage and primary insurance for rental cars. You will also receive a $50 Ultimate Rewards hotel credit and trip and baggage delay insurance. The card comes with many benefits. After the first year, the annual fee is $95 and you get a $50 Ultimate Rewards hotel credit. This card is ideal for travelers who travel frequently.
IHG Rewards Premier Credit Card
The IHG Rewards Premier Credit Card is a premium co-branded credit card from Chase and IHG. This card has many benefits including a free night certificate for your anniversary, and a fourth night of free accommodation after an award redemption. IHG is a global hospitality group that owns brands such as Holiday Inn, Crowne Plaza, Six Senses and Holiday Inn.
Sign up for the IHG Premier Credit Card to receive 140,000 bonus points as well as a free night up to 40,000 points. You get 0.5 cents for every IHG point. This is a great deal. You can also redeem your points for other rewards and free nights, which can add up to even more value.