In a recent article, we discussed the new 5/24 rule at Chase, which automatically denies most applicants who have applied for five credit cards in the past 24 months. We also looked at the new plan for Chase to pay Visa an unknown amount of revenue. We also discussed Chase's Infinite Concierge program.
Chase's 5/24 rule denies all applicants who have applied to Chase for five or more credit card in the past 24 months.
Chase has a very strict 5/24 requirement. It applies to nearly all consumer credit cards. This means you have to have at least five credit cards opened within the last 24 hours. This includes credit card from closed-loop shops. You should check your credit reports regularly to make sure you do not have more than five cards.
The Chase credit card limit is not applicable to multiple Chase cards. This can be done by applying for Chase credit cards in a 30-day window. Some people may be able to apply for more than one card. However, the 5/24 rules will stop most applicants being approved. Chase has become more aggressive in flagging and closing accounts. This has led to many customers being denied cards.
Chase's New Plan to Pay Visa Unspecified Revenue
Visa and Chase have reached a new agreement that will provide unspecified revenue to each other. The new agreement will be in effect by the end the year. This will allow Chase Visa to accept more cards from Chase. Chase, as a major Visa and MasterCard card issuer, will be able to profit from this relationship. Merchants offering cards through Chase can offer cardholders discounts and targeted deals via the CMS platform.
In a separate enforcement action the CFPB found Chase had enrolled consumers to credit card "addon" products promising to monitor their credit reports and alert them to potential fraudulent activity. Although these products required customer authorization, many customers paid for them without ever actually receiving them. Chase is required to improve its management of third party vendors following the CFPB action.
Chase's Infinite Concierge
A concierge service offered by your credit union may be a good option if you want to make your travel experience more enjoyable and save time. Chase offers two concierge services: Visa Infinite Concierge, and Visa Signature Concierge. These two services offer concierge-level options that most people don't have.
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! There is no additional cost for the service, even if you use it.
Chase Sapphire Preferred
Chase Sapphire Preferred is the credit card for you if you want to get the best rewards. It offers a great introductory bonus and lets you start collecting points immediately. Double points are available for travel and dining. This card offers strong protections for travelers.
Additional benefits include primary insurance and collision coverage for rental vehicles. Other benefits include trip insurance for baggage delay and $50 Ultimate Rewards hotel credit. 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 is the card you should consider if you are a frequent traveler.
IHG Rewards Premier Credit Card
IHG Rewards Premier Credit Card is a premium cobranded credit from Chase. The card comes with several benefits such as a complimentary night certificate for your anniversary and a fourth night free of charge after you redeem an award. IHG is a global hotel group that owns such brands as Crowne Plaza, Holiday Inn, and Six Senses.
When you sign up for the IHG Premier Credit Card, you'll receive 140,000 bonus points and a free night worth up to 40,000 points. The IHG points are worth 0.5 cents each. Redeem your points to get additional benefits and free nights. These can add even more value.