We have recently written about Chase's 5/24 rule. It automatically denies applicants who have applied to five credit cards in the last 24 month. We also reviewed the Chase's new plan to give Visa an unspecified amount of revenue. We also discussed Chase's new Infinite Concierge Service.
Chase's 5/24 rule automatically denies almost all applicants who applied for five credit cards or more in the last 24 month.
Chase has a very strict 5/24 requirement. It applies to nearly all consumer credit cards. 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.
One way to get around this rule is to apply for more than one Chase credit card within a 30-day period. Although some applicants have been approved for more than one card successfully, the 5/24 restriction will prevent most applicants. Chase has been more aggressive in closing and flagging accounts. Many consumers have been denied cards and shut down by Chase.
Chase's new plan for Visa to receive an unspecified amount in revenue
Visa and Chase have reached a new agreement that will provide unspecified revenue to each other. The new agreement is expected in place by the end this year. This will allow Chase to commit more card volume to Visa. Chase is well-positioned to reap the benefits of the new relationship, being a major Visa/MasterCard credit card issuer. Merchants offering cards through Chase can offer cardholders discounts and targeted deals via the CMS platform.
In a separate enforcement action, the CFPB found that Chase had enrolled consumers in credit card "add-on" products that promised to monitor their credit and alert them to potentially fraudulent activity. Many of these products required written authorization from customers. However, many of those who purchased them never received the services. The CFPB's action requires Chase to strengthen its management of its third-party vendors.
Chase's Infinite Concierge Service
Your credit card company may offer concierge services to help you make your trip more enjoyable and to maximize your time. Chase offers two concierge services: Visa Infinite Concierge, and Visa Signature Concierge. These services offer concierge-level services that are often unavailable to regular citizens.
With concierge services, you have access to a team full of experts who can help you make the most from your travel experience. They can assist with travel queries and organize car rental or flights. They can even arrange a birthday celebration for you! The best part? There's no extra charge for using this service.
Chase Sapphire Preferred
If you're looking for a credit card that offers the best rewards and perks, the Chase Sapphire Preferred is a good choice. The card offers a great welcome bonus and allows you immediately to start collecting points. You can also earn double points on dining and travel. You also get strong protection for travelers with the card.
Sapphire Preferred Visa also provides additional benefits, such as collision coverage for rental cars and primary insurance. Other benefits include trip insurance for baggage delay and $50 Ultimate Rewards hotel credit. This card offers many benefits and costs only $95 for the second year. This is the card you should consider if you are a frequent traveler.
IHG Rewards Premier Credit Card
The IHG Rewards Premier Credit Card is a premium co-branded credit card from Chase and IHG. This card offers several benefits, including a free night certificate on your anniversary and a fourth free night after award redemption. IHG is a global group of hotels that includes brands such as Holiday Inn and Crowne Plaza.
You'll get 140,000 bonus point and a night free when you sign up for IHG Premier Credit Card. This is a great value because each IHG point is worth 0.5 cents. Redeem your points to get additional benefits and free nights. These can add even more value.