Hey there, credit card enthusiasts! Ever heard of the dreaded 5/24 rule? It’s a little like the credit card Grim Reaper, lurking in the shadows of Chase applications, ready to snatch away your dreams of a shiny new card if you’ve opened five other cards in the past 24 months.
But wait, there’s more! The question on everyone’s mind is: does Capital One have a 5/24 rule too? Buckle up, friends, because we’re about to dive deep into the murky waters of credit card application rules and uncover the truth
First things first, let’s get the lowdown on Chase’s 5/24 rule. This bad boy is a hard stop. No Chase card for you, regardless of how good your credit score is or how low your current card balances are, if you have opened five cards in the last two years. It’s a harsh reality, but knowing is half the battle.
Now, let’s shift our focus to Capital One While they don’t have an official 5/24 rule like Chase, there are whispers of a “modified 5/24 rule” lurking in the background This means that while they might not automatically deny you for opening five cards in the past 24 months, they might take a closer look at your application and consider other factors before making a decision.
So, what does this mean for you, the intrepid credit card adventurer? Well, it’s a bit of a gray area Some folks have reported being denied for Capital One cards while being at 5/24, while others have sailed through with no issues. It seems like Capital One’s decision-making process is a bit more nuanced than a simple yes or no.
Here’s what we do know:
- Capital One has other unwritten credit card rules. These include a maximum of two personal Capital One credit cards at any given time (business cards don’t count) and a minimum six-month waiting period between Capital One approvals.
- Being at or above 5/24 might not be the best idea when applying for a Capital One card. It could increase your chances of getting denied, especially if you have other factors working against you.
So, what’s the takeaway? If you’re at or above 5/24, it’s best to tread carefully when applying for a Capital One card. Consider waiting until you’re below 5/24 or focusing on other cards with less stringent application rules.
Remember, knowledge is power! By understanding the ins and outs of credit card application rules, you can make informed decisions and navigate the credit card landscape like a pro.
Happy credit carding!
The Curious Case Of Capital One & Chase 5/24
Capital One is like that wishy-washy person you dated in high school who could never decide where to eat on a date, so you just knew they had to be different, didn’t you? Oh, hi hun! All kidding aside, Capital One has weird breakdown with their business cards and Chase 5/24. Some cards count against it and some cards dont. Here is a breakdown for each:
- Spark Cash Select (it’s best to avoid until after Chase 5/24; we have data points on both sides of this issue).
- Spark Miles
- Spark Miles Select
Business Cards That Don’t Count Against Chase 5/24
We typically ask, “What is your 5/24?” in response to questions from members of our Facebook group asking for suggestions on which card to get next. We also inquire as to whether they qualify for business cards. The main goal of our inquiries and recommendations regarding business cards is to assist members in accruing as many points as they can. Business cards are an excellent way to earn points from welcome offers without affecting your 5/24 status. However, not all business cards play outside the 5/24 rules. Have no fear though, well break down the business cards that dont count against Chase 5/24 below. Well also go over which ones to steer clear of until you go over Chase 5/24 as well.
Chase 5/24 Exceptions?? | Yikes! Huge Capital One Credit Defaults
FAQ
Does Capital One follow 5 24 rule?
Does Capital One offer 24 hour customer service?
Which Chase cards are not subject to 5 24?
What time does Capital One stop processing payments?
How often can I get a capital one card?
Note that this typically only applies to personal cards managed by Capital One — cobranded and small-business cards (such as the Capital One Spark Miles for Business) are generally excluded. Capital One also has a hard-and-fast rule when timing your applications. You’re only able to get approved for one card every six months.
How many credit cards can I get from Capital One?
At any time, you can only have up to two cards from Capital One, and only be approved for one card every six months. This rule encompasses personal and business credit cards. Citi: Citi has a similar system to Capital One. You can only apply for one card (personal or business) every eight days and no more than two cards in a 65-day period.
What is the chase 5/24 rule?
The Chase 5/24 rule restricts consumers from being approved for any Chase credit card products after being approved for five or more credit cards, from any bank, within a 24 month period. This may seem like nothing to worry about, but Chase credit card products, both personal and business credit cards, are considered some of the best on the market.
How many Capital One cards can I open?
Capital One does limit the number of personal cards you can open with them to just 2 cards. However, this only applies to Capital One-branded cards (like the Capital One ® Venture ® Rewards card) and not co-branded cards or business cards (like the Bass Pro Shops CLUB card or the Capital One Spark Cash Plus Card ).