We recently wrote about Chase's new 5/24 rule. This automatically denies all applicants who have applied for five cards within the last 24 months. 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 applicants who have applied five or more times for credit cards within the last 24 hours.
The 5/24 rule is a very strict requirement that applies to almost every consumer credit card offered by Chase. It simply requires you to have opened at minimum five credit cards within the previous 24 months. This includes credit cards that are not issued by closed-loop retailers. You should check your credit reports regularly to make sure you do not have more than five cards.
You can get around this rule by applying for multiple Chase credit accounts within a 30-day span. While some people are able to successfully apply for more cards than they need, the 5/24 policy will block most applicants from getting approved. Chase has become more aggressive about closing accounts and flagging them, so many people have been denied cards.
Chase's new plan to pay Visa an unspecified amount of revenue
Visa and Chase will enter into a new agreement to pay each other unspecified revenue. The new agreement is expected be in place by the beginning of next year. This will allow Chase to commit more card volume to Visa. Chase, as a major Visa and MasterCard card issuer, will be able to profit from this relationship. Merchants that offer cards through Chase will be able to offer discounts and targeted deals to cardholders using 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. These products often required customers to sign authorization in writing. Many people who bought these services never received them. The CFPB's action requires Chase to strengthen its management of its third-party vendors.
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 concierge-level services are available to people who don't normally have the means to access them.
You have the option to use concierge services to get advice from experts that will help you make the most your travel experience. They can assist with any travel-related queries and arrange flights or car rentals. They can even organize your birthday party! The best part? There's no extra charge for using this service.
Chase Sapphire Preferred
Chase Sapphire Preferred is the credit card for you if you want to get the best rewards. The card offers a great welcome bonus and allows you immediately to start collecting points. You can also earn double points for dining out or traveling. The card also offers strong traveler protections.
Sapphire Preferred Visa also provides additional benefits, such as collision coverage for rental cars and primary insurance. You will also receive a $50 Ultimate Rewards hotel credit and trip and baggage delay insurance. The annual fee for this card is $95 after the first year. There are many other benefits. This card is ideal for travelers who travel frequently.
IHG Rewards Premier Credit Card
IHG Rewards Premier Credit Card from Chase and IHG is a premium cobranded credit card. 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 hotel company that owns brands like Holiday Inn, Crowne Plaza and Six Senses.
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. Points can be used to redeem for free nights and other rewards.