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Soon after I started turning up the heat on my credit card signup game in 2015, Chase threw the “5/24 rule” monkey wrench into things. My next round of applications was going to include the Chase Sapphire Preferred Visa card, and suddenly that door seemed shut. Luckily my wife managed to get one.
I’ve wrestled with how to handle 5/24 for quite a while now. At first I was content to give Chase the stare down as I applied for cards with American Express, Bank of America, Citi, and Barclays every few months. To me the opportunity cost of trying to wait things out to fall below 5/24 was simply too great. But now that I have run through the bulk of Amex and Barclay cards that I am seriously interested in, and Citi has tightened up their rules, I’ve begun to crack. My wife and I were both even declined for one card each with Bank of America!
More and more, the available options on the table are either leaner sign-up bonuses, or premium cards that I have no interest in paying for (like the American Express Platinum card). The question is: what should we do now? Maybe get an Allegiant card? (SEE: Wait, there is an Allegiant credit card?)
Thus, I have begun to work out a 2017 signup strategy for my wife and I. Currently, it will take me a full 20 months to dip below “5/24”. My wife on the other hand should take only 16-17 months. I am seriously considering, for the first time in a year and a half, of having one of us lay off the applications for a while. After getting in the groove, though, I know it’ll be hard to go cold turkey.
But those are really the only options. Laying off the applications halfheartedly makes no sense. That strategy would sacrifice opportunities for points and miles while ultimately extending the time we are subject to “5/24”. So it’s either (a) go big and keep applying, or (b) go home and wait things out for a while.
So I think we are going to split the difference between to two of us. One of us (probably my wife) will lay off the applications for a while, while the other will stay the course. I’m reminded why it’s beneficial to be playing the credit card signup game in 2P mode.
We’ll also trim the fat of our current cards in 2017. I’d like to slim down to only a few with annual fees, most likely being my wife’s Sapphire Preferred, our two IHG cards, and my business SPG Amex. We may keep a one or two more than that, but those are the absolute keepers.
We’ll see how things roll out in 2017. I’m considering the JetBlue card and the no-fee Citi Hilton card (if a higher bous is offered) for my first round of applications. I may also throw in the Marriott business Visa. I think I am going to let things cool with BofA, especially since I was thrilled to be approved for the Merrill Lynch Visa on my last round of applications.
Or maybe I’ll just opt for that Allegiant card…
What are your credit card signup plans for 2017?
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Dan Miller travels with his wife and 6 (SIX!) children. He loves to help families travel for free / cheap, especially larger families. If you are looking for help, drop him an email at 
I’m continuing to earn UR pts where I can with my current Chase cards, but I have a good stash of points for the travel we want to take for 2017. I’m being more judicious with any apps I go for, so with other banks it has to be an offer that knocks my socks off. Though I am not under 5/24 until October, and already upgraded my CSP to CSR since I couldn’t get the bonus, so Chase would have to come out with another amazing card to get me excited to hold out and apply with them at that point. I may be churning the BofA Alaska cards in the meantime
Aren’t you checking in branch for preapprovals? I was at 15/24, went in a few days ago, and found I was finally preapproved for the CSR. Applied and approved. The prevailing theory indicates that 6 months since last new Chase card is the time to check for preapprovals, which was indeed exactly true in my case. Applying in this way using only preapprovals comes out to 5 new Chase cards in 24 months anyway…so why bother trying to get down to 5/24?
I didn’t write this post, but I have checked (3 times!) for in-branch approvals and each time they’ve told me I’ve got nuttin 🙂
I’ve not tried. I might this go around. As it turns out, I just applied for the Chase Fairmont card (hoping it eventually get converted to a CFU), so I may have just nixed any opportunity. I’ll try middle of the year and see what comes up. I would be stoked if I even have a CSP pre-approval.
But is the Car so great anymore with only a 50k point bonus? For that high of an annual fees am not so sure.
When I visited the branch, I was told that the 100k offer still exists for applicants who walk in and ask for it. The branch manager said they favor people who allow them to discuss expanding their banking relationship. You only have to listen to their shpiel.
Maybe I should try again. The first time I went in was right when it came out and I could tell I knew more than the banker about the card and I tried everything short of begging but he made it sound like he had no control over whether I got approval or not. “The computer says no” 🙂
I was pre-approved for the card. If I had not been, I would not have wasted a hard pull. Even so, I was surprised I was approved.
We plan to switch to 2 player mode . My wife will have 2 Chase slots open next Jan. So for 1 year she will only apply for business cards that don’t get counted against her by Chase 5/24. I have been doing business cards for now hoping for a CSR preapproval in branch before the 100000 offer goes away in the bank March 12(or a Business Ink) I’m curious if others believe it’s 6 months or 1 year since your last Chase card to get a preapproval in branch.
I miss the good old days before 5/24 and Amex once per lifetime and Citi open or close wait 24. All you needed to do was pay your bills on time and you could get any and all the cards you wanted. I wish I was much more aggressive when the door was wide open!
I was 3/5 when I got the CSR last month, but it was less than 2 months since I’d gotten the CSP. Don’t know if that addresses your question or not. Dimon has been quoted as saying there are more hot new cards coming out, so I’m sticking at 4/5 for now.