In a recent article we discussed Chase's 5/24 rule. This means that applicants who have applied five times in the past 24months for Chase credit cards are automatically denied. We also discussed the Chase plan to pay Visa unspecified revenue. Finally, we talked about the new Infinite Concierge services offered by Chase.
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 applies the strict 5/24 Rule to almost all consumer credit accounts. It simply requires you to have opened at minimum five credit cards within the previous 24 months. This includes credit card from closed-loop shops. It is crucial to verify your credit reports to ensure you don't have more than five credit cards.
This rule can be circumvented by applying for multiple Chase credit cards within a 30-day time period. Although some individuals have been successful in applying for multiple cards, most applicants will not be approved by the 5/24 rule. Chase has become more aggressive in flagging and closing accounts. This has led to many customers being denied cards.
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 Visa to accept more cards from Chase. As a major issuer of Visa and MasterCard credit cards, Chase is well-positioned to benefit from the new 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 Chase had enrolled consumers to credit card "addon" products promising to monitor their credit reports and alert them to potential fraudulent activity. These products required customers to authorize them in writing. However, many people paid for the services without ever being provided with them. Chase must strengthen its management of third-party vendors as a result of the CFPB's actions.
Chase's Infinite Concierge service
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 service options: Visa Infinite Concierge (or Visa Signature Concierge). Both services offer concierge-level service that many 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 help with all travel queries, and even arrange car rentals or flights. They can even plan a birthday party for you! There is no additional cost for the service, even if you use it.
Chase Sapphire Preferred
Chase Sapphire Preferred Credit Card is a great choice for those who want the best rewards, perks and benefits. The Chase Sapphire Preferred offers an excellent introductory bonus that allows you to start earning points instantly. Double points are available for travel and dining. Strong protections for travelers are also offered by the card.
Sapphire Preferred Visa provides additional benefits like collision coverage and primary insurance for rental cars. Other benefits include trip and baggage delay insurance and a free $50 Ultimate Rewards hotel credit. The annual fee for this card is $95 after the first year. There are many other benefits. This card is perfect for those who travel often.
IHG Rewards Premier Credit Card
IHG Rewards Premier Credit Card from Chase and IHG is a premium cobranded credit card. This card offers many benefits, including a free night certificate upon your anniversary and a 4th night free after an award redemption. IHG, a global hotel group, owns brands like Holiday Inn, Crowne Plaza, Six Senses, and Holiday Inn.
You'll get 140,000 bonus point and a night free when you sign up for IHG Premier Credit Card. This card is great value as each IHG Point is worth 0.5c. Redeem your points to get additional benefits and free nights. These can add even more value.