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 explored the Chase new plan to pay Visa an unknown amount. 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.
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 issued by closed-loop merchants. To ensure that you have not opened more than five cards, it is important to check your credit reports to see if you've reached your limit.
One way to get around this rule is to apply for more than one Chase credit card within a 30-day period. While some people have successfully applied for more than one card, the 5/24 rule will prevent most applicants from being approved. Chase has become more aggressive in flagging and closing accounts. This has led to many customers being denied cards.
Chase's new plan to pay Visa an unspecified amount of revenue
A new agreement between Visa and Chase will pay the former an unspecified amount of revenue. The new agreement is expected in place by the end this year. This will allow Chase to commit more card volume to Visa. As a major issuer of Visa and MasterCard credit cards, Chase is well-positioned to benefit from the new relationship. Merchants who offer Chase cards can offer cardholders targeted deals and discounts through 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. In many cases, these products required written authorization from customers, but many of them paid for them without ever receiving the services. Chase will need to strengthen its management and oversight of third-party suppliers following the CFPB’s actions.
Chase's Infinite Concierge program
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 service options: Visa Infinite Concierge (or Visa Signature Concierge). Both of these services provide concierge-level services that regular people often don't have access to.
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 in any way you need and will help you to arrange your flights or car rentals. They can even arrange a birthday celebration for you! The best thing is that there is no additional charge unless you use the 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. You can start earning points right away with a great bonus offer. You can also earn double points for dining out or traveling. You also get strong protection for travelers with the card.
Sapphire Preferred Visa provides additional benefits like collision coverage and primary insurance for rental cars. Other benefits include trip insurance for baggage delay and $50 Ultimate Rewards hotel credit. The card comes with many benefits. After the first year, the annual fee is $95 and you get a $50 Ultimate Rewards hotel credit. This card is for you if you frequently travel.
IHG Rewards Premier Credit Card
IHG Rewards Premier Credit Card is a premium cobranded credit from Chase. The card comes with several benefits such as a complimentary night certificate for your anniversary and a fourth night free of charge after you redeem an award. IHG is a global hospitality group that owns brands such as Holiday Inn, Crowne Plaza, Six Senses and Holiday Inn.
IHG Premier Credit Card - 140,000 bonus Points and a Free Night worth up to 40k points. This card is great value as each IHG Point is worth 0.5c. Points can be used to redeem for free nights and other rewards.