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Is Chase Expanding 5/24 To Other Cards?
A reader, that I met at one of our Detroit area meetups, reached out to tell me his wife was denied for a Chase World of Hyatt card yesterday. Chase quoted too many cards in the last 24 months as the reason. When the Chase launched the World of Hyatt card they were forthcoming with their plan to put it under the 5/24 rule. With only one data point I couldn’t be sure if 5/24 was the cause of the denial or not.
Because of that I decided to put it out there to our Miles to Memories Facebook group yesterday asking for data points. The most recent data point I could get was an approval around a week ago. Today the denial reports are starting to pile up on Reddit.
Doctor of Credit did a nice job of breaking down the Data Points. Reddit shows 6 recent denials (7 if you include the reader who contacted me) for the Hyatt card. Most cited too many applications in the last 24 months. The data points for the IHG card and the British Airways card were positive so far.
A lot is still unknown since the info is just starting to roll in. My thoughts are that 5/24 has been enacted on the Hyatt card like Chase promised. They said it would roll out there first and then eventually to other cards. I think it is likely that we could see IHG and British Airways added in the near future. If you were planning on getting one of those cards I would do it sooner rather than later, unless you are on 5/24 ice.
This would be a big blow to the Chase portfolio. Hyatt was by far the best non 5/24 card out there. It is also one of my favorite cards available right now. I guess I may have to take Chase up on their puny upgrade offer for my wife. She won’t be able to get the new version any other way.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.