We have recently written about Chase's 5/24 rule. It automatically denies applicants who have applied to five credit cards in the last 24 month. We also looked at the new plan for Chase to pay Visa an unknown amount of revenue. Finally, we discussed the new Infinite Concierge service offered by Chase.
Chase's 5/24 rule automatically denies almost all applicants who applied for five credit cards or more in the last 24 month.
Chase applies the strict 5/24 Rule to almost all consumer credit accounts. This means you have to have at least five credit cards opened within the last 24 hours. This includes credit cards from closed-loop stores. 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.
You can get around this rule by applying for multiple Chase credit accounts within a 30-day span. Although some applicants have been approved for more than one card successfully, the 5/24 restriction will prevent most applicants. Chase has become more aggressive about closing accounts and flagging them, so many people have been denied cards.
Chase's new plan will pay Visa unspecified amounts of 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 to commit more card volume to Visa. Chase is well-positioned to reap the benefits of the new relationship, being a major Visa/MasterCard credit card issuer. Merchants that offer Chase cards are able to offer cardholders special discounts and deals through the CMS platform.
The CFPB also found that Chase had enrolled customers in credit card "add on" products that promised to monitor credit and alert them to 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 has to take steps to improve its management over third-party vendors after the CFPB took action.
Chase's Infinite Concierge service
The concierge services offered by credit card companies can help you improve your travel experience as well as maximize your time. Two concierge services are offered by Chase: 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 assist you with any questions related to travel and help you arrange rental cars or flights. They can even arrange a birthday celebration for you! The best part is, there's no extra cost unless you're using the service.
Chase Sapphire Preferred
Chase Sapphire Preferred Credit Card is a great choice for those who want the best rewards, perks and benefits. It comes with an amazing introductory bonus and allows you to begin collecting points immediately. You can also earn double points for dining out or traveling. 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 insurance for baggage delay and $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 ideal for travelers who travel frequently.
IHG Rewards Premier Credit Card
The IHG Rewards Premier Credit Card is a premium co-branded credit card from Chase and IHG. 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 hospitality group that owns brands such as 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 is a great value because each IHG point is worth 0.5 cents. Points can be used to redeem for free nights and other rewards.