Question: What is Chase 3/1 Rule?
Answer: In order to attempt to minimize Credit Card churners, Chase introduced a new rule, Chase 5/24 Rule, that automatically rejects Chase credit card applications if you have opened 5 new bank cards or credit cards within the last 24 months.
Another rule that is not annouced by Chase but is sometimes enforced is the Chase 3/1 Rule or Chase 1/3 Rule. You can only apply for 1 Chase Credit Card within 90 days or 3 months, hence the name Chase 3/1 Rule.
The rule only applies if you apply for Chase Credit Cards such as Chase Freedom, Chase Freedom Unlimited, Chase Sapphire Preferred, Chase Sapphire Reserve, Chase Slate, and Chase Ink credit cards.
Not all Chase Credit Cards are subjected to the Chase 5/24 Rule or Chase 3/1 Rule. Some Chase credit cards that seems to be exempted are:
- Chase British Airways
- Chase Amazon Credit Card
- Chase Fairmont Credit Card
- Chase Hyatt Credit Card
- Chase IHG Credit Card
- Chase Ritz-Carlton
- Chase AARP Credit Card
- Chase Disney Credit Card
There is also a Chase 5/1 Rule in effect. (Limit of 5 new credit cards within 24 months)