Top credit cards to consider once you hit 5/24

Whether you opened your first credit card to earn free travel or had several accounts prior to discovering the amazing world of points and miles, your initial moves will be quite structured due to Chase's 5/24 rule. This rule automatically denies applicants who have opened five or more cards in the last 24 months.

Some business cards may not count, so be sure to consult our guide to 5/24 if you're unfamiliar with the rule. Generally, it's advisable to apply for your Chase cards first before considering other issuers due to this restriction.

You could opt for a proven combination like the Chase trifecta, which includes the Chase Sapphire Reserve®, Ink Business Preferred® Credit Card, and Chase Freedom Unlimited®. Alternatively, you might create a personalized strategy after choosing which Sapphire card best supports your plan. While there are numerous excellent Chase card options, your first five slots are limited.

If you exceed five cards within 24 months, you'll enter the uncharted territory of credit cards, where anything is possible. After reaching 5/24, there's no standard route to follow. It's essential to assess the cards in your wallet, determine your goals for new credit cards, and outline your next steps.

Today, we'll explore some top strategies for developing a post-5/24 plan.

Things to AVOID

Just because you're ineligible for a Chase card doesn't mean you should stop applying for new cards altogether. A significant mistake is waiting idly to drop below 5/24 while missing out on valuable welcome bonuses in the meantime.

At any time, there are numerous welcome bonuses from other cards worth $1,000 or more that you can qualify for, even if you're above the 5/24 limit. By applying for a card from a different issuer with a lucrative welcome offer, you can start earning and using rewards immediately instead of waiting months or years for another Chase card opportunity.

If you're targeting a specific Chase card and want to qualify quickly, it's essential to be strategic. One effective approach is to apply for a business card in the meantime. These generally won't affect your 5/24 count, allowing you to earn bonus rewards while progressing towards eligibility for the Chase card you desire.

Steps to take if you're over 5/24

If you've exceeded the 5/24 threshold, there are several strategies to consider when choosing your next cards to add to your wallet.

Broaden your rewards portfolio

I believe the 5/24 rule is a key reason many individuals pursue Chase cards first instead of exploring other rewards programs, like American Express Membership Rewards points, Citi ThankYou points, Capital One miles, or Bilt Rewards Points. However, diversifying your rewards across various programs can be advantageous, as each offers distinct redemption opportunities. Additionally, all these rewards are valuable—TPG's September 2024 valuations estimate their worth at a minimum of 1.8 cents per point.

The real advantage of diversifying your points lies in accessing each issuer's transfer partners and the incredible flexibility they provide. While Amex boasts the most transfer partners, other issuers are not far behind.

All five issuers share some common transfer partners (like British Airways and Emirates), but their unique offerings complement each other remarkably well.

Take Star Alliance as a prime example. Both Chase and Amex allow transfers to all major loyalty programs within this largest airline alliance. This enables you to compare United, Avianca, Aeroplan, and Singapore to find the lowest cost for any award you wish to book.

Additionally, these issuers often provide transfer bonuses to their partners, meaning the best transfer option can change from month to month. By having access to various types of points, you can ensure you're always poised to act when the ideal redemption opportunity arises.

Recommended cards to explore:

• The Platinum Card® from American Express: Earn 80,000 Membership Rewards Points after spending $8,000 within the first six months of card membership. Terms apply.
• American Express® Gold Card: Earn 60,000 Membership Rewards points after spending $4,000 in the first six months of account opening. Plus, get 20% back in statement credits on eligible restaurant purchases made globally during the first six months.
• Bilt Mastercard®(see rates and fees): Earn points on your rent payments with no transaction fees.
• Capital One Venture Rewards Credit Card: Earn 75,000 bonus miles after spending $4,000 within the first three months of opening the account.
• Citi Strata Premier℠ Card(see rates and fees): Earn 75,000 bonus miles after spending $4,000 in the first three months from account opening.

Identify areas with lower earning rates

While Chase cards are recognized for their strong bonus categories like travel and dining, you might notice gaps in your current rewards structure. If you’re over 5/24, consider cards from other issuers to address those gaps.

For instance, if you pay rent, the Bilt Mastercard allows you to earn points on rent without incurring transaction fees and offers flexible points that can be redeemed for exceptional value.

You might also lack a card that offers bonus earnings on groceries or gas. This is an ideal opportunity to consider adding cards like the Amex Gold or the Citi Strata Premier to your collection for extra rewards in those categories.

Finally, if all your bonus spending categories are already covered, you could choose a fixed-rate card that earns at least 2 points or miles per dollar on every purchase, such as the Capital One Venture Rewards card, ensuring you earn rewards on essentially every transaction.

Explore cobranded cards

Although it might be tempting to overlook cobranded cards due to Chase's dominance in the airline and hotel partnerships, there are some outstanding options available from other issuers as well.

For those who are loyal to Marriott, you might consider one of the Amex Bonvoy cards, such as the Marriott Bonvoy Brilliant® American Express® Card.

Hilton enthusiasts also have several Amex card options, and flyers with American Airlines and Delta can obtain cobranded credit cards without the 5/24 concern. This is an excellent way to earn a complimentary hotel night each year, avoid checked bag fees, or simply earn a welcome bonus that can kickstart your next getaway.

Recommended cards to consider:

• Marriott Bonvoy Brilliant® American Express® Card: Earn 95,000 Marriott Bonvoy bonus points after spending $6,000 on purchases in the first six months of card membership.
• Hilton Honors American Express Aspire Card: Earn 175,000 points after spending $6,000 within the first six months of card membership.
• Citi® / AAdvantage® Platinum Select® World Elite Mastercard®: Earn 50,000 bonus miles after spending $2,500 on purchases within the first three months of account opening.
• Delta SkyMiles® Gold American Express Card: Earn 50,000 bonus miles after spending $2,000 in eligible purchases within the first six months of card membership.

The details for the Hilton Aspire Amex card and the Citi® / AAdvantage® Platinum Select® World Elite Mastercard have been independently sourced by Dinogo. The information presented on this page has not been reviewed or endorsed by the card issuer.

Final Thoughts

The 5/24 rule marks the start, not the conclusion, of your credit card rewards adventure. Reaching this threshold is a milestone for serious travelers, and once achieved, it's essential to focus on future opportunities rather than dwelling on the past. Assess which of your Chase cards are worth holding onto, whether they feature low or no annual fees or boast robust bonus categories, and prioritize the benefits that are most important for your next credit cards.

Whether your goal is to branch out into a new rewards currency, address any gaps, or potentially both, you have a variety of options available. The key is to keep pursuing opportunities if you wish to continue accumulating points.