March 26, 2017

Master List of Credit Card Issuers Rules and Application Time

Before applying for a credit card in order to take advantage of the huge sign up bonus, it's very important that you understand each credit card issuers rules and develop strategies to know when is a good time to apply for the card and how not to waste credit hard inquiries/pulls.

American Express:
  • You can only receive sign up bonus once in a lifetime. So it’s very important that you apply for the card when the past highest sign up bonus re-appears. 
  • American Express does not care about the number of hard pulls on your credit report; however, you must have a credit history of 6 months prior to applying for their card. 
  • American Express only approves one credit card per day and two credit cards within 90 days. These rules, however, do not apply to their charge cards. 
  • Multiple applications on the same day will result in one hard pull. So you may apply for one credit card and one or more charge cards on the same day, and that will result in only one hard pull. 
  • You can apply for one personal and one business card on the same day. Although that will result in only one hard pull, but American Express will only approve one card per day. So it serves no purpose to do that. However, this rule does not apply to charge cards.
  • You can keep at most 5 American Express credit cards, but charge cards are not counted against that limit.  
  • If your application is pending or denied, you can call the Reconsideration Line at 877-399-3083 though they may just tell you to wait for decision in the mail. 

Chase:
  • If you have 5 or more credit card accounts opened with Chase or any other banks in the past 24 months, Chase will deny your application. However, this 5/24 rule only apply to certain Chase credit cards that are not listed below. Some cards are excluded from this rule and they are: 
    • Chase AARP
    • Chase Amazon
    • Chase British Airways
    • Chase Disney
    • Chase Fairmont (discontinued)
    • Chase Hyatt
    • Chase IHG
    • Chase Marriott Premier Business
    • Chase Ritz-Carlton
  • You are not eligible to receive sign up bonus again if you previously received sign up bonus within the last 24 months. Be sure to read the offer terms.
  • Within 90 days after you opened Chase credit card, if the same credit card increases sign up bonus and the link is publicly available, you can send secured message to Chase to request matching the higher bonus. Read my experience on this here
  • Chase does not approve more than 2 credit cards within 30 days.
  • Multiple applications on the same day will result in one hard pull. However, applying for one personal and one business card will result in two separate hard pulls.
  • If your application is pending review or denied, you can call the Reconsideration Line at 888-270-2127. They will work with you on your application right away. 

Citi:
  • You can only apply for 1 card every 8 days and 2 cards every 65 days, whether approved or not.
  • You can, however, apply for one personal and one business card on the same day, but that will result in two separate hard pulls.
  • You are not eligible for sign up bonus if you have opened or closed any same rewards earning card in the past 24 months. Be sure to read the offer terms.
  • Citi does care about the hard pulls on your credit report in the past 6 months.
  • If your application is pending or denied, you can call the Reconsideration Line at 800-763-9795. 

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