Does Citi have a 5/24 rule?
Yes, the famous 5/24 rule! Here’s the deal with Citi:
- First off, let’s clear up what the 5/24 rule is. It’s actually a rule that another bank (Chase) in the US uses, where they won’t approve you for a new card if you’ve opened 5 or more credit cards in the last 24 months.
- Now, coming to Citi – they don’t have an official 5/24 rule like Chase does. At least, not in India.
- But, and this is a big but, Citi does look at your recent credit activity when you apply for a new card. They just don’t have a hard and fast rule about it.
- If you’ve opened several credit cards recently (whether from Citi or other banks), Citi might view this as a risk factor. It doesn’t mean automatic rejection, but it could affect your chances.
- Citi is more interested in how you’ve managed your existing credit. If you’ve been responsible with your current cards, that’s more important than how many you’ve opened recently.
- Some people in India have reported getting approved for Citi cards even after opening several other cards in the past two years. It really depends on your overall credit profile.
- Remember, Citi also looks at things like your income, credit score, and your history with Citi if you’re an existing customer.
- If you’re worried about how your recent credit card applications might affect your chances with Citi, you can always call their customer service for advice before applying.