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Editor’s note: This is a recurring post, regularly updated with new information.
Since credit card sign-up bonuses represent some of the best ways to rack up a large number of points and miles, it’s critical to understand the various application restrictions from major issuers. One of the most important among these is Chase’s 5/24 rule, which says that Chase will automatically reject your application if you’ve opened five or more credit cards in the last 24 months across all issuers (excluding most business cards).
It can be confusing to understand the practical implications of this restriction, and TPG reader Aaron wants to know whether new inquiries or new accounts are used to determine 5/24 status:
I just applied
For the tens of millions of Americans who have lost their jobs, there is another frightening reality to absorb: amid a global health pandemic, they no longer have health insurance. This is one of the big problems with having insurance linked to a workplace plan, but for more than 156 million Americans, or just under half of the country’s total population, that’s the coverage they have.
According to healthcare advocacy group Families USA, layoffs between February and May meant that 5.4 million workers lost their health insurance coverage — “an increase nearly 40% higher than the largest previous annual increase in uninsured adults ever recorded.” If you suddenly find yourself uninsured, there are three choices for coverage: COBRA, the Affordable Care Act, and Medicaid.
Let’s start with COBRA (Consolidated Omnibus Budget Reconciliation Act), the federal rule that requires group health plans