Source: Gary Leff - View from the Wing
If you’ve opened 5 or more new credit cards in the past 24 months, most people are excluded from many new Chase credit cards.
Only a small percentage of people sign up for 5 new cards in 2 years. Those who do spend less on each card, and keep cards for less time, than average. So the bank figures it is excluding unprofitable customers who want earn back the cost of signup bonuses.