That's incorrect. Chase isn't counting inquiries for 5/24, it's scouring your credit report for bank cards with "opened on" dates in the past 24 months.

Three big differences:

1. Inquiries only go to one bureau typically, and are invisible if the next bank pulls a different bureau. Opened card accounts go to all 3 bureaus. So the next bank sees very close to the same thing no matter which bureau they pull if they go by opened accounts, but they see very different things depending on which bureau they pull if they go by inquiries.

2. Inquiries are merged (2 or more into 1, by the bureau, not by the bank) in some cases where someone applies for multiple cards from the same bank on the same day. But each approved card in such a case appears separately on the credit report. On the other hand, inquires are generated for applications even if denied, but obviously denials don't put a card on your credit report.

3. On the other hand, applying for a business card generates an inquiry, but business cards (in good standing) don't tend to appear on your credit report. So Chase can't see them, and doesn't count them toward 5/24.

Chase is counting inquires separately, but they need way more inquiries than you'd get if you "pass" 5/24 to deny out. So the inquiries denials only tend to happen for cards that are exempt from 5/24, or from someone who did an AOR (App-o-Rama: applying for a bunch of cards in a very short time) and those cards are too new to have appeared on their credit reports yet. (New cards take a month or two typically to appear on a credit report.)