by Ryan Flanigan
January 6, 2024
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Offers for Bank of America cards mentioned in this post have been updated as of 04/22/2024
Bank of America has a solid portfolio of cash-back and miles-earning credit cards. For those looking to earn significant rewards, there is great value to be had with the Preferred Rewards program, boosting your credit card earning rates by having a banking relationship with Bank of America. Who wouldn't want to earn 2.625% cash back or more on every purchase?
But, can you just dive right in and quickly get every credit card Bank of America offers to build a stash of rewards from numerous welcome bonuses? Unfortunately, the answer is no. Let's examine the Bank of America credit card application rules to know which cards you're eligible for and how often.
Page Contents
- Why Do I Need To Know These Rules?
- Bank of America Credit Card Application Rules
- Application frequency
- Bank of America's 2/3/4 rule
- Bank of America's 3/12 or 7/12 rule
- Bank of America's 24-month rule
- Welcome bonus restrictions
- Final Thoughts
Why Do I Need To Know These Rules?
Such is the case with all banks, it’s essential to understand credit card application rules. How many cards can you hold? Are there restrictions on how many cards you can apply for at a certain time? Can you hold more than one of the same card?
These rules have a greatimpact on how you approach your credit card application strategy. It may make sense to apply for certain cards before others — especially if you are new to credit card rewards. Thoroughly understanding application rules will help you plan a long-term, sustainable approach to earning points, miles, and cash back.
Credit card application rules can affect:
- Whether you'll be approved for a new card.
- How many credit cards you can hold at any one time from the same issuer.
- If you can receive a bonus more than once on the same card (and, if so, how long you must wait between those bonuses).
- How much credit you can access across all cards you hold with that bank.
- Whether holding certain cards from that bank makes you ineligible for some of its other cards.
Related: Understanding Rewards Credit Card Application Rules and Restrictions
Bank of America Credit Card Application Rules
Application frequency
Bank of America used to be one of the most generous credit card providers, but it has tightened the reigns recently.
The data for a maximum number of cards is inconsistent. Currently, Bank of America appears to restrict the majority of account holders to a maximum of four cards at a time. The issuer also will limit the amount of credit it will extend to you. If this happens, reducing your credit limit on existing cards may help you be approved for a new one.
Bank of America used to accept multiple applications in a single day — sometimes even for the same card. However, that doesn't seem to be the case any longer. This even can lead to potential points forfeiture or account closing. Tread carefully if you're considering this approach, and maybe opt for a more long-term strategy.
Bank of America's 2/3/4 rule
Bank of America does have application restrictions in place. Their main rule is called the 2/3/4 rule, which affects all Bank of America-issued credit cards, including co-branded cards like the Alaska Airlines Visa Signature® credit card and the Bank of America® Premium Rewards® credit card. However, data points suggest that business cards do not count when 2/3/4 is calculated.
The 2/3/4 rule means that you can open the following:
- Twonew cards per two-month period
- Threenew cards per rolling 12-month period
- Fournew cards per rolling 24-month period
This only applies to obtaining credit cards issued by Bank of America. Cards from other banks aren't counted in this rule. You are unlikely to be approved for personal or business cards from Bank of America if you fall outside of these parameters.
Bank of America's 3/12 or 7/12 rule
Another application rule concerns the number of accounts you have opened recently at any bank — not just Bank of America. This rule, while still loosely enforced, varies by whether or not you have banking accounts with Bank of America:
- If you have a deposit account with Bank of America, your credit card application will be denied if you have opened seven new cards in the past 12 months, based on what's visible on your credit report.
- If you do NOT have a deposit account with Bank of America, your credit card application will be denied if you have opened three new cards in the past 12 months, based on what's visible on your credit report.
Business cards may not be counted in this number if they don't show up on your credit report. It may be worth opening a deposit account with Bank of America to be eligible for a additional credit cards, especially since that can open the door to the higher earning rates via the Preferred Rewards program.
Bank of America's 24-month rule
Bank of America does not allow you to open a credit card account if you currently have that card or had it in the last 24 month. Bank of America's 24-month ruledoesn't seem to apply to business cards, however.
Welcome bonus restrictions
Bank of America does not have any restrictions on earning a welcome bonus more than once. In fact, you can earn a welcome bonus on the same card multiple times over the years, as long as you wait the required 24 months after receiving the last bonus on that card. Moreover, so long as you're approved for a Bank of America credit card and complete the required spending, you should receive the welcome bonus. Unlike some other issuers, it's rare to be approved for a card and later be told you weren't eligible for the bonus when opening the account.
Final Thoughts
Understanding credit card application rules and restrictions will help you develop a successful long-term travel rewards strategy. In addition, with this knowledge, you'll be less likely to waste credit inquiries on cards you aren’t likely to be approved for. Bank of America does have fairly generous credit card application rules, making it simpler to build up a solid earning portfolio with here than with some other issuers.
Remember, many of these restrictions aren't provided by Bank of America publicly. Instead, they are pulled from community data. If you receive different information from credit card issuers or have an experience outside these norms, we’d love to hear about it.
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