New Application Rules for Bank of America Credit Cards
Bank of America has long been one of the more lenient credit card issuers. But recently they have followed other banks and have added restrictions to new credit card accounts and bonuses. They’re still more accessible than American Express that only lets you get one bonus per card, or Chase that denies you for having 5 new cards in the last 24 months.
We have known for a while about their 2/3/4 rule and the fact that having an account made it easier to get approved. Now there’s more information on rules when it comes to applying for Bank of America credit cards.
New Application Rules
The new reports come from Doctor of Credit and Reddit. They reveal two restrictions:
- If you have a deposit account with Bank of America – Your credit card application will be denied if you have 7 new cards in the past 12 months.
- If you do NOT have a deposit account with Bank of America – Your credit card application will be denied if you have 3 new cards in the past 12 months.
These new restrictions look at all new credit cards, not just Bank of America cards. This is similar to the Chase 5/24 rule. Howeber, it does not seem to be a hard rule. It might be bypassed for some and even overridden manually. Here’s an example.
It is not clear yet if these rules apply to personal card only, or business cards as well.
I suspect that these rules have been in effect for a while now. But we’re just learning about them. Bank of America has declined application for many recently. And it was common knowledge that having an account made it easier to get approved. These rules validate that, and give more clarity to the process. Let me know if the comments if you have applied for Bank of America cards recently. And whether your experience is in line with these rules, or contradicts them.