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Bank Of America has quietly implemented a new restriction on credit-card applications. The terms and conditions for popular cards like the Atmos™
Overview of the Current Rules
Although the new rule is simple to understand—you can't get a card if you had the same card in the last two years—prospective Bank of America applicants will also need to keep in mind the existing 2/3/4 rule which limits you to:
- Two new cards per rolling 2-month period
- Three new cards per rolling 12-month period
- Four new cards per rolling 24-month period
Fortunately, unlike Chase's 5/24 policy, the 2/3/4 rule applies only to Bank of America-issued cards. In other words, getting three Amex or Citi cards won't mean you have to wait 12 months to apply for a Bank of America card.
Our Take
This new rule comes as no surprise; almost every card issuer is adding more restrictions these days. On the positive side, a 24-month waiting period still leaves room for folks that had a card in the past to open a new account eventually. There are plenty of legitimate reasons why someone might abandon a card and later decide it's a good value. Card benefits change frequently, and with co-brand cards like the Atmos Ascent Visa Card, your home airport can make all the difference in whether you can take full advantage of a card.
It's worth noting that the 24-month language may not be present on all application pages (although at the time of writing, we weren't able to find any examples without the new restriction).
Source: One Mile At A Time
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