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In late 2017, Bank of America instituted a rule for credit card applications, now known as the 2/3/4 Rule. While not nearly as restrictive as Chase’s 5/24 rule or Amex's once-in-a-lifetime policy, this does place restrictions on new card approvals based on the number of credit cards you've opened recently.
This is just one of Bank of America's application restrictions. The 2/3/4 rule should impact how you approach your credit card application strategy. It may make sense to apply for certain cards before others. Thoroughly understanding application rules will help you plan a long-term, sustainable approach to earning points, miles, and cash back.
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What Is the Bank of America 2/3/4 Rule?
The 2/3/4 rule restricts the number of new Bank of America credit cards you can open in a given time. The rule limits you to:
- Two new cards per two-month period
- Three new cards per rolling 12-month period
- Four new cards per rolling 24-month period
This only applies to obtaining credit cards issued by Bank of America, like the Bank of America® Travel Rewards credit card. Cards from other banks aren't counted in this rule. Also, business cards do not appear to be counted as part of the 2/3/4 Rule.
You are unlikely to be approved for personal or business cards from Bank of America if you fall outside of these parameters. While Bank of America's 2/3/4 rule has been formally communicated by the customer service representatives to applicants, it is not posted online anywhere as official policy.
Although Bank of America limits the frequency of your applications, the issuer doesn't have a hard limit on the number of its credit cards you can hold at a time. Additionally, Bank of America will limit the total credit it's willing to extend to you based on your stated income and spending habits. If you run into issues with approvals based on the amount of credit already extended to you, you may need to lower your credit limits on your existing cards in order to get approved for new ones.
The 2/3/4 rule means you could apply for two Bank of America cards within the same month, such as the Alaska Airlines Visa Signature® credit card and Bank of America® Customized Cash Rewards credit card. If you apply for a third card within two months, a fourth within 12 months, or a fifth within 24 months, you will almost certainly be denied. Also, we don't recommend applying for two cards on the same day, as occasionally, one application could be flagged as fraud or erroneous.
Do note that Bank of America has a separate rule for card applications that considers the number of accounts you've opened across all banks.
How 2/3/4 Differs from Chase’s 5/24
The 2/3/4 policy is starkly different from Chase’s 5/24 rule, which can be much more restrictive and difficult to manage. The fundamental difference is that the 2/3/4 policy only applies to cards issued by Bank of America, while Chase’s 5/24 applies to cards from all card issuers.
Bank of America isn’t focusing on what you are doing with other card issuers. Instead, it's limiting your ability to obtain new cards from its portfolio within a given period.
If you are new to credit cards, you are better off getting the Chase cards that you want first. Once you go over the 5/24 limit, the Chase ecosystem essentially closes itself off completely until you get back under 5/24, which has opportunity costs. Bank of America is much more lenient in comparison. We recommend that you look into applying for these cards after you have gone over the 5/24 limit with Chase, although every individual's needs may vary.
Related: Why Starting With Chase Cards Matters if You're Under 5/24
How 2/3/4 Differs from Amex's Once-in-a-Lifetime Bonus
American Express’ policy of limiting card welcome bonuses to once per lifetime is significantly more restrictive than what Bank of America is doing. You can still potentially qualify for new account bonuses more than once on the same with Bank of America, so long as you're not over the 2/3/4 limits and that you'd otherwise qualify for a new card account.
Most American Express offers contain language saying that you're not eligible for that card's bonus if you have or have had (in the past) that particular card. That's true even if you didn't earn a welcome bonus on that account. If that's the case, Amex may display a pop-up window stating that you aren't eligible for the bonus during the process of completing your application. At that point, you can decide whether you want to withdraw or submit the application.
Related: Everything To Know About The Amex Welcome Offer Eligibility Tool
Bank of America's 2/3/4 is fairly straightforward by comparison, eliminating that guesswork. If you have kept track of your recent Bank of America applications, you'll know whether the rule applies to you.
Bottom Line
While restrictive credit card rules are never something we enjoy, some can be much more of a hassle to manage than others. While Chase’s 5/24 policy means you need a long-term card strategy across all financial institutions, the Bank of America 2/3/4 rule means you only need to come up with a strategy for cards from one issuer. This leaves you plenty of options for cards issued by other financial institutions. With this knowledge, you'll be less likely to waste credit inquiries on cards you aren’t likely to be approved for.
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