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Bank Of America Adds 24 Month Restriction to Card Applications Bank Of America Adds 24 Month Restriction to Card Applications

Bank Of America Adds 24 Month Restriction to Card Applications

Sam Helmy
by Sam Helmy
July 9, 2019
52
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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 Alaska Airlines Visa Signature® credit card have been updated with new language stating that the card will not be available to you if you currently have or have had the card in the preceding 24-month period.

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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 Alaska 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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