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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. It's not nearly as restrictive as Chase’s 5/24 rule or Amex's once-in-a-lifetime policy (although that's been evolving recently). Still, 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. Additionally, business cards do not seem to be included in 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. Although Bank of America's 2/3/4 rule has been formally communicated to applicants by customer service representatives, it is not officially posted online.
Bank of America limits the frequency of your applications, but it 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 Atmos™ Rewards Ascent Visa Signature® 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. We also advise against applying for two cards on the same day. Occasionally, one application could be flagged as fraudulent or erroneous.
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, it's best to get the Chase cards 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 applying for these cards after exceeding the 5/24 limit with Chase.
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 limits card welcome bonuses to once per lifetime, a policy significantly more restrictive than Bank of America's. You can still potentially qualify for new account bonuses more than once on the same card with Bank of America, so long as you're not over the 2/3/4 limits and 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 when completing your application. At that point, you can decide whether you want to withdraw or submit the application.
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.
Related: Amex Introduces Welcome Offer Eligibility Tool
Bottom Line
While we don't enjoy restrictive credit card rules, some can be more of a hassle to manage than others. Chase’s 5/24 policy means you need a long-term card strategy across all financial institutions. But with the Bank of America 2/3/4 rule, you only need a card strategy for 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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