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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™ Rewards Ascent Visa Signature® 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.
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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I’m surprised this wasn’t a rule already.
Thanks for letting me know.
I haven’t realized this information so far.
It was going to be kind of dangerous to me.
I’m surprised it took this long. I don’t see how they make much money from churners (unless you use the card well beyond the minimum spend). I could be wrong though.
Sad… Planning to get another one…
So many restrictions!!!
They should just ban the people that apply and dump their cards…..that ought to level the field for everyone…
Thanks. I wasn’t aware of the 2/3/4 either.
I will be eligible to apply again in 6 months. I’ll try for the Alaska Air cards again at that time. BOA is small potatoes in the miles and points world. Unless you are new to credit cards, I still believe that Chase becomes the biggest loser over time with their insane 5/24 rule restrictions.
Time to change banks.
The new rules still leave room to rotate between banks.
This isn’t surprising at all. The surprise is that it didn’t happen sooner.
Happy that it is exclusive for BofA
I wonder who is next
RIP in churning the alaska card. damn
As long as the economy is doing well the banks can impose these sorts of restrictions. When the economy cycles back in the other direction (and it will) the banks will again need to incentivize new accounts.
Not too surprising, given the level of churning some people were doing. 2/3/4 was already a pretty decent deterrent – but maybe not as much as BOA’s lack of decent cards.
No surprise here. Wonder if they will be more reluctant to close inactive accounts?
yes this was coming. BOA cards are ok…
Yeah, not much of a loss.
Certainly a blow to Alaska churners, but at least they didn’t got to once a lifetime like Amex.
Yea definitely no surprise. May be a matter of time before this restriction becomes 48 months.
Remember the time a certain blogger applied for 5 AS cards in the same day? Truthfully, I’m surprised we’ve haven’t seen such restrictions much sooner.
Thanks for the update! More cards are following Chase!
Thanks for keeping us informed. I don’t have any B of A travel cards (just one regular B of A card I got long ago to utilize the free balance transfer option). I may get some in the future though so it nice to know I should choose carefully.
I think this only matters if you are interested in getting a BOA card and really I can’t see why anyone would want one. They really aren’t offering what I want, but I have done other banking with them since 1987.
You should consider banking elsewhere. They are not a great company, and there are lots of much better banks out there
They have some decent bonuses – Alaska and Virgin
It is very important to be aware of the rules. Changes to application frequency have become common.
Think that this is the way of the future from the company’s perspective as the bonuses are to serve to pull in good clients that are going to stay. They are not supposed to be giveaways. I am disappointed by the changes. However, my expectations are that they will all tighten up their qualifications and restrictions to better serve their purposes.
As these restrictions become more common, the focus for points earning has to shift from churning to maximum earning from regular spending. I’m more comfortable with the latter anyway.
I knew this was coming one day.
So it looks BofA finally copied the language from Citi, just when Citi is moving to the new 48-month language.
For Citi, do I have to wait for 48 months after closing before applying/getting the bonus from the same product?
There should be a way to track whether you’re eligible for this or not without digging into your credit report.
I’m sorry to hear this, but I’m also not surprised!
Likewise. And it certainly isn’t the end.
If it improves their customer service that’s a win
People need to stop churning cards like there’s no tomorrow.
Otherwise, more and more restrictions will be implemented and the whole game will die.
If there’s one thing to be learned in this sort of business, it’s hit it hard, fast and continuously. The golden goose will be killed, you might as well get yours while you can.
ok we’ll stop…
Looks like more banks imposing similar restricting from you churn cards.
All the churners are have a tougher time because of these restrictions…..
Not all of them. 🙂
I’m not surprised that BoA has done this since Citi just did. I do agree there are lots of reasons why someone wouldn’t want a card and then see that it benefits them at another time.
With these changes, I do wonder what the next restriction would be once they see more people using this new rule.
These restrictions are in place because of the abuse of the system by few folks. Not surprising change.
“Abuse”? That word is doing a lot of heavy lifting when referring to CC companies and banks….
The few folks abusing the system are the banks, right? Just joking, but not really.
Constantly opening and closing cards isn’t abuse? It’s not illegal or against the rules but is certainly against the spirit and intent hence now the rules are quickly changing to fix this.
Well, it’s definitely not *only* new folks that are the heaviest hitters (churners). Although I do agree, the change is not surprising, it’s becoming industry standard.
Not abuse! Just fair play by the rules. Companies have absolutely no qualms about operating right up to the edge of the rules as stated so why should we?
Agreed; churning does not automatically mean ‘abusing the system’, or “breaking the rules”! Still, if enough people pound a card with frequent apps and quick cancellations, eventually there will be a ripple in the water that will get noticed.
That is fair.
Thanks for the update!