Bank of America recently implemented a new credit card application rule that will restrict the number of sign-up bonuses you’ll be able to earn on some of their credit cards.
Going forward, you won’t be able to get certain Bank of America cards if you’ve had the card in the last 24 months. It’s similar to restrictions Citi has on certain types of credit cards.
For me personally, these changes aren’t a huge deal, as I find most of the best credit cards for travel are issued by other banks like Chase or American Express. But here’s more about these changes and how they might affect you! And be sure to subscribe to our newsletter if you want to stay up to date on the latest travel credit card news.
Bank of America Adds Credit Card Sign-Up Bonus Restrictions
The idea that nothing lasts in the miles & points world has been proven once again with these new restrictions from Bank of America.
The exact rules vary by card, so be sure to check the fine print when applying for any Bank of America card going forward. But the rules regarding the Alaska Airlines Visa Signature credit card and the Bank of America®️ Premium Rewards®️ Visa®️ credit card are the most restrictive.
The terms of the Alaska card state:
This card will not be available to you if you currently have or have had the card in the preceding 24 month period.
And the terms of Premium Rewards card state:
This Premium Rewards card will not be available to you if you currently have or have had a Premium Rewards card in the preceding 24 month period.
Essentially, you won’t be eligible for either card if you currently have it or have closed it within the last 24 months. Meaning you’ll have to wait 24 months after you’ve closed either of these cards to be eligible to earn the sign-up bonus again.
One interesting exception to these new rules is that they currently do NOT apply to the Alaska Airlines Visa® Business credit card.
Two other Bank of America Cards, the Bank of America® Cash Rewards credit card and the Bank of America® Travel Rewards Visa® credit card, have slightly different restrictions.
The Cash Rewards card’s terms say:
This Cash Rewards card will not be available to you if you currently have a Cash Rewards card unless you have had that Cash Rewards card for at least 24 months.
And for the Travel Rewards card:
This Travel Rewards card will not be available to you if you currently have a Travel Rewards card unless you have had that Travel Rewards card for at least 24 months.
In addition, Bank of America also has what is know as the “2/3/4 rule.” The way it works is you can only be approved for 2 Bank of America credit cards every 2 months, 3 every 12 months, and up to 4 every 24 months.
Again, nothing lasts forever in the world of miles & points! Will these new rules affect your credit card strategy going forward?
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Hat tip: The Points Guy
I see that it says in the terms and conditions for business credit cards – one bonus per business. Are their business credit cards churnable if you close and then apply for the same credit card at a later date, or if you have earned the bonus before under that business would you not be eligible?