Rumor: ANOTHER Card Issuer Getting Stricter With Approvals?
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Via Doctor of Credit, Bank of America may be growing less generous with their credit card approvals!
Some folks are reporting Bank of America will soon be restricting folks to opening 3 Bank of America cards per rolling 12-month period. And others seem to think the rule has already kicked in!
I’ll tell you why this is NOT a big deal for most.
Bank of America to Make Credit Card Approvals More Difficult?
In the past, folks could get the same Bank of America credit card every 30 days. But a year ago, Bank of America changed their rules to every 90 days.
Now, we’re hearing rumblings of that rule tightening to 3 cards per rolling 12-month period, or 1 card every 120 days. We don’t know for sure that it’s true, but multiple reports support the claim.
How Bad Is This News?This change shouldn’t affect most folks. Even if the rumor is true, Bank of America is still one of the most generous card issuers. The only ones who will notice this rule are those who aggressively sign-up for Bank of America cards.
For example, Chase will NOT approve folks for most of their cards if they’ve opened 5+ cards from any bank (NOT counting Chase business cards and these other business cards) in the past 24 months. And Citi restricts folks from earning the sign-up bonus from more than one card of the same “brand” within 24 months.
Bank of America is only restricting folks from earning 3 Bank of America credit card bonuses per year – instead of 4. And there aren’t a lot of worthwhile Bank of America cards anyway.Note: Data points show that Bank of America business cards do NOT count against the rule.
Bank of America may have a new rule to discourage folks from opening the same credit cards multiple times per year. The rumored rule restricts folks to opening no more than 3 Bank of America card per rolling 12-month period.
Again, this rule is NOT confirmed. But I’ll let you know if we hear something official!
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