【2022.10 Update】Now BofA's business credit cards also have a 24-month restriction. If this business entity (EIN-based) has had this card within the past 24 months, a new application may be declined. At this point, all of BofA's personal and business cards have a 24-month restriction

I also understand that I may be declined for additional credit card accounts if my business entity currently has, or has had, another business card with Bank of America in the preceding 24 month period

And most of its personal cards now also use the same 24-month language, meaning you need to wait 24 months after closing a card before applying again for the bonus

This card may not be available to you if you currently have or have had the card in the preceding 24 month period.

Overview of BofA's 24-Month Rule

Recently, many readers have noticed that the terms on BofA's credit card application pages now include 24-month restriction language. There are currently three scenarios, listed below:

Personal Cards

The terms for the following personal cards all contain the same language (2022.10 update): put simply, if you have had this card, or currently have this card, within the past 24 months, you cannot get it again. That means you must wait at least 24 months after closing the card before applying again. Considering that most people keep a card for at least a year after earning the signup bonus, the earliest time to reapply for the bonus is at least 36 months!

Business Credit Cards

Now BofA's business credit cards also have a 24-month restriction. If this business entity (EIN-based) has had, or is currently holding, any business card within the past 24 months, a new application may be declined. That means you must wait at least 24 months after closing the card before applying again. Considering that most people keep a card for at least a year after earning the signup bonus, the earliest time to reapply for the bonus is at least 36 months!

I also understand that I may be declined for additional credit card accounts if my business entity currently has, or has had, another business card with Bank of America in the preceding 24 month period

The affected business cards are:

Third Category: No Known Impact Yet

The following cards are not affected for now, or לפחות their terms do not include 24-month language.

Ways to Potentially Bypass the Restriction

For restrictions written into the terms like this, you can usually tell whether the restriction applies simply by checking the terms when you apply. Based on past experience with Chase cards, AMEX cards, and Citi card restrictions, possible ways around it may include:

  • Targeted offers: such as mailed offers with an RSVP code; offers shown after logging into online banking under "offer for you"; or preselect offers
  • Old links: some older application links may not yet include this 24-month rule
  • Co-branded versions of similar cards: for example, Cash Rewards may have NFL or other versions, and the terms may not necessarily include restriction language

Again, no matter which route you use, be sure to check the terms of the offer when applying (just search for "24") to see whether any restriction applies. In addition, the terms only say that the card is not for you and do not mention the signup bonus. If you successfully get the card through some method, the signup bonus should theoretically not be affected.

Impact on Our Credit Card Applications

Our application strategy will definitely change as bank rules change. Under this system, it actually has no impact on applying for cards from other banks. For BofA's own restricted cards, the personal cards do not affect one another, so you can apply for each card in rotation, product change or close the card after a year, and apply again three years later to get the bonus. Business cards are more troublesome. If this rule has already been enforced by the system, then you can only choose one good business card to apply for.

Overall, BofA's 24-month rule is only an internal restriction on its own cards. It is still much looser than Chase's 5/24, AMEX's once-in-a-lifetime bonus, or Citi's same-card 24-month rule.