Many people used to apply for a large number of BofA credit cards at once, such as the Alaska Airlines credit card, and earn a lot of welcome bonuses. According to Doctor of Credit, Bank of America is finally cracking down on credit card applications. From now on, however, this strategy can no longer continue.

2/3/4 Rule

If:

  • you have already opened 2 Bank of America credit cards within 2 months;
  • you have already opened 3 Bank of America credit cards within 12 months; or
  • you have already opened 4 Bank of America credit cards within 24 months

then BofA will not approve a new credit card. However, because BofA’s system is fairly poor, it may not immediately deny your application. Instead, it may approve you first and then later notify you that your card is being closed because it was approved by mistake.

Summary

This rule is still much more lenient than Chase’s 5/24 rule. Unless you apply for a large number of BofA credit cards, this rule probably will not have much impact on you.