Overview
One of the biggest characteristics of BofA credit cards is consistency. The benefits are generally straightforward and practical, without too many flashy gimmicks, and most of the cards have no annual fee. Over the years, BofA has mostly just made gradual updates to keep its card benefits in line with the times, without really moving much into the premium-card space. Overall, it seems content to stay in its lane, with checking and investment accounts appearing to be its main long-term focus.
Application
1. You need to be a Resident to apply for a BofA credit card online. When applying online for a BofA credit card, if you choose Non resident alien, you will not be able to continue and must call in to apply. However, BofA’s definition of Resident alien is different from the IRS definition of Resident alien for tax purpose. No matter what status you used to enter the U.S., as long as your total days physically present in the U.S. within two years reaches 183 days, you should choose Resident Alien. If you have just arrived in the U.S. and cannot meet this requirement, please follow the prompt on the online application and call 1.800.932.2775 to apply.
2. BofA’s welcome bonus rules are pretty quirky, and they vary by situation. If you apply for a BofA credit card in branch, there is usually no welcome bonus, and you may not even be able to match the online offer, so make sure to check the application details carefully. Online offers are usually fixed, but sometimes special leaked links appear that offer a higher bonus. For co-branded cards, using a mock booking flow may get you additional statement credit bonuses, such as with alaska and Amtrak. BofA may also send targeted mail offers with better bonuses.
3. BofA does not have a strict limit on the total number of cards you can hold, but it does have a limit on your total credit line, so sometimes a new approval requires moving credit from another card. That said, some people do report being limited to 4 total cards. Students may be limited to 2 credit cards.
4. When applying for BofA credit cards, pay attention to the 2/3/4 rule. You can be approved for at most 2 cards within 2 months, 3 cards within 12 months, and 4 cards within 24 months. However, BofA’s systems are not great, and sometimes a card may initially be approved but later get shut down.
5. For BofA credit card applications, HPs on the same day can be combined. However, sometimes personal and business credit card applications can be merged, and sometimes they cannot.
6. BofA credit card welcome bonuses can be earned more than once, but there is a 24-month restriction. Cash Rewards and Travel Rewards can only be churned after holding the card for 24 months, though you can hold multiple copies at the same time. For Alaska and Premium Rewards, you cannot churn while currently holding the card, so you can only have 1 at most. To churn, you must not have held that card in the past 24 months. The 24-month rule has also been added to business cards. For details, see: Bank of America (BofA) Also Introduces a 24-Month Rule Limiting Applications
7. After applying for a BofA card, you can call reconsideration to speed up the approval process or have a denied application reviewed again by a specialist. After calling, you will need to verify your identity and address. The specialist may review your application on the spot and ask about items on your credit report. They may also ask you to move credit line from another card in order to approve the new card. For more details: Introduction to Reconsideration for Credit Card Applications
8. BofA welcome bonuses can be matched. You will need to call customer service or a more senior service representative.
Usage
9. After a BofA application is approved, only the Alaska card gives you the card number immediately. You can use it right away for online purchases or add it to Apple Pay. For other cards, you need to wait for the physical card to arrive by regular mail.
10. If you want to increase a card’s credit limit, it is only a soft pull. You can also move credit limits among different cards, and that also only requires a soft pull.
11. BofA’s rewards cards offer extra bonuses for Preferred Rewards customers, and even the welcome bonus can receive the percentage boost from elite account status! This includes Cash Rewards, Travel Rewards and Premium Rewards. Regular BofA Checking/Saving customers can get an extra 10% rewards bonus. BofA Gold (Checking + investment accounts >$20,000) gets an extra 25% rewards bonus. BofA Platinum (Checking + investment accounts >$50,000) gets an extra 50% rewards bonus. BofA Platinum Honors (Checking + investment accounts >$100,000) gets an extra 75% rewards bonus
12. BofA cards come with a free museum benefit. On the first weekend of each month, you can get free admission to more than 200 museums nationwide simply by bringing your boa credit card or debit card and your id. Authorized users also qualify. You can check the full museum list at the link below: 2019 BofA Free Museum List
13. BofA cards can be product changed, but only from a co-branded card or a BofA card to another BofA card. For example, alaska can be converted to cash rewards, but not the other way around. Better Balance Rewards can be converted to Cash Rewards.
14. BofA can let you refer friends. However, this is usually a targeted promotion, and you typically need to receive a specific email and use a designated link in order to Refer.
Closing Cards
15. If you close a BofA credit card after the annual fee posts but before the next statement closes, you can still get a full refund. If you change your mind within 6 months after closing the card, you may be able to reopen it, but there will be an HP. That said, this may also depend on your relationship with BofA (how much money you have with them).
16. If you call to close a card, there is a good chance customer service will offer a Retention Offer, and the offer usually varies based on your spending. To keep you from canceling, the representative may offer to waive the annual fee for that year, give extra miles, or provide additional spending bonuses as a Retention Offer. See also: Analysis of Credit Card Retention Offers
17. You can lower the credit limit to the minimum before closing the card. As mentioned earlier, BofA has a limit on your total credit line for new cards. If you do not reduce the limit first, that credit capacity may remain tied up for a while.