The major credit card issuers have been adding restrictions on who they’ll approve for new cards, especially based on how many cards that person has applied for lately. They’re trying to prevent people from “gaming,” and applying for cards just for bonuses, etc.
It looks like the latest card issuer to add restrictions on credit card applications is Bank of America. Doctor Of Credit first wrote about this anecdotally over a week ago, but has since received confirmation. It appears as if Bank of America has a new policy where they’ll only approve you for at most two cards per rolling two months, three cards per rolling 12 months, and four cards per rolling twenty four months.
It’s also worth noting that:
- We’re not sure if business cards count towards this total or not
- A Bank of America representative can override this based on a customer relationship, but it’s unlikely that they’ll do so unless there’s a compelling reason
- In some cases people are being approved for cards and then shortly thereafter having them canceled, being told it was an “approval in error”
Personally I don’t view this as a huge deal, as Bank of America doesn’t have as many lucrative cards as some other issuers (my favorite Bank of America card is the Alaska Visa). Furthermore, this rule only restricts how many Bank of America cards you can be approved for, and says nothing regarding your chances of being approved based on how many cards you’ve applied for with other issuers.
To recap some of the most significant restrictions of the other major card issuers:
- American Express will only let you earn the sign-up bonus on a given card “once in a lifetime”
- Chase typically won’t approve you for a card if you’ve opened five or more new card accounts in the past 24 months, though some cards are excluded from that policy
- Citi limits you to earning one sign-up bonus in each “family” of cards once every 24 months
Will you be impacted by Bank of America’s new restrictions?