At the end of 2017, Doctor of Credit announced the Bank of America 2/3/4 rule. Prior to that, it was possible to churn Bank of America cards once every quarter. While the 2/3/4 rule is more restrictive than previous, they could be considered more reasonable than similar rules imposed by other banks.
What is the Bank of America 2/3/4 Rule?
While it may seem complicated initially, the Bank of America 2/3/4 rule should be one of the easier approval rules to work with. At most, Bank of America will only approve:
- two cards within a two month period
- three cards within a 12 month period
- four cards within a 24 month period
It’s important to note that the time periods are rolling so they don’t just reset after every 2, 12, or 24 months.
Unlike the Chase 5/24 rule, the Bank of America 2/3/4 rule only applies to cards that are issued by Bank of America. It also looks like the restriction only applies to personal cards and not business cards however, that could always change.
What should I do?
If you are just starting to apply for your first round of credit cards, spend some time studying up on other bank’s restrictions. It’s also good to note that while the rules can be restrictive, sometimes there are exceptions to the rules.
After you have a base understanding of the rules, you can start putting your application strategy together. If you are looking for a good example, Ian wrote a great post at the beginning of 2017.
If you already have a few credit cards under your belt, these same suggestions still apply. You will also need to go back through your records and map out your application dates to ensure you won’t get stuck with an unnecessary denial due to the Bank of America 2/3/4 rule and others.
Have you run into any issues with the Bank of America 2/3/4 rule?