Does Bank of America Have a 5/24 Rule? (2024)

FAQs

Does Bank of America Have a 5/24 Rule? ›

No, Bank of America does not have a 5/24 rule, which means Bank of America will not automatically reject an application just because you've opened five or more credit card accounts during the past 24 months. The only company rumored to have a 5/24 rule is Chase, but Chase has never openly stated that the rule is real.

Unlike Chase's 5/24 Rule, which considers credit cards from all issuers, BoA's 2/3/4 Rule is exclusive to credit cards issued by BoA itself. It's important to highlight that this rule is applicable solely to personal credit card applications.

Because the 5/24 rule only applies to Chase credit cards, it's best to apply for the credit cards you want from Chase first. Once you have the Chase cards you want, you can expand to other issuers. Of course, you'll have to adhere to the rules that apply to the other banks.

If you've opened four or fewer new accounts in the last two years, you won't be subject to the 5/24 rule. If you're at five new accounts or more, you'll need to wait until your older accounts age past the 24-month mark.

Bank of America application restrictions

According to cardholder reports, Bank of America uses a 2/3/4 rule: You can only be approved for two new cards within a 30-day period, three cards within a 12-month period and four cards within a 24-month period.

3/12 rule. Anecdotally you generally won't be approved for Bank of America cards (business or personal) if you've opened three or more new credit cards with all issuers in the past 12 months (much like with the Chase 5/24 rule, most business cards don't seem to count toward that limit).

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

How often does BoA increase credit limit? Bank of America usually increases credit limits no more than once every six months.

The Bank of America card that gives the highest credit limit is the Bank of America® Customized Cash Rewards credit card, which has a reported maximum limit of $95,000. Your individual limit will be determined based on your credit history, income, outstanding debts, and other factors.