Understand Bank of America Credit Card Rules and Requirements

Bank of America credit cards have certain rules and requirements that you should be aware of to make the most of your card. To avoid any surprises or penalties, it's essential to understand these rules.

You can earn 1-3 points for every dollar you spend on Bank of America credit cards, depending on the card type. The points can be redeemed for cash, travel, or other rewards.

To qualify for the 25% to 75% bonus rewards, you need to have a Bank of America checking or savings account linked to your credit card. This is a requirement for earning the bonus rewards.

You can choose to pay your credit card bill online, by phone, or by mail, but you'll need to make the payment at least five days before the due date to avoid late fees.

Curious to learn more? Check out: Rules for Business Credit Cards

Bank of America has a few rules in place to regulate credit card applications. These rules can affect whether you're approved for a new card, how many cards you can hold at any one time from the same issuer, and more.

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The 2/3/4 rule is one of Bank of America's main application restrictions. It states that you can open two new cards per two-month period, three new cards per rolling 12-month period, and four new cards per rolling 24-month period. Business cards don't count towards this limit.

Bank of America also has a 3/12 or 7/12 rule, which varies depending on whether you have a deposit account with the bank. If you do, your credit card application will be denied if you've opened seven new cards in the past 12 months. If you don't have a deposit account, you'll be denied if you've opened three new cards in the past 12 months.

Here's a summary of Bank of America's credit card application rules:

Bank of America has a 25-day grace period for payment, during which no interest is charged on purchases made with their credit cards.

The bank allows cardholders to make payments online, by phone, or through their mobile app.

Bank of America's late payment fee is up to $38, but this can be waived if the payment is made within 60 days of the due date.

Their credit cards have a cash advance fee of up to 5% of the amount advanced, with a minimum fee of $10.

Bank of America's credit cards do not have foreign transaction fees.

Their credit cards have a minimum payment requirement of 2% of the outstanding balance, or $25, whichever is greater.

Bank of America's credit cards have a credit limit increase available after 6 months of on-time payments.

Their credit cards have a credit limit decrease available after 3 months of missed payments.

Bank of America's credit cards have a 3% cash advance fee on ATMs outside the US.

Related reading: Bank of America Minimum Payment Credit Card

Bank of America's rules can be a bit complex, but understanding them will help you navigate the credit card application process.

You can hold a maximum of two new Bank of America credit cards per two-month period, three new cards per rolling 12-month period, and four new cards per rolling 24-month period.

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The 2/3/4 rule applies to all Bank of America-issued credit cards, including co-branded cards and personal cards, but business cards do not count towards this limit.

If you have a deposit account with Bank of America, you'll be denied a credit card application if you've opened seven new cards in the past 12 months. Non-deposit account holders are limited to three new cards in the past 12 months.

Business cards may not be counted in this number if they don't show up on your credit report.

Bank of America also has a 24-month rule that prevents you from opening a credit card account if you currently have that card or had it in the last 24 months.

You can earn a welcome bonus on the same card multiple times over the years, as long as you wait the required 24 months after receiving the last bonus on that card.

Here's a summary of Bank of America's rules:

Keep in mind that these rules are subject to change, and it's always a good idea to check with Bank of America directly for the most up-to-date information.

When choosing a credit card, it's essential to consider the pros and cons of each option. BankAmericard credit card has a low balance transfer intro APR for 18 billing cycles.

A low purchase intro APR for 18 billing cycles can also be beneficial for those who want to make purchases without accumulating interest. This can be a great advantage for people who need to make large purchases.

One significant drawback is the very high regular APR, which can lead to a substantial amount of interest if not paid off promptly. A balance transfer fee of 3% is another con, as it can add up quickly.

Fortunately, BankAmericard credit card has no annual fee, which can save you money in the long run.

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The Bank of America Customized Cash Rewards credit card offers flexible rewards that can be tailored to your spending habits. You can choose from six categories, including dining and online shopping, to earn 3% back on purchases.

In the dining category, you'll earn 3% back on purchases made directly from an eatery, including orders made through third-party delivery services like DoorDash or Uber Eats. This means you can earn rewards on food delivery purchases.

If you select online shopping as your 3% back category, that rate applies to any grocery delivery transaction made online, assuming the merchant category code is "grocery". This can be a great way to earn rewards on online grocery orders.

The card also offers 2% back at grocery stores and wholesale clubs, but this rate only applies to purchases made at these types of stores, not online. However, if you select online shopping as your 3% back category, your online grocery purchases will earn 3% back, not 2%.

To give you a better idea of how the rewards work, here's a breakdown of the categories and their corresponding rewards:

Keep in mind that the 2% back rate at grocery stores and wholesale clubs only applies to the first $2,500 of combined bonus category/grocery store/wholesale club spending per quarter. After that, the rate drops to 1% back.

For another approach, see: Bank of America Cash Credit

You're limited to 1 approved credit card every 5-day rolling period and 2 approved credit cards every 90-day rolling period.

Applying for multiple credit cards in a short period can be risky, as you may be denied for the second application.

You can apply for 1 credit card and 1 charge card on the same day, but be aware that applying for 2 credit cards may result in a denial.

This rule only applies to credit cards, not charge cards, so you have more flexibility with charge card applications.

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If you're looking for alternatives to the Bank of America credit card, there are several options to consider. The Citi Double Cash Card offers a 2% cash back rewards rate and a $200 bonus offer.

The BankAmericard credit card and the Discover it Secured Credit Card are also worth exploring. Both cards offer 0% intro APR for 18 billing cycles, but the BankAmericard credit card has a regular APR of 15.24% - 25.24% Variable, while the Discover it Secured Credit Card has a regular APR of 27.24% Variable.

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The Citi Double Cash Card has a higher regular APR of 18.24% - 28.24% (V), but it also offers a 0% intro APR for 18 months on balance transfers, with a 3% intro fee ($5 min) for each transfer in the first 4 months. The Discover it Secured Credit Card has a 10.99% intro APR for 6 months on balance transfers, with a 3% intro balance and up to 5% fee on future balance transfers.

Here's a comparison of the fees for these cards:

Ultimately, the best alternative to the Bank of America credit card will depend on your individual needs and financial situation. Be sure to carefully review the terms and conditions of each card before making a decision.

Bank of America credit cards come with a range of APRs, but the BankAmericard credit card has a specific intro APR offer.

The BankAmericard credit card offers a 0% intro APR for 18 billing cycles, which is a great deal for those who need to finance a purchase.

After the intro period ends, the APR jumps to a variable rate between 15.24% and 25.24%, which is a higher rate than some other credit cards on the market.

You'll want to make sure you pay off your balance before the intro APR period ends to avoid accumulating interest charges.

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To get a Bank of America credit card, you'll need excellent credit.

The issuer requires a good credit history to approve your application.

Bank of America doesn't provide the review, it's our own opinion.

We're not affiliated with the issuer, so take our ratings for what they're worth.