There has been multiple reports in the last 48 hours of Bank of America closing some credit card accounts (here, here & there). At this stage we aren’t 100% sure why accounts are being closed, regular customer service representatives are unable to provide any details – simply telling customers that they will receive a letter in the next few days explaining the decision.
All of the data points I’ve seen seem to remove accounts so that the consumer has a maximum of four open credit cards (e.g if they had ten, six will be close). They seem to be closing cards with the lowest credit limit first (e.g if you have cards with limits of $10k, $5k, $4k, $4k, $4k, $8k, $3k then they’d close the 3k account first and then the 4k accounts until you had a total of four open credit cards).
It’s also unclear how you’ll be able to pay existing balances on the card and if your rewards will be forfeited or not. Please share your datapoints in the comments below, we will update this post as the story develops.