Posted by William Charles on January 30, 2017
Credit Cards

Published on January 30th, 2017 | by William Charles


Bank of America Closing Some Credit Card Accounts (Limit Of Four?)

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.

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Why is it any mystery how one will be able to pay down existing balances? Same as any closed account, I’d presume?

I received a letter saying my card is to be closed Feb 8. I received the letter about a month ago. It’s my oldest and only Boa card. Close to ten years and has been sock drawed so no activity except redeeming points last year.

DP: Applied for card in late Dec and instantly denied. I called in and they said I had too many cards, 4, and I was able to get approved by closing one.

Counter DP to my own DP: Applied for Merrill card a month later and approved without calling in as my 5th card.

BofA closed two of my accounts, I was super pissed off. I called and they converted my travel rewards card to cashback. He was able to help me get that converted for 1:1 ratio. I had 5 BBR, 1 Merrill+, 1 Travel, and 1 Cash Rewards. They closed 1 BBR and my travel. So it seems I have more than 4 what the posting states.

Good DP here: During the last MLB saga, I had 14 cards closed down to 4 after they approved me and sent me the cards. 4 of the closed accounts had 500$ charge to meet the MS requirement. They closed 9 of MLB and a even a BBR. When I called in, the lender said the reason was that they only allow X amount of accounts open each month, and that X seemed to be 4. He kept on saying that it was bank policy. Main time, I had to call in to pay off the charges on the cards via my checking account that I had with BoA. THE BONUS WAS NOT HONORED. I sent in requests regarding such and received letter stating that since the account was closed, all bonus associated with it are forfeited. Yes it did seemed that they closed the account from the lowest CL up. I did ask the lender whether he could be able to reinstate the accounts though. He said he could but each will result in a hard pull (not sure if it’s for every single card). They need to have a better system where you would just get a straight denial if you reached their bank policy limit instead of closing it out at a later point.

Did you end up getting the rewards on the closed accounts? If so, what steps did you take? Did you file a CPFB complaint?

It’s kind of hard to file a complaint when you are clearly (from the bank’s and the CPFB POV) gaming the system and opening a dozen or more of the same product.

The terms clearly state that if you or the bank closes your account you forfeit your rewards. They are not your property until they are redeemed. Until then the bank has every right to revoke them if they choose.

Well I didn’t open “a dozen” or even close to that amount so I believe I have a much better argument than Jim.

Are business cards and personal cards combined? Or could a client have a business card AND 4 personal cards. That’s either 4 cards or 5 cards, depending on whether Amex counts the business card.


I think the main issue is the MLB cards. My wife applied & received 7 MLB cards last year. Got bonuses on all and cashed rewards out. Since this move by BofA, I checked her (and my) accounts and seems she got the ax. Out of 7 MLB cards, 1 BBR & 1 Business (Cash Rewards) on her account, just 3 MLB cards were cut.

As for myself I had 2 MLB cards, 1 BBR, 1 Travel Rewards & 1 Business (Worldpts) on my account, none were cut. FWIW, I’m Preferred Honors as well.

No warning or anything else. Long arm of the BofA strikes back.

Are Merril Lynch points safe or would those be lost if that card was closed?

wow WTF BofA… just checked and it looks like they closed a cpl accts down. I had closed 1 acct on my own (due to AF) a week or two ago. however contrary to other DPs, I have more than 4 open currently. not by much tho and wont give specifics due to obvious reasons. they werent cards I was using anyways, but this still sucks that they arbitrarily did that.

worst part is when they close accts they drop off your profile automatically. before you get a chance to reconcile everything for record keeping sake :/ no wonder BofA was ranked towards the top of the worst companies wrt to customer service in the survey that came out last month.

they also ‘downgraded’ one of my Cashrewards cards from Visa Sig to Plat Plus apparently coz it had a CL less than $5k (it dropped below that threshold many months ago when they automatically borrowed from it to open a new card I think)… but it continued to be a Visa Sig all this time, until this IT refresh from hell.

If an account disappears from online view, re-register it with a new user ID/password/email/phone #. It usually re-appears IF you do this the same day the account is “closed.” BoA actually says the CC is closed, but it takes them a day or so to do this.

wtf 2 of my cards were also closed! Yesterday they were there!! They were 1 year old! I am a platinum honors client btw.

opened 7 BOA MLB cards in September. They just closed 3 of them 2 days ago.

DP: Had 5 cards (4 MLB and 1 BBR) and noticed they closed down one of my MLB cards that had the lowest credit limit. Wouldn’t have even thought to check if I hadn’t seen this blog post.

My account is untouched and I hope it stays that way. 1 checking, 6 CCs (4xBBR, AS, M+), 1 529. Preferred Rewards Gold.

Mine also appears to be untouched. 1 checking, 1 savings, 8 CCs (4xBBR, 2xCR, 2xTR), 1 investment.

Wonder if having a checking account protects against the closures?

Probably, especially if the checking account was opened years ago.

BofA will close all of your accounts including checking accounts in some rare occasions, generally when carrying high balances on their cards or even other cards from month to month.

I applied a fifth card in mid-Jan and was instantly approved.
However, the next day, they dropped the credit line on another existing card of mine to $1000

This is common with BOA, they will use limits from existing cards to approve new ones (a fact which, in all fairness, they state on the application pages)

I have 5 Credit cards out of which 2 are Alaska. Should I proactively close one Alaska to ensure that BoFA does not close my oldest credit card?

What John just said. My oldest card is also a BOA.

I would be happy to proactively close 1-2 of the BOA cards I care least about if it would protect my Merrill Lynch BOA and my BBR.

Any advice?

My portfolio:
Better Balance Rewards (15 years old)
Merrill Lynch (53,000 in unsused points)
*Two personal MLB cards (rewards used last year)
*Two business cards (rewards used last year)

*Cards I do not care about.

For the last few months I have been a good scout and have showed a continued small use each month of the MLB and business cards even in the months after I got my bonus. Just to avoid the impression that I was a pure bonus chaser.

All six of my cards (four personal and two business) were visible on my BOA portal at 12:10 AM Eastern time Tues Jan 31.

to those worried about getting accounts closed: move your credit lines around so that your oldest card (or the ones you want to keep) is (are) your highest credit line(s). it seems they are closing the lowest credit lines first.

How’d you do that?

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