Bank of America Adds 24-Month Churning Rule per card (Alaska, Cash Rewards, etc)

Bank of America now added a new 24-month restriction whereby, generally, you can not get any given BofA credit card if you got that card in the last 24 months.

Interestingly, the terms for Cash Rewards and Travel Rewards specifically suggest that you can get multiples of the same card, just you’ll have to wait 24 months between applications. Also, it seems that you can still churn the card in less than 24 months, just you’ll have to close it before applying again; the terms only limit you from another approval for 24 months if you currently hold the card. 

On the other hand, for the Alaska and Premium Rewards cards, you can only get approved if you don’t have the card and you haven’t had it in the prior 24 months. So if you cancel your Alaska or Premium Rewards card, you’ll have to wait 24 months before applying again. Perhaps they were more strict with these cards due to higher signup bonuses.

 This Cash Rewards card will not be available to you if you currently have a Cash Rewards card unless you have had that Cash Rewards card for at least 24 months.

 

 

(Alaska) This card will not be available to you if you currently have or have had the card in the preceding 24 month period.

 

This Premium Rewards card will not be available to you if you currently have or have had a Premium Rewards card in the preceding 24 month period.

 

 This Travel Rewards card will not be available to you if you currently have a Travel Rewards card unless you have had that Travel Rewards card for at least 24 months.

Some people like churning the Alaska or Cash Rewards cards. That will no longer be possible with the Alaska card – you are limited to one bonus per 24 months+ since you’ll have to get the bonus, cancel the card, then count 24 months from date of cancellation. For the Cash Rewards, it’s still possible to churn by getting bonus, closing, and getting again, but you won’t be able to hold more than one at a time unless you wait 24 months.

Overall, these restrictions aren’t terrible in comparison with what we’ve seen from other banks (e.g. Amex – lifetime, Chase – 48 months/family, Citi – 24 months/family open/close), but they are definitely a limiting factor for some people. Remember, Bank of America already has their 2/3/4 rule whereby you can only get 4 BofA cards total per 24 months, so the new limitations don’t really add a huge amount.

Hat tip to u/kdm31091 on r/churning

Updates:

  • Far as I can tell, the restrictions are only on getting approved. If you somehow get approved, I don’t see any reason to suspect you won’t get the bonus.
  • Reader Sam notes that the co-branded Cash Rewards cards don’t (currently) show the 24 months rule.
  • Reader Ben notes that the Alaska business card is not (currently) showing the 24 month rule.
  • Reader AMK notes that some preselected offers don’t contain the 24 month rule.

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HoKo
HoKo

“Far as I can tell, the restrictions are only on getting approved. If you somehow get approved, I don’t see any reason to suspect you won’t get the bonus.” <–Can anyone confirm with recent DP's if this is true or not?

SamL
SamL

As noted a few months ago by Betelgeuse in comment-1050816, the wording for TR and CR is now (like PR already was) “This card may not be available to you if you currently have or have had the card in the preceding 24 month period.”

So that means you can’t hold multiple CR or TR any more (and have to wait 24 months after closure to get another, which was already the case for PR).

There’s no need for multiples of PR or TR, so you just have to decide if you want to keep them long term, or else figure a churning schedule if that’s what you want to do.

On the other hand, multiples of CR are very useful. But that’s no problem. The restriction is only on the “regular” CR. You can get multiples of all the other “equivalent” CR cards, as they have no such restriction.

There still is the 2/3/4 restriction but you can still accumulate “equivalent” CR cards gradually, to cover various categories. They may get rid of the 75% boost though
https://www.doctorofcredit.com/survey-bank-of-america-might-eliminate-75-platinum-honors-bonus-2-62-5-25-etc/
so these cards could get less attractive.

J
J

DP: Approved Dec 2020 (and will receive ak miles), def received other ak miles within last 2 yrs, mulitple times.

Note if you think it matters (and I think it does): this time, not instant.

Alex
Alex

What about cobranded cash rewards cards?

joE
joE

@Alex Look at the T&C and you’ll find your answer. I was checking out my university cash rewards issued by BoA and it did not have the 24 month language in there.

brian
brian

I no longer see “Alaska) This card will not be available to you if you currently have or have had the card in the preceding 24 month period.” in the T&C of the Alaksa BOA card. Can anyone else confirm?

J
J

I’m not gonna do anyone else’s homework (nor circles and arrows), yet I suspect: NB!

Great observation, Brian! I think my recent experience may support this update. Cheers, mate!

howard
howard

This is probably asked before, but is the statement “ This card may not be available to you if you currently have or have had the card in the preceding 24 month period” accurate to “days” or “months” (say, you closed an Alaska account sometime in December 2018, will you only be eligible for a new bonus in January 2021, or the latter part of December 2020?)

Betelgeuse ㊙️

I just saw this on the cash rewards card terms: “ This card may not be available to you if you currently have or have had the card in the preceding 24 month period. ” Does that means they won’t let you get multiple cards any more?

Ell
Ell

I have a “special offer” in my account for the Premium Rewards card despite the fact I already had the card 1 year and 8 months ago (PC’d it to a travel rewards card). I see a fixed APR rate, yet the terms still mention the 24 month rule regarding the bonus. Does it being an offer supersede the 24 month rule?

James
James

DP: PC’d premium rewards card about a year ago to cash rewards. Applied with a fixed APR link, instant approval. Just met the spend bonus and the bonus is now pending. If you’re approved (which seems probably with a special offer/fixed APR like me), then you’ll get the bonus. I’m Platinum honors, if that matters.

Kurph
Kurph

Hi wondering if you ever got your premium 50k bonus? TIA

James
James

Received the bonus. Sorry for the (very) late reply.

Scott
Scott

If I had the Alaska personal card in the last 24 months but not the Alaska business card, can I get the bonus for the Alaska business card? Thanks.

Chong786
Chong786

Yes of course . Biz and personal are separate

Mike
Mike

I am wondering how the 24 months count if a card is transferred from another one. For example, I have hold a BoA credit card for one year and then transfer it to Cash Rewards. When can I apply for a new Cash Rewards card, in one year or two year?