Reader Dan pointed out a useful tip that I don’t think we’ve covered. Before you close any Bank of America credit card it’s recommended to lower the credit limit at least a few days before you cancel. This is because Bank of America has an internal maximum credit limit for each individual, when a card is cancelled the limit on that card doesn’t become available again until the card has been roughly closed for a year. By reducing the credit limit before cancelling you’re able to free up this available credit for future credit card applications.
I’m sure most seasoned churners already knew about this tip (it’s actually on most of the Bank of America credit card pages on Flyertalk for example). But still thought it was worth mentioning to those newer to the game/those unaware. For more things you should know about Bank of America cards, click here.
