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Jeff Brownson

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Bank of America Application and Bonus Rules

By: Jeff Brownson

Disclosure: This post may contain references to products from our advertisers. We may receive compensation from products we link to. We appreciate your support.

For many years, Bank of America didn’t have any set rules to restrict approvals and sign-up bonuses. As long as you had a reasonable application, you would be approved more often than not.

However, in 2017, Bank of America implemented some more defined restrictions that go beyond any of the standard reasons for denials—poor credit score, too much new credit, etc.

Does this mean that you won’t be able to get approved for a new card from Bank of America?

Absolutely not!

It just means that there are a few rules that you need to know so you don’t waste your time applying when you have no chance of an approval.

Like most banks, not all of these rules are written down and easy to find. Some of them are based on countless data points.

Once people report the same kind of answers enough times, it becomes sort of an unwritten rule. They don’t specifically state it in the terms, but it’s best for you to know when applying.

Now that you have an idea of what to expect, let’s take a look at the rules that you need to know, both written and unwritten, before applying for a new credit card from Bank of America.

The 2/3/4 Rule

Taking cues from other banks, Bank of America has instituted a few limitations on the approval of personal credit card application based on the number of new credit cards you have received within certain timeframes.

You are eligible to open:

  • 2 new cards within 2 months
  • 3 new cards within 12 months
  • 4 new cards within 24 months

At first glance, this looks like a very restrictive rule, but It’s not as bad as it looks.

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Chase Bonus and Application Rules

By: Jeff Brownson

Disclosure: This post may contain references to products from our advertisers. We may receive compensation from products we link to. We appreciate your support.

When it comes to points-earning credit cards, Chase is one of the major players. They have some of the best cards to hold and some solid bonus offers but, unfortunately, some of the toughest restrictions as well.

Chase has many rules for credit card applications. Some of these are documented in the card offer terms and conditions while others are not made public by Chase. Fortunately, these unwritten rules are well documented.

Whether written or unwritten, all of these rules apply when you are looking to get a new credit card from Chase and the sign-up bonus that comes along with it.

Most people are well aware of the 5/24 rule. For those who aren’t, the Chase 5/24 rule stipulates that you won’t be approved for specific Chase credit cards unless you have opened less than 5 new credit cards in the past 24 months.

If you want to read more about this rule and which cards are affected, check out our guide to the Chase 5/24 rule.

Now, let’s take a look at the other rules that might catch you off guard if you’re not careful.

30-Day Limits

In addition to looking at your last 24 months of approvals to limit your cards, Chase also wants to make sure you don’t get too many new cards from them in a short period of time.

With personal credit cards, Chase will not approve you for more than 2 new Chase cards in a 30 day period. This is a rolling 30 days, so once one of your new cards falls outside that time frame, you are good to go for your next application – you aren’t guaranteed to be approved, but this restriction won’t stop you.

For business cards, Chase is a bit more strict. They will allow you to get just one new Chase business card within a 30-day time frame.

You’ll notice that we specified that Chase is looking at how many of their cards you have opened in this 30-day window. Unlike the Chase 5/24 rule, which takes into account cards you have opened from all banks, this rule is focused on Chase cards, specifically.

Overall, Chase has gotten pretty strict with their business card approvals, so even if this rule wasn’t in effect, you probably wouldn’t have much luck getting many more than this.

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Citi Bonus and Application Rules

By: Jeff Brownson

Disclosure: This post may contain references to products from our advertisers. We may receive compensation from products we link to. We appreciate your support.

Well, I’m not sure if we saved the best for last, or if it just took me longer to get this written up, but it’s time to end the workweek with a bit of information about Citi Sign-Up Bonus Rules. Once you have learned this information, you are free to start your weekend. Unless you are reading this while at work. Then you should probably stay until the end of your day. Citi Bonus Sign-Up Rules will not help you if you get fired.

The Happiest (and Saddest) Part of Earning Points

So you’ve read a few posts, you’ve done your research, and you’ve decided to apply for a credit card. It’s an exciting time. You may have a vacation spot all picked out. Maybe there’s an airline that you really want to fly.

Perhaps you are looking forward to a drink with an umbrella on a faraway island. But stop right there, if you want that shiny pile of points that are listed as a sign-up bonus, you had better know the rules.

Otherwise, that happy feeling can turn into a denial of your application. That’s what we want to avoid. Continue Reading