Saturday, March 18, 2023

How To Get Approved For Bank Of America Credit Card

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Bank of America follows the 2/3/4 rule when issuing new credit cards. According to this rule, the bank will approve your applications for no more than two new cards in a two-month period, three new cards in a 12-month period and four new cards in a 24-month period. In addition, depending on the card you wish to get, the bank might not approve your application for a new card if you currently have or have held the same card in the last 24 months.

Types Of Bank Of America Cards

Bank of America issues Mastercard and Visa cards but does not issue cards on the American Express or Discover networks. Its cards include points and cash back rewards options for consumers and small businesses, along with cards for college students and those who want to transfer balances or build credit. The different types of credit cards offered by Bank of America include:

  • Cash rewards credit cards
  • Lower interest rate credit cards
  • Points rewards credit cards
  • Airline rewards credit cards

Benefits Of Having Multiple Credit Cards From The Same Bank Rewards Programs

One of the primary benefits of having multiple cards is that many issuers have several cards that all function on the same rewards platform, which means that you can have multiple cards all earning the same types of rewards, helping you to cash in on the benefits quicker. Lets take a look at a few of these platforms…

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Compare Bank Of America Credit Cards

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Bank Of America Premium Rewards

Credit Score Needed for Bank of America Cash Rewards Card

Good For: Intro Bonus and Added Benefits

The Bank of America Premium Rewards card is a step above the Travel Rewards Credit Card, with 2 points per dollar spent on travel and dining and 1.5 points on all other purchases. But for the $95 annual fee, youll also get a higher welcome bonus and annual statement credits.

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How To Check For Bank Of America Unlimited Cash Rewards Credit Card Pre

  • Log in to your Bank of America account or select Continue without signing in.
  • Enter your full name, birthdate, and the last four digits of your Social Security number.
  • If you are pre-approved online, you will see all Bank of America credit cards that will give you the highest odds of approval, which may or may not include the Bank of America Unlimited Cash Rewards credit card. Once you are pre-approved, you can apply for the card of your choice directly from the pre-approval site. Simply click the button next to the card you want, and you will be directed to the cards application page.

    To respond to a Bank of America Unlimited Cash Rewards credit card pre-approved offer received in the mail, visit the website listed in your pre-approval letter and enter the invitation code included with your offer. This allows Bank of America to flag the application as pre-approved.

    Bank of America Unlimited Cash Rewards credit card pre-approvals do not affect your credit score, as theyre done using a soft pull, or inquiry. But if you decide to submit an application for the Bank of America Unlimited Cash Rewards credit card, Bank of America will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.

    What is the Bank of America Unlimited Cash Rewards credit card minimum payment?

    Is A Bank Of America Credit Card Worth It

    Generally, a Bank of America credit card is a dependable, reliable choice with a well-established and long-standing financial institution. The multiple types of credit cards on offer make it a good choice for a wide variety of consumers, since it is likely Bank of America will have a card to meet or closely match your specific needs. If youre attracted to Bank of Americas services and intend on banking with the company for a long time, a Bank of America-branded credit card will best augment your customership with the institution.

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    Bank Of America Automatic Credit Limit Increase

    If you are able to stick to paying off your bills on time and not maxing out your credit card, you might receive an automatic credit limit increase after about six months or a year.

    You can probably increase your odds of getting an automatic credit limit increase if you continuously run up a balance near your credit limit and then pay it off entirely each month . This will show Bank of America that you are capable of responsibly managing your credit line and will likely increase the chances of them allocating you more available credit. It could also help them see you as a more profitable customer which can only help your odds even more.

    Tip: Use WalletFlo for all your credit card needs. Its free and will help you optimize your rewards and savings!

    What Is Bank Of America

    Bank of American Business Advantage Cash rewards Credit Card Approval! Bank of America Business CC

    The Bank of America is a U.S.-based investment bank and financial holding company, currently the eighth largest in the world and the second largest in the U.S. It offers a full range of commercial and investment banking services as well as wealth management services. The company advertises a commitment to meeting the needs of all its clients, including individuals, small businesses and corporations.

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    Bank Of America Application And Bonus Rules

    In This Article

    May 25, 2022

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  • For many years, Bank of America didnt have any set rules restricting credit card applications and sign-up bonuses. More often than not, you would be approved, as long as you had a reasonable application.

    However, the bank has implemented some more defined restrictions beyond any common reasons for denialspoor credit score, too much new credit, etc.

    Does this mean that you wont be able to get approved for a new card from Bank of America? Absolutely not! It just means that you need to be aware of a few rules so you dont waste your time applying when you have a low chance of approval.

    Like with most banks, not all of these rules are written down and easy to find in the terms and conditions section. 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.

    Why We Chose It

    The Bank of America Cash Rewards is a solid cash back card with the potential to offer lucrative rewards for smaller budgets. If youre a Preferred Rewards member, you can earn 25 to 75% more cash back on every purchase. Read our full review of the Bank of America Customized Cash Rewards credit card.

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    /12 And 3/12 Card Maximum

    The 7/12 and 3/12 card maximum is not a hard and fast rule, but its suggested to stay under that number of credit cards, based on reports from Bank of America cardholders and applicants. This rule applies to credit cards from any issuer, not just Bank of America.

    Consumers with checking accounts at Bank of America have been limited to opening no more than seven cards in a 12-month period. Non-checking account holders have been limited to opening three cards in a 12-month period. This means that you may be denied if you apply for an eighth or a fourth credit card, depending on your situation.

    If all your accounts are in good standing, there may be some flexibility, but consider the rule carefully. For example, business cards may not count as one of your recently opened accounts. But dont count on approval if you already have more than three or seven personal Bank of America credit cards when you apply for another one.

    To take this a bit further, Bank of America states in its card terms that the issuer withholds the right to transfer a credit line from an existing account with a lower APR to your newly approved account with a higher APR. This means an old credit card could be canceled or simply downgraded after getting approved for a new card.

    The Final Word On The Bank Of America Reconsideration Line

    [Expired] Bank of America Cash Rewards $50 Referral Bonus with $150 ...

    A credit card denial isnt always permanent. Thanks to resources like the Bank of America reconsideration line, its possible to move beyond the computer and speak with a human who can look at your case and potentially change the outcome.

    If you take the time to find out exactly why you were rejected and you take steps to address the problem, theres a chance that you might be able to get that new card after all even if your original application was denied.

    • Check your credit score for free
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    Bank Of America Reconsideration Line: What It Is And How To Call

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    Being denied for a credit card never feels good especially if youre pretty sure you meet the qualifications for that card.

    Even if youve been denied, though, its not always the last word on whether youll end up with a credit card. Several credit card issuers, including American Express, Barclays, Chase, Discover, and U.S. Bank, offer reconsideration lines designed to allow you to plead your case. Bank of America also provides such an option.

    If youve been turned down for a credit card, heres what you need to know about using the Bank of America reconsideration line.

    Best Student: Bank Of America Customized Cash Rewards For Students

    $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

    Rewards Earning Rate Earn 3% cash back in the eligible category of your choice, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. Youll earn 3% and 2% cash back on the first $2,500 in combined categories each quarter, then 1%.
    INTRO PURCHASE APR 0% for 15 Statement Closing Dates
    INTRO BALANCE TRANSFER APR 0% for 15 Statement Closing Dates
    Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
    Foreign transaction fee
    • Why We Chose This Card:
    • Pros & Cons:

    Our winner for the best Bank of America student credit card is the Bank of America Customized Cash Rewards for Students because of its flexible cash back rewards program. This is a good card for students who want to build their credit while earning cash back on everyday items like gas, online shopping, and groceries. With no annual fee and a 12-month offer of 0% APR on purchases and balance transfers, its worth checking out.

    • 3% cash back on the category of your choice and 2% on groceries up to a quarterly combined spending cap

    • 12-month 0% APR offer on purchases and balance transfers from the time of account opening

    • Overdraft protection and rewards bonuses for banking customers

    Read the full Bank of America® Cash Rewards for Students credit card review

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    Bank Of America Customized Cash Rewards Credit Card: Best For Cash Back

    • Welcome bonus: $200 online cash rewards after spending $1,000 within your first 90 days of account opening
    • Rewards: 3 percent cash back on the category purchases of your choice , 2 percent back at grocery stores and wholesale clubs and 1 percent back on all other purchases
    • Annual fee: $0

    If youre looking for a straightforward cash back credit card with a respectable earning potential, the Bank of America Customized Cash Rewards credit card is a great option.

    This card earns an impressive 3 percent cash back on rotating categories like dining, travel and gas as well as 2 percent back at grocery stores and wholesale clubs . All other purchases earn a baseline of 1 percent cash back.

    While this card isnt necessarily the most lucrative cash back card on the market, its a great option for borrowers looking for a simple, reliable rewards card with great earning potential. Plus, with no annual fee, its a good fit even for borrowers on a budget.

    Alaska Airlines Visa Signature Credit Card

    Bank of America Secured Credit Card – Bank of America Cash Rewards

    Annual fee: $75.

    Sign-up bonus: 40,000 bonus miles and Alaskas Famous Companion Fare from $121 after you make $2,000 or more in purchases within the first 90 days of opening your account.

    Earning rate: 3x on eligible Alaska Airlines purchases and 1x on other purchases.

    Why you should apply: Alaska miles open up some exciting redemption options. TPG values Alaska miles at 1.8 cents each thanks to an incredible partner award chart, making the sign-up bonus worth $720. The card also comes with a companion fare, which will give your companion traveling on the same itinerary a free coach ticket on Alaska-operated flights from $121 , among other perks like discounts on inflight purchases and lounge passes. Alaska miles are even more valuable now that Alaska has joined Oneworld and American Airlines and Alaska have launched reciprocal mileage earning.

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    Remain Calm And Polite

    This can be an emotional time, and you might be tempted to get angry. However, youre more likely to see the results you want if you remain calm and polite. If youve done your research and taken good notes, it will be easier to remain calm during the conversation. Remember the other person is doing their best, and try to be kind.

    Bank Of America Business Advantage Customized Cash Rewards Mastercard Credit Card

    Our pick for: Small business cash back

    The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card gives entrepreneurs a little control over their credit card rewards by letting them choose which category earns the highest cash-back rate. Options include gas stations, office supplies, travel, computer services and more. There are also bonus rewards on dining and no annual fee. Read our review.

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    Once enrolled, redemption is quick and easy. Make a credit card purchase, and you will receive a text with the option to redeem points toward that purchase. Reply âREDEEMâ to complete the redemption.

    You must have enough points to cover the entire purchase in order to receive the text message to redeem. Your points will be deducted from your points balance and redeemed in the form of a credit to your monthly billing statement. See Program Rules for additional details.

    Review Your Credit History

    Obtain a copy of the report used to make the decision. Youre entitled to a free copy, so you should be able to comb through it to identify the problem areas. Look for items that might be additional red flags on top of the stated reason for your credit denial, including too many new accounts, hard inquiries, or missed payments. This is also a good time to identify mistakes in your credit report. In some cases, you might be rejected because of inaccurate or fraudulent information.

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    Where We Got The Data

    Applying for a credit card is already an unclear process a lot of the time, so youre probably not surprised to hear that banks dont tell you or us which credit bureaus it uses to make lending decisions. That means we can only gather this information from people who actually applied for cards from Bank of America.

    When you apply for a credit card, the lender will pull a copy of your credit report from a credit bureau. Credit bureaus keep a record of the number of hard pulls on your credit for two years. Each hard pull reduces your credit slightly. This is because applying for a lot of loans at once is a sign of poor financial health.

    Because you can see hard pulls appear on your credit report, you can know which credit bureau a lender pulled your report from. The pull will simply show up in one report, but not the others.

    We used the database to gather much of this data. People submit their credit application results on the website so others can gauge their odds of getting approved for a card. We chose to use just the last two years results to give you the most up-to-date information.

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