Updated 12/07/2017: New Rule for Bank Of America Cards: 2/3/4 rule.
Updated 8/28/2017: New Rule Chase Sapphire Cards.
Updated 7/31/2017: New Rule for American Express Cards.
Updated 10/12/2016: New Rule for Bank of America cards.
Updated 8/15/2016: New rules for Citi Bank cards.
Banks do not officially publish the rules that guide the bank’s imposed limitations for opening new Credit Card account for the customer. Below is a collection of anecdotal evidence collected from the web and my own experience. Your results may vary.
There is an unofficial limit of how many American Express Credit Cards anyone might hold: the magic number appears to be 4. It does not include charge cards (American Express Open Business cards).
UPDATE (7/31/2017): American Express will not approve more than 2 applications in the period of 3 months.
Officially: Welcome bonus offers not available to applicants who have or have had this product in the lifetime.
Bank Of America
Your application will be automatically rejected as a duplicate if you’ve applied for the same card in the past 90 days. This rule applies to currently opened or closed cards.
The only limit I have seen is imposed by Alaska Airline. It appears Alaska Airline will close Frequent Flier Mileage Plan if you have multiple bonus miles deposited. You are still eligible for a bonus even if you have the card already.
UPDATE (12/07/2017): Bank Of America has a new rule for approvals of new Credit Cared applications. The rule went into effect in October 2017 and unofficially called BOA 2/3/4 rule.
According to this new rule, you will only be approved for a maximum of:
- 2 new Bank of America cards within a 2-month period
- 3 new Bank of America cards within a 12-month period
- 4 new Bank of America cards within a 24-month period
Barclay Bank is very limiting on how many accounts you open in a year. The magic number appears to be 1 card a year. The bank is also limiting the total credit exposure, so if you are closing the card ask a representative to move the credit to your other existing card so you can redistribute it later to the new card.
Chase bank is the most restrictive one. It implemented so-called CHASE 5/24 rule: Chase bank will not allow opening a new credit card account if you have 5 or more new credit card accounts from any bank in the last 24 month. Not every Chase card is guided by 5/24 rule. Here is a list of all Chase Credit cards that fall under 5/24 rule:
|Chase Freedom||Chase Freedom Unlimited|
|Ink Plus Business||Marriott Premier|
|Marriott Business||Sapphire Preferred/ Sapphire Reserved|
|Southwest Plus||Southwest Premier|
|Southwest Premier Business||United|
The list of cards that might not be under 5/24 rule:
I speculate the 5/24 rule will spread to more and more Chase cards as Chase makes software updates and Corporations that co-brand those cards agree to those rules.
Read more about 5/24 rule here: http://www.doctorofcredit.com/chase-524-rule-now-effect-credit-cards/ by Doctor Of Credit. How to count your 5/24 status by Frequent Miler.
Another rule is to limit the number of application to one application a month.
Updated 8/27/2017: Via Doctor Of Credit, Only one flavor of Chase Sapphire card per user and only one bonus within last 24 months. There are 3 flavors of Chase Sapphire Card: Plain, Preferred, and Reserve.
Officially for all Case Cards: bonus is not available to either (i) current card members of the credit card, or (ii) previous cardmembers of the credit card who received a new cardmember bonus for the credit card within the last 24 months.
Those are the unofficial rules for new Citi Bank Credit Card Applications:
- Only one New Account application a day
- You have to wait 8 days between Citibank applications
- Can’t have more than 2 applications in a 68 day period
Officially: The bonus offer is not available if you have had a Card account that was opened or closed in the past 24 months.
UPDATE: New Rule going into effect on 8/28/2016: Limit To One Bonus Per 24 Months Per Brand (American Airlines, Expedia, Hilton & Citi TYP).
Base on all those official and unofficial rules for approval of New Credit Card Application, I would recommend applying for Chase Business Cards first following by Chase Consumer Cards, following by other Banks’ cards with application to the other Banks’ Business cards in between.