With multiple consumer credit card accounts being closed by Bank of America and not even regular customer service has any details to provide except we will receive a letter in the next few days rendering the decisions made from Bank of America.
It seems that the accounts that are being closed are for the purpose of consumers to have a maximum of four credit cards open at a time, closing the lowest credit limit first. There’s not much detail to lean on with this situation in regards to how to pay an existing balance or if your rewards will be forfeit or not.
Editor’s Note: Seems more often that the MLB credit cards are being closed, whether this has anything to do with the data, it’s certainly something worth to note in the mean time.
Bank of America Closing Credit Cards Summary:
- Limiting to a maximum of 4 cards opened
- Closing accounts with a lower credit limit first
This will be based off of what we presumably know. If there is any flaws or inaccuracy within our data, we’d definitely appreciate any feedback on your end!
How To Keep Your BoA Credit Cards:
- Move your credit lines around so that your oldest cards or the ones you want to keep have the highest credit lines, making it to where the ones you want to drop have the lowest credit lines.
- Consider having a relationship with BoA; Preferred Rewards Status, etc.
- It seems that those with a checking account opened in the past year was able to be completely untouched from this event.
- Consider closing a credit card you don’t want and opening a new one.
- Talk to a representative regarding the situation and urge them to convert your card at a 1:1 ratio.
Conclusion:
Bank of America is closing credit card accounts as a means to suit their maximum of 4 open credit cards per consumer “banking policy.” All-in-all, the situation’s quite vague, but you should expect to be able to keep your highest card credit line considering that they are seemingly closing accounts with a lower credit limit. My suggestions are to move your credit line to the cards that you desire to keep most and/or consider a relationship with BoA meaning checking accounts and Preferred Rewards status. Be sure to check out our complete list of Bank of America Credit Card Promotions as well as our complete list of Credit Card Promotions today!
