Some Bank of America Credit Cards Closed in Recent Days
There’s been a few reports in the last couple of days that Bank of America is closing some credit cards. This seems to affect people who have a large number of credit cards with the bank, many of them being MLB cards. There’s no definite answer as to what rules they’re following exactly with these closures, but it seems that they’re aiming to bring the number of BoA cards per person down to 4. There’s still data points that contradict this limit, but maybe they’re just starting to roll it out.
People calling in have been told that they will receive letters explaining the exact reasoning but some reps have confirmed that “excessive accounts” is the reason for the closures.
Bank of America is starting with cards that have a lower credit limit, from what a few datapoints show.
This might create problems for those who have lots of Bank of America cards, especially since you won’t know for sure which cards will be closed. If you have more than 4 cards and you really value any of them, it might be a good idea to close a few. I would hate for BoA to close my card if it was one of the oldest in my wallet for example.
But again, this isn’t affecting everyone. Personally I only have four Bank of America cards and one Merrill Lynch card and I wasn’t affected.
Did they close any of your cards? Let us know in the comments.