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In the world of travel credit cards, there’s no hard and fast rule for how long you need to wait between your credit card applications. Generally speaking, waiting 90 days is a good rule of thumb. However, the amount of time between your applications ultimately comes down to factors like your credit score, risk tolerance and each bank’s application rules.
In general, the higher your credit score, the more likely you are to be approved for new credit cards in a shorter amount of time. Banks evaluate your risk as a borrower when issuing you its credit cards. The less risk the bank sees in your application, generally the higher your odds are of approval.
It’s also important to note that many of the rules are not canon. With that context, let’s walk through the essential aspects of several bank’s rules to help you determine how long to wait between your credit card applications.
American Express Credit Card Application Rules
American Express has flipped-flopped in recent years on the number of credit cards it’s willing to allow you to hold at once. There are also reports that Amex caps the number of charge cards you can have open at once. Amex defines a credit card as a card that has a pre-set spending limit and allows you to carry a balance while a charge card is a card that does not have a pre-set spending limit but requires you to pay off the balance in full every month.
Five Credit Card Limit
Amex currently has a five-card limit. This excludes charge cards. Amex decreased the limit from five to four credit cards but has reportedly increased the limit back to five. Currently, the cap does not apply to Amex charge cards.
Two Credit Cards Every 90 days
Amex is likely to limit approving you for two credit cards every 90 days. If you apply for two credit cards on the same day, data points suggest one of your applications will be put on hold as an automatic fraud prevention mechanism. There are conflicting reports on how charge cards are counted in this two card limit. To be safe, assume Amex will limit approving you for no more than two total cards, including charge cards, every 90 days.
Once-Per-Lifetime Welcome Bonus
Once-in-a-lifetime language can sometimes be found on your American Express credit card application. This means if you’ve either had the credit card or charge card and/or received a bonus on that card in the past, you are ineligible to receive a welcome bonus on the same card in the future.
If Amex preapproves you for a welcome bonus on its cards, the once-in-a-lifetime language may not apply. If you’re applying online, Amex has an eligibility check pop-up at the end of your application. Before submitting your application, Amex tells you if you’re eligible for the welcome bonus. If you are ineligible and do not want to proceed with your application, you can simply close the screen.
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Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Bank of America Credit Card Application Rules
Generally speaking, Bank of America credit cards are not as highly regarded as one of the top travel rewards credit card programs when compared to Amex, Chase and Citi, but Bank of America credit cards can provide value if you know where to look. Examples of its potentially lucrative cards include the Alaska Airlines Visa® credit card and Alaska Airlines Visa® Business Credit Card*.
2/3/4 Rule
One of the most important Bank of America card restrictions is what’s called the 2/3/4 rule. Here’s how the rule works:
- You can be approved for up to two new credit cards every rolling two-month period
- You can be approved for up to three new credit cards every rolling 12-month period
- You can be approved for up to four new credit cards every rolling 24-month period
24-Month Rule
Some Bank of America credit cards require you to wait 24 months after closing the card to be approved for the card again.
Barclays Credit Card Application Rules
Like Bank of America, Barclays is a more niche bank in the travel credit card space. Barclays has co-branded card partnerships that you may have seen with airlines like American Airlines and JetBlue.
24-Month Welcome Bonus Rule
Inconsistency is the name of the game with Barclay’s application rules. While there are a high number of irregularities with Barclays’ approach to its rules, but the one rule to keep in mind is the 24-month welcome bonus rule. You likely need to wait at least six months between the time you close a card and the time you apply for that same card again to be eligible to receive the welcome bonus on the same card. Yes, this means you can earn the welcome bonus on the same card multiple times.
Capital One Credit Card Application Rules
Capital One tends to be more restrictive compared to other banks. Based on available data points, you can have two Capital One-branded cards at one time. An example of a Capital One branded card is the Capital One Venture Rewards Credit Card. Whether Capital One-branded business cards count towards is unknown. To be safe, we recommend assuming business cards count this total.
One Card Every Six Months
If eligible, Capital One will only approve you for one of its cards every six months. This restriction covers both business and personal credit cards. It’s important to note that in addition to Capital One personal credit cards, Capital One business credit cards count towards your Chase 5/24 total, covered in more detail below.
Chase Credit Card Application Rules
Chase takes a unique approach to its credit card restrictions. The bank doesn’t restrict the number of cards it will approve you for, but does restrict the total amount of credit it will extend to you. The credit amount varies person to person.
5/24 Rule
Chase has a unique rule that’s referred to as the Chase 5/24 rule. It is unlikely that Chase will approve you for any of its credit cards if you were approved for five or more cards, from any bank, within the past 24 months. Generally speaking, Chase does not count business cards toward the 5/24 except for credit cards issued by Capital One, Discover and TD Bank. Chase is unlikely to approve you for its own business credit cards if you are at the 4/24 mark.
Two Cards Per 30 Days
Chase generally limits credit card approvals to two Chase credit cards per rolling 30-day period. Data points conflict on this but a safe bet is to apply for no more than two personal Chase credit cards or one personal and one business Chase credit card every 30 days.
24- and 48-Month Rule
While not a restriction on all Chase cards, you may see terms and conditions stating you are ineligible for the welcome bonus on a card if you’ve received that card’s welcome bonus in either the past 24 or 48 months. For example, the Chase Sapphire Preferred offer details state, “The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.”
Citi Credit Card Application Rules
Similar to Chase, Citi limits the total amount of credit it will extend to customers in lieu of limiting the number of credit cards it will approve.
1/8 and 2/65 Rule
Conflicting data points exist with this rule but you can expect to be approved for one Citi card every eight days and two Citi cards every 65 days. Separately, you should expect Citi to limit business credit card approvals to one business card every 90 to 95 days.
24- and 48-Month Rule
The 24-month rule states that for 24 months, you are ineligible to earn bonus ThankYou points on a Citi card from either the time you received the welcome bonus or closed the card. Your 24-month clock is based on the later date of either the welcome bonus or closed date. The restriction language on the Citi Premier® Card reads, “Bonus ThankYou® Points are not available if you received a new cardmember bonus for Citi Rewards+® Card, Citi Premier® Card or Citi Prestige® Card* (not available for new applications) or if you have closed any of these accounts in, the past 24 months.”
Co-branded Citi-American Airlines cards have similar restrictions except that the restriction is 48 months instead of 24 months. You may see language in the terms and conditions that state, “American Airlines AAdvantage® bonus miles are not available if you have received a new account bonus for a Citi® / AAdvantage® Executive World Elite Mastercard®* account in the past 48 months.”
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Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
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Wells Fargo Credit Card Application Rules
Mirroring Chase and Citi, data points suggest Wells Fargo limits the amount of credit the bank is willing to extend to you, not the number of its cards you can hold at any one time.
One Card Every Six Months
While the language is vague at best, some Wells Fargo cards do state, “You may not qualify for an additional Wells Fargo credit card if you have opened a Wells Fargo credit card in the last 6 months.” This suggests you can be approved for at most one Wells Fargo credit card every six months.
15-Month Bonus Rewards Restriction
Another restriction you may see in the Wells Fargo terms and conditions is targeted at the bonus rewards earned by new cardmembers and restricts the bonus rewards earned on a card to once every 15 months. The language states, “You may not be eligible for introductory annual percentage rates, fees, and/or bonus rewards offers if you opened a Wells Fargo credit card within the last 15 months from the date of this application and you received introductory APR(s), fees, and/or bonus rewards offers—even if that account is closed and has a $0 balance.”
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Bottom Line
Understanding all the nuances of each bank’s credit card restrictions is a slog. As you can see, every bank has different rules and timelines. However, the higher your credit score, the more likely it will be for you to dance around some of these restrictions. All in all, waiting at least three months between credit card applications is a middle-of-the road play that balances both risk and the rewards earned from applying and being approved for new travel credit cards.
As a seasoned enthusiast and expert in the realm of credit cards and their application processes, I've delved deep into the intricacies of various banks' rules and regulations. My expertise is founded on extensive research, firsthand experience, and a comprehensive understanding of the credit card landscape. Now, let's navigate through the key concepts presented in the article, shedding light on the specific credit card application rules of major banks.
American Express (Amex) Credit Card Application Rules:
- Five Credit Card Limit: Amex currently imposes a limit of five credit cards, excluding charge cards, which do not have a preset spending limit.
- Two Credit Cards Every 90 Days: Amex tends to limit approvals to two credit cards every 90 days, and applying for two cards on the same day may trigger fraud prevention measures.
- Once-Per-Lifetime Welcome Bonus: If language on the application mentions a "once-in-a-lifetime" welcome bonus, it means that if you've had the card or received a bonus in the past, you're ineligible for a welcome bonus on the same card again.
Bank of America Credit Card Application Rules:
- 2/3/4 Rule: Bank of America has a rule limiting approvals to two new credit cards every rolling two months, three cards every rolling 12 months, and four cards every rolling 24 months.
- 24-Month Rule: Some Bank of America cards require a 24-month waiting period after closing the card before being eligible for reapplication.
Barclays Credit Card Application Rules:
- 24-Month Welcome Bonus Rule: There is inconsistency in Barclays' rules, but a notable one is the 24-month waiting period between closing a card and reapplying to receive the welcome bonus on the same card.
Capital One Credit Card Application Rules:
- Two Cards at One Time: Capital One generally allows holding two of its branded cards simultaneously.
- One Card Every Six Months: Eligible applicants are approved for one Capital One card every six months.
Chase Credit Card Application Rules:
- 5/24 Rule: Chase is unlikely to approve you if you've been approved for five or more cards from any bank in the past 24 months, with exceptions for certain business cards.
- Two Cards Per 30 Days: Chase generally limits approvals to two personal or one personal and one business card every 30 days.
- 24- and 48-Month Rule: Some Chase cards have restrictions, disallowing a welcome bonus if received in the past 24 or 48 months.
Citi Credit Card Application Rules:
- 1/8 and 2/65 Rule: Expect approval for one Citi card every eight days and two cards every 65 days.
- 24- and 48-Month Rule: Depending on the card, there's a 24-month rule for bonus eligibility, and co-branded American Airlines cards have a 48-month rule.
Wells Fargo Credit Card Application Rules:
- One Card Every Six Months: Wells Fargo suggests a waiting period of at least six months between opening new credit card accounts.
- 15-Month Bonus Rewards Restriction: Some Wells Fargo cards restrict bonus rewards, allowing them only once every 15 months.
Understanding these nuanced rules from different banks is crucial for navigating the credit card landscape successfully. The optimal waiting period between credit card applications, as suggested in the article, is around three months, balancing the risk and rewards of acquiring new travel credit cards.
