Credit card applications never count under the "multiple applications in a short period" that's commonly cited for auto and mortgage loans. Every inquiry has the potential to drop your score right out of the gate, especially if you don't have many of them. Then if you get approved, you're dealing with a new account resetting your age of youngest account and average age of accounts which both can carry potential score penalties.
With that said, score penalties aren't usually a lot and the benefit of a new card can far outweigh any short score hit. Unless you're going for a mortgage in the next year (in which case you shouldn't be applying for any accounts), do what makes sense for your finances.
With that said, I would just let the BoA application play out. It shouldn't be too long before you know.
