Bank of America announced the rollout of three new tools designed to reward loyalty, provide greater flexibility for managing large purchases, and simplify access to credit monitoring: Refer-a-Friend, Custom Pay Plan and My Credit.

"With these tools, we're rewarding our clients in more ways, giving them greater visibility into their financial health and more control over how they manage their money," said Holly O'Neill, President, Consumer, Retail and Preferred at Bank of America. "Whether someone is just starting their financial journey with us or has been a client for years, we're committed to rewarding and empowering them each and every day."

Refer-a-Friend
Bank of America clients with a Customized Cash Rewards, Unlimited Cash Rewards or Travel Rewards credit card now have access to Refer-a-Friend, a new way to earn referral bonuses by sharing products they already trust. The program is easy to use:

• Eligible clients can access a personalized referral link through the Bank of America mobile app or online banking and easily share it with friends and family members who might be interested in signing up for the card via text, email or social media.
• When a friend or family member applies and is approved, the referring client earns a reward while the friend receives the current new account offer.
• Referring cardholders can earn $100 in bonus cash rewards or 10,000 points per friend and family member account opened (up to $500 or 50,000 points per year).

To reach even more clients, Bank of America will continue to expand the Refer-a-Friend program throughout 2026, with additional card products becoming eligible.

Custom Pay Plan
Bank of America's Custom Pay Plan is a new consumer credit card feature designed to help clients manage paying for their purchases with greater control and transparency. 

After making a qualifying purchase with an eligible Bank of America credit card, clients can easily convert that purchase into a structured payment plan through the Bank of America mobile app or online banking. It is a simple and convenient way for clients to pay over time, helping them manage cash flow. Key features include:

• Predictable costs: Replace traditional credit card interest with a fixed monthly fee disclosed upfront when the Plan is created.
• Flexible payment terms: Clients choose a repayment period that fits their budget, typically ranging from 3 to 18 months.
• Greater control and transparency: View total cost, monthly payments, and repayment schedule before creating a Plan.
• Rewards and benefits preserved: Continue to earn rewards at time of purchase and retain purchase protections associated with their credit card.

My Credit
Bank of America's new My Credit tool is designed to help clients stay informed and engaged with their credit profile – without impacting their score. Available to eligible clients for free in the Bank of America mobile app or website, the feature allows clients to:

• View their FICO® Score, access their credit report and see personalized insights.
• Receive alerts about changes to their FICO® Score and notifications of suspicious activity on their credit profile.
• Ask Erica®, Bank of America's AI-driven virtual financial assistant, to pull up their credit profile whenever they need it.

"Your credit profile is one of the most important indicators of your financial health, and we want to make it as easy as possible for clients to understand and manage it," said Mary Hines Droesch, Head of Consumer & Small Business Products and Analytics at Bank of America. "Whether monitoring their FICO Score with My Credit or managing a large purchase with Custom Pay Plan, clients can be more informed and in control of their finances."

Enhanced Fraud and Identity Monitoring for BofA Rewards Members
Bank of America recently launched BofA Rewards, a no fee loyalty program designed to reward and recognize clients for their full relationship across their Bank of America banking and Merrill investing accounts. As of May 27, millions of clients can enroll in the new program to unlock benefits on eligible credit cards, cashback deals, banking services, curated experiences and more. BofA Rewards members, who are enrolled in My Credit, have access to enhanced fraud and identity monitoring. These My Credit features include dark web monitoring, Social Security Number monitoring, full-service identity restoration and more.

Beyond BofA Rewards, Bank of America helps protect clients through its enhanced Security Center – which lets clients manage online and mobile banking security options while bringing together security features, tools, and fraud and scam education in a centralized, client‑friendly experience – and using more than 50 AI-enabled fraud detection models to spot fraudulent activity more quickly and accurately.