CHARLOTTE, NC – Bank of America today 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.

Frequently asked questions

Question: Are these features available to all Bank of America clients, or only certain account holders?

Answer: Availability varies by feature. Refer-a-Friend is currently available to clients with a Customized Cash Rewards, Unlimited Cash Rewards or Travel Rewards credit card, but additional Bank of America card products will become eligible throughout 2026. My Credit is available to eligible Bank of America clients for free. Custom Pay Plan, is offered to clients with a consumer Bank of America credit card in good standing and who have made an eligible purchase.

Question: Can Refer-a-Friend rewards be earned in different currencies (cash, points, miles)?

Answer: Refer-a-Friend offers are paid in the card rewards currency of the existing cardholder. For example, an eligible cardholder of the Bank of America® Customized Cash Rewards® credit card can refer their card to earn a $100 bonus cash reward per account opened.

Question: How can Bank of America clients access Custom Pay Plan?

Answer: Eligible clients in good standing that have a purchase of at least $100 made using their Bank of America credit card have the option to create a Custom Pay Plan directly through the Bank of America mobile app or online banking. Clients choose a repayment period that fits their budget, typically ranging from 3 to 18 months.

Question: How can Bank of America clients enroll in My Credit?

Answer: Bank of America clients will need to enroll in My Credit, given the existing FICO® Score program is being retired. To enroll, clients can log in to the mobile app or website, select “View your FICO Score” and follow the prompts.

Question: What additional benefits do BofA Rewards members receive, and when will those be available?

Answer: As of May 27, any Bank of America client with an active personal checking account is eligible to enroll in BofA Rewards to unlock benefits on eligible credit cards, cash back deals, banking services, curated experiences and more.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Reporters may contact

Don Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com