Bank of America launches refer-a-friend program and payment tools

Bank of America (NYSE: BAC) announced three new client tools: Refer-a-Friend, Custom Pay Plan and My Credit, according to a company press release.

The Refer-a-Friend program allows eligible clients with Customized Cash Rewards, Unlimited Cash Rewards or Travel Rewards credit cards to earn referral bonuses. Clients can earn $100 in bonus cash rewards or 10,000 points per approved referral, with annual limits of $500 or 50,000 points. The bank plans to expand the program to additional card products throughout 2026.

Custom Pay Plan enables credit cardholders to convert qualifying purchases into structured payment plans through the mobile app or online banking. The feature replaces traditional credit card interest with fixed monthly fees and offers repayment terms typically ranging from 3 to 18 months. Purchases must be at least $100 to qualify.

My Credit provides eligible clients free access to their FICO Score and credit report without impacting their credit score. The tool sends alerts about score changes and suspicious activity, and integrates with the bank's AI assistant Erica.

"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 of Consumer, Retail and Preferred at Bank of America.

BofA Rewards members enrolled in My Credit receive enhanced fraud and identity monitoring, including dark web monitoring and Social Security Number monitoring. The BofA Rewards program launched May 27 and is available to clients with active personal checking accounts.

The bank serves nearly 70 million clients through approximately 3,500 retail financial centers and 15,000 ATMs.

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