Three new features go live as BofA deepens its consumer loyalty push
Bank of America has launched three new tools for retail customers: a card referral programme, a structured payment option for credit card purchases, and a free credit monitoring feature.
Refer-a-Friend lets eligible cardholders share a personalised referral link through the app or online banking. Each approved referral earns the referring customer $100 in cash or 10,000 points, capped at $500 or 50,000 points per year. Currently available on Customized Cash Rewards, Unlimited Cash Rewards and Travel Rewards cards, with more products to follow through 2026.
Custom Pay Plan converts a credit card purchase of $100 or more into a fixed instalment schedule. Instead of standard interest, customers pay a flat monthly fee disclosed upfront, with repayment terms from three to 18 months. Rewards earned at purchase are retained.
My Credit provides free access to a customer’s FICO Score, full credit report and personalised insights, with alerts for score changes or suspicious activity. BofA’s AI assistant Erica can pull up the credit profile on request. Customers enrolling in BofA Rewards also get dark web monitoring, Social Security Number monitoring and identity restoration services.
The three features sit within BofA Rewards, the bank’s no-fee loyalty programme open to any customer with an active personal checking account since May 27