On June 10th, Bank of America announced the launch of three new client service tools designed to enhance the personal banking experience through friend referral rewards, installment plans for large purchases, and complimentary credit file tracking.

Referral Program: Cash Rewards for Recommending Cards

The bank has introduced a "Refer a Friend" program. Clients holding a Customized Cash Rewards, Unlimited Cash Rewards, or Travel Rewards credit card can obtain a unique referral link via the mobile app or online banking to share with friends and family via text, email, or social media.

When a referred individual applies for and is approved for a credit card, the referrer will receive a $100 cash bonus or 10,000 points. Referrers can earn up to $500 or 50,000 points annually. The referred person is also eligible for current new account promotions. The bank plans to expand this program to more credit card products throughout 2026.

Customized Payment Plans: Convert Large Purchases to Installments

"Plan It" is a new credit card feature that helps clients manage large purchases more flexibly. After making an eligible purchase of at least $100 with a qualifying Bank of America credit card, clients can convert that purchase into an installment payment plan through the mobile app or online banking.

Key features of this function include replacing traditional credit card interest with a fixed monthly fee, disclosed upfront when the plan is created; clients can choose repayment terms from 3 to 18 months; they can review the total cost, monthly payment, and repayment schedule before committing; and rewards earned on the purchase and shopping protection benefits remain unaffected.

My Credit: Free Access to FICO Score and Credit Report

The "My Credit" tool is offered for free to eligible clients, helping them stay informed about their credit status without impacting their credit score. Clients can view their FICO score and credit report via the mobile app or online banking, receive alerts for score changes and suspicious activity notifications, and can also access their credit profile anytime through the AI-powered virtual assistant, Erica.

Enhanced Fraud Monitoring for BofA Rewards Members

Clients enrolled in the no-annual-fee BofA Rewards loyalty program who also register for "My Credit" will gain access to enhanced fraud and identity monitoring services. These include dark web monitoring, Social Security number monitoring, and full identity recovery support.

The BofA Rewards program launched on May 27th. Any client with an active Bank of America personal checking account can enroll to enjoy multiple benefits, including credit card cash back, banking service discounts, and curated experiences.