Personal Finance News
Bank of America Adds New Features, Including Referral Bonuses
On the heels of rolling out its updated BofA Rewards program, Bank of America is adding some other new features for customers — including a way to earn rewards for referring friends and family.
About the Latest Bank of America Features:
This week, BofA officially announced some new offerings for customers. These include a Refer-a-Friend program, the Custom Pay Plan program, and a tool called My Credit.
Starting with Refer-a-Friend, now eligible cardholders will have the ability to refer others and earn rewards when they’re approved for cards. To do this, customers can find their customized link to send to others. Then, when a referred person applies and is approved, the referring cardholder can earn a bonus of $100 in cash rewards or 10,000 points — although this offer is currently capped at $500 or 50,000 points per year. At this time, the Refer-a-Friend program is available for the Customized Cash Rewards card, Unlimited Cash Rewards card, or Travel Rewards card. However, the bank says it intends to expand the list of eligible products throughout 2026.
Next up is Custom Pay Plan. With this credit card feature, customers can choose to finance eligible credit card purchases of $100 or more with structured payments. Repayment periods typically range from three to 18 months, and cardholders can view all of the details, including total cost, before opting into their plan.
Finally, BofA is launching My Credit. This tool will allow cardholders to view their FICO credit score and set up alerts about their score activity. Customers can also ask Bank of America’s AI assistant Erica to pull up a credit profile upon request.
What They’re Saying:
Commenting on these new features, Bank of America’s President of Consumer, Retail and Preferred Holly O’Neill said, “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.” O’Neill added, “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.”
My Thoughts:
In my opinion, referral bonuses are an underrated aspect of the credit card game. Therefore, this is great news for Bank of America cardholders who want to recommend their credit cards to friends and family. However, in addition to rolling out to more products, I do hope the bank considers increasing the annual bonus cap beyond the current $500.
Meanwhile, Custom Pay Plan sounds similar to other options on the market — and it’s unclear whether it could be a good deal. As for My Credit, while it doesn’t sound game-changing, greater access to credit insights is always welcome.
Although these updates may not make up for the negative changes made with BoA Rewards, hopefully these new offerings will be useful for current and future Bank of America credit cardholders.
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