New Bank of America Tools for Cardholders: Referrals, Custom Payments, and Credit Scores

Bank of America has officially announced 3 new features for credit card and banking clients: Refer-a-Friend, Custom Pay Plan, and My Credit. If you’ve already spotted one or more of these in your account over the past couple of months, that’s not a glitch.

BofA has been rolling them out before making any formal announcement, but now the issuer is formally acknowledging these tools. Here’s what each one does for customers.

3 New Bank of America Tools

Refer-a-Friend has technically been live in some accounts for about 2 months, but this is the first time Bank of America has officially acknowledged it. Availability is still limited to holders of the Bank of America^® Customized Cash Rewards credit card, Bank of America^® Unlimited Cash Rewards credit card, or Bank of America^® Travel Rewards Credit Card for now, with more card products coming throughout 2026.

After creating a personalized referral link from the app or online banking, you can share it and earn a bonus when someone is approved. Cash-back cardholders earn $100 per approval, while points cardholders earn 10,000 points. The annual cap is $500 or 50,000 points. It’s not life-changing, but it’s worth checking if you’re already a BofA cardholder. You may have access right now without realizing it.

Custom Pay Plan is Bank of America’s entry into installment-style payment plans — a feature American Express, Chase, and Citi have offered for years. If you’ve made a purchase of at least $100 on an eligible BofA credit card, you can convert it into a fixed payment plan, typically 3 to 18 months, through the app or online banking.

Rather than paying interest on the balance, you pay a fixed monthly fee that’s disclosed up front before you commit. Rewards earned at purchase are preserved, and purchase protections stay intact. Whether the fee is actually cheaper than your card’s interest rate depends on the specifics, so run the numbers before opting in.

My Credit replaces BofA’s existing FICO Score program, which is being retired. It’s free for eligible clients and available in the app or on the website. To enroll, log in, select “View your FICO Score,” and follow the prompts. You get your FICO Score, access to your full credit report, personalized insights, and alerts for score changes or suspicious activity. You can also ask Erica, the bank’s AI assistant, to pull up your credit profile on demand.

Clients enrolled in BofA Rewards, the bank’s new loyalty program that launched on May 27, get additional features. Those include dark web monitoring, Social Security Number monitoring, and full-service identity restoration.

Final Thoughts

None of these tools is revolutionary. Competitors have had versions of all 3 for a while. However, they’re useful additions that bring Bank of America closer to what other major issuers already offer.

My Credit is the most straightforward upgrade over its predecessor. Custom Pay Plan adds flexibility for large purchases if the fee math works out. And Refer-a-Friend is worth a look if you hold an eligible card; it’s nice to see the issuer finally acknowledge its existence.