Bank of America rolled out three consumer tools, led by Custom Pay Plan, a BNPL-style feature that lets cardholders convert a qualifying purchase into a fixed-fee installment plan instead of paying standard credit card interest. The bank also launched Refer-a-Friend, which pays cardholders $100 or 10,000 points per approved referral up to $500 or 50,000 points a year, and My Credit, a free tool for viewing FICO scores and credit reports and getting fraud alerts, accessible through its Erica AI assistant. Custom Pay Plan covers purchases of at least $100 with terms of 3 to 18 months while preserving card rewards and protections, pushing a major bank deeper into the installment space that BNPL providers have led, with the tools tied to its new BofA Rewards loyalty program.
