Bank of America Launches Exclusive Refer-a-Friend Credit Card Rewards

Bank of America has introduced a new refer-a-friend program for some of its credit card holders. The scheme allows eligible customers to earn cash rewards by referring others. Not all cardholders have access to the offer, as it is currently targeted to specific accounts. The program is open to holders of the Bank of America Unlimited Cash Rewards Credit Card and the Bank of America Customized Cash Rewards Credit Card. Small-business cards, secured cards, and co-branded cards are excluded.

Participants can earn $100 in cash-back for each approved referral. The maximum reward per calendar year is $500, which is equivalent to five successful referrals. To take part, eligible users must log in to their account and visit the referral page.

The bonus is deposited into the referring cardholder’s account roughly 60 days after the referred person is approved. However, the IRS generally treats cash bonuses from such programs as taxable income. The new initiative provides a way for select Bank of America customers to earn additional rewards. It applies only to certain credit cards and has a yearly cap on earnings. The bank has not extended the program to all card types at this time.