Rewards paid out for successful retrieval motivate the formation of long-term memory. However, it has been argued that the Motivated Learning Task does not measure reward effects on memory strength but decision-making during retrieval. We report three large-scale online experiments in healthy participants (N = 200, N = 205, N = 187) that inform this debate. In experiment 1, we found that explicit stimulus-reward associations formed during encoding influence response strategies at retrieval. In experiment 2, reward affected memory strength and decision-making strategies. In experiment 3, reward affected decision-making strategies only. These data support a theoretical framework that assumes that promised rewards not only increase memory strength, but additionally lead to the formation of stimulus-reward associations that influence decisions at retrieval.