American Express Cash Magnet® Card
vs. Bank of America® Customized Cash Rewards Credit Card

Both the American Express Cash Magnet® Card and the Bank of America® Customized Cash Rewards Credit Card offer appealing cash back rewards and no annual fees, making them strong contenders for your wallet. However, the BofA Customized Cash edges ahead with its higher cash back in customizable categories, which can be particularly lucrative if you can maximize these options.

The Amex Cash Magnet's 0% introductory APR for 15 months on purchases remains a compelling reason to consider it, especially if you're planning significant spending soon after acquiring the card.

You might prefer the Amex Cash Magnet if you value simplicity in your rewards program. With unlimited 1.5% cash back on all purchases and no categories to keep track of, it's a straightforward card for everyday spending. The introductory APR offer on purchases can also be a significant benefit if you're planning a large purchase soon.

You might prefer the BofA Customized Cash if you're strategic about your spending and can take advantage of the higher cash back rates in categories you frequently use. The flexibility to choose your 3% cash back category and the introductory APR on balance transfers make it a versatile card. Plus, you could earn even more cash back if you're a Preferred Rewards member.

Evaluating APRs, fees, credit requirements, rewards and additional features will clarify which card aligns with your financial habits. This section breaks down each aspect, such as the Amex Cash Magnet's unlimited 1.5% cash back vs. the BofA Customized Cash's customizable 3% categories, helping you pinpoint the card that fits your spending patterns.

The Amex Cash Magnet offers a straightforward rewards program with an unlimited 1.5% cash back on all purchases. It's a solid choice if you prefer simplicity and consistent rewards across all spending without having to track bonus categories.

The Bofa Customized Cash provides more flexibility with 3% cash back in a category of your choice, including gas, online shopping and dining. It also offers 2% back at grocery stores and wholesale clubs (up to a quarterly limit) and 1% on other purchases. This card is better suited for those who can maximize the higher cash back rates in their chosen categories.

Eligible 3% categories for the BofA Customized Cash

• Gas (including EVC stations)
• Online shopping (including cable, streaming, internet, and phone services)
• Dining
• Travel
• Drug stores
• Home improvements and furnishings

The table below details the bonus categories for both cards.

Both the Amex Cash Magnet and the BofA Customized Cash offer flexible redemption options. With the Amex Cash Magnet, you can redeem your cash back for statement credits, merchandise or gift cards. Rewards do not expire.

Similarly, the BofA Customized Cash allows redemption through deposits into Bank of America accounts, statement credits or checks. Your cash back remains available as long as your account is active.

MoneyGeek's ranking process reviews credit cards like the Amex Cash Magnet and BofA Customized Cash for various use cases. The highest-scoring use case for both cards is cash back. The most significant factors in the cash back score are the effective reward rate and the return on investment for offers.