American Express Cash Magnet® Card
vs. Bank of America® Unlimited Cash Rewards credit card

Both the American Express Cash Magnet® Card and the Bank of America® Unlimited Cash Rewards cards offer appealing cash back rewards and no annual fees. The BofA Unlimited Cash edges out slightly with a higher cash back score.

However, the Amex Cash Magnet's 0% introductory APR for 15 months and additional benefits like car rental loss and damage insurance make it a strong contender.

While neither is a co-branded or store card, the Amex Cash Magnet may not be as widely accepted as the Visa-branded BofA Unlimited Cash card. Consider the Amex Cash Magnet if you value the added perks it offers.

You might prefer the Amex Cash Magnet if you're looking for a card that gives you flexibility in paying off large purchases over time without interest. The Plan It® feature allows for fixed monthly payments on purchases of $100 or more. Additionally, the Global Assist® Hotline and car rental loss and damage insurance can be valuable perks if you travel.

You might prefer the BofA Unlimited Cash if you want to earn a welcome bonus with a lower spending threshold. The $200 cash back requires only $1,000 in purchases within the first 90 days. If you're a Bank of America customer, particularly a Preferred Rewards member, you can benefit from additional cash back, making this card more rewarding for your loyalty.

Evaluating APRs, fees, credit requirements, rewards and other features will clarify the subtle yet impactful differences between the Amex Cash Magnet and BofA Unlimited Cash. Discern which card aligns with your spending patterns and financial objectives, whether you value lower balance transfer fees or wider card acceptance.

Both the Amex Cash Magnet and the BofA Unlimited Cash cards offer a flat 1.5% cash back on all purchases. This simplicity is ideal for those who prefer a no-fuss rewards program without having to track spending categories.

While the rewards rate is the same, the Amex Cash Magnet's acceptance might be slightly lower internationally than the Visa network backing the BofA Unlimited Cash card. For Bank of America customers, the BofA Unlimited Cash card may edge out slightly ahead, especially for those enrolled in the Preferred Rewards program, which can increase the cash back rate.

The table below outlines bonus categories to help you compare the rewards programs of both cards at a glance.

The Amex Cash Magnet offers flexibility, allowing you to redeem your cash back for statement credits, merchandise or gift cards. You have the assurance that your cash back never expires.

The BofA Unlimited Cash also provides straightforward redemption options, including direct deposit, credit to eligible Merrill accounts and statement credits. Rewards remain valid as long as your account is open.

MoneyGeek reviews various credit cards like the Amex Cash Magnet and the BofA Unlimited Cash for various use cases. Both cards scored the highest in the cash back category.

The scoring reflects the card's performance in areas such as the value of rewards and the benefits of introductory offers. The largest factors in the cash back score are the effective reward rate and the return on investment for offers.

For rates and fees of the American Express Cash Magnet® Card, please click here.