Both the American Express Cash Magnet Card and the Citi Custom Cash Card offer enticing cash back rewards and the convenience of no annual fees, which is why you're likely considering them. The Citi Custom Cash edges ahead with its higher cash back rate in your top spending category, making it the superior choice for maximizing rewards. However, the** Amex Cash Magnet Card's offer of a 0% intro APR for 15 months on purchases** is a compelling reason to keep it in the running, especially if you're planning significant spending soon after acquiring the card.
American Express Cash Magnet® Card
vs. Citi Custom Cash® Card
Updated: November 17, 2024
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American Express Cash Magnet® Card
Citi Custom Cash® Card
On Issuer's Site
On Issuer's Site
Which Card Is Better for You?
You might prefer the Amex Cash Magnet if you value a straightforward rewards program with unlimited 1.5% cash back on all purchases. Its 0% intro APR on both purchases and balance transfers for 15 months is beneficial if you're planning a large purchase or want to consolidate debt. Additionally, the card offers travel and shopping protections.
You might prefer the Citi Custom Cash if you spend consistently in one category and can benefit from the 5% cash back on your top eligible spend category each billing cycle, up to the first $500 spent. If you're a frequent traveler, the additional cash back on hotels, car rentals and attractions booked through the Citi Travel portal could add significant value. Plus, its slightly lower maximum regular APR may be appealing in the long run.
Head-to-Head Comparison: Card Details and Features
Evaluating APRs, fees, credit requirements, rewards, introductory offers and other features will illuminate which card best meets your financial needs. Use this section to compare the Amex Cash Magnet's cash back with Citi Custom Cash's category-based rewards, among other differences.
Regular APR: Citi Custom Cash
The Citi Custom Cash offers a slightly better regular APR range, maxing out at 29.24% compared to the Amx Cash Magnet's 29.99%.
Annual Fee: Tie
Both cards have no annual fee, making them equally appealing for users looking to avoid extra costs.
Introductory 0% APRs: Amex Cash Magnet
For introductory 0% APRs, the Amex Cash Magnet edges out slightly ahead due to its lower balance transfer fee of either $5 or 3%, compared to Citi Custom Cash's 5% fee. Both cards offer a 0% APR for 15 months on purchases and balance transfers, but the cost of transferring a balance is less with the Amex Cash Magnet.
Rewards: Citi Custom Cash
The Citi Custom Cash is better for rewards, offering 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, and 1% thereafter. It also provides a travel offer of an additional 4% cash back on certain bookings through the Citi Travel portal until 6/30/2025. In contrast, the Amex Cash Magnet offers a straightforward unlimited 1.5% cash back on all purchases.
Welcome Offers: Citi Custom Cash
The Citi Custom Cash offers a better welcome bonus, providing $200 cash back after a $1,500 spend within the first 6 months, compared to the Amex Cash Magnet's $150 statement credit after spending $1,000 in the first 3 months. The higher cash back and slightly better ROI make the Citi Custom Cash the superior option for welcome offers.
Recommended Credit Score: Tie
Both cards require a credit score range of 670 to 850, indicating they are accessible to individuals with good to excellent credit.
Penalties and Fees: Amex Cash Magnet
When comparing penalties and fees, the Amex Cash Magnet edges out slightly ahead due to its lower foreign transaction fee of 2.7% compared to the Citi Custom Cash's 3%, and a marginally lower late fee. Both cards have similar penalty APRs and cash advance fees.
Issuer Satisfaction: Amex Cash Magnet
In terms of issuer satisfaction, American Express, issuer of the Amex Cash Magnet card leads with a higher satisfaction rating of 5.0, compared to Citibanks' rating of 4.1. Citibank is the issuer of the Citi Custom Cash.
Other Features & Perks: Tie
Both cards offer unique perks. The Amex Cash Magnet includes benefits like Plan It for flexible payments, car rental insurance, a travel assistance hotline and exclusive Amex Offers. The Citi Custom Cash provides a special travel offer through the Citi Travel portal. Each card's perks cater to different needs, making this a tie.
Rewards Comparison
The Citi Custom Cash offers 5% cash back on your top spending category each billing cycle, up to the first $500 spent, making it the better choice for tailored rewards. However, the Amex Cash Magnet's unlimited 1.5% cash back on all purchases can appeal to those who prefer straightforward rewards without having to track spending categories.
The Citi Custom Cash Card adapts to your spending habits, rewarding you most where you spend the most. Top eligible spend categories for the 5% cash back include: restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs and live entertainment.
Take a closer look at the bonus categories for each card in the following table.
Category | Amex Cash Magnet | Citi Custom Cash |
|---|---|---|
Spend Category | 1.5% on all categories (unlimited) | 5% for the first $500 spent each billing cycle/1% thereafter on top eligible spend categories |
Travel | 1.5% | 4% if purchased through Citi Travel℠ portal through 6/30/2025 (hotels, rental cars and attractions booked)/1% all other travel |
All Other Purchases | Unlimited 1.5% cash back on your purchases | Unlimited 1% cash back on all other purchases |
Redeeming Rewards
Both the Amex Cash Magnet and Citi Custom Cash offer flexibility in redemption methods without expiration constraints. The Amex Cash Magnet allows for redemption as statement credits, merchandise or gift cards, with no limit on earnings. Conversely, Citi Custom Cash offers a broader range of redemption options, including travel and direct deposits, with a $5 minimum for check redemptions. Both cards ensure that the rewards you earn remain available for use whenever you decide to redeem them.
Methodology
MoneyGeek assesses credit cards like the Amex Cash Magnet and Citi Custom Cash using a comprehensive ranking process tailored to specific use cases. For these cards, the highest scoring category is cash back. The evaluation considers factors such as the effective reward rate, which carries the most weight, and the return on investment for offers. Other considerations include annual fees, introductory purchase rates and issuer satisfaction.
FAQ: Amex Cash Magnet vs. Citi Custom Cash Card
What are the annual fees for the Amex Cash Magnet and the Citi Custom Cash?
Both cards offer have no annual fee.
How do the rewards programs compare between the two cards?
You can get cash back rewards from both cards. The Amex Cash Magnet offers unlimited 1.5% cash back, while the Citi Custom Cash provides 5% back on your top spending category.
What are the intro APR offers for purchases and balance transfers?
Both cards have 0% intro APR for 15 months on purchases, making these cards among the best 0% APR cards available
Are there foreign transaction fees associated with either card?
The Amex Cash Magnet has a 2.7% fee, while the Citi Custom Cash charges 3%.
What credit score is needed for each card?
Both cards recommend a credit score of good to excellent (670 to 850). A good credit score is required for most cards.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.