Bank Of America Customized Cash Rewards Vs. Amex Blue Cash Preferred Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Introduction to the Blue Cash Preferred Credit Card from American Express Advertiser Disclosure
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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: MoMo Productions/Getty Images January 05, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Bankrate logo The Bankrate promise
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The Bank of America Customized Cash Rewards card and Amex Blue Cash Preferred offer competitive rewards tailored to different spending categories. The following benefits comparison can help you choose the better fit between them. Welcome bonus winner Amex Blue Cash Preferred
With the Bank of America Customized Cash Rewards card, you’ll get $200 in online cash rewards after you spend $1,000 during the first 90 days of account opening. On the other hand, with the Amex Blue Cash Preferred, you can earn a $350 statement credit after you spend $3,000 in purchases within the first six months. Rewards rate winner Amex Blue Cash Preferred
When it comes to rewards, the best choice will depend on your spending patterns. While the Bank of America card offers a flexible on a spending category of your choice plus 2 percent on grocery stores and wholesale clubs, the Amex Blue Cash Preferred’s lack of a spending cap on most categories (besides the U.S. supermarket category) takes the cake. Note that while the Blue Cash Preferred’s 6 percent cash back rate on U.S. supermarkets is double the Customized Cash Rewards card’s 3 percent cash back rate, you’ll have to consider whether your primary food shopping locations qualify. An incomplete list of qualifying U.S. supermarkets for the Blue Cash Preferred includes: Aldi, A&P, Amazon Fresh, FreshDirect, Gristedes, ShopRight, Walmart Neighborhood Market, Trader Joe’s, Whole Foods, Stop & Shop and Wegmans. Superstores such as Walmart and Costco do not qualify. If Amex covers your local supermarket, the 6 percent cashback may add up—. Amex also offers 3 percent cash back at U.S. gas stations and on transit (such as rideshares and trains). Annual Fee winner Bank of America Customized Cash Rewards
While the previous categories leave room for individual preference, the annual fee winner is clear-cut. The Customized Cash Rewards card does not charge an annual fee, while the Blue Cash Preferred charges $95 per year. Intro APR winner Bank of America Customized Cash Rewards
The Bank of America Customized Cash Rewards card is the clear winner when it comes to an introductory APR. This card offers a 0 percent introductory APR for 18 billing cycles on purchases and balance transfers (16.24 percent to 26.24 percent variable APR thereafter). Note that balance transfers must be made within the first 60 days, and a 3 percent fee (minimum $10) applies. The Amex Blue Cash Preferred offers an introductory 0 percent APR on purchases and balance transfers for 12 months (16.24 percent to 27.24 percent variable APR thereafter). Which card earns the most
Bank of America Customized Cash Rewards vs Amex Blue Cash Preferred spending example
During your first year with the Bank of America Customized Cash Rewards, say you spend: $6,000 in the 3 percent category (while staying within the spending cap each quarter), earning you $180 in cash back rewards $4,000 in the 2 percent category, earning you $80 in cash back rewards That’s a total of $260 in cash back rewards for the year. We’ll use similar dollar amounts to compare these numbers with the Amex Blue Cash Preferred. Let’s say you spend: $6,000 at U.S. supermarkets throughout the year, earning you $360 in cash back $50 a month on streaming service subscriptions ($600 per year), earning you an additional $36 in cash back $1,000 on gas throughout the year, earning you $30 in cash back $200 a month on non-category purchases, earning you $24 in cash back That’s a total of $450 in cash back earnings for the year, or $355 if you subtract the $95 annual fee. Of course, how much you earn depends on your spending habits and ability to max out each card’s yearly or quarterly spending caps. Why should you get the Bank of America Customized Cash Rewards
Additional benefits
This allows you to swap your preferred spending category once per month based on your spending patterns. Let’s say one month you plan to make more online purchases than usual, and another month you plan a vacation and have higher travel expenses. With the Customized Cash Rewards card, you’ll be able to choose accordingly to optimize your rewards. There are also balance transfer benefits to consider with this card. Balance transfers made within the first 60 days of account opening receive an introductory 0 percent APR for 18 billing cycles (16.24 percent to 26.24 percent variable APR thereafter). Note, balance transfers are subject to a 3 percent fee or a minimum of $10 per transfer, whichever is greater. If you plan on making a large purchase with the card, the 0 percent intro APR on purchases for 18 billing cycles is also worth mentioning. (Note, the same 16.24 percent to 26.24 percent variable APR applies after the introductory period ends.) Lastly, the Customized Cash Rewards card also grants you to hundreds of museums and cultural institutions during the first full weekend of every month. Redemption options
Rewards earned with this card can be redeemed for statement credits, direct deposits to a Bank of America checking or savings account, or credit to an eligible Merrill account (with a $25 minimum per request). Recommended credit score
Applicants with a credit score of at least 670 may qualify for this card. Why should you get the Amex Blue Cash Preferred
Additional benefits
If you cannot return an item to a merchant within 90 days of purchasing it, the Blue Cash Preferred may offer you a refund of the full purchase price (excluding shipping and handling). Return protection covers up to $300 per item and a maximum of $1,000 per calendar year. This card also offers purchase protection for up to 90 days after the purchase is made and up to $1,000 per occurrence (with a $50,000 maximum pay out per year). You also get a free ShopRunner membership (a $79 annual membership), giving you free two-day shipping and returns from over 100 retailers. Redemption options
Cash back rewards earned with Reward Dollars that can be redeemed as statement credit. Recommended credit score
To qualify for the Amex Blue Cash Preferred card, you need a FICO Score of 670 to 850 or a VantageScore of 661 to 850. The bottom line
The if you value the flexibility to choose what you earn rewards on, or if you already bank and/or invest with Bank of America or Merrill Edge. On the other hand, if you spend a and don’t mind paying an annual fee, the Amex Blue Cash Preferred Card may be a better choice. Bank of America Customized Cash Rewards credit card information was last updated on August 23, 2022. SHARE: Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions.