Bank of America Customized Cash Rewards vs. Amex Blue Cash Preferred
Key takeaways
- Both the Bank of America® Customized Cash Rewards credit card and the Blue Cash Preferred® Card from American Express offer excellent rewards-earning opportunities for everyday purchases.
- These are tiered cash back rewards cards, so you need to keep up with different categories as well as spending caps to max out your rewards.
- Only the Blue Cash Preferred card charges an annual fee (after the first year), but you can likely offset it and more with earned rewards.
The Bank of America® Customized Cash Rewards credit card and the Blue Cash Preferred® Card from American Express are designed to help you earn rewards on everyday expenses. Both cards allow you to earn cash back for purchases made at grocery stores, gas stations and more. However, the Bank of America Customized Cash Rewards comes with more flexibility, while the Amex Blue Cash Preferred comes with exceptional rewards rates on select category purchases.
Main details
| Cards | Bank of America® Customized Cash Rewards credit card | Blue Cash Preferred® Card from American Express |
|---|---|---|
| Welcome bonus | $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. | Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months. |
| Rewards rate |
|
|
| Intro APR | See Terms | 0% on purchases for 12 months |
| Annual fee | $0 | $0 intro annual fee for the first year, then $95. |
| Foreign transaction fees | 3% | 2.7% |
Bank of America Customized Cash Rewards vs. Amex Blue Cash Preferred highlights
The Bank of America Customized Cash Rewards and the Amex Blue Cash Preferred are two of the top cash back cards available, offering competitive rewards tailored to different spending categories. Both could fit well into the average American household and are a good option for grocery spending, gas and other everyday expenses. Here’s how the two cards compare in different categories.
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
Bank of America® Customized Cash Rewards credit card
Blue Cash Preferred® Card from American Express
Bank of America® Customized Cash Rewards credit card
Which card earns the most?
How much you’ll earn depends on your spending habits and ability to max out each card’s yearly or quarterly spending caps. Let’s take a look at a spending example.
Bank of America Customized Cash Rewards vs. Amex Blue Cash Preferred spending example
Here’s how much you might earn with each card on $15,000 in annual spending when we assume the following spending break down:
- $6,000 at U.S. supermarkets ($1,500 per quarter)
- $2,600 at U.S. gas stations
- $4,000 at restaurants ($1,000 per quarter)
- $400 in streaming services
- $2,000 in non-category purchases
Let’s also assume that, with your Bank of America Customized Cash card, you choose “dining” as your 3 percent category for the entire year.
| Bank of America Customized Cash annual cash back earnings | Amex Blue Cash Preferred annual cash back earnings | |
|---|---|---|
| Supermarkets | $120 | $360 |
| Gas stations | $26 | $78 |
| Restaurants | $120 | $40 |
| Streaming services | $4 | $24 |
| Non-category purchases | $20 | $20 |
| Total annual cash back | $290 | $522 |
As you can see, the Amex Blue Cash Preferred has the edge when it comes to earning rewards on your spending — provided you are able to maximize your spending in the boosted 6 percent categories.
However, this is also assuming that you keep the same 3 percent category chosen for your Customized Cash card all year. In reality, you might fluctuate this category, making your cash back earnings look different from month to moth. Even with the fluctuating 3 percent category, though, the Blue Cash Preferred will likely still come out on top due to its high cash back rate at U.S. supermarkets.
Keep in mind that the Blue Cash Preferred card does come with an annual fee of $95 ($0 for the first year). However, even after paying the annual fee, you would still net $427 in cash back using this example.
Why should you get the Bank of America Customized Cash Rewards?
In addition to the no annual fee and intro APR offers, it’s worth noting that the Bank of America Customized Cash Rewards allows you to swap your preferred spending category once a 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. If you’re looking for a flexible rewards credit card, this card could definitely be worth it, but it will take some planning to maximize the offerings.
Why should you get the Amex Blue Cash Preferred?
If your spending habits align with Amex Blue Cash Preferred, and if you’re able to spend enough each year to recoup the cost of the annual fee (after the first year), this card could certainly be worth it for you.
The bottom line
The Bank of America Customized Cash Rewards credit card may be worth it if you value the flexibility to choose which categories you earn rewards in or if you are a Bank of America Preferred Rewards member. On the other hand, if you spend a significant amount on groceries and gas and don’t mind paying an annual fee after the first year, the Amex Blue Cash Preferred may be a better choice.
The information about the Bank of America Customized Cash Rewards was updated on Dec 20, 2024.
