The Blue Money Most well-liked® Card from American Categorical and the Financial institution of America® Custom-made Money Rewards bank card are two money again bank cards that may maintain worth in your pockets. However the Blue Money Most well-liked is our prime decide due to its cardholder perks and rewards which can be good for journey and day-to-day, all whereas doubtlessly offsetting the continuing annual charge.

Despite the fact that each reward you for grocery purchases, the Blue Money Most well-liked presents the next cash-back charge in your purchases at supermarkets, together with extra journey and on a regular basis perks. 

On the flip aspect, the Financial institution of America bank card has a decrease rewards charge on sure classes and fewer perks, it is nonetheless a drive to be reckoned with — it has no annual charge and an extended introductory APR provide for purchases and steadiness transfers. The welcome bonus for the Custom-made Money Rewards card can be simpler to acquire. Plus, you’ve gotten the pliability to decide on which class earns 3% money again every month (as much as $2,500 in mixed selection class, grocery retailer and wholesale membership quarterly purchases, then 1%). 

Deciding which of those two playing cards is greatest for you boils all the way down to your spending habits and monetary objectives. That will help you select between the Blue Money Most well-liked and the Custom-made Money Rewards, we have highlighted among the key variations and components to contemplate under. 

This on-line solely provide might not be obtainable should you go away this web page or should you go to a Financial institution of America monetary heart. You’ll be able to make the most of this provide if you apply now.

Rewards

Winner: American Categorical Blue Money Most well-liked Credit score Card

Evaluate the cardboard’s rewards applications.

The Blue Money Most well-liked earns:

• 6% money again at U.S. supermarkets on as much as $6,000 per 12 months in purchases (then 1%)
• 6% money again on choose U.S. streaming subscriptions
• 3% money again on transit together with taxis/rideshare, parking, tolls, trains, buses and extra
• 3% money again at U.S. gasoline stations
• 1% money again on different purchases

(Money again is obtained within the type of Reward {Dollars} that may be redeemed as a press release credit score)

The Custom-made Money Rewards Card earns:

• 3% money again within the class of your selection: gasoline, on-line buying, eating, journey, drug shops or dwelling enchancment/furnishings (as much as $2,500 in mixed selection class/grocery retailer/wholesale membership quarterly purchases, then 1%)
• 2% money again at grocery shops and wholesale golf equipment (as much as $2,500 in mixed selection class/grocery retailer/wholesale membership quarterly purchases, then 1%)
• 1% on all different purchases

If a big chunk of your price range goes towards groceries, the Blue Money Most well-liked is the clear winner. With this card, you will earn 6% money again on U.S. grocery store purchases (as much as $6,000 per 12 months, then 1% after). The Custom-made Money Rewards card solely presents 2% money again at grocery shops and wholesale golf equipment (as much as $2,500 per quarter in mixed 3% and a pair of% classes, then 1%). If you happen to spend $2,500 on groceries yearly, you may earn as much as $150 with the Blue Money Most well-liked card at U.S. supermarkets, in comparison with $50 with the Custom-made Money Rewards card. 

The Blue Money Most well-liked card additionally earns 6% money again on choose U.S. streaming subscriptions and three% on transit and U.S. gasoline stations. Total, this card presents rewards at the next charge in comparison with the Custom-made Money Rewards card. 

Nevertheless, if you wish to earn rewards in a unique class — like on-line buying, eating, gasoline, drug shops, journey or dwelling enchancment/furnishing — and also you need the pliability to vary your prime spending classes every month, the Custom-made Money Rewards card permits you to earn 3% on the class of your selection for as much as $2,500 per quarter. 

You may as well enhance your rewards worth with the Custom-made Money Rewards Card if you enroll in Financial institution of America’s Most well-liked Rewards. The three-tier program presents 25% to 75% additional cash again on purchases. The upper your mixed Financial institution of America account balances, the higher the rewards are with this program. You’ll be able to redeem your rewards by way of the Financial institution of America on-line banking web site.

Rewards redemptions 

Winner: Financial institution of America Custom-made Money Rewards

• American Categorical Blue Money Most well-liked: Rewards might be redeemed for a press release credit score.
• Financial institution of America Custom-made Money Rewards: Rewards might be redeemed for a press release credit score, mailed test or deposited right into a Financial institution of America checking or financial savings account or eligible Merrill account. 

You’ll be able to redeem your Custom-made Money Rewards for a press release credit score in any quantity. Or you may have a paper test mailed or deposited right into a Financial institution of America or eligible Merrill account.

However, the choices for redeeming Blue Money Reward {Dollars} are restricted. You’ll be able to solely redeem your money again as a press release credit score. Meaning you can also make a purchase order along with your Amex bank card, then apply the assertion credit score to decrease your steadiness, however no different redemption choices can be found. 

Welcome provide

Winner: Financial institution of America Custom-made Money Rewards

• American Categorical Blue Money Most well-liked: $250 assertion credit score should you spend $3,000 in purchases throughout the first six months of account opening. 
• Financial institution of America Custom-made Money Rewards: $200 on-line money rewards bonus should you spend no less than $1,000 throughout the first 90 days of account opening.

There’s solely a $50 distinction within the welcome presents for these two playing cards — however the spending thresholds are a lot totally different.

The Custom-made Money Rewards card has a $200 on-line money rewards welcome bonus if you spend $1,000 throughout the first 90 days of account opening (roughly $334 every month). The Blue Money Most well-liked has a barely greater welcome provide of a $250 assertion credit score should you spend $3,000 throughout the first six months of account opening (roughly $500 every month). When evaluating the 2 presents, you may spend $2,000 much less with the Custom-made Money Rewards to nonetheless earn a stable welcome bonus. And you will earn it before the Blue Money Most well-liked. 

Annual charges 

Winner: American Categorical Blue Money Most well-liked

• American Categorical Blue Money Most well-liked: $Zero introductory annual charge for the primary 12 months, then $95 after that.
• Financial institution of America Custom-made Money Rewards: $0

When first opening an account with both card, you will not have an annual charge. The large distinction is that the Blue Money Most well-liked has a $95 annual charge after the $Zero intro annual charge for the primary 12 months. If you happen to spend $1,600 or extra in groceries at U.S. supermarkets yearly, you will primarily cowl the annual charge for this card within the rewards you earn. And should you make the most of different rewards classes, similar to 6% money again on choose U.S. streaming subscriptions and three% on U.S. gasoline station purchases, you may earn much more money again. 

To resolve if the cost is price it, take into consideration the cardboard’s worth to your pockets. For example, regardless that the Blue Money Most well-liked comes with a $95 annual charge after the primary 12 months, should you earn greater than this price by way of rewards and assertion credit, it might be worthwhile. However if you cannot maximize the rewards the American Categorical card presents, think about the Custom-made Money Rewards card or one other card with out an annual charge. 

Introductory APR 

Winner: Financial institution of America Custom-made Money Rewards

If you happen to want extra time to pay again a purchase order or need to switch present debt to make the most of a 0% introductory APR, Financial institution of America’s Custom-made Money Rewards is a greater choice. It has an extended introductory APR interval for brand new purchases and steadiness transfers. 

Each the Financial institution of America Custom-made Money Rewards and the American Categorical Blue Money Most well-liked have a 3% steadiness switch charge (the Amex card has a $5 minimal, whereas the Financial institution of America card has a $10 minimal charge). Stability transfers for each playing cards should be accomplished throughout the first 60 days of getting the cardboard with a purpose to qualify for the intro APR provide.

Card perks 

Winner: American Categorical Blue Money Most well-liked

Phrases apply to American Categorical advantages and presents. Enrollment could also be required for choose American Categorical advantages and presents. Go to americanexpress.com to be taught extra.

Blue Money Most well-liked presents further card perks, together with:

• Buy safety
• Prolonged guarantee
• Return safety
• Rental automotive insurance coverage
• World Help Hotline
• ShopRunner membership
• Amex Presents
• $120 Equinox+ Credit score
• $84 The Disney Bundle Credit score

The Blue Money Most well-liked contains over $200 in assertion credit and entry to American Categorical Experiences for ticket presale entry and unique occasions. That features an $84 Disney Bundle assertion credit score yearly and as much as a $120 annual Equinox+ membership assertion credit score. When touring, you additionally get automotive rental loss and harm insurance coverage and the 24/7 World Help® Hotline. Plus, you’ve gotten buy safety for as much as 90 days on new purchases. 

The Custom-made Money Again Rewards card does not have an annual charge, however it’s additionally missing assertion credit and perks. Apart from incomes boosted factors by way of the Financial institution of America’s Most well-liked Rewards program, this card does not provide many further perks.

Despite the fact that the Blue Money Most well-liked’s perks can offset the annual charge and enable you save on different purchases should you do not suppose you will use the perks, it might be greatest to contemplate one other card. 

The underside line

You may get one of the best bang to your buck with the Blue Money Most well-liked card, so long as your spending habits align. The Amex card has greater rewards charges, worthwhile assertion credit and additional perks that may greater than make up for its annual charge. The principle downside is your redemption choices — you are restricted to solely receiving a press release credit score for all of the rewards you earn. 

If you’d like extra flexibility, the Custom-made Money Rewards is a more sensible choice for transferring a steadiness, repaying a giant buy throughout the introductory APR interval and selecting which rewards class earns you 3% every month (on as much as $2,500 in mixed 3% and a pair of% classes every quarter, then 1%). There’s additionally no annual charge and extra redemption choices than the Blue Money Most well-liked.

FAQs

For charges and costs of the Blue Money Most well-liked Card from American Categorical, click on right here.

*Eligibility and profit degree varies by Card. Phrases, Situations, and Limitations Apply. Please go to americanexpress.com/benefitsguide for extra particulars. Underwritten by Amex Assurance Firm.

The editorial content material on this web page relies solely on goal, impartial assessments by our writers and isn’t influenced by promoting or partnerships. It has not been offered or commissioned by any third celebration. Nevertheless, we might obtain compensation if you click on on hyperlinks to services or products supplied by our companions.

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