American Express® Platinum vs Bank of America® Customized Cash Rewards
Side-by-side comparison
| American Express® Platinum | Bank of America® Customized Cash Rewards | |
|---|---|---|
| Annual fee | $895 | No annual fee |
| Welcome offer | 175,000 Membership Rewards® Points | $200 online cash rewards bonus |
| Dining | 1x | 3x |
| Groceries | 1x | 2x |
| Gas | 1x | 3x |
| Travel | 5x | 3x |
| Streaming | 1x | 1x |
| Everything else | 1x | 1x |
| Est. yearly rewards* | $364 | $491 |
| Points type | Transfers to airlines & hotels | Cash back only |
| Network | Amex | Visa |
*Estimated yearly rewards on typical household spending, every point valued at a flat 1 cent. Verified June 2026. See your own numbers in the calculator.
The verdict
On a typical year of household spending, the American Express® Platinum earns about $364 a year in rewards and the Bank of America® Customized Cash Rewards about $491, valuing every point at a flat 1 cent. The American Express® Platinum charges $895, but carries about $1,229 in annual statement credits that offset it for anyone who uses them. The Bank of America® Customized Cash Rewards has no annual fee, so its rewards are all profit. Counting rewards, fees, and any credits, the Bank of America® Customized Cash Rewards delivers more total value, about $408 a year more for a typical spender, mostly because it earns more where you spend most, on groceries and dining. The bigger difference is the ceiling: the American Express® Platinum earns points you can move to travel partners for outsized value, while the Bank of America® Customized Cash Rewards pays plain cash back. Favor the American Express® Platinum if you will use travel transfers, the Bank of America® Customized Cash Rewards if you want simplicity. On the sign-up bonus, the American Express® Platinum currently has the larger welcome offer. A welcome bonus is a one-time event, so weigh it apart from the ongoing rewards.
Pick the American Express® Platinum if your spending leans toward travel. Pick the Bank of America® Customized Cash Rewards if your spending leans toward dining, groceries, gas.