Well, I do have to learn things the hard way.  I can't bend a loop in the rods I have but I do need that strong of a rod.  (Our youth puppeteers are tough on things.) I have started making wristbands the color of the puppet with velcro.  Just have to get rid of the rubber bands.  I like the idea of magnets too.  Will research that. Thanks

Pat,
If you are using spring/piano wire it can be very hard to bend but if you put the wire into a vice you should be able to bend the end over.  That is what I always did.  Not always so much a loop as a U kind of.

The kids wear those plastic wrist bands so we cut some down to use on the puppet wrists and hid the velcro attachment under the band.  Rubber bands have a bad habit of breaking when you least expect it. Those hair elastics bands might not break if you can find them in the right color for the skin.

So far this seems to work OK.  I have added a wristband the color of the puppet to the end of the arm rod.  Once it is wrapped the velcro won't show but think I probably need to use flesh colored.  We don't store the arm rods on the puppets but just general use with rubber bands makes a noticeable difference in the structure of the puppet arm. 
A big thanks to Julie at Out Of The Box Puppets.  She sent me some "scraps" with my last order.  I have plenty to make wristbands and then some.  A real blessing!