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MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial workforce of educated journalists works carefully with main private finance specialists in Canada. That will help you discover the perfect monetary merchandise, we examine the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Be taught extra about our promoting and trusted companions.
Canada’s finest American Specific bank cards
American Specific, a.ok.a. Amex, presents among the highest-earning and most-perk-filled bank cards in Canada, repeatedly touchdown it on the annual rankings of the finest bank cards in Canada. Right here, we break down the highest American Specific bank cards by class.
Finest general Amex rewards card
The spectacular excessive earn price of the American Specific Cobalt bank card, notably within the fashionable meals class, makes it a standout card. The journey class—which incorporates flights, transit, gasoline and even rideshares—can also be a high-earner.
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American Specific Cobalt
- Annual charge: $156
- Earn price: 5 factors per $1 spent on eating and groceries; 2 factors per $1 spent on transit and gasoline; and 1 level per $1 spent on all different purchases
- Welcome provide: You’ll be able to earn 1,250 factors for every month you spend $750, as much as a most of 15,000 factors.
- Annual earnings requirement: None
Execs
- With its beneficiant factors bonuses (as much as 5 instances the rewards on groceries and eating), the Cobalt simply one in every of Canada’s most profitable rewards playing cards
- It presents the final word flexibility for factors. You’ll be able to redeem the simple manner with 100 factors for a flat $10 in journey financial savings, or use its Fastened Factors Journey Program chart, the place you’ll be able to strategically rise up to 75% extra worth on round-trip flights out of Canada.
- Cardholders can even switch factors to different loyalty packages like Aeroplan to maximise factors values
- This card comes with 10 varieties of insurance coverage, together with journey accident, automotive rental theft and harm, and new cellular system protection.
Cons
- At $156, the annual charge is larger than another playing cards on this class.
Finest cash-back Amex card
At 4% again on gasoline and groceries and a 2% base price the SimplyCash Most well-liked presents among the highest earn charges for bank cards in Canada.
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SimplyCash Most well-liked from American Specific
- Annual charge: $120
- Earn price: 4% money again on eligible gasoline and grocery purchases; 2% money again on every little thing else
- Welcome provide: You’ll be able to earn a $40 assertion credit score for every month-to-month billing interval through which you spend $750 in purchases in your card.
- Annual earnings requirement: None
Execs
- Fuel and groceries are two of the most well-liked spending classes and this card rewards them each with 4% money again.
- The bottom price of two% may be very aggressive, whereas different playing cards have a tendency to supply 0.5% to 1%.
- This card comes with 10 sorts of insurance coverage together with journey accident, automotive rental theft and harm, and new cellular system protection.
- There aren’t any minimal earnings necessities and the annual charge is $119.88, charged at $9.99 month-to-month.
Cons
- You’ll be able to solely redeem your rewards yearly each September, in contrast to some money again playing cards that assist you to redeem extra ceaselessly.
Finest no-fee Amex cards
In case you don’t must pay an annual charge, that may be a perk by itself. However that’s not all that these no-fee American Specific bank cards are about. There are many perks. Simply select what’s finest for you.
Finest no-fee Amex card for journey
Consider the American Specific Inexperienced Card because the Cobalt’s little sister. Just like the Cobalt, this card helps you to earn versatile Amex Membership Rewards factors that you would be able to redeem for journey and money rewards, with no charge.
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American Specific Inexperienced Card
- Annual charge: $0
- Earn price: 1 level for each $1 spent on all purchases and 1 extra level for each $1 spent on resort or automotive bookings made on americanexpress.ca.
- Welcome provide: You’ll be able to earn 10,000 Membership Rewards factors if you cost $1,000 in purchases to your card within the first three months of cardmembership.
- Annual earnings requirement: None
Execs
- Amex Membership Rewards factors are tremendous versatile and can be utilized for journey or money rewards—your alternative.
- You’ll be able to switch your rewards factors to different packages, corresponding to Marriott Bonvoy and British Airways, to extend the purpose worth and get higher rewards worth.
- It’s fairly accessible, making this a terrific starter card since there’s no minimal annual earnings and no annual charge.
Cons
- This bank card has restricted insurance coverage protection and lacks journey, cellular system and rental automotive safety.
Finest no-fee money again Amex card
SimplyCash is without doubt one of the highest-earning no-fee bank cards in Canada, providing 2% money again on gasoline and grocery purchases and 1.25% again on each different greenback you spend.
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SimplyCash from American Specific
- Annual charge: $0
- Earn price: 2% money again on eligible gasoline and grocery purchases as much as $300 yearly; 1.25% money again on every little thing else
- Welcome provide: You’ll be able to earn a $10 assertion credit score for every month-to-month billing interval through which you make no less than $300 in purchases (for a complete worth of as much as $100).
- Annual earnings requirement: None
Execs
- Earn accelerated rewards on gasoline and groceries, two of the most-used spending classes for Canadians.
- At 1.25%, its base price is larger than most no-fee bank cards, which generally earn 0.5% to 1%.
Cons
- Cardholders are capped to earn the two% price on the primary $15,000 (that’s $300 money again) spent in these classes yearly. After, these purchases will earn on the 1.25% base price.
- The money again is just paid out annually, each September reasonably, than on-demand.
Finest low-interest Amex card
American Specific Important Card
- Annual charge: $25
- Rate of interest: 12.99% on purchases
- Welcome provide: None
- Annual earnings requirement: $15,000
Execs
- Low everlasting rate of interest so that you don’t have to fret about promotional intervals.
- Consists of $100,000 in journey accident insurance coverage—a uncommon perk for a low APR card. (Learn: “What’s APR?”)
- The 12.99% rate of interest extends to money advances, which is sort of remarkable for low-interest playing cards.
Cons
- In contrast to many low-interest playing cards, this one doesn’t provide a stability switch deal.
Finest premium Amex card
The Platinum Card takes status to the subsequent degree. With extra perks than some other bank card in Canada, that is one in every of American Specific’s premium choices. Which means, although, it comes with a hefty annual charge however sufficient perks to make it definitely worth the cash.
American Specific Platinum
- Annual charge: $799
- Rewards: 2 factors per $1 on eating and meals supply; 2 factors per $1 on journey, plus 1 extra level on purchases booked by way of Amex Journey On-line; 1 level per $1 on every little thing else.
- Welcome bonus: You’ll be able to earn as much as 100,000 rewards factors ($1,000 worth). Situations apply.
- Annual earnings requirement: None
Execs
- Headline perks embody a recurring annual $200 eating credit score, an annual $200 journey credit score and—maybe the perfect reward for frequent flyers—airport lounge entry. With this card you get entry to the distinguished Centurion lounges and free entry for you and a visitor at greater than 1,300 Precedence Move lounges.
- Boosted charges on eating out and journey provide help to attain your rewards targets sooner.
- There are lots of methods to redeem factors. You should use the Versatile Factors Journey Program with each 1,000 factors equalling $10 or use the Fastened Factors Journey program’s journey chart to get probably extra worth out of them. You can too switch your factors to frequent-flyer or hotel-loyalty packages.
- This card sometimes presents profitable sign-up bonuses.
Cons
- The annual charge is $799, making this a severe funding and inaccessible for many Canadians.
- At this worth level, you would possibly count on to see a greater diversity of perks, however issues like roadside help should not included.
Should-know info American Membership Rewards factors—and factors values
American Specific Membership Rewards is without doubt one of the most useful and versatile rewards packages in Canada. However to take advantage of it, it’s essential to grasp how the Membership Rewards (MR) factors work and the way a lot factors are value.
Journey
Journey is without doubt one of the hottest methods to redeem any of American Specific factors packages, partly due to the flexibleness. There are a number of methods to take advantage of your factors, and also you don’t want to make use of American Specific’s in-house journey company. You’ll be able to redeem factors for purchases booked straight from an out of doors airline, resort or journey company.
American Specific Versatile Journey
Essentially the most simplified journey redemption comes from the Versatile Journey factors program, the place every level is value $0.01 in direction of flights, resort stays, automotive rental, trip packages and cruises. You’ll be able to redeem factors for journey in flat increments of 1,000 factors, value $10.
American Specific Fastened Journey
In case you’re trying to maximize your factors worth and rating nice offers, you would possibly need to use the Fastened Journey factors program. Right here, you redeem factors for round-trip flights out of Canada, primarily based on a regional rewards chart.
Level values range relying on the flight and area you’re travelling to, with every area requiring a minimal variety of factors in alternate for a most price tag
For instance, let’s say you’re flying from Toronto to Montreal (a short-haul flight inside Canada).
- In keeping with the rewards chart, you’ll want a minimal of 15,000 factors, which might cowl as much as a most $300 of a flight ticket’s base worth (not together with taxes).
- In case you discover a ticket that prices $350 ($250 plus $100 in taxes)you’d redeem 15,000 factors and pay $350 (complete worth of the ticket).
- Then, American Specific would refund you $250—the bottom worth of the ticket, not together with taxes.
In the end, you’d pay 15,000 factors plus $100 out of pocket for the $350 ticket, which works out to $0.0167 per level—far higher than the $0.01 per level worth you’d obtain within the Versatile Factors program.
Switch choices
One of many advantages of American Specific Rewards is the power to switch your factors to 6 completely different frequent flyer packages, typically at beneficial ratios. For instance, you’ll be able to switch 1,000 Membership Rewards factors for 1,000 Aeroplan Factors at a one-to-one ratio. The worth of Aeroplan Factors fluctuates. However, relying on which flight you redeem them for and the way effectively you optimize your journey, you’ll be able to reap as a lot as $0.02 to $0.04 per level, particularly on enterprise class flights. The suitable transfers can enhance your rewards values.
Transfers don’t simply apply to airways. You’ll be able to switch both Membership Rewards to resort companions together with Marriott Bonvoy and Hilton Honors. Level values and switch ratio fluctuate by program, so do the mathematics to get the easiest deal.
Assertion credit
In case you’d reasonably spend factors in your on a regular basis card purchases, you are able to do that, though the worth is not so good as with journey rewards. When utilizing an announcement credit score, 1,000 factors equals $7 (which is $0.007 per level). In case you discover you like rewards to save lots of on on a regular basis purchases usually, your finest guess is to stay with a money again bank card as a substitute of a journey rewards card since they provide redemptions values on on a regular basis purchases.
Present playing cards and merchandise
In case you simply need to money in your factors for a present card or merchandise, with American Specific Membership Rewards you are able to do that. The values on merchandise range dramatically, so getting a deal could take a little bit of math, however you’ll be able to count on round $0.0075 per level on reward playing cards.
Amex acceptance–is it actually a problem?
In case you learn up on American Specific playing cards, you’ll discover warning about limitations round how extensively accepted these playing cards are. It’s true Mastercard and Visa could be tapped at extra locations, however the stigma round American Specific could also be a bit overblown.
American Specific is accepted at greater than 96,000 locations throughout Canada together with most office and massive field shops like The Bay, Walmart, Canadian Tire and Residence Depot. It’s additionally accepted at hundreds of eating places and cafes, together with a lot of quick meals and chain eating places in addition to meals supply apps. Metro and Sobeys grocery shops settle for American Specific, however Costco and Loblaw-banner shops don’t. Buyers Drug Mart, some impartial eating places and several other smaller mom-and-pop outlets don’t take American Specific.
The place does this depart you? Fairly than forgoing the dear rewards and perks discovered with many American Specific playing cards, our recommendation is to hold no less than two playing cards with you. Convey your American Specific together with one other no-fee Visa or Mastercard, simply in case.
Extra of Canada’s finest bank cards:
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