American Express has expanded its product offerings to cater to a broader spectrum of consumers, with reduced minimum income requirements and the introduction of low-fee and low-interest cards alongside its traditional cashback and rewards cards.
Although merchants historically declined Amex cards due to higher interchange fees, their acceptance has grown considerably in Canada. However, it’s prudent for Canadians to complement one of the below Amex cards with one of the best Visa or Mastercard options in Canada to ensure comprehensive coverage for all spending needs.
The SimplyCash® Preferred Card from American Express stands out as a leading contender for the top cash back card in Canada, offering a straightforward and transparent rewards system. New cardholders can benefit from a generous Welcome Offer: for the first 10 months, earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card, potentially totaling up to $400 in statement credits. Additionally, referring approved friends to Amex can earn you an extra $100 in direct cash back per referral, up to a maximum of $1,500 annually.
With this card, you can earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually), and 2% cash back on all other purchases. Despite the annual fee, the attractive earn rates make it worthwhile for many cardholders. Moreover, as expected from Amex, the card offers a suite of excellent travel protections including emergency medical and travel accident insurance, along with access to exclusive events and special offers through American Express® Experiences.
The Scotiabank Gold American Express® card is highly regarded among travelers for its exceptional benefits and rewards, making it an ideal choice for globetrotters. With this card, cardholders can earn points rapidly on everyday expenses, allowing them to indulge in future adventures. Notably, cardholders earn 6X Scene+ points for every $1 CAD spent at eligible grocers like Sobeys, Safeway, and others, 5X points for every $1 CAD spent on other eligible groceries, dining, and entertainment, and 3X points for every $1 CAD spent at eligible gas stations, on daily transit, and on streaming services, with 1 point per $1 CAD on all other purchases.
In the first 12 months, cardholders can earn up to $650* in value, including up to 40,000 bonus Scene+ points¹. This includes earning 20,000 bonus Scene+ points by making at least $1,000 in eligible purchases within the first 3 months, and an additional 20,000 Scene+ point bonus when spending at least $7,500 on eligible purchases in the first year.
Despite its modest annual fee of $120, the Scotiabank Gold American Express® card offers remarkable travel benefits, including access to airport lounges worldwide and a comprehensive travel insurance package. For those who prefer flexibility in point redemption and travel choices without strict limitations, this card is an excellent option.
Key Features:
Special Feature: No foreign transaction fees.
Although American Express (Amex) offers enticing rewards and cash back through various cards, the most rewarding options often come with annual fees of approximately $100 or more. Among Amex’s no annual fee cards, the Scotiabank American Express® card stands out as our top recommendation. Despite being fee-free, it provides an introductory bonus of up to 7,000 bonus Scene+ points within your first year, equivalent to up to $70 towards travel.¹ Cardholders can earn 5,000 bonus Scene+ points by spending at least $750 on eligible purchases within the first three months, with an additional 2,000 Scene+ point bonus available for spending at least $5,000 on eligible purchases within the first year.
Here are some key benefits of the Scotiabank American Express® card:
Main features:
Special Feature: New mobile device insurance.
The SimplyCash® Card from American Express offers competitive cash back rates, making it a valuable option for cardholders. Here are its key features:
Earn Rates:
Overall, the SimplyCash® Card from American Express offers a compelling combination of cash back rewards, welcome bonus, and additional perks, all without an annual fee.
Indulge in exquisite dining experiences with the American Express Cobalt® Card, designed for food enthusiasts. Here’s why it’s a top choice:
In addition to its generous rewards structure, the American Express Cobalt® Card offers a lucrative introductory deal. During your first year as a new card member, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your Card, totaling up to 15,000 points in a year. These points can be redeemed for travel, gift cards, Amazon purchases, or as general statement credits.
Despite its modest annual fee, the card’s rewards and benefits easily outweigh the cost, particularly for those who frequently dine out and enjoy streaming services.
The Platinum Card® from American Express is tailored for frequent travelers and high spenders, offering premium benefits that justify its $799 annual fee:
In addition to its lucrative welcome bonus and generous earn rates, The Platinum Card® provides access to an array of premium travel benefits. Cardholders can enjoy complimentary entry into hundreds of airport lounges worldwide through The American Express Global Lounge CollectionTM, which includes The Centurion® Lounge network, Plaza Premium Lounges, and more. The card also offers exclusive perks such as travel insurance, concierge service, and access to curated events.
While the annual fee may seem steep, the comprehensive suite of benefits and rewards make The Platinum Card® a worthwhile investment for frequent travelers seeking luxury and convenience.
The American Express® Business EdgeTM Card is tailored for business owners, offering competitive rewards on common business expenses and valuable bonuses:
The card also offers attractive bonuses, including a one-time, 45,000-point signup bonus for spending $5,000 in the first three months. Additionally, cardholders can earn 10x the points for every $1 spent on eligible business essentials within the first 6 months of card membership, up to a maximum of 10,000 points. An ongoing bonus of 1,000 points is awarded for each month in which spending reaches at least $3,000, potentially totaling 12,000 bonus points each year thereafter.
In addition to its rewards program, the American Express® Business EdgeTM Card provides valuable benefits such as Car Rental Theft & Damage Insurance, Employee Card Misuse Protection, Purchase Protection® Plan, and Buyer’s Assurance® Protection Plan, which extends the manufacturer’s warranty on eligible items charged to the card.
With its reasonable annual fee and comprehensive suite of features, the American Express® Business EdgeTM Card is a valuable tool for business owners looking to maximize rewards and protect their purchases.
American Express cards are categorized into four levels based on annual fees and requirements:
Entry-Level American Express Cards:
Mid-Tier American Express Cards:
Premium American Express Cards:
The American Express Centurion Card:
When selecting an American Express card, it’s essential to consider individual needs, financial standing, annual income, associated costs, and credit score health. With various cards offering different benefits and features, careful evaluation is necessary to find the most suitable option.
For personalized suggestions or inquiries about specific American Express cards, feel free to reach out for assistance.
Cash back rewards are straightforward and easy to grasp. With a cash back credit card, you’ll earn a predetermined percentage back on your purchases, depending on the merchant. However, the redemption process varies across programs. Some allow you to cash out your rewards at any time, while others have monthly or yearly payout schedules. Additionally, there may be a minimum cash back threshold required before you can redeem your rewards. For further insights, delve into our comprehensive guide comparing cash back and rewards credit cards.
All major financial institutions offer general rewards credit cards, which are not tied to a specific loyalty program. Instead, you accumulate points with your credit card provider that can be redeemed for various items like travel, gift cards, merchandise, and more. While flexible rewards are advantageous, it’s essential to note that each redemption option carries a different value. Typically, using your points for travel bookings through your bank’s travel portal yields the highest return on investment.
Airline credit cards are affiliated with specific airlines such as Air Canada or WestJet, each offering multiple co-branded credit cards. These cards come in various tiers, with higher tiers offering enhanced benefits like free checked luggage, priority boarding, lounge access, and more. Many individuals favor airline credit cards as they enable discounted air travel and offer additional cost-saving benefits. It’s worth noting that some general travel rewards programs also have partnerships with airlines, indirectly functioning as airline rewards credit cards.
Hotel rewards credit cards are associated with specific hotel chains like Marriott. These cards offer valuable rewards in the form of points that can be redeemed for complimentary stays. Benefits typically include an accelerated earn rate during hotel stays, upgrades in hotel status, qualifying nights for status, and more. Some hotel credit cards even offer a complimentary annual night stay as an added perk.
Some individuals may confuse credit cards offering access to premier travel rewards programs with general rewards cards. While both types allow redemption for travel, gift cards, merchandise, and other items, there are subtle distinctions. Travel rewards credit cards typically offer enhanced earning rates when redeeming points or miles for travel. Additionally, redeeming points for travel through their dedicated travel portal often yields higher value compared to other redemption options.
Store rewards credit cards are associated with a particular retailer, offering rewards tailored to their products or services. While some may overlook their value, these cards can be beneficial for frequent shoppers at the designated store. Additionally, certain store loyalty programs are exclusively linked to their co-branded credit cards, meaning rewards can only be earned with card usage. When contemplating a store rewards credit card, assess your shopping frequency at the retailer and familiarize yourself with the rewards program structure. For instance, a grocery store rewards credit card may prove advantageous, whereas one tied to a specific online retailer may
While Canada doesn’t offer credit cards specifically tied to a particular gas station, several credit cards collaborate with specific gas station chains. Using these partnered credit cards at the pump can either yield savings or extra points. Despite the absence of dedicated gas rewards credit cards in Canada, significant points can still be earned at gas stations with suitable credit cards. Explore further details in our comprehensive guide on the best gas credit cards.
With a plethora of credit card rewards programs available, it’s essential to discern which ones offer optimal benefits. While many individuals may gravitate towards the rewards program offered by their bank by default, familiarizing yourself with the most popular credit card rewards programs can unlock greater value and benefits.
Aeroplan is the loyalty program of Air Canada. Since Air Canada is the country’s largest airline, Aeroplan is incredibly popular. With Aeroplan, you can redeem your points on any available Air Canada seat with no blackout dates.
The number of points required for a redemption depends on where you’re flying from, where you’re flying to, and the distance flown. In addition, Aeroplan has dynamic pricing. That means the number of points required for a flight will differ depending on supply and demand.
American Express Membership Rewards stands out as one of the most versatile credit card rewards programs available. Whether you’re redeeming points for travel expenses or everyday purchases like groceries, the program offers flexibility, allowing you to exchange 1,000 points for a $10 statement credit directly through the app at any time.
Beyond traditional redemptions, American Express also features a fixed price travel program, potentially doubling the value of your points. Moreover, the program allows point transfers to various loyalty programs such as Aeroplan, British Airways, Hilton Honors, among others.
With over 10 million active collectors, Air Miles stands as one of Canada’s most renowned loyalty programs. The simplest method to accrue Air Miles is through a co-branded credit card. The number of points earned varies based on the specific credit card, your shopping locations, and expenditure.
Air Miles offers the flexibility of choosing between Dream or Cash Miles. Dream Rewards enable redemption for flights, hotels, and vacation packages, while Cash Rewards can be utilized for instant discounts or gift cards at select retailers.
For those looking to save on groceries, PC Optimum is a key program to consider, especially for customers of Loblaws-owned grocery chains like Loblaws, No Frills, and Superstore. Upon enrollment, members earn points through in-store purchases and targeted offers. However, by obtaining a PC Optimum credit card, points can be earned on all eligible transactions.
In addition to grocery stores, points can also be earned and redeemed at Esso/Mobil gas stations and Shoppers Drug Mart/Pharmaprix. Shoppers Drug Mart frequently hosts bonus earning and redemption events, offering opportunities to earn 20X the points or receive up to $150 in additional value.
Scene+ was established through the merger of Scotia Rewards and SCENE, resulting in a revamped loyalty program with expanded partnerships. Empire, the parent company of prominent grocery chains like Sobeys, IGA, and Foodland, further bolstered the brand by acquiring a stake in it.
Today, consumers can accrue and utilize Scene+ points at various locations, including Cineplex, Empire-owned grocery stores, Rakuten, select restaurants, and more. Additionally, points can be redeemed for travel bookings through the Scene+ travel portal.
If you consistently pay your bills in full and on time, rewards credit cards can be highly beneficial. Essentially, you earn rewards for your regular spending habits. Moreover, many rewards credit cards offer additional perks such as travel insurance, airport lounge access, and extended warranty, providing added value and potential savings.
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