It is a long-held belief that American Express credit cards are just for the wealthy. This initial impression exists for a good reason. Many widely regard the American Express® portfolio of cards as having some of the highest reward rates and most exclusive perks and benefits — best suited for customers that pay their credit bill every month without carrying a balance.
However, these benefits are not only for the wealthy. American Express® credit cards are more accessible than ever, and if you look closely at their current selection of cards, it should dispel that myth.
While American Express® credit cards tend to boast impressive rewards over low-interest rates on overdue balances, the collection includes something for everyone. It features everything from no-fee cards to top-tier cards with VIP benefits and comprehensive travel insurance. Whether you collect points, are a frequent flyer or want the simplicity of cash back, an American Express card is available.
Almost all major Canadian retailers (and most of the smaller ones) accept American Express cards. So, you won’t have to change your spending habits, and you can reap the rewards and benefits exclusive to members.
The American Express Invites® program boasts advanced and reserved ticket access, special offers and exclusive experiences. On top of this, cardholders can spend their hard-earned money with confidence. All American Express cards have purchase protection, extended warranty, emergency card replacement and fraud protection.
But which is the best American Express® credit card in Canada? Read on to learn more about each card and discover which one is right for you.
The American Express CobaltTM Credit Card is one of the best credit cards on the Canadian market. Get five times the points at coffee shops, bars, restaurants, grocery stores, and even food delivery services. Earn two times the points for every dollar spent on public transport, taxis, rideshare, and gas. Also, access exclusive benefits for members of the American Express CobaltTM Credit Card.
Based on our Best of Finance methodology, the average Canadian will earn an astonishing $1,822.50 in rewards for the first year. That is a staggering return for such a reasonably priced card.
Once you have your points, you can redeem them for almost anything — even purchases on Amazon.ca.
Credit score requirement for approval:
Fair: You’ve had a credit card or loan for one or more years. For the last two years, you’ve paid back debts to creditors (with no defaults). You haven’t missed more than two payments on your credit in the last three months.
Annual fee:
$120 ($10 per month)
Annual fee for additional cardholders: $0
Limited time offer/bonus:
Offer expiry date: N/A - Ongoing Offer.
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 86,685 Membership Rewards® points
Monetary value= $1,517
Annual fee = $155.88
Total earned over the first year (rewards minus annual fee) = $1,361
*The annual fee is a total of 12 monthly fees at a rate of $12.99 per month.
You can redeem your points for:
Insurance:
Other perks:
The SimplyCash™ Card from American Express offers 2.5% cash back on all purchases for the first three months, up to $6,000 in total purchases. After the welcome rate expires, earn 1.25% cash back. There is no limit to how much you can earn.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for six or more years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments for existing credit cards for the past three months.
Annual fee:
$0
Annual fee for additional cardholders: $0
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = $468
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $468
Insurance:
Other perks:
The SimplyCash™ Preferred Card from American Express offers up to $400 cash back when you spend $750 in the first 10 months of cardmemberhip. Earn 4% cash back on gas and grocery purchases, all for an annual fee of $120.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for six or more years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments for existing credit cards for the past three months.
Annual fee:
$120
Annual fee for additional cardholders: $0
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = $1,060
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $940
Insurance:
Other perks:
The Marriott Bonvoy™ American Express® Card offers cardholders 50,000 bonus points when they spend at least $1,500 on purchases in the first three months of opening the account. That alone is enough for three free nights at a nice hotel.
Earn five points for every $1 spent at participating Marriott Bonvoy properties — there are over seven thousand of them — and two points for every $1 spent elsewhere. If you already stay at hotels regularly, you can reasonably expect to earn over $800 in rewards in the first year.
The perks are excellent too. Receive a free night’s stay at a hotel after your account anniversary each year, automatic Silver Elite status at Marriott BonvoyTM hotels and plenty more.
This card does not provide emergency medical travel insurance, which is the only reason this card doesn’t take our “best of travel” award.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for six or more years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments for existing credit cards for the past three months.
Annual fee:
$120
Annual fee for additional cardholders: $0
Limited time offer/bonus:
Receive 50,000 Marriott BonvoyTM points when you spend at least $1,500 in the first three months of opening the account.
Offer expiry date: N/A subject to change without notice
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 98,000 Marriott BonvoyTM points
Monetary value= $950
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $830
You can redeem your points for:
Insurance:
Other perks:
The American Express® Aeroplan®* Reserve Card has a $599 annual fee, which may turn a few people off. But the welcome bonus of up to 90,000 Aeroplan points and $100 statement credit should pique your interest.
Regularly earn three points for every $1 in eligible purchases made directly through Air Canada®* and Air Canada Vacations®. Get two points for every $1 spent on eligible dining and food delivery in Canada and one point for every $1 on all other purchases.
Also, receive airport lounge access and other perks like priority security lanes at Toronto’s Pearson Airport.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for six or more years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments for existing credit cards for the past three months.
Annual fee:
$599
Annual fee for additional cardholders:
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 91,450 Aeroplan points
Monetary value= $1,829
Annual fee = $599
Total earned over the first year (rewards minus annual fee) = $1,230
You can redeem your Miles for:
Insurance:
Other perks:
The “top picks” section highlights our favourite cards, but Canada is a diverse place, and not everyone will agree! Look at these other excellent options from American Express®; they might be better suited to your specific needs.
The American Express® Aeroplan®* Card offers cardholders up to 40,000 bonus Aeroplan points in the first year. Earn 3,000 Aeroplan points for each monthly billing period in which you spend $1,000 in net purchases on your Card for the first 10 months of Cardmembership. Plus, you can also earn 10,000 Aeroplan points when you make a purchase between 14 and 17 months of Cardmembership.
The American Express® Aeroplan®* Card is a charge card, so there is no pre-set spending limit, although you have to pay off the bill in full each month or a 30% annual interest rate applies.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for six or more years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments for existing credit cards for the past three months.
Annual fee:
$120
Annual fee for additional cardholders:
Limited time offer/bonus:
Offer expiry date: N/A subject to change without notice
Rewards:
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 57,900 Aeroplan points
Monetary value= $1,158
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $1,038
You can redeem your points for:
Insurance:
Other perks:
Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. The views and opinions expressed in this review are purely those of RATESDOTCA. Information in this article is accurate as of the date of this posting, March 8, 2021. Read our full disclaimer.