The perfect American Categorical bank cards in Canada for 2024

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American Categorical, a.okay.a. Amex, affords among the highest-earning and most-perk-filled bank cards in Canada, frequently touchdown it on the annual rankings of the greatest bank cards in Canada. Right here, we break down the highest American Categorical bank cards by class.

Finest general Amex rewards card

The spectacular excessive earn fee of the American Categorical Cobalt bank card, notably within the standard meals class, makes it a standout card. The journey class—which incorporates flights, transit, fuel and even rideshares—can be a high-earner. 

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American Categorical Cobalt

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• Annual payment: $156
• Earn fee: 5 factors per $1 spent on eating and groceries; 2 factors per $1 spent on transit and fuel; 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 revenue requirement: None

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Professionals

• With its beneficiant factors bonuses (as much as 5 occasions the rewards on groceries and eating), the Cobalt simply considered one of Canada’s most profitable rewards playing cards 
• It affords the last word flexibility for factors. You’ll be able to redeem the simple method with 100 factors for a flat $10 in journey financial savings, or use its Fastened Factors Journey Program chart, the place you possibly can strategically stand up to 75% extra worth on round-trip flights out of Canada.
• Cardholders also can switch factors to different loyalty packages like Aeroplan to maximise factors values
• This card comes with 10 sorts of insurance coverage, together with journey accident, automotive rental theft and harm, and new cell machine protection.

Cons  

• At $156, the annual payment is increased than another playing cards on this class.

Finest cash-back Amex card

At 4% again on fuel and groceries and a 2% base fee the SimplyCash Most popular affords among the highest earn charges for bank cards in Canada.

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SimplyCash Most popular from American Categorical

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• Annual payment: $120
• Earn fee: 4% money again on eligible fuel 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 during which you spend $750 in purchases in your card.
• Annual revenue requirement: None

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Professionals 

• Gasoline and groceries are two of the preferred spending classes and this card rewards them each with 4% money again.
• The bottom fee of two% could 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 cell machine protection.
• There aren’t any minimal revenue necessities and the annual payment 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 permit you to redeem extra ceaselessly.

Finest no-fee Amex cards

For those who don’t have to pay an annual payment, that may be a perk by itself. However that’s not all that these no-fee American Categorical bank cards are about. There are many perks. Simply select what’s greatest for you.

Finest no-fee Amex card for journey

Consider the American Categorical Inexperienced Card because the Cobalt’s little sister. Just like the Cobalt, this card helps you to earn versatile Amex Membership Rewards factors which you could redeem for journey and money rewards, with no payment.

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American Categorical Inexperienced Card

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• Annual payment: $0
• Earn fee: 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 whenever you cost $1,000 in purchases to your card within the first three months of cardmembership.
• Annual revenue requirement: None

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Professionals

• 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, akin to Marriott Bonvoy and British Airways, to extend the purpose worth and get higher rewards worth.
• It’s fairly accessible, making this an ideal starter card since there’s no minimal annual revenue and no annual payment. 

Cons

• This bank card has restricted insurance coverage protection and lacks journey, cell machine and rental automotive safety.

Finest no-fee money again Amex card

SimplyCash is among the highest-earning no-fee bank cards in Canada, providing 2% money again on fuel and grocery purchases and 1.25% again on each different greenback you spend. 

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SimplyCash from American Categorical

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• Annual payment: $0
• Earn fee: 2% money again on eligible fuel 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 during which you make no less than $300 in purchases (for a complete worth of as much as $100).
• Annual revenue requirement: None

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Professionals

• Earn accelerated rewards on fuel and groceries, two of the most-used spending classes for Canadians.
• At 1.25%, its base fee is increased than most no-fee bank cards, which usually earn 0.5% to 1%.

Cons

• Cardholders are capped to earn the two% fee 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 fee.
• The money again is just paid out annually, each September moderately, than on-demand.

Finest low-interest Amex card

American Categorical Important Card

• Annual payment: $25
• Rate of interest: 12.99% on purchases
• Welcome provide: None
• Annual revenue requirement: $15,000

Professionals

• Low everlasting rate of interest so that you don’t have to fret about promotional durations.
• Contains $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 nearly exceptional for low-interest playing cards.

Cons

• In contrast to many low-interest playing cards, this one doesn’t provide a steadiness switch deal.

Finest premium Amex card

The Platinum Card takes status to the subsequent degree. With extra perks than every other bank card in Canada, that is considered one of American Categorical’s premium choices. Which means, although, it comes with a hefty annual payment however sufficient perks to make it well worth the cash.

American Categorical Platinum

Go to americanexpress.com for particulars

• Annual payment: $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 revenue requirement: None

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Professionals

• Headline perks embody a recurring annual $200 eating credit score, an annual $200 journey credit score and—maybe the most effective present for frequent flyers—airport lounge entry. With this card you get entry to the celebrated 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 allow you to attain your rewards objectives sooner. 
• There are various 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 doubtlessly extra worth out of them. It’s also possible to switch your factors to frequent-flyer or hotel-loyalty packages. 
• This card usually affords profitable sign-up bonuses.

Cons

• The annual payment is $799, making this a severe funding and inaccessible for many Canadians.
• At this worth level, you may anticipate to see a greater diversity of perks, however issues like roadside help will not be included.

Should-know info American Membership Rewards factors—and factors values

American Categorical Membership Rewards is among the most dear and versatile rewards packages in Canada. However to benefit from it, it’s necessary to grasp how the Membership Rewards (MR) factors work and the way a lot factors are value. 

Journey

Journey is among the hottest methods to redeem any of American Categorical factors packages, partly due to the flexibleness. There are a number of methods to benefit from your factors, and also you don’t want to make use of American Categorical’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 Categorical Versatile Journey 

Probably 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 Categorical Fastened Journey

For those who’re seeking to maximize your factors worth and rating nice offers, you may 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).

• Based on 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). 
• For those who discover a ticket that prices $350 ($250 plus $100 in taxes)you’ll redeem 15,000 factors and pay $350 (whole worth of the ticket). 
• Then, American Categorical would refund you $250—the bottom worth of the ticket, not together with taxes. 

In the end, you’ll pay 15,000 factors plus $100 out of pocket for the $350 ticket, which works out to $0.0167 per level—far better than the $0.01 per level worth you’d obtain within the Versatile Factors program.

Switch choices

One of many advantages of American Categorical Rewards is the power to switch your factors to 6 totally different frequent flyer packages, usually at beneficial ratios. For instance, you possibly can 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 nicely you optimize your journey, you possibly can reap as a lot as $0.02 to $0.04 per level, particularly on enterprise class flights. The suitable transfers can increase 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 perfect deal. 

Assertion credit

For those who’d moderately spend factors in your on a regular basis card purchases, you are able to do that, though the worth is inferior to with journey rewards. When utilizing a press release credit score, 1,000 factors equals $7 (which is $0.007 per level). For those who discover you like rewards to avoid wasting on on a regular basis purchases on the whole, your greatest guess is to stay with a money again bank card as an alternative of a journey rewards card since they provide redemptions values on on a regular basis purchases.

Present playing cards and merchandise

For those who simply need to money in your factors for a present card or merchandise, with American Categorical Membership Rewards you are able to do that. The values on merchandise range dramatically, so getting a deal might take a little bit of math, however you possibly can anticipate round $0.0075 per level on present playing cards.

Amex acceptance–is it actually a difficulty?

For those who learn up on American Categorical playing cards, you’ll discover warning about limitations round how broadly accepted these playing cards are. It’s true Mastercard and Visa might be tapped at extra locations, however the stigma round American Categorical could also be a bit overblown. 

American Categorical is accepted at greater than 96,000 locations throughout Canada together with most dept and massive field shops like The Bay, Walmart, Canadian Tire and Residence Depot. It’s additionally accepted at 1000’s 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 Categorical, however Costco and Loblaw-banner shops don’t. Customers Drug Mart, some impartial eating places and a number of other smaller mom-and-pop retailers don’t take American Categorical. 

The place does this depart you? Quite than forgoing the precious rewards and perks discovered with many American Categorical playing cards, our recommendation is to hold no less than two playing cards with you. Carry your American Categorical together with one other no-fee Visa or Mastercard, simply in case.

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