One of the best American Specific bank cards in Canada for 2024

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American Specific, a.ok.a. Amex, affords among the highest-earning and most-perk-filled bank cards in Canada, recurrently touchdown it on the annual rankings of the greatest 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, significantly within the common 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 Specific Cobalt

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• Annual price: $156
• Earn price: 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 supply: You possibly can earn 1,250 factors for every month you spend $750, as much as a most of 15,000 factors.
• Annual earnings 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 one in every of Canada’s most profitable rewards playing cards 
• It affords the final word flexibility for factors. You possibly can redeem the simple approach with 100 factors for a flat $10 in journey financial savings, or use its Mounted 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 kinds of insurance coverage, together with journey accident, automobile rental theft and harm, and new cell system protection.

Cons  

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

Finest cash-back Amex card

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

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SimplyCash Most popular from American Specific

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• Annual price: $120
• Earn price: 4% money again on eligible fuel and grocery purchases; 2% money again on all the things else
• Welcome supply: You possibly can earn a $40 assertion credit score for every month-to-month billing interval during which you spend $750 in purchases in your card.
• Annual earnings requirement: None

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Professionals 

• Gasoline 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% 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, automobile rental theft and harm, and new cell system protection.
• There aren’t any minimal earnings necessities and the annual price is $119.88, charged at $9.99 month-to-month.

Cons

• You possibly can solely redeem your rewards yearly each September, in contrast to some money again playing cards that mean you can redeem extra steadily.

Finest no-fee Amex cards

When you don’t must pay an annual price, 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 greatest 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 enables you to earn versatile Amex Membership Rewards factors which you can redeem for journey and money rewards, with no price.

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American Specific Inexperienced Card

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• Annual price: $0
• Earn price: 1 level for each $1 spent on all purchases and 1 further level for each $1 spent on lodge or automobile bookings made on americanexpress.ca.
• Welcome supply: You possibly can earn 10,000 Membership Rewards factors once you cost $1,000 in purchases to your card within the first three months of cardmembership.
• Annual earnings requirement: None

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Professionals

• Amex Membership Rewards factors are tremendous versatile and can be utilized for journey or money rewards—your selection.
• You possibly can switch your rewards factors to different packages, similar to Marriott Bonvoy and British Airways, to extend the purpose worth and get higher rewards worth.
• It’s fairly accessible, making this an amazing starter card since there’s no minimal annual earnings and no annual price. 

Cons

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

Finest no-fee money again Amex card

SimplyCash is likely one of 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 Specific

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• Annual price: $0
• Earn price: 2% money again on eligible fuel and grocery purchases as much as $300 yearly; 1.25% money again on all the things else
• Welcome supply: You possibly can earn a $10 assertion credit score for every month-to-month billing interval during which you make at the least $300 in purchases (for a complete worth of as much as $100).
• Annual earnings 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 price is greater 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 barely paid out yearly, each September somewhat, than on-demand.

Finest low-interest Amex card

American Specific Important Card

• Annual price: $25
• Rate of interest: 12.99% on purchases
• Welcome supply: None
• Annual earnings 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 unprecedented for low-interest playing cards.

Cons

• Not like many low-interest playing cards, this one doesn’t supply a stability switch deal.

Finest premium Amex card

The Platinum Card takes status to the following stage. With extra perks than some other bank card in Canada, that is one in every of American Specific’s premium choices. Meaning, although, it comes with a hefty annual price however sufficient perks to make it well worth the cash.

American Specific Platinum

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• Annual price: $799
• Rewards: 2 factors per $1 on eating and meals supply; 2 factors per $1 on journey, plus 1 further level on purchases booked by way of Amex Journey On-line; 1 level per $1 on all the things else.
• Welcome bonus: You possibly can earn as much as 100,000 rewards factors ($1,000 worth). Situations apply.
• Annual earnings requirement: None

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Professionals

• Headline perks embrace a recurring annual $200 eating credit score, an annual $200 journey credit score and—maybe the most effective 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 allow you to attain your rewards targets quicker. 
• There are lots of methods to redeem factors. You should utilize the Versatile Factors Journey Program with each 1,000 factors equalling $10 or use the Mounted Factors Journey program’s journey chart to get doubtlessly extra worth out of them. You may also switch your factors to frequent-flyer or hotel-loyalty packages. 
• This card usually affords profitable sign-up bonuses.

Cons

• The annual price is $799, making this a critical funding and inaccessible for many Canadians.
• At this value level, you may count on to see a greater diversity of perks, however issues like roadside help aren’t included.

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

American Specific Membership Rewards is likely one of the most useful and versatile rewards packages in Canada. However to take advantage of it, it’s necessary to grasp how the Membership Rewards (MR) factors work and the way a lot factors are price. 

Journey

Journey is likely 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 possibly can redeem factors for purchases booked immediately from an outdoor airline, lodge or journey company.

American Specific Versatile Journey 

Probably the most simplified journey redemption comes from the Versatile Journey factors program, the place every level is price $0.01 in the direction of flights, lodge stays, automobile rental, trip packages and cruises. You possibly can redeem factors for journey in flat increments of 1,000 factors, price $10.

American Specific Mounted Journey

When you’re seeking to maximize your factors worth and rating nice offers, you may wish to use the Mounted 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 change for a most ticket 

For instance, let’s say you’re flying from Toronto to Montreal (a short-haul flight inside Canada).

• In accordance 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 value (not together with taxes). 
• When you discover a ticket that prices $350 ($250 plus $100 in taxes)you’d redeem 15,000 factors and pay $350 (whole value of the ticket). 
• Then, American Specific would refund you $250—the bottom value of the ticket, not together with taxes. 

Finally, 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, usually 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 fitting transfers can enhance your rewards values.

Transfers don’t simply apply to airways. You possibly can switch both Membership Rewards to lodge companions together with Marriott Bonvoy and Hilton Honors. Level values and switch ratio fluctuate by program, so do the maths to get the perfect deal. 

Assertion credit

When you’d somewhat 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). When you discover you like rewards to save lots of on on a regular basis purchases normally, your greatest wager 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

When you simply wish 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 might 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 difficulty?

When you learn up on American Specific 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 Specific could also be a bit overblown. 

American Specific is accepted at greater than 96,000 locations throughout Canada together with most dept and large field shops like The Bay, Walmart, Canadian Tire and Dwelling Depot. It’s additionally accepted at 1000’s of eating places and cafes, together with numerous 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 a number of 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 at the least two playing cards with you. Deliver your American Specific together with one other no-fee Visa or Mastercard, simply in case.

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