Best American Express Credit Cards in Canada for 2023

American Express offers a range of credit cards in Canada that cater to different needs and lifestyles. These cards have various features and benefits, including rewards programs, welcome bonuses, insurance coverage, and more. Here’s a summary of the best American Express credit cards in Canada for 2023.

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American Express Cobalt Card

The American Express Cobalt Card is one of Canada’s most popular credit cards. It offers a generous rewards program that includes 5x points on eats and drinks, 2x points on travel and transit, and 1x points on everything else. Cardholders can redeem their points for travel, merchandise, and statement credits. The card also has a welcome bonus of 30,000 points, up to $300.

American Express Gold Rewards Card

The American Express Gold Rewards Card is another excellent option for frequent travelers. It offers a rewards program that includes 2x points on travel, gas, and groceries and 1x points on everything else. Cardholders can transfer their points to various loyalty programs, including Aeroplan, Marriott Bonvoy. The card also has a welcome bonus of 25,000 points, up to $250.

American Express Platinum Card

The American Express Platinum Card is a premium credit card with various exclusive benefits. It offers a rewards program that includes 3x points on dining, 2x points on travel, and 1x points on everything else. Cardholders can redeem their points for travel, merchandise, and statement credits. The card also has a welcome bonus of 50,000 points, up to $500. Other benefits include airport lounge access, hotel upgrades, and more.

SimplyCash Preferred Card from American Express

The SimplyCash Preferred Card from American Express is a cashback credit card that offers a flat rate of 2% cashback on all purchases. Cardholders can earn up to $400 in cashback in the first year. The card also comes with a welcome bonus of $150.

American Express Business Gold Rewards Card

The American Express Business Gold Rewards Card is a great option for small business owners. It offers a rewards program with 2x points on advertising, gas, and shipping and 1x on everything else. Cardholders can transfer their points to various loyalty programs, including Aeroplan, Marriott Bonvoy. The card also has a welcome bonus of 40,000 points, up to $400. Other benefits include insurance coverage, expense management tools, and more.

Overall, American Express credit cards in Canada offer a range of features and benefits that cater to different needs and lifestyles. Whether you’re a frequent traveler, a foodie, a small business owner, or someone who wants to earn cash back, there’s an American Express credit card for you.

Features of the Best American Express Credit Cards

American Express is a leading credit card issuer in Canada, offering various credit cards to suit different needs and preferences. The best American Express credit cards in Canada for 2023 have various features that make them stand out. Here are some of the key features to look for when choosing the best American Express credit card for your needs:

Rewards Program

One of the key features of the best American Express credit cards is a rewards program that offers great value for money. Whether you prefer cashback, travel rewards, or points, American Express has a credit card that can meet your needs. Look for a rewards program with high earn rates, flexible redemption options, and no blackout dates or restrictions.

Welcome Bonus

Many of Canada’s best American Express credit cards come with a generous welcome bonus that can help you earn rewards quickly. To take advantage of a welcome bonus, you must meet a minimum spending requirement within the first few months of opening your account. Look for a welcome bonus that offers a high value to the card’s annual fee.

Travel Benefits

If you’re a frequent traveler, the best American Express credit cards can offer a range of travel benefits that can help you save money and enhance your travel experience. These benefits include travel insurance, airport lounge access, and hotel upgrades. Look for a credit card that offers travel benefits that align with your travel habits and preferences.

No Foreign Transaction Fees

For Canadians who frequently travel abroad or purchase in foreign currencies, the best American Express credit cards offer a significant advantage: no foreign transaction fees. This can help you save money on every foreign transaction you make, whether a purchase is made online or in person while traveling.

Premium Services

American Express has various options if you’re looking for a credit card that offers premium services and benefits. These premium services can include concierge services, special event access, and more. Look for a credit card that offers premium services that align with your lifestyle and interests.

Comparison of American Express Credit Cards

American Express offers various credit cards catering to different needs and lifestyles. Here is a brief comparison of some of the best American Express credit cards in Canada for 2023:

American Express Cobalt Card

The American Express Cobalt Card is a popular choice for those who want to earn rewards on everyday purchases. It offers 5x points on eligible eats and drinks, 2x points on travel, transit, and gas purchases, and 1x points on everything else. The card also comes with a welcome bonus of up to 50,000 points, which can be redeemed for travel, merchandise, or statement credits. The annual fee is $120.

American Express Gold Rewards Card

The American Express Gold Rewards Card is a great option for frequent travelers. It offers 2x points on eligible travel and everyday purchases and 1x on everything else. The card also comes with a welcome bonus of up to 25,000 points, which can be redeemed for travel, merchandise, or statement credits. The annual fee is $150.

American Express Platinum Card

The American Express Platinum Card is a premium card that offers a range of travel benefits, including airport lounge access, travel insurance, and concierge service. It also offers 3x points on eligible dining and travel purchases and 2x on everything else. The card has a welcome bonus of up to 85,000 points, which can be redeemed for travel, merchandise, or statement credits. The annual fee is $699.

American Express Aeroplan Reserve Card

The American Express Aeroplan Reserve Card is designed for frequent flyers who want to earn Aeroplan points. It offers 3x points on eligible Air Canada purchases, 2x points on eligible dining and travel purchases, and 1x points on everything else. The card also comes with a welcome bonus of up to 65,000 points, which can be redeemed for travel, merchandise, or statement credits. The annual fee is $599.

American Express SimplyCash Card

The American Express SimplyCash Card is a good option for those who want to earn cash back on everyday purchases. It offers 1.25% cash back on all purchases, with no limit on your earnings. The card also comes with a welcome bonus of up to $150. The annual fee is $0.

Overall, American Express credit cards offer a range of benefits and rewards, depending on your needs and lifestyle. It’s important to consider your spending habits and preferences when choosing a card and to compare the features and fees of each card before making a decision.

Benefits of Using American Express Credit Cards

American Express credit cards offer a range of benefits that make them a popular choice among Canadians. Here are some of the key benefits of using American Express credit cards:

1. Rewards Programs

American Express credit cards offer a range of rewards programs that allow you to earn points, cash back, or other rewards for your spending. For example, the American Express Cobalt® Card offers Membership Rewards points that can be redeemed for travel, merchandise, or statement credits. The SimplyCash® Card offers cash back on all purchases with no annual fee.

2. Travel Benefits

Many American Express credit cards offer travel benefits like travel insurance, airport lounge access, and concierge services. For example, the American Express Platinum Card offers a range of travel benefits, including access to the Global Lounge Collection, which includes over 1,200 airport lounges worldwide.

3. Purchase Protection

American Express credit cards offer purchase protection, which can help protect your purchases against damage, theft, or loss. For example, the American Express Gold Rewards Card offers Purchase Protection, which covers eligible purchases for 90 days from the date of purchase.

4. Fraud Protection

American Express credit cards offer fraud protection, which can help protect you against unauthorized charges on your account. American Express monitors your account for unusual activity and will alert you if suspicious transactions are detected.

5. Customer Service

American Express is known for providing excellent customer service. If you have any issues with your American Express credit card, contact their customer service team 24/7 for assistance.

Overall, American Express credit cards offer a range of benefits that make them a popular choice among Canadians. Whether you’re looking for rewards, travel benefits, purchase protection, fraud protection, or excellent customer service, American Express credit cards have you covered.

American Express Credit Cards

Eligibility Criteria for American Express Credit Cards

You must meet certain criteria to be eligible for an American Express credit card in Canada. Here are some of the key factors that American Express considers when evaluating credit card applications:

Credit Score

Your credit score is one of the most important factors American Express considers when reviewing your application. While no set score guarantees approval, you will generally need good to excellent credit to qualify for the best (premium) American Express cards. According to the leading credit bureau Experian, a good credit score is 670 or better, and a very good credit score is 740 or better.

Income

Your income is another important factor American Express considers when evaluating your application. You must have a minimum annual income of $15,000 to be eligible for most American Express cards. However, some of the premium cards may require a higher income level.

Employment Status

American Express will also consider your employment status when evaluating your application. It would be best if you were employed or had a source of income to be eligible for a credit card. If you are self-employed, you may be required to provide additional documentation to verify your income.

Debt-to-Income Ratio

Your debt-to-income ratio is another important factor that American Express considers when evaluating your application. Your debt-to-income ratio is calculated by dividing your total monthly debt payments by your gross monthly income. A high debt-to-income ratio may negatively impact your application.

Citizenship and Residency

To be eligible for an American Express credit card in Canada, you must be a Canadian citizen or a permanent resident of Canada. You must provide proof of your citizenship or residency when you apply for a credit card.

Overall, American Express credit cards are designed for individuals with good to excellent credit who have a steady source of income. If you meet the eligibility criteria, you can apply for an American Express credit card online or by phone.

How to Apply for an American Express Credit Card

Applying for an American Express credit card is a quick and easy process that can be done online. Here’s how:

  1. Visit the American Express Canada website and browse through the different types of credit cards available. Choose the card best suits your needs and click the “Apply Now” button.
  2. Fill out the application form with your personal information, including your name, address, and employment details. You must also provide your Social Insurance Number (SIN) and annual income.
  3. Review the terms and conditions of the credit card before submitting your application. Make sure you understand the fees, interest rates, and rewards program associated with the card.
  4. Submit your application and wait for a response from American Express. You may receive an instant decision or need to wait a few days for a decision.
  5. If your application is approved, you will receive your new American Express credit card in the mail within 7-10 business days. Once you receive your card, you can activate it online or by calling the number provided.

It’s important to note that not everyone will be approved for an American Express credit card. Your credit score and income will be considered when reviewing your application. If you are not approved, you may need to improve your credit score or consider applying for a different type of credit card.

In summary, applying for an American Express credit card is a straightforward process that can be done online. Choose the card that best suits your needs, review the terms and conditions carefully, and provide accurate information on your application.

Understanding the Rewards Program

American Express offers a range of credit cards in Canada that provide a variety of rewards and benefits. One of the most attractive features of these cards is their rewards programs, which can help you earn points, miles, or cash back on your purchases. Here’s what you need to know about the rewards program:

Membership Rewards

American Express offers a rewards program called Membership Rewards, available on most credit cards. With this program, you can earn points for every dollar you spend on eligible purchases. These points can be redeemed for various rewards, including travel, merchandise, gift cards, and statement credits.

Cash Back

Some American Express credit cards offer cashback rewards instead of points. With these cards, you can earn a percentage of your purchases back as cash, which can be applied as a statement credit or deposited into your bank account.

Travel Rewards

You might be interested in American Express’s travel rewards program if you’re a frequent traveler. With this program, you can earn points or miles that can be redeemed for flights, hotel stays, car rentals, and more. Some cards offer travel perks like airport lounge access and travel insurance.

Other Rewards

In addition to the rewards programs mentioned above, American Express offers cards with other rewards. For example, some cards offer rewards for dining, entertainment, or gas purchases. Others offer discounts on shopping or exclusive access to events.

Points Multipliers

Many American Express credit cards offer points multipliers, which allow you to earn more points on certain purchases. For example, you might earn double points on groceries or gas or triple points on travel purchases. These multipliers can help you earn rewards more quickly but read the terms and conditions carefully to understand the limitations and exclusions.

Overall, American Express offers a variety of reward programs to suit different needs and preferences. Whether you’re looking for points, cash back, or travel rewards, there’s likely a card that will fit your lifestyle and spending habits.

Tips for Maximizing American Express Credit Card Benefits

American Express credit cards are known for their generous rewards and benefits. Here are some tips to help you maximize the benefits of your American Express credit card:

1. Choose the right card for your spending habits

American Express offers a variety of credit cards to suit different spending habits. For example, the American Express Cobalt Card is a great choice for those who spend a lot on dining and entertainment, while the American Express Gold Card is ideal for frequent travelers. Choose a card that aligns with your spending habits to maximize your rewards.

2. Take advantage of welcome bonuses

Many American Express credit cards offer welcome bonuses to new cardholders. These bonuses can be worth hundreds of dollars in rewards points or statement credits. Take advantage of these welcome bonuses by meeting the spending requirements within the specified time frame.

3. Use your card for everyday purchases

Using your American Express credit card for everyday purchases can help you earn rewards points quickly. Use your card for groceries, gas, and other regular expenses. However, be sure to pay off your balance in full each month to avoid interest charges.

4. Use your card for travel expenses

Many American Express credit cards offer travel benefits like travel insurance, airport lounge access, and hotel upgrades. Use your card for travel expenses to take advantage of these benefits.

5. Check for special offers and promotions

American Express often offers special promotions and offers to cardholders. Check your account regularly for these offers, which can help you earn additional rewards points or save money on purchases.

By following these tips, you can maximize the benefits of your American Express credit card and earn rewards points quickly and easily.

Drawbacks of American Express Credit Cards

While American Express credit cards offer many benefits, there are also some drawbacks to consider before applying for one.

Limited acceptance

One of the biggest drawbacks of American Express credit cards is their limited acceptance compared to Visa and Mastercard. While American Express is widely accepted in Canada, it may not be accepted at all merchants, particularly smaller businesses and local shops. This can be inconvenient if you frequently shop at merchants that do not accept American Express.

Annual fees

Many American Express credit cards come with annual fees, which can be quite high compared to other credit cards. While some cards offer generous rewards and benefits to offset the annual fee, it’s important to do the math and ensure that the rewards and benefits are worth the cost of the annual fee.

Foreign transaction fees

American Express credit cards often charge foreign transaction fees, which can add up quickly if you frequently travel outside Canada. These fees can range from 2.5% to 3.5% of the transaction amount, adding to a significant amount of money over time.

High credit requirements

American Express credit cards generally require a higher credit score and income level than others. This can make it difficult for some people to qualify for an American Express credit card, particularly if they have a limited credit history or low income.

Conclusion

While American Express credit cards offer many benefits, they also have some important drawbacks to consider before applying. By weighing the pros and cons of American Express credit cards and choosing the card that best fits your needs and lifestyle, you can make an informed decision and get the most out of your credit card.

Also Read: Tim Hortons Credit Card

Customer Support for American Express Credit Cards

American Express is known for providing excellent customer service to its cardholders. If you have any questions or concerns about your American Express credit card, there are several ways to contact their customer support team.

Phone Support

To speak with a customer service representative, call the number on the back of your American Express credit card. Alternatively, you can call the general customer service number at 1-888-461-2639. Customer service is available 24/7, so you can get help whenever needed.

Online Support

American Express has a comprehensive FAQ section on its website if you prefer to get support online. You can find answers to common questions about your account, billing, rewards, and more. If you can’t find the answer you’re looking for, you can also send a secure message to their customer support team through your online account.

Social Media Support

American Express is active on social media and has dedicated Twitter accounts for customer support in several countries, including Canada. You can tweet your questions or concerns to @AmexCanada and receive a response within a few hours.

Additional Support

American Express also offers additional support for cardholders, including travel and emergency assistance, fraud protection, and dispute resolution. If you have a problem with a purchase or need help while traveling, you can call the number on the back of your card for assistance.

Overall, American Express provides excellent customer support to its credit cardholders in Canada. Whether you prefer to get support over the phone, online, or through social media, their team is available 24/7 to answer your questions and help you with any issues.

Security Features of American Express Credit Cards

American Express is committed to providing its cardholders with the highest security features to protect against fraud and identity theft. Here are some of the security features that American Express credit cards in Canada offer:

Fraud Protection

American Express uses advanced fraud detection technology to monitor transactions and identify suspicious activity. If any fraudulent transactions are detected, they will be flagged, and the cardholder will be notified immediately.

SafeKey

SafeKey is a security feature that adds an extra layer of protection to online transactions. It uses a one-time code sent to the cardholder’s phone or email to confirm their identity before the transaction is authorized.

Zero Liability Protection

American Express provides zero liability protection to its cardholders, meaning they will not be held responsible for any unauthorized charges on their card.

Chip Technology

All American Express credit cards in Canada come with chip technology, providing an added security layer to protect against counterfeit fraud. The chip generates a unique code for each transaction, making it more difficult for fraudsters to replicate.

Purchase Protection

Many American Express credit cards in Canada also come with purchase protection, which provides coverage if a purchased item is lost, stolen, or damaged within a certain timeframe.

Overall, American Express credit cards in Canada offer a range of security features to protect cardholders against fraud and identity theft. With advanced fraud detection technology, SafeKey, zero liability protection, chip technology, and purchase protection, cardholders can feel confident that their financial information is secure.

Managing Your American Express Credit Card Online

American Express provides various online tools to help you manage your credit card account. These tools help you stay on top of your account balance, track your spending, and make payments conveniently. Here are some of the ways you can manage your American Express credit card online:

Account Management

You can manage your American Express credit card account online by logging in to your account on the American Express website. Once you log in, you can view your account balance, check your transaction history, and monitor your spending. You can also set up account alerts to receive notifications when your account balance reaches a certain limit or when a payment is due.

Bill Payments

You can make bill payments online by logging in to your American Express account and selecting the “Payments” tab. You can pay your bill in full or make a partial payment. You can also set up automatic payments to ensure your bill is paid on time each month.

Card Management

You can manage your American Express credit card online by upgrading it to enjoy more benefits, suspending your card if lost or stolen, or adding an account manager to your account to help you manage your spending. You can also set spending limits on your employee cards to control their spending.

Rewards Program

American Express offers a rewards program that allows you to earn points for every dollar you spend. You can redeem your points for travel, merchandise, or statement credits. You can manage your rewards program online by logging in to your account and selecting the “Rewards” tab.

In conclusion, managing your American Express credit card online is easy and convenient. You can monitor your account balance, track your spending, make payments, and manage your rewards program all in one place. By taking advantage of these online tools, you can stay on top of your finances and make the most of your credit card.

American Express Credit Card Limitations

While American Express credit cards have many benefits, there are also some limitations to remember. Here are a few things to consider before applying for an American Express credit card in Canada:

Limited Acceptance

One of the biggest limitations of American Express credit cards is that they are not accepted everywhere. While American Express has been working to expand its acceptance network, some merchants still do not accept American Express cards. It’s important to check if your favorite merchants accept American Express before applying for a card.

Annual Fees

Many American Express credit cards come with annual fees ranging from $0 to several hundred dollars per year. While some cards offer enough rewards and benefits to justify the annual fee, others may not be worth it for everyone. It’s important to consider your spending habits and the card’s benefits before deciding if the annual fee is worth it.

Credit Requirements

American Express credit cards are typically geared toward consumers with good to excellent credit scores. You may not be approved for an American Express credit card if you have a lower credit score. It’s important to check your credit score and credit history before applying for a card to avoid potential rejections and negative impacts on your credit score.

Foreign Transaction Fees

If you plan on using your American Express credit card while traveling outside of Canada, you may be subject to foreign transaction fees. These fees can range from 2.5% to 3.5% of the transaction amount, which can add up quickly if you use your card frequently. It’s important to check if your card has foreign transaction fees before using it abroad.

Overall, while American Express credit cards offer many benefits, knowing their limitations is important before applying for a card. By considering these factors, you can decide which American Express credit card is right for you.

Understanding Interest Rates and Fees

When comparing American Express credit cards in Canada, it’s important to understand the interest rates and fees associated with each card. Here’s what you need to know:

Annual Fees

Most American Express credit cards in Canada charge an annual fee. The fee varies depending on the card and its benefits. Some cards offer more rewards and perks but have a higher annual fee. Other cards have a lower annual fee but fewer benefits.

It’s important to consider how much you will use the card and whether the benefits outweigh the annual fee. If you plan to use the card frequently and take advantage of the rewards and perks, a card with a higher annual fee may be worth it. However, if you don’t plan to use the card often or don’t need the extra benefits, a card with a lower annual fee may be a better choice.

Interest Rates

American Express credit cards in Canada typically have higher interest rates than others. This is because they offer more rewards and perks. However, paying your balance in full each month won’t incur any interest charges.

If you carry a balance on your credit card, it’s important to understand the interest rate and how it’s calculated. American Express calculates interest daily, meaning you’ll be charged interest on any unpaid balance daily. The interest rate is expressed as an annual percentage rate (APR).

Other Fees

In addition to the annual fee and interest rate, American Express credit cards in Canada may charge other fees. For example, there may be a fee for cash advances, balance transfers, or foreign transactions. It’s important to read the terms and conditions carefully to understand all the fees associated with the card.

When choosing an American Express credit card in Canada, it’s important to consider the annual fee, interest rate, and other fees. Take the time to compare different cards and choose the one that best fits your needs and budget.

Impact on Credit Score

When applying for a credit card, it’s natural to wonder how it will impact your credit score. The short answer is that applying for a credit card can lower your credit score by a few points, but the impact is usually temporary.

A hard inquiry is placed on your credit report whenever you apply for a credit card. Hard inquiries can lower your credit score by a few points, but the impact is usually temporary and will fade over time. However, if you apply for multiple credit cards quickly, the impact on your credit score can be more significant.

It’s important to note that the impact on your credit score will depend on various factors, including your credit history, credit utilization, and payment history. If you have a strong credit history and are responsible for your credit, the impact on your credit score may be minimal.

In summary, applying for a credit card can temporarily impact your credit score, but the impact is usually minimal. If you’re considering applying for a credit card, it’s important to weigh the benefits and drawbacks and make an informed decision based on your financial situation.

Alternatives to American Express Credit Cards

While American Express credit cards are popular in Canada, they are not the only option available. Here are some alternatives to consider:

1. Chase Sapphire Reserve®

Chase Sapphire Reserve® is a popular alternative to American Express credit cards. It offers a generous sign-up bonus, a rewards program, and travel benefits such as airport lounge access and travel insurance. The annual fee is higher than some other cards, but the benefits can outweigh the cost for frequent travelers.

2. TD Aeroplan Visa Infinite

The TD Aeroplan Visa Infinite is a great option for those who want to earn Aeroplan miles. It offers a generous sign-up bonus, a rewards program, and travel benefits such as priority check-in and boarding. The annual fee is lower than other cards, making it a good choice for those who want to earn rewards without breaking the bank.

3. BMO World Elite Mastercard

The BMO World Elite Mastercard is another alternative to American Express credit cards. It offers a generous sign-up bonus, a rewards program, and travel benefits such as airport lounge access and travel insurance. The annual fee is higher than other cards, but the benefits can be worth it for frequent travelers.

4. Scotia Momentum Visa Infinite

The Scotia Momentum Visa Infinite is a good option for those who want to earn cashback. It offers a generous rewards program on everyday purchases such as groceries and gas and travel benefits such as travel insurance. The annual fee is lower than other cards, making it a good choice for those who want to earn rewards without spending too much.

Overall, there are many alternatives to American Express credit cards in Canada. Choosing a card that fits your lifestyle and spending habits is important, so be sure to compare the benefits and fees of each card before making a decision.

Frequently Asked Questions

What is the best American Express credit card for travel in Canada?

The American Express Cobalt® Card is widely considered to be the best American Express credit card for travel in Canada. With its flexible rewards program, cardholders can earn points on everyday purchases that can be redeemed for travel expenses, such as flights and hotels.

What are the changes to the Amex Platinum card for 2023?

As of July 2023, the Amex Platinum card has not announced any changes for the year. However, keeping an eye on the card’s website for any updates or changes is important.

Which American Express card is considered the most prestigious in Canada?

The American Express Centurion® Card is Canada’s most prestigious American Express credit card. This invitation-only card is reserved for high-net-worth individuals and offers exclusive benefits, such as a personal concierge service and access to VIP airport lounges.

How can I get approved for an American Express card in Canada?

To get approved for an American Express card in Canada, you must have a good credit score and a steady source of income. It is also recommended to have a low debt-to-income ratio and a history of responsible credit card use.

What are the benefits of having an American Express card in Canada?

Some benefits of having an American Express card in Canada include access to exclusive rewards and perks, such as travel credits, airport lounge access, and purchase protection. Additionally, American Express offers excellent customer service and fraud protection.

Is American Express widely accepted in Canada?

While American Express is not as widely accepted as Visa or Mastercard in Canada, it is still accepted nationwide by many retailers and merchants. It is always recommended to check with the merchant beforehand to ensure they accept American Express.

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