Few credit cards boast exclusivity as Amex credit cards do. American Express is the smallest of the three primary financial services companies in Canada, the others being Visa and Mastercard.
Besides acting as a payment processing network, Amex also delivers quality credit cards. As an Amex cardholder, you'll travel in style and benefit from premium perks and access to incredible live events.
American Express offers a wide variety of credit cards for all kinds of consumers. There are twenty in total. Six are in their own name, while ten are business credit cards and the rest are co-branded. These are the Amex credit cards available:
Amex credit cards are often praised as the best in Canada for their great perks. From lucrative welcome bonuses to generous insurance, an Amex card in hand is a significant asset.
Aside from these perks, American Express has an enticing Membership Rewards program.
Regardless of the Amex credit card, you settle on, you'll access the company's Membership Rewards program. The SimplyCash credit cards earn 1.25% to 2% cashback, with the Simply Preferred credit card earning the most.
With the Cobalt card, you’ll earn 5 points for food purchases, 3 points for streaming services, and 2 points for gas, travel, and transit. You’ll also get 1 point for every dollar spent on other purchases. This card offers the most points, making it a top choice amongst Canadians.
The Gold card earns you 2 points on grocery, gas, travel, and drugstore purchases in Canada. Everything else you purchase with your card earns you 1 point.
A platinum card earns you 3 points on eligible dining and 2 points on eligible travel expenses. Besides points, you’ll receive an annual statement credit of $200.
Amex has partnerships with renowned loyalty programs that frequent travellers benefit from. This includes Aeroplan, AIR MILES, and Marriot Bonvoy. American Express offers co-branded credit cards for each loyalty program.
Now that you know what makes Amex credit cards popular let's look at the benefits and drawbacks of being a cardholder.
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The Amex credit card acceptance is a huge concern for several consumers. It’s inarguably true that Mastercard and Visa credit cards have the upper hand in this domain. However, you can’t wholly disqualify Amex credit cards.
You can still get plenty of use from your Amex credit card. The only stores that won’t accept your Amex card are Loblaws and Costco, which don’t accept Visa.
Amex card acceptance is constantly growing. However, if you want to avoid disrupting your shopping, pair your Amex card with a no-fee Visa or Mastercard.
While all Amex credit cards have unique perks, some benefits overlap. Most come with travel insurance, purchase protection, and an extended warranty. They also give cardholders access to Amex Experiences and Amex Offers.
These cards function like credit cards but have no pre-set credit limit. You also can’t carry a balance on a charge card, meaning you must pay it off every month.
Amex offers better rewards than other credit card providers do. The reason being it charges higher transaction fees than Visa and Mastercard.