11 Best American Express Cards in Canada for 2024
Mar 1, 2024Among the best Amex credit cards in Canada are options for travel, cash back, business and more. Cardholders can earn Aeroplan, Marriott Bonvoy and American Express Membership Rewards points.
American Express made its name with credit cards that were status symbols as much as payment methods. Since launching its first card in Canada in 1958, the credit card network and issuer has developed a full suite of cards boasting generous rewards, valuable benefits and useful perks.
NerdWallet analyzed all the American Express cards available in Canada, comparing their benefits, earn rates, rewards and more to find the cards most appropriate for various consumers. Whether you’re seeking out the luxurious perks of a premium charge card or a more basic no-fee credit card, there’s likely an American Express card for you.
Best American Express cards in Canada
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BACK TO TOPWe selected the best American Express cards in Canada based on overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
What to know about American Express cards
American Express, or Amex, is an international credit card issuer that both partners with financial institutions to provide co-branded credit cards and issues its own cards directly to consumers. This strategy separates it from Visa and Mastercard, which rely exclusively on banks to get their cards into the hands of consumers.
American Express offers a wide range of cards aimed at consumers with different needs and preferences. The issuer has multiple co-branded cards with some of the best loyalty programs in Canada.However, one potential drawback to Amex credit cards is that they aren’t accepted as widely as Mastercard and Visa credit cards. If you plan to shop with an American Express credit card, it may be practical to have an alternate payment method, just in case.
How to compare American Express cards
If you’re trying to find the Amex credit card that will work best for you, start by narrowing down your options. You can do this by considering the credit card features that are most important for your lifestyle and align with your spending habits.
ANNUAL FEE
Annual fees for Amex credit cards range widely: $0 to $799, at the time of writing. When comparing cards, evaluate the benefits of each one to determine if paying the annual fee will be worthwhile. If you’ll get more value from the card than you’ll pay in annual fees, the card may be a practical pick. For example, let’s say you’re an avid traveller and the card you’re considering has a $200 annual fee but offers ten airport lounge passes annually — a value of $500. In this instance, the free airport lounge passes more than offset the cost of the card’s annual fee.
SIGN-UP OFFER
The best Amex cards in Canada typically come with a generous welcome bonus, often worth a few hundred dollars. But don’t expect to receive a welcome bonus just for signing up. New cardholders must typically perform card-related actions to unlock sign-up bonuses, like spending a minimum amount of money in a set amount of time.
TYPE OF REWARDS
American Express credit cards earn a variety of rewards, including:
American Express Membership Rewards points. Points can be used for travel, statement credits, merchandise and more.
Aeroplan. Air Canada’s rewards program allows cardholders to redeem points for flights, upgrades, and other travel-related perks with a wide network of airline partners. Points can also be redeemed for accommodations, car rentals, vacation packages, merchandise and more.
Air Miles. This rewards program offers Cash Miles, redeemable for cash rewards, and Dream Miles, redeemable for flights, merchandise and more.
Marriott Bonvoy. Tailored for hotel enthusiasts, this program rewards spending with points that can be used for free nights, room upgrades, and other exclusive hotel experiences within the Marriott hotel network.
Cash back: Cash back comes in the form of a statement credit.
EARN RATE
Amex cards have two types of earn rates: base and accelerated.
The base earn rate is the amount of points or cash back you earn on purchases made with your card (e.g., 1x for every $1 spent)
Accelerated earn rates offer extra rewards on spending in specific categories (e.g., 5x for every $1 spent at eligible restaurants and gas stations).
INTEREST RATE
Most Amex credit cards charge interest rates of 20.99% on purchases, though some have interest rates as low as 12.99%. A lower interest rate may appeal to people who typically carry a balance on their credit card.
ADDITIONAL BENEFITS
When reviewing cards, consider the benefits that are most valuable to you based on your lifestyle.
Amex credit card benefits include:
Free checked bags.
Purchase protection.
Are there Amex levels or tiers?
Unlike Visa and Mastercard, American Express has not organized its credit cards into formal tiers. However, the issuer does offer two types of cards: charge cards and credit cards.
Charge cards have no pre-set credit limit; instead, your limit adjusts based on your credit and payment history. However, you must pay your balance in full monthly, or you’ll be charged a hefty interest rate of 30%.
Credit cards allow you to borrow funds from the issuer to make purchases up to a fixed credit limit. If you don’t pay off your balance in full, you can carry it over to the next month. But unless it’s a 0% interest card, you’ll pay interest on the balance.
Amex also offers the American Express Centurion Card, an invitation-only “black card” aimed at its top customers. The credit card comes packed with benefits but carries a high annual fee.
Which banks offer American Express cards?
Amex issues many of its cards directly to consumers. Scotiabank also has three additional Amex cards:
Scotiabank American Express Card.
How to get an American Express card
Once you’ve found an American Express credit card you like, you can start the application process. Before you begin, review the card’s applicant criteria to determine whether you’re eligible to apply.
Eligibility requirements
Unlike Visa and Mastercard, Amex doesn’t publicly specify any income requirements for its cards.
Amex only lists two formal requirements on its credit card pages:
You must be a Canadian resident.
You must be at least the age of majority in the province or territory in which you reside.
Amex also doesn’t list minimum credit score requirements, but generally speaking, the higher your credit store, the more likely you are to be approved for a credit card.
Steps to apply
For the most part, American Express credit card applications must be completed online. If you’d prefer to apply in person, you’ll need to select from one of American Express’ co-branded credit cards with Scotiabank.
To apply for an American Express credit card online:
Visit the American Express website and select the Apply Now button for the card you’re interested in.
Review the terms and conditions of the card. Select Agree and Begin.
Enter your personal information, including your full name, email address, date of birth and residential address.
Tell American Express more about your finances, including your employment status and annual income.
Choose a four-digit PIN number for your card.
Review your information and submit your application.
Approval may take as little as 60 seconds but could take longer if Amex requires additional information to process your application.
How to get the most out of your American Express card
Strategies to maximize the benefits of your Amex card will depend on which card you choose. Generally speaking, you’ll want to take advantage of annual benefits, such as airport lounge access, travel credits, free nights at hotels and anything else of value. Since these perks are associated with a real dollar value, you offset your annual fee every time you use them.
Maximize American Express Membership Rewards points
If your Amex card earns you Membership Rewards points, you’ll want to become familiar with the program.
1,000 Membership Rewards points can be redeemed for $10 in statement credits.
Simply put, this is a value of 1 cent per point. However, if you redeem your points using Amex’s Fixed Points Travel program, you can get a value of up to 1.74 cents per point on some flights. You also can redeem your points for gift cards and merchandise.
You have to have enough American Express Membership Rewards points to fully cover your booking (including all the travellers in your party) for the Fixed Points Travel option to appear.
Understand Amex point transfer partners
One benefit of American Express Membership Rewards is that you can transfer your points to various hotel and airline loyalty programs.
1,000 Membership Rewards points = 1,000 Aeroplan points, British Airways Avios points, or Hilton Honors points.
1,000 Membership Rewards points = 750 Air France KLM Flying Blue Miles, Asia Miles, Delta SkyMiles or Etihad Guest Miles.
5 Membership Rewards points = 6 Marriott Bonvoy points.
The ability to transfer your points is beneficial, as you might be able to get more value out of them through the other programs.
» MORE: Read our full review of the Marriott Bonvoy® American Express®* Card.
Familiarize yourself with popular American Express card benefits
Amex credit cards are popular in Canada because they come packed with benefits. It can be helpful to know the perks you have access to so you can use as many as possible.
The Amex referral program
One of the best perks of being an Amex cardholder is the referral program. If friends or family apply through your referral link and are approved for an Amex card, you get extra rewards points.
Amex Offers
Amex Offers is a unique perk that’s exclusive to American Express cardholders. Throughout the year, you may get offers in your account for various retailers.
To take advantage of Amex offers, register them to your card via your online account or app. If an offer catches your eye, activate it — some of them are only available for a limited time.
Early-access tickets through American Express Front of the Line
With American Express Front of the Line access, cardholders can purchase tickets to entertainment events before they go on sale to the general public. Some Amex credit cards also grant cardholders access to American Express Experiences, a collection of special dining, shopping and wellness events.
If you miss the presale for an event, you may not be out of luck. Some shows offer exclusive seats to American Express cardholders until they sell out.
Amex purchase protection
Purchase protection is included with most Amex cards. When you charge a purchase to your American Express card, it’s insured for up to 90 or 120 days (depending on the card) from theft, damage or loss, up to $1,000 per occurrence.
A related protection program extends the manufacturer’s basic warranty on purchases by one or two years, depending on your card.
Pre-approved card upgrades
Existing Amex cardholders may be pre-approved for card upgrades. For example, you may be able to trade up from the American Express® Gold Rewards Card to the The Platinum Card® from American Express. If you’d like to upgrade your card but haven’t received a pre-approval offer, you may also be able to request a card upgrade by contacting American Express.
Where is American Express accepted in Canada?
Amex has a reputation for being less widely accepted than Visa and Mastercard, but it continues to onboard more merchants every year. If you’re wondering if American Express is accepted at a particular retailer, you can always check the company’s online merchant map.
As of writing, popular online retailers that accept Amex include Amazon, Adidas, Best Buy, Dell, Eddie Bauer, Gap, Ikea, Lowes, Pottery Barn, Walmart, Wayfair and more.
Frequently asked questions
Does Square accept American Express?
Does Square accept American Express?
Square, a payment processing platform meant to help small business owners, accepts American Express as a form of payment in Canada. If you’re shopping and the merchant uses Square to process payments, you can use your American Express Card.
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