Find the best American Express credit cards without impacting your credit score

American Express credit cards overview

American Express is the smallest of the three major credit card companies in Canada (the others being Visa and Mastercard), and is the only one to issue its own credit cards rather than rely on a bank or credit union. The company currently offers six personal cards in just its own name – not attached to any outside partners – as well as a total of ten business credit cards and co-branded rewards cards with their partners.

The six personal cards American Express offers are its 2 x SimplyCash Cards, the American Express Cobalt, the Essential Card, the Gold Rewards Card, and the Platinum Card. 

The two SimplyCash Cards are cash back credit cards that offer either a flat 1.25% or 2% cash back on every dollar spent depending on whether you opt for the no fee version or the $99 annual fee SimplyCash Preferred.

Launched in 2017, The American Express Cobalt ($120 annual fee) is the most widely-popular, earning up to 5 times the points per dollar spent on groceries, dining, and eating out, and 2 points per dollar on virtually all travel expenses - from flights and hotel stays to gas and public transit. 

The Essential Card is a no fee, low interest credit card that carries a below-average APR of 12.99% across the board on purchases and cash advances, making it the right fit for anyone who's on a tighter budget and may need to rely on credit to carry them over during a cash crunch.

The last two cards - the Gold Rewards Card and Platinum Card - aren't conventional credit cards like those covered above but charge cards. For all intents and purposes, charge cards function virtually identical to credit cards but don't have hard credit limits (often translating to greater buying power for cardholders) and have to be paid off in full each and every statement period. 

The Gold Rewards Card ($150 annual fee) is particularly popular among savvy points optimizers and frequent flyers, as cardholders can transfer points to over half a dozen airline and hotel loyalty programs (including Aeroplan and Marriott Bonvoy). With the right transfers, cardholders can stretch the value of their points and travel further. The card comes with a welcome bonus of 50,000 Membership Rewards points and offers double points on eligible purchases.

Finally, the Platinum Card is American Express' most high-end credit card, as its $699 annual fee gives you access to world-class concierge services, unparalleled airport lounge access (including coveted Centurion lounges), a $200 travel credit renewed every year, and a slew of hotel and travel insurance benefits.

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Canada's Best American Express Cards

 

Best Overall Rewards Card: American Express Cobalt

What makes the American Express Cobalt arguably the best rewards card in Canada is its impressive array of bonus categories. Users can earn a whopping five points per dollar on groceries, restaurants, bars, and food deliveries,  two points per dollar on transportation and travel, three times the points on eligible streaming subscriptions in Canada, and one point per dollar on everything else.

While the card’s annual fee is a little higher than average at $155.88, its manageable $12.99/month payment schedule makes it easy to handle. Plus, in your first year with the card, you can earn For your first year, you can earn 2,500 points for each month you spend $500, up to a maximum of 30,000 points.

Why we like it:

Outside of its generous welcome offer and point values, the American Express Cobalt also provides flexible point redemption options for travellers.

Users have the choice to either: redeem points for hotel stays or flights on virtually any airline at a flat rate of $10 per 1000 (1 cent per point); use AMEX’s Fixed Points Travel Program to get special redemption rates and potentially earn up to 50%-75% more point value on round trip flights out of Canada; or transfer points to select hotel partners like Marriott Bonvoy. You can also redeem points for prepaid cards to use for any purchase at a rate of roughly 0.8 cents per point. Plus, you can also now transfer points 1:1 to several frequent flyer and other loyalty programs.

It also won't cost you extra to add authorized users, meaning you'll avoid annual fees should you have to share the account with a loved one.

Travel insurance benefits:

The American Express Cobalt also provides a wide variety of insurance benefits, including:

• travel emergency medical ($5 million for 15 days) 
• travel accident ($500,000), $500
• flight interruption
• baggage loss/delay
• car rental collision/loss damage waiver for vehicles up to $85,000

Additional perks:

As with many other Amex cards, users get access to ticket presales and reserved seats for concerts, movie screenings, and culinary events, along with other special offers.

 

Best Cash Back Card: American Express SimplyCash Preferred

For those looking for the best flat-rate cash back card, the SimplyCash Preferred Card from American Express should definitely catch the eye. Offering a standard 2% cash back across the board, cardholders can save on groceries, entertainment, recurring bills, and everything in between. Plus, new cardholders will earn a welcome rate of 10% cash back (up to $400) on all their spending for the first four months of ownership. Cash back is refunded once a year in September as an account credit.

Why we like it:

At 2%, the SimplyCash Preferred earns the highest flat cash back rate on the market. Plus, because the rate is the same for every type of purchase, users won't have to spend time navigating bonus categories and participating retailers to maximize their savings. Authorized users are also free to add, making it easy for family members to share the same account.

Additional perks:

Users of the SimplyCash Preferred Card will enjoy 24/7 customer service, comprehensive travel insurance with up to $5,000,000 in travel medical emergency insurance, up to $85,000 in rental car/damage/loss waiver insurance, and access to American Express Invites.

 

Best no-fee rewards card: American Express SimplyCash

When compared to many other no fee rewards cards, the SimplyCash will earn you upwards of double the returns on otherwise generic purchases like clothes and electronics. Its strong flat earn rate and no annual fee also makes the SimplyCash great for pairing with another card since it offers above-average returns on purchases that don’t fall under most credit card bonus categories.

Why we like it:

The major appeal of the AMEX SimplyCash is, well, its simplicity. The card does away with bonus categories and tiered earn rates to instead offer an impressive 1.25% cash back across the board no matter what you buy. Plus, there's also the card's current welcome offer where you can earn 4% cash back for the first six months up to a limit of $200. 

Then there's the card's insurance coverage: purchases made with the card are covered by AMEX'S Buyer's Assurance Protection Plan up to one additional year, and their Purchase Protection Plan will insure eligible items charged to the card against accidental physical damage or theft of up to $1000 per occurrence. For travellers using the card, you can also get up to $100,000 in travel accident insurance when you use the card to buy your common carrier (plane, train, ship, or bus) tickets.

Additional perks:

The card also offers great side perks including AMEX Offers (which lets you earn discounts on eligible products from retailers partnered with American Express) and American Express Invites (which provides access to presale tickets to live events like concerts and musicals).

 

Best flexible travel card: American Express Gold Rewards Card

If you’re an American Express fan looking for a flexible travel card with a great welcome bonus, the American Express Gold Rewards Card should be on your radar.

The card offers a respectable 2 points per $1 spent at eligible gas stations, drug and grocery stores in Canada. You'll also earn 2 points per $1 on eligible travel purchases (flights, hotels, car rentals, cruises, and more). Outside of that, you'll earn one point per $1 spent in all other categories.To redeem points, simply log in to your account for a statement credit.

Why we like it:

One excellent feature of the American Express Gold Rewards card is its generous signup offer. You can earn up to 70,000 Membership Rewards points (a $700 cash value). Offer ends September 20, 2022. Considering the fact that 60,000 points is enough to redeem for a round-trip flight to almost anywhere in Europe with the American Express Fixed Travel Points Program, that's an excellent incentive. In addition, you'll get one free additional Gold Rewards card (a $50 value) to help you earn points even faster. 

Another thing that makes the American Express membership rewards points so appealing is the fact that you can transfer them to Aeroplan and Avios on a 1:1 basis. Points can also be transferred to other programs, including but not limited to the Starwood Preferred Guest, Asia Miles, and Delta SkyMiles programs. Plus, American Express points don’t expire, so you can transfer your points only when you need to.

Additional perks:

While travelling abroad, there's certainly no shortage of perks with the American Express Gold Rewards card.

As a Cardholder, you'll have access to an annual $100 CAD travel credit. This can be used once a year towards any single travel booking of $100 or more charged to your Gold Rewards Card through American Express Travel Online.

You'll also be treated to complimentary membership in Priority PassTM  – one of the world’s largest independent airport lounge programs. Enjoy complimentary refreshments and WiFi as you wait for your flight in a quiet, spacious atmosphere. You'll also get to enjoy four complimentary visits per calendar year to Plaza Premium Lounges across Canada. Enrollment is required and entry fees apply.

As an added bonus for frequent travellers to the U.S., you'll also receive a $50 CAD statement credit when a NEXUS application or renewal fee is charged to your American Express Gold Rewards Card.

 

Best low interest card: American Express Essential

Enter the American Express Essential Credit Card. Introduced in 2016, it has no annual fee, and offers a low interest rate of 12.99% on purchases and cash advances. 

Why we like it:

Low interest credit cards typically have one main trade-off: fewer (or no) rewards. However, rewards such as cash back or travel points are only valuable if you pay off your balance in full every month. This card has a different type of reward: access to American Express Experiences, which includes ticket pre-sales and reserved seats for concerts, movie screenings, and culinary events, plus other special offers. Canadian cardholders can also access pre-sales for select concerts and events in the U.S.

Additional perks:

If you’re planning to make a large purchase, this card comes with buyer’s assurance protection, which doubles the manufacturer’s warranty up to an additional year, and purchase protection, which insures eligible items against physical damage or theft. If you’re taking a vacation and travelling on a common carrier (plane, train, bus, or ship), charge your tickets to the card and you’ll also get up to $100,000 in travel accident insurance. American Express cards are also compatible with Apple Pay.

 

Best premium card: The Platinum Card

If you’re a frequent traveller who likes to treat themselves while abroad, the Platinum Card from American Express is one to consider. While its annual fee is steep ($699), the premium benefits and lucrative sign-up bonus it offers make it worth the hefty price tag for the right cardholder.

Why we like it:

The card currently offers a massive welcome bonus, allowing you to earn 90,000 welcome bonus points after charging $6,000 in net purchases to the card in the first three months. Plus, earn a total of 10 points for every $1 on eligible eats & drinks purchases for the first three months (up to 20,000 points) for a possible total of 110,000 points. Offer ends September 20, 2022. Alternatively, you could convert these points to Aeroplan Miles at a 1:1 ratio. 60,000 Aeroplan points are enough for two round-trip tickets to anywhere in Canada and the continental U.S. Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program.

And once the bonus period ends, you’ll still enjoy 3 points for every $1 in card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in card purchases on eligible travel, and 1 point for every $1 in all other card purchases, making it easy to rack up points fast. 

Additional perks:

For frequent travelers, The Platinum Card from American Express offers tons of exciting perks that will make any trip feel luxurious and easy. 

Cardholders can enjoy unlimited access to the Global Lounge Collection, getting you into a number of participating airport lounges both in Canada and internationally. You’ll also be automatically enrolled in the following hotel status upgrades: Marriott Bonvoy Gold Elite status, Hilton Honors Gold status, and Radisson Rewards Americas Gold status.  These upgrades offer benefits such as member discounts, additional points earned, room upgrades, free breakfast, early and late checkouts, and more. To normally qualify for these status upgrades, you would typically have to stay anywhere 20 to 40 nights per hotel.

When it comes to travel insurance, you’ll also be well-covered with the Platinum Card and its comprehensive package. Cardholders under the age of 65 are insured for 15 consecutive days of travel, per trip. The card’s travel emergency medical insurance covers you up to $5,000,000 while trip cancellation and interruption insurance covers up to $2,500 per person up to a maximum of $5,000 and $6,000 respectively. Other travel insurance benefits you get includes flight delay, baggage delay, lost or stolen baggage, car rental theft or damage, hotel and motel burglary, and travel accident.