The best Membership Rewards credit card for you will depend on your specific consumer habits and goals.
Membership Rewards are the most valuable point currency in Canada because they are so versatile since they can be used whether you are looking for cashback or for savings on any kind of travel type.
Before digging into the best Membership Rewards credit card, it’s important to point out why they are considered so valuable. There are several reasons:
It’s important to note that the value of Membership Rewards can vary based on individual preferences, travel goals, and how effectively you use the points.
Indeed, they can even be worth over 5.0¢ / point if you transfer them to an airline loyalty program and redeem them for business-class flights.
If you are looking for a simple Cash-Back strategy, the best Membership Rewards Card for you is the American Express Cobalt® Card as you can:
The points are worth 1 ¢ per point when used as cashback. Therefore, the American Express Cobalt® Card is the best Membership Rewards credit card for cashback on basic expenses such as groceries with a 5% return.
When you combine it with the gift card strategy, you can get the same 5% return on many “other’’ purchases that don’t fall into the grocery category, such as Disney, Amazon, SAQ, etc.
The monthly fee you are paying for the American Express Cobalt® Card can be easily justified with the high-earning potential and the numerous Amex promotional offers.
If you have a lot of purchases in the “other’’ category like your dental bill or furniture, the best Membership Reward card for you is the Business Platinum Card® from American Express since you can:
That is the higher multiplier you can have to earn Membership Rewards and you can apply for a small business credit card by following the steps described here.
As you can see, the combination of the Business Platinum Card® from American Express and the American Express Cobalt® Card is perfect to earn the most Membership Rewards as you are covering and optimizing all categories across the board for maximum earnings.
Same as the American Express Cobalt® Card, the Business Platinum Card® from American Express fees can be offset by numerous advantages.
If you are a small business owner that has a lot of gas (for example as a taxi or Uber driver) or supplies or electronics to buy, the best Membership Rewards card is the American Express Business Edge™ Card because you can:
Indeed, having your own business can incur a lot of these kinds of expenses and you can maximize your Membership Rewards earnings this way with the American Express Business Edge™ Card as your business card and the American Express Cobalt® Card as your personal card.
Also, you can request up to 99 supplementary cards without extra fees for your employees in order to reap on their expenses as well.
Some of you may have a lot of drugstore purchases. Even if the RAMQ or another provincial plan covers you, you may still have to pay a certain amount for your medication.
For those who don’t or if you have great insurance, you may want to pay for your prescription drugs upwards and claim them afterwards for some free and easy points.
The best Membership Rewards card for pharmacy purchases is the American Express® Gold Rewards Card as you can:
I also use my American Express® Gold Rewards Card for home staples such as toilet paper or detergent since they are often cheaper than at grocery stores when on sale. It’s a good way to save money daily when the base cost is low, and you can optimize points earning!
Combine that with the American Express Cobalt® Card, you have the best Membership Rewards cards and a solid strategy that cover basic household needs.
In addition, I find that school supplies are also at great prices in pharmacies during the summer which is perfect for families.
The best Membership Rewards cards for you will depend on your consumer habits as detailed above.
However, if you wish to go up a notch and stack elusive travel benefits to reduce the cost of your holidays, whether you aim for luxury or budget travel, I recommend adding the Business Platinum Card® from American Express to the base Membership Rewards wallet you established in the previous section.
Indeed, Membership Rewards can be used whether you want to fly in Emirates’ First-Class Suite or in economy on Air Transat. The only difference between the two is in the amount you need to accumulate, but the strategy to maximize earning is the same.
The Business Platinum Card® from American Express gives the following benefits:
All of the above help reduce the cost of basic travel needs and can even elevate your journey; having unlimited free lounge access is not just a matter of luxury since you still may have to eat during a long layover. Personally, paying $17 US for a cream cheese bagel and coffee breakfast or a $5 US orange juice for my son kinda hurts.
The Business Platinum Card® from American Express allows you to enter many lounges with a guest and two children up to 21 years old; a family of four, especially with two teenage boys, can easily spend over a hundred dollars on one airport meal.
In addition, the Business Platinum Card® from American Express travel insurance is quite solid. Therefore, if you charge your trip to the card, you can benefit for a whole array of coverage without having to pay for it.
The annual fee may sound hefty, but there are various credits given and promotional offers; with the travel perks listed above and the earning potential on “other purchases’’, it can be justified.
If you fly Air Canada and their partners often, it makes sense to accumulate Aeroplan points. Since Membership Rewards can be transferred to Aeroplan at a 1:1 ratio, the American Express Cobalt® Card is the best one for your day-to-day spending with the 5X multiplier. You will not be able to earn 5 Aeroplan points per dollar with any other credit card.
When you combine it with the American Express® Aeroplan®* Reserve Card, you can maximize Aeroplan earnings since you can:
In addition, the American Express® Aeroplan®* Reserve Card offers a handful of amazing benefits for Air Canada travellers, such as:
As for Marriott Bonvoy enthusiasts, the best Membership Rewards card would also be the American Express Cobalt® Card since you can transfer them at a 1:1.2 ratio. There are also occasional transfer bonuses that can turn that up to a 1:1.56 ratio.
Marriott hotels are a fit choice for both budget and luxury travellers. Indeed, with thousands of establishments worldwide, you can spend as little as 5,000 points per night in places like Bali or South Africa or over 100,000 to indulge yourself with a lavish night in the famous Emirates Suite at the Al Maha, a Luxury Collection Desert Resort & Spa, in Dubai.
One of the best Marriott Bonvoy perks is to be able to get the fifth night free when you book with points.
Similar to the Aeroplan maximizing strategy, you can compose your wallet with the American Express Cobalt® Card and the Marriott Bonvoy® Business American Express®* Card in order to:
Therefore, you can cover all categories to get the most Marriott Bonvoy points.
Let’s not forget the annual free night award you are given at every renewal with the Marriott Bonvoy® Business American Express®* Card! When used wisely, it largely offsets the credit card fees you are paying on its own.
Membership Rewards are very versatile and serve all kinds of objectives whether you are cashback oriented or a traveller (of any type).
As you can see, the American Express Cobalt® Card is the best Membership Rewards credit card in every strategy and should be considered as a base product you should have in your wallet.
Then, according to your consumer profile and specific needs, you can combine it with another credit card or two to maximize earnings and advantages to make up for the few areas the American Express Cobalt® Card is missing.
If you are not yet convinced that having the American Express Cobalt® Card to earn Membership Rewards is a good idea, why not try out the program with the American Express® Green Card?
It will allow you to taste the versatility of Membership Rewards without any annual fee and will give you a nice 10,000 points as a sign-up bonus.
With the American Express® Green Card, you can also test out your regular merchants and make sure they accept American Express as a method of payment before taking the leap with the American Express Cobalt® Card.
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