The best Membership Rewards credit card will depend on your spending habits and objectives.
Membership Rewards points are Canada’s most coveted points currency, as they are very versatile and can be used for both cash back and savings on all types of travel.
Before we look at the best Membership Rewards credit card, it’s important to clarify why these points are considered so attractive. There are many reasons:
It’s important to note that the value of Membership Rewards points may vary depending on individual preferences, travel objectives and how effectively you use the points.
In fact, they can even be worth more than 5.0¢/point if you transfer them to an airline loyalty program and use them towards business-class flights.
If you’re looking for a simple cash back strategy, the best Membership Rewards card for you is the American Express Cobalt® Card:
Points are worth 1¢ per point when used as cash back. As a result, the American Express Cobalt® Card is the best Membership Rewards credit card for cash back on basic expenses such as groceries, with a 5% return.
By combining this strategy with that of gift cards, you can get the same 5% return on many “other” purchases that don’t fall into the grocery category, such as Disney, Amazon, SAQ, and so on.
The fees you pay for the American Express Cobalt® Card can be easily justified by Amex’s high earning potential and numerous promotional offers.
If you make a lot of purchases in the “other” category, such as dental bills or furniture, the best Membership Rewards card for you is the American express Platinum Card®, because you can make purchases and:
This is the highest multiplier you can have to earn Membership Rewards points, and you can apply for a small business credit card by following the steps outlined here.
As you can see, the combination of the American Express Platinum Card® and the American Express Cobalt® Card is perfect for earning the highest number of Membership Rewards points, as it covers and optimizes all categories for maximum earnings.
Like the American Express Cobalt® Card, the costs of American Express Platinum Card® can be offset by a number of advantages.
Some of you may have a lot of expenses at the pharmacy. Even if RAMQ or another provincial plan covers you, you may still have to pay a certain amount for your medications.
For those who don’t, or if you have good insurance, you can pay for your prescription drugs yourself and claim them afterwards for free and easy points.
The best Membership Rewards card for pharmacy purchases is the American Express® Gold Rewards Card:
I also use my American Express® Gold Rewards Card to buy essentials like toilet paper or detergent, as they’re often cheaper than in grocery stores when they’re discounted. It’s a great way to save money on every day expenses when the base cost is low, and you can maximize your points accumulation!
Combine this with the American Express Cobalt® Card and you have the best Membership Rewards cards coupled with a solid strategy that covers basic household needs.
What’s more, 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 spending habits as detailed above.
However, if you want to go one step further and accumulate great benefits to reduce the cost of your vacation, whether you’re aiming for luxury or budget, I recommend that you add the Business Platinum Card® from American Express to the basic Membership Rewards portfolio you created in the previous section.
Membership Rewards points can be used whether you want to fly in Emirates’ first-class suite or in Air Transat’s economy class. The only difference between the two is the number of points you need to accumulate, but the strategy for maximizing earnings is the same.
The Business Platinum Card® from American Express offers the following benefits:
All these elements contribute to reducing the cost of a traveller’s basic needs, and can even enhance your trip; free unlimited access to the lounges is not just a matter of luxury, as you can always have something to eat during a long layover. Personally, paying USD 17 for a bagel with cream cheese and coffee for lunch, or a USD 5 for some orange juice for my son, hurts me a little.
The Business Platinum Card® from American Express gives you access to many lounges with one guest and two children up to the age of 21; a family of four, especially with two teenagers, can easily spend over a hundred dollars on an airport meal.
What’s more, the travel insurance on the Business Platinum Card® from American Express is solid. Therefore, if you charge your travel to the card, you can benefit from a range of coverages without having to pay for them.
The annual fee may seem high, but there are several credits available and promotional offers; with the travel benefits listed above and the earning potential on “other purchases”, it may be justified.
If the American Express Platinum Card® and the Business Platinum Card® from American Express are excellent premium credit cards for enhancing your travel experience, don’t overlook the American Express® Gold Rewards Card. This card is the most generous when it comes to earning points on travel expenses:
If you travel frequently with Air Canada and its partners, it makes sense to earn Aeroplan points. Since Membership Rewards points can be transferred to Aeroplan with a 1:1 ratio, the American Express Cobalt® Card is the best for your daily spending, thanks to the 5X multiplier. You won’t be able to earn 5 Aeroplan points per dollar with any other credit card.
By combining it with the American Express® Aeroplan®* Reserve Card you can maximize Aeroplan accumulation:
Plus, the American Express® Aeroplan®* Reserve Card offers many advantages to Air Canada travellers:
As for Marriott Bonvoy devotees, the best Membership Rewards card would also be the American Express CobaltMD Card since you can transfer them at a ratio of 1:1.2. There are also occasional transfer bonuses that can increase this ratio to 1:1.56.
Marriott hotels are an ideal choice for both budget and luxury travellers. Indeed, with thousands of establishments worldwide, you can use as few as 5,000 points per night in places like Bali or South Africa, or over 100,000 to treat yourself to a sumptuous night in the famous Emirates Suite at Al Maha, a Luxury Collection Desert Resort & Spa, in Dubai.
One of the best perks of Marriott Bonvoy is the fifth night free when you book with points.
Like the Aeroplan maximization strategy, you can build your portfolio with American Express Cobalt® Card®* and the Marriott Bonvoy® Business American Express®* Card in order to :
So you can cover all categories to earn the most Marriott Bonvoy points.
And let’s not forget the Free Night Award certificate you receive with each renewal. Marriott Bonvoy® American Express®* Card! Used optimally, this advantage more than makes up for the credit card fees you pay.
Membership Rewards points are highly versatile and can be used for all kinds of purposes, whether you’re a cash back enthusiast or a traveler (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 a base product in your portfolio.
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?
You’ll get a taste of the versatility of Membership Rewards points without any annual fee, and a nice sign-up bonus of 10,000 points.
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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