American Express: Which is the best Membership Rewards credit card for you?
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The best Membership Rewards credit card will depend on your spending habits and goals.
Membership Rewards points are the most coveted points currency in Canada, as they are highly versatile and can be used to get cash back or save on any type of travel.
Before applying, you can check your eligibility for these American Express cards with the Apply with Confidence tool, with no impact on your credit score.
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $191.88 | |||
| $250 | |||
| $799 | |||
| $799 |
Best Membership Rewards Cards – Why focus on Membership Rewards points?
Before looking at the best Membership Rewards credit card, it is important to clarify why these points are considered so valuable. There are several reasons for this:
- Flexibility: Membership Rewards points can be redeemed for various options, such as travel bookings (any airline, tour, cruise, all-inclusive vacation, independent hotels, AirBnB), statement credits for anything (cash back), merchandise, gift cards, and even transfers to airline and hotel loyalty programs. This versatility gives you the freedom to choose rewards that match your preferences.
- Transfer Partners: One of the most attractive aspects of Membership Rewards points is the ability to transfer them to various airline and hotel loyalty programs. This allows you to use your points for potentially high-value redemptions, such as premium class flights or stays at luxury hotels in the Maldives, if that is what you desire, which are often more accessible than with traditional reward options such as cash back.
- Transfer Bonuses: American Express occasionally grants transfer bonuses to Marriott Bonvoy and Hilton Honors, which increases the conversion rate. This can significantly strengthen the power of Membership Rewards points, making them even more attractive for those looking to maximize their rewards.
- No Expiration: Membership Rewards points do not expire as long as your account is in good standing. This allows you to save them for a larger use over time.
It is important to note that the value of Membership Rewards points can vary based on individual preferences, travel goals, 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 for business class flights.
| USE | VALUE |
|---|---|
| Fixed Points Travel Program | 2.0¢ / point |
| Transfer to Aeroplan | 2.0¢ / point |
| Transfer to British Airways Executive Club | 1.7¢ / point |
| Transfer to Asia Miles | 1.5¢ / point |
| Statement credit for any purchase | 1.0¢ / point |
| Transfer to Marriott Bonvoy | 0.9¢ / point |
| Gift cards | 0.7¢ / point |
| Merchandise | 0.7¢ / point |
| Average value | 1.7¢ / point |
Best Membership Rewards Cards – For Cash Back
If you are looking for a simple cash back strategy, the best Membership Rewards card for you is the American Express Cobalt® Card:
- Earn 5X the points at eligible restaurants, grocery stores and food delivery services in Canada, on up to $2,500 in combined purchases per month.
- Earn 3X the points on eligible streaming subscriptions in Canada
- Earn 2X the points for every dollar spent on eligible gas, transit and rideshare purchases in Canada
- Earn 1 point for every $1 in Card purchases everywhere else.
Points are worth 1¢ per point when used as cash back. Therefore, 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 on up to $2,500 in purchases per month.
By combining this strategy with gift cards, you can get the same 5% return on many “other” purchases that do not fall into the grocery category, such as Disney, Amazon, SAQ, etc.
The fees you pay for the American Express Cobalt® Card can be easily justified by the high earning potential and numerous Amex promotional offers.
Best Membership Rewards Cards – For Non-Category Purchases
If you make many purchases in the “other” category, such as your dental bill or furniture, the best Membership Rewards card for you is the Business Platinum Card® from American Express, because you can make purchases on it and:
- Earn 1.25X the points for virtually every dollar of purchase.
This is the highest multiplier you can have for earning Membership Rewards points 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 for obtaining the highest number of Membership Rewards points, as it covers and optimizes all categories for maximum earnings.
Just like the American Express Cobalt® Card, the fees for the Business Platinum Card® from American Express can be offset by numerous benefits.
Best Membership Rewards Cards – For Pharmacies
Some of you may have many pharmacy expenses. Even if the RAMQ or another provincial plan covers you, you may have to pay a certain amount for your medications.
For those who do not have coverage or if you have good insurance, you can pay for your prescription medications yourself and claim them later to get free and easy points.
The best Membership Rewards card for pharmacy purchases is the American Express® Gold Rewards Card:
- Earn 2X the points for every dollar of purchases made with the card at eligible gas stations, grocery stores, and pharmacies in Canada.
I also use my American Express® Gold Rewards Card to buy essentials like toilet paper or detergent, as they are often cheaper than at grocery stores when on sale. This is a good way to save money daily when the base cost is low, and you can optimize point accumulation!
Combine this with the American Express Cobalt® Card, and you have the best Membership Rewards cards and a solid strategy that covers basic household needs.
Additionally, I find that school supplies are also at great prices in pharmacies during the summer, which is perfect for families.
- Annual fee
- $250
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$1,020Total$1,020Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $1,020
- Welcome offerAfter $12,000 in 12 months
- Up to 60,000 points
Apply Now
on American Express's website
Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
Best Membership Rewards Cards – For Travellers, Luxury or Budget
The best Membership Rewards cards for you will depend on your spending habits as detailed above.
However, if you want to go further and accumulate superb benefits to reduce the cost of your vacations, whether you aim for luxury or budget, I recommend adding the Business Platinum Card® from American Express to the basic Membership Rewards portfolio you created in the previous section.
Indeed, Membership Rewards points can be used whether you want to fly in the Emirates First Class Suite or in economy class on Air Transat. The only difference between the two is the number you need to accumulate, but the strategy to maximize earnings is the same.
The Business Platinum Card® from American Express offers the following benefits:
- Take full advantage of the American Express Global Lounge Collection, which provides access to over 1,550 airport lounges worldwide. This includes the Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
- Benefit from top-tier advantages at Toronto Pearson Airport, including access to the Pearson Airport Priority Security Lane and parking discounts.
- Access reduced base fares for you and your travel companions when you book through the International Airline Program.
- You benefit from access to specialized services and events, preferential treatment, and a dedicated concierge team.
- Access to emergency medical insurance outside the province or country (for those under 65), even if you do not charge your tickets and travel arrangements to your Business Platinum Card® from American Express.
- Access Trip Cancellation Insurance, Trip Interruption Insurance, Travel Emergency Assistance, and Travel Accident Insurance up to $500,000 when you charge the full amount of your tickets and travel arrangements to your Business Platinum Card® from American Express.
- Additionally, you have access to Lost or Stolen Baggage Insurance, Flight Delay Insurance, and Baggage Delay Insurance when you charge the total amount of your airline tickets to your Business Platinum Card® from American Express.
- Save money while traveling with free Car Rental Theft and Damage Insurance
- Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection®.
- Double the original manufacturer’s warranty for up to one additional year with Buyer’s Assurance® Protection.
All these elements help reduce the cost of a traveler’s basic needs and can even improve your trip; free lounge access is not just about luxury, as you can always have something to eat during a long layover. Personally, paying US$17 for a bagel with cream cheese and a coffee for breakfast or a US$5 orange juice for my son hurts a bit.
The Business Platinum Card® from American Express allows you to access many lounges with a guest and two children up to age 21; a family of four, especially with two teenagers, can easily spend over a hundred dollars for a meal at the airport.
Furthermore, the travel insurance from the Business Platinum Card® from American Express is quite solid. Therefore, if you charge your trip to the card, you can benefit from a whole range of coverages without having to pay for them.
The annual fee may seem high, but there are several credits granted and promotional offers; with the travel benefits listed above and the earning potential on “other purchases,” it can be justified.
- Annual fee
- $799
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$1,360Total$1,360$680 deferred bonus, excluded from the first-year estimate and not counted in this total.Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $1,360
- Welcome offerAfter $15,000 in 3 months
- Up to 120,000 points
Apply Now
on American Express's website
Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
While the American Express Platinum Card® and the Business Platinum Card® from American Express are excellent Membership Rewards credit cards for enhancing your travels, the American Express® Gold Rewards Card should not be overlooked. It earns as many Membership Rewards points as the Platinum Card on travel expenses themselves, for a $250 annual fee instead of $799:
- Earn 2 points for every $1 of eligible travel purchases charged to the Card, whether for airline tickets, accommodation, car rentals, or cruises
Best Membership Rewards Cards – For Air Canada
If you often travel with Air Canada and its partners, it makes sense to accumulate Aeroplan points. Since Membership Rewards points can be transferred to Aeroplan at a 1:1 ratio, the American Express Cobalt® Card is the best for your daily spending thanks to the 5X multiplier on restaurants, groceries and food delivery (on up to $2,500 in purchases per month). You won’t be able to get 5 Aeroplan points per dollar with any other credit card.
By pairing it with the American Express®* Aeroplan® Reserve Card, you can maximize Aeroplan earnings:
- Earn 3X the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*.
- Earn 2X the points on eligible dining and food delivery purchases in Canada, and at participating Hyatt hotels.
- Earn 1.25X the points on everything else
Additionally, the American Express®* Aeroplan® Reserve Card offers many benefits for Air Canada travelers:
- Get through the airport faster with Air Canada Priority Check-in, Air Canada Priority Boarding, and Air Canada Priority Baggage Handling.
- Receive an Annual Worldwide Companion Pass when you make $25,000 in net purchases before your card anniversary date; your pass allows you to buy an Air Canada economy class ticket for a companion at a fixed base fare ranging from $99 to a maximum of $599 CAD (plus taxes, fees, charges, and surcharges).
- Enjoy access to select Air Canada Maple Leaf Lounges* and Air Canada Café® in North America for you and a guest, with a same-day ticket on an Air Canada®* or Star Alliance®* flight.
- Enjoy your first eligible checked bag for free for up to 9 people traveling on the same reservation on Air Canada flights.
- Carry over unallocated Aeroplan Elite™ Status Status Qualifying Miles and unused eUpgrades to the following year to enjoy during your travels.
- American Express® Experiences: From music and movies to specially curated meals and online shopping, stay connected with everything we have to offer from the comfort of your own home.
- Make the most of your travel experience at Toronto Pearson International Airport with:
- Access to the Pearson Priority Security Lane
- Complimentary Valet Service at Express Park and Daily Park
- 15% discount on parking rates at Express Park and Daily Park
- 15% discount on Car Care Services
With your American Express® Aeroplan®* Reserve Card, access over 1,200 Priority Pass airport lounges (an entry fee applies to each visit) and enjoy an oasis of comfort before your flight, regardless of your airline or cabin class. Insurance Coverage: Whether you are shopping locally or traveling abroad, you can have peace of mind knowing you can be taken care of.
- Annual fee
- $599
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$1,200Total$1,200$500 deferred bonus, excluded from the first-year estimate and not counted in this total.Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $1,200
- Welcome offerAfter $7,500 in 3 months
- Up to 85,000 points
Apply Now
on American Express's website
Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
Best Membership Rewards Cards – For Marriott Bonvoy
As for Marriott Bonvoy fans, 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 increase this ratio to 1:1.56.
Marriott hotels are an ideal choice for both budget and luxury travellers. Indeed, with thousands of properties worldwide, you can use as few as 5,000 points per night in places such as Bali or South Africa or over 100,000 to treat yourself to a lavish night in the famous Emirates Suite at Al Maha, a Luxury Collection Desert Resort & Spa, Dubai.
One of the best benefits of Marriott Bonvoy is being able to enjoy the fifth night free when you book with points.
Similar to the Aeroplan maximization strategy, you can build your portfolio with the Marriott Bonvoy® American Express®* Card and the Marriott Bonvoy® Business American Express®* Card to:
- Earn 5X the points for every dollar of purchase with the card at participating Marriott Bonvoy hotels.
- Earn 3X the points for every dollar spent on eligible gas, dining, and travel.
- Earn 2X the points for every dollar spent on everything else
You can therefore cover all categories to obtain the highest number of Marriott Bonvoy points.
Let’s not forget the Free Night Award you receive with every renewal with the Marriott Bonvoy® American Express®* Card! Used optimally, this benefit more than offsets the credit card fees you pay.
If you are planning a Hilton stay, compare transferring Membership Rewards points with earning Hilton points directly through the Hilton Honors American Express® Card. This card earns Hilton Honors points rather than Membership Rewards points: see its welcome offer and our guide to using Hilton points.
Conclusion
Membership Rewards points are very versatile and meet all kinds of goals, whether you are a cash back fan or a traveler (of any kind).
As you can see, the American Express Cobalt® Card is the best Membership Rewards credit card in all strategies and should be considered a staple product to have in your portfolio.
Then, depending on your consumer profile and specific needs, you can combine it with one or two other credit cards to maximize earnings and benefits to offset the few points that the American Express Cobalt® Card misses.
If you are not yet convinced of the value of owning the American Express Cobalt® Card to get Membership Rewards points, why not try the program with the American Express® Green Card?
It will allow you to taste the versatility of Membership Rewards points with no annual fee and offer you a nice welcome bonus of 10,000 points when you charge $1,000 in purchases to the Card in your first 3 months.
With the American Express® Green Card, you can also test your usual merchants and ensure that they accept American Express as a payment method before taking the plunge with the American Express Cobalt® Card.
Frequently Asked Questions
Which card earns the most Membership Rewards points on groceries and restaurants?
The American Express Cobalt® Card earns 5 points per dollar at restaurants, grocery stores and food delivery services in Canada, on up to $2,500 in combined purchases per month. Beyond that, you earn 1 point per dollar. Its fee is $15.99 per month, or $191.88 per year.
How much is a Membership Rewards point worth?
Redeemed for a statement credit, a point is worth 1¢: 1,000 points cover $10 of purchases charged to the Card. You often get more by transferring your points to Aeroplan or British Airways Club, especially for business class flights.
Which programs can you transfer Membership Rewards points to?
American Express Canada offers eight partners: Aeroplan, Flying Blue and British Airways Club at a 1:1 ratio, Cathay Pacific Asia Miles and Delta SkyMiles at 1:0.75, Hilton Honors at 1:1, Marriott Bonvoy at 1:1.2 and ALL Accor at 2:1. Occasional transfer bonuses sometimes improve these ratios.
Which card should you use for purchases that fit no bonus category?
The Business Platinum Card® from American Express earns 1.25 points per dollar on all purchases, the best base rate in the Membership Rewards lineup. It is designed for business owners and costs $799 per year, partly offset by a $200 annual travel credit and lounge access.
Is the American Express® Gold Rewards Card worth its annual fee?
For $250 per year, it earns 2 points per dollar on gas, groceries, pharmacy and travel, plus a $100 annual travel credit booked through American Express Travel Online and 4 complimentary visits per calendar year to Plaza Premium lounges in Canada. It is a good fit if your travel and pharmacy spending is regular.
Is there a Membership Rewards card with no annual fee?
Yes, the American Express® Green Card has no annual fee. It earns 1 point per dollar and a 10,000-point bonus when you charge $1,000 in purchases to the Card in your first 3 months. You can also transfer your points to the program's partners.
Can you check your eligibility without affecting your credit score?
Yes. On its card pages, American Express lets you apply with confidence: you get an instant decision with no impact on your credit score. You must be a Canadian resident, have a Canadian credit history and have reached the age of majority in your province.
Do Membership Rewards points expire?
No, your Membership Rewards points do not expire as long as your account is in good standing. You can therefore accumulate them over several years for a bigger trip, such as a business class flight booked with Aeroplan points.
Go further with American Express Membership Rewards
To maximize your Membership Rewards earning, check our complete American Express Membership Rewards program guide and our best American Express Membership Rewards credit cards ranking, updated monthly by the Milesopedia team.
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