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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 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:
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.
If you are 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. 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.
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.
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:
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.
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:
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.
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:
All these elements help reduce the cost of a traveler’s basic needs and can even improve your trip; unlimited 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.
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. The latter is the most generous for accumulating Membership Rewards points on travel expenses themselves:
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. 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:
Additionally, the American Express®* Aeroplan® Reserve Card offers many benefits for Air Canada travelers:
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:
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.
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.
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.
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.
Savings this way:
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