American Express AeroplanPlus Gold Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 30%;
  • Purchase intro APR: None;
  • Rewards: 1 -1.25 miles per $1 spent;
  • Annual fee: $120;
  • Late fee: N/A;
  • Credit score: Very good to excellent (740 to 850).
  • Compare cards here.

Benefits

  • Bonus offer: Signing up for the AeroplanPlus Gold card comes with a welcome bonus of 15,000 Aeroplan Miles after you spend $1,500 in the first three months. That’s equivalent to a free roundtrip ticket within Canada or the continental U.S.
  • Travel rewards: For every dollar you spend, you’ll earn one to 1.25 miles. Redeem your miles for:
    • Airfare through Air Canada’s Aeroplan program for flights on Air Canada and One World Alliance partners;
    • Experiences and travel, such as auto rentals, hotel stays, merchandise, concerts, events and vacation packages.
  • Excellent travel coverage: American Express provides customers with insurance coverages for lost and stolen bags, delayed travel, hotel burglaries, travel accidents, and rental car insurance.

Drawbacks

  • Good credit score required: You’ll need a high credit score to qualify for an American Express. If you’re interested in adding one to your wallet, review your credit report and focus on making improvements to raise your credit score before you apply.
  • Balance due in full each month: The American Express AeroplanPlus Gold card is a charge card, not a credit card. Paying your balance off in monthly installments isn’t an option — you’re required to pay the balance off in full each month.
  • High penalty APR: If you miss a payment or are unable to pay the balance off in full when it’s due, a 30% APR will kick in.

What Can You Expect From the Amex Canada AeroplanPlus Gold Card?

To make the most out of the American Express Canada AeroplanPlus Gold Card’s travel rewards to earn free travel, you’ll need to be strategic about how to use the card.

Earn Miles

You’ll earn one mile for every dollar on the first $10,000 in purchases and 1.25 miles per dollar after $10,000 spent. You’ll also receive two additional cards at no additional cost. Give them to trusted family members or employees and you’ll earn Aeroplan Miles on their purchases as well, to earn miles faster.

Several Redemption Options

Your miles can be redeemed for Air Canada plane tickets or other partner airlines in the Star Alliance Network, such as United Airlines and Lufthansa. You can also redeem your miles for hotel stays, experiences, vacation packages, and shopping.

Download the Mobile App

Manage your account on the go using the Amex Canada mobile app. You can make payments, view your account activity, track the miles you’ve earned, and reach customer support all from your smartphone or tablet.

Watch Your Spending

American Express doesn’t set a specific limit on your spending. Therefore, it’s up to you to make sure you’re not spending more than you can afford, especially because your balance is due in full each month. If you don’t pay your balance on time, a 30% interest rate is charged as a penalty.

There’s a positive to paying the card off in full each month — you don’t have to worry about additional interest charges, which can get expensive when you carry a balance from month to month.

Take Advantage of the Coverages Provided

The annual fee of $120 is a bit higher than average but comes with plenty of benefits and perks that if taken advantage of, can offset the annual fee. Some of the included protections include buyer insurance that extends the warranties on your products and replaces items recently purchased that were lost or stolen, lost or stolen bag insurance, and travel accident insurance with a benefit of $500,000.

Who Should Get the Amex Canada AeroplanPlus Gold Credit Card?

If you have good credit and you’re confident you will be able to manage your finances and budget carefully, the Amex Canada AeroplanPlus Gold Card will reward you with the chance to earn rewards miles for free travel.

Most American Express cards are charge cards and not revolving lines of credit, which require financial discipline. Your spending will be due in full each month. Overspending and not being unable to pay the balance off in full gets expensive — American Express will charge you a penalty APR of 30% on overdue balances.

If travel is a high priority, Amex offers three AeroplanPlus cards: Gold, Platinum, and Reserve. Depending on how much you spend each year and the amount of travel you do, going with the higher-tier Platinum or Reserve card may provide you with additional perks, such as companion plane tickets and higher miles-earning potential.

Compare other travel rewards credit cards and learn more here.


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