American Express Gold Rewards Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 30%.
  • Purchase intro APR: None.
  • Rewards: 1 to 2 points per $1 spent.
  • Annual fee: $150 and $50 for a third card.
  • Late fee: 30% APR on the unpaid balance.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Membership rewards welcome bonus: When you use your American Express Canada Gold Rewards Card for $1,500 in purchases in the first three months of membership, you earn a welcome bonus of 25,000 reward points.
  • Travel benefits: As a cardholder, you’re eligible for complimentary travel benefits, including $500,000 in travel accident insurance and trip interruption insurance. If you stay at least two nights at a participating hotel, you receive a $100 credit to use for room charges or upgrades as part of the American Express Hotel Collection.
  • Various ways to redeem points: Your purchases earn you membership rewards points, which can be redeemed in a variety of ways. Cash in your points for purchases, gift cards, or travel expenses charged on your card. You can also transfer your points to a frequent flyer program or use them in the travel program to book a vacation.

Drawbacks

  • Charge card: The American Express Canada Gold Rewards Card is a charge card and not a credit card. You’re responsible for paying off the entire balance of the card each month by the due date. If you have a remaining balance on the card, it’s susceptible to a 30% APR. However, American Express allows a 28 to 31 day interest-free grace period, depending on the statement due date. If you pay your balance on time, you don’t pay any interest.
  • Other fees: If you use your card for a foreign transaction and Canadian dollars must be converted to another currency, you’ll pay 2.5% for each charge. You’ll incur a $35 fee for a rejected or dishonored payment and if you order a funds advance, you’ll pay a 3% fee or at least 75 cents. If you need points reinstated, you’re responsible for a $20 fee to complete the transaction online or $30 to complete it through a different channel.
  • Membership rewards value: When you redeem your membership rewards points, it’s important to pay attention to their conversion value. If you redeem these points for merchandise in the online store, one point is only equivalent to less than one cent. If you plan to cash them in for statement credit, one point is only worth one cent. You’ll get the most value out of your membership rewards points when you use them in the travel programs or convert them into frequent flyer miles since they’ll then convert to over two cents each.

What Can You Expect From the American Express Canada Gold Rewards Card?

Application Process

You may apply for the American Express Canada Gold Rewards card online or by phone. When you agree to the card’s terms and conditions and provide your personal information, the online system runs your credit and provides you with an approval or denial in a matter of minutes. If you’re approved, your card is mailed to your address and upon activation, you can begin using it for purchases and to earn membership rewards points.

Customer Service

You can reach a representative with American Express customer service 24 hours a day, seven days a week by phone. When you apply for your card, you have the option to create an online account.

After you’re a cardholder, you can sign into this online account to check your balance, review your transactions, and make a payment. You can also download the American Express smartphone app and log into your account to make a payment or review transactions on the go.

Membership Rewards Point Redemption

When you’re ready to redeem your membership rewards points for merchandise, statement credit, travel points, or frequent flyer miles, simply log into your American Express account online or through the smartphone app. Choose “Redeem Rewards” and the way you want to cash in your rewards points.

Follow the steps to complete the process and apply your points where you want. In most cases, the transactions are completed instantly and your membership rewards points balance reflects your reward redemption.

Who Should Get the American Express Canada Gold Rewards Card?

To be eligible for the American Express Canada Gold Rewards Card, you must be Canadian and have a Canadian credit file. You must also have a good credit score and be the age of majority in your territory or province.

To take full advantage of the membership rewards program, it’s best to cash in your points on travel programs or frequent flyer miles. Additional benefits included with the card, such as the hotel perks and travel insurance, also cater to frequent travelers.

If you’re looking for a charge card with a generous rewards program, the American Express Canada Gold Rewards card may be right for you. Review the fees associated with the card and be sure you’re ready to pay off your balance at each statement period to avoid the high APR.

Compare other rewards credit cards and learn more here.


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