American Express Gold Rewards Card Review
While not as well known as some of Canada’s other travel credit cards, we think the American Express Gold Rewards card is a hidden gem. Not only that, it is quietly Canada’s best Aeroplan credit card as well!
The Amex Gold Rewards card offers a huge sign-up bonus of up to 25,000 points (conditions apply), a rich reward rate of up to 2 points per dollar spent and the flexibility to book on any airline, any time or transfer points to a host of alternative airline loyalty programs, including Aeroplan at a 1:1 exchange rate. No other travel credit card in Canada gives you the opportunity to fly free faster or further with that type of flexibility – none.
American Express Gold Rewards Benefits
- Up to 25,000-Point Welcome Bonus: The Gold Rewards Card offers a maximum 25,000-point welcome bonus, enough for a return long haul flight anywhere in continental North America – a huge welcome bonus. All you have to do is spend $1,500 within the first 3 months of having the card. Because you can transfer your points to Aeroplan 1:1, it’s a great way to stock-pile 25,000 Aeroplan points! Alternatively, you can redeem your 25,000 points as a $250 statement credit against any travel expense on your credit card statement. Conditions apply.
- Earn DOUBLE points: The Gold Rewards Card allows you to earn 2 points per $1 spent on more categories than just about any other card, including gas, grocery, drugstores, flights, hotels, cruises, trains, and tour operators. Compare that to current Aeroplan cards in the market, where you’re only getting 1.25 points per dollar spent in the accelerated categories of gas, grocery and drugstore, and only 1 in travel. Because you can transfer Gold Rewards points to Aeroplan 1:1, it effectively makes it the richest Aeroplan card in Canada as well! You earn 1 point on all other purchases. There are no limits to the amount of points you can earn and your points will not expire as long as the card remains active.
- Flexibility: Aside from benchmark point value, this card offers unparalleled flexibility and convenience when redeeming. Here’s what we mean:
- Charge any travel you can find to your Card, with no blackouts or seat restrictions. Then call to redeem your points.
- Your points can cover taxes and fees. You can also redeem points towards a travel charge up to 12 months after your trip or purchases.
- Transfer your points instantly 1:1 to Aeroplan and Avios. You can also transfer your points to other frequent flyer and hotel rewards programs like Delta SkyMiles, Asia Miles, Starwood Preferred Guest and more. This last point is key. By being able to transfer your point to Aeroplan 1:1, the Amex Gold Rewards Card becomes the richest Aeroplan card available (a hidden gem). In effect, by getting the Gold Rewards Card, you get 25,000 Aeroplan points as your sign-up bonus, and you can earn 2 Aeroplan points per $1 spent for gas, grocery, drug store, flight, hotel, train, cruise and other travel purchases. No other Aeroplan card in Canada offers 2X multipliers in as many categories!
The value of the insurance coverage included in the Gold Rewards card alone cover the cost of the annual fee. You get: emergency medical insurance, trip interruption insurance, flight delay insurance, car rental theft and damage insurance, lost or stolen baggage insurance, hotel / motel burglary insurance, $500K travel accident insurance, purchase protection and price protection. The value of the insurance coverage can be well over $750 per year.
Amex Gold Rewards Sign-Up Bonus Cash Value
GreedyRates approximates the cash value of an Amex Membership Rewards point to be $0.01, so the cash value of this card’s maximum sign-up bonus is estimated to be $250.
Please note that the sign-up bonus is only available to *new* cardholders, not current or former cardholders.
Card Type and Interest Rate
The American Express Gold Rewards card is classified by Amex as a ‘charge card,’ and as such is recommended only to those who plan to pay their balances in full each month. Balances not paid in full will be subject to a 30% interest rate*. The card’s interest-free grace period is 28-31 days (a full calendar month) from the Closing Date of one statement to the Closing Date of the next.
American Express Gold Rewards Fees
|Additional Card Fee||1st card free, $50/additional card|
|Foreign Transaction Fee||2.5%|
|Funds Advanced||Greater of 3% of funds advanced or $0.75|
Eligibility requires Canadian residency, a Canadian credit file and age of majority in the province or territory where you live. If you apply online you should get a response to your application in 60 seconds.
*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link.
**This post was not sponsored. The views and opinions expressed in this review are purely my own.