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American Express Gold Rewards Card Review 2022

The American Express Gold Rewards Card is one of the best rewards credit cards in Canada. It is a mid-range option for those who travel frequently and want to earn Membership Rewards points.

This American Express Gold Rewards Credit Card review covers the benefits, how to apply, a few competing travel credit cards, and more.

American Express Gold Rewards Card – At a Glance

  • $250 annual fee
  • 1 free additional card, then all other $50 annual fee
  • 20.99% interest rate
  • 21.99% interest rate on funds advances
  • Earn 2x the points on eligible travel, gas, drugstore, and grocery purchases in Canada
  • Earn 1x the points on everything else
  • Earn 1 additional point on Amex Travel Online (for hotel and car rental bookings)
  • Receive a $100 annual travel credit for bookings through American Express Travel Online
  • Made with 13 g stainless steel metal, available in gold or rose gold

American Express Gold Rewards Card

Rewards: Earn 2x the points on travel, gas, drugstore, and grocery purchases; 1x point everywhere else.

Welcome offer: Get up to 50,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $250

American Express Gold Rewards Credit Card Benefits

There are two welcome bonuses with the AMEX Gold Rewards Credit Card

First, you can earn a welcome bonus of 40,000 points if you spend $3,000 with your card in the first 3 months of card ownership.

Second, you earn an additional 10,000 points when you make a purchase between 14 and 17 months of Cardmembership (for a total of 50,000 points). You can use these points to redeem up to $500 in statement credits.

Other American Express Gold Rewards Card benefits include:

Earn and Redeem Points

You’ll earn 2 points for every $1 spent on eligible travel, gas, drugstore, and grocery purchases with this card.

You’ll also earn 1 point for every $1 spent on everything else and 1 additional Membership Rewards point for every $1 spent on hotel or car rental bookings with American Express Travel. 

You can redeem points in several different ways, including:

  • A statement credit towards eligible purchases
  • New travel purchases through American Express Travel (1,000 points = $10 travel credit)
  • Transfer points 1:1 to frequent flyer and other loyalty programs
  • Redeem a fixed number of points for eligible flights with the Fixed Points Travel Program
  • Merchandise, gift cards, and on Amazon.ca

Travel Benefits

You get many travel offers and benefits with the American Express Gold Rewards Card Canada. Some of these offers include:

  • A $100 annual travel credit, to be used when booking through American Express Travel Online
  • Priority Pass, which gives you access to over 1,200 airport lounges globally
  • 4 complimentary Plaza Premium Lounge access passes

Travel Insurance

Out-of-country/province emergency medical coverage – get up to $5,000,000 for the first 15 days of your trip while outside your Canadian province for eligible emergency medical expenses (for those under 65 years old).

Trip cancellation insurance – if you cancel your trip for an eligible reason before the date of departure, you’ll be reimbursed for the non-refundable portion of your travel arrangements (up to $1,500 per person, for a maximum of $3,000 for each insured person)

Flight delay insurance – if delayed or denied boarding for 4 hours or more, you can receive up to $500 in coverage for all expenses related to accommodation, dining, and sundry items purchased within 48 hours.

Baggage delay insurance – if your checked-in baggage or outbound trip is delayed for 6 hours or more, you can receive up to $500 in coverage for all necessary purchases for essential clothing and sundry items.

Hotel burglary insurance – if your accommodation is burglarized, you can get up to $500 in coverage against the loss of most personal items.

Stolen or lost baggage insurance – for checked-in or carry-on baggage and personal items, you will be covered for up to $500 for loss or damage.

Travel accident insurance – get up to $500,000 of Accidental Death and Dismemberment Insurance when you fully charge your tickets to your American Express Gold Rewards Card.

Car rental theft and damage insurance – for car rentals of 48 days or less, you can be covered for up to $85,000 for theft, loss, and damage to the rental car.

Emergency assistance – eligible cardholders get access to worldwide emergency medical assistance services and legal referrals.

American Express Experiences and Events

With American Express, you get access to Front Of The Line Presale tickets and Reserved tickets to concerts, theatre productions, restaurants, and special events.

Get various special events and offers, such as advance movie screenings and theatre packages; as well as special access to food festivals, curated events, private shopping experiences, and exclusive online offers.

Shopping Coverage

Buyer’s Assurance Protection Plan – When charging eligible items to your American Express Gold Rewards Card, your coverage can automatically extend the manufacturer’s original warranty up to one year.

Purchase Protection Plan – You will be insured for eligible items for 90 days from the date of the purchase if accidental damage or theft occurs (up to $1000).

Downsides of the American Express Gold Rewards Card

A few downsides of the American Express Gold Rewards Card are the high annual fee of $250 and high-interest rate of 20.99% for purchases, and 21.99% for funds advances.

If you miss 2 payments within 12 months, the interest rate will increase to 23.99%, and if you miss 3 payments within 12 months, it will increase to 26.99%.

Another downside is that AMEX cards are not as widely accepted as Visa or Mastercard. Retailers like Loblaws, Costco, and many independently owned stores do not accept Amex due to the higher merchant fees.

How To Apply for the American Express Gold Rewards Card

To apply for this card, click here.

You must:

  • Be the age of majority in your province or territory
  • Be a Canadian resident
  • Have a Canadian credit file

The American Express Gold Rewards Card credit score requirement is 700+, which means you should have good credit score for approval.

How To Redeem AMEX Membership Rewards Points

To redeem AMEX Rewards points, follow the steps below:

  1. Use your card to purchase eligible items.
  2. Log into your account online and click “Use points for eligible purchases.”
  3. Choose the purchase you want to redeem points for and submit.

A statement credit will be applied to your account within 48 hours.

Remember that you must redeem a minimum of 1,000 points ($10) and that only eligible purchases posted to your card within the last three months (up to 150 purchases) will be available for redemption.

American Express Gold Rewards Card Review-img

Alternatives to the American Express Gold Rewards Card

A few competing travel rewards credit cards include the following.

American Express Gold Rewards Card vs American Express Cobalt Card

The American Express Cobalt Card has a monthly fee of $12.99 with no cost for additional cards.

The interest rate is 20.99% on purchases, and 21.99% on funds advances.

You earn:

  • 5 points for every $1 spent at eligible restaurants, cafes, bars, and food delivery in Canada
  • 3 points for every $1 spent on eligible streaming subscriptions in Canada
  • 2 points for every $1 spent on eligible travel, transit, and gas purchases in Canada
  • 1 point for every $1 spent on everything else

You can redeem your points towards any card purchases, flights through the Fixed Points Travel Program, Amazon.ca purchases, and gift cards and merchandise on membershiprewards.ca.

You get emergency medical, flight delay, baggage delay, car rental theft insurance, and more with this card.

American Express Cobalt Card

Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.

Welcome offer: Get up to 30,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $155.88

American Express Gold Rewards Card vs SimplyCash Preferred Card From AMEX

The SimplyCash Preferred Card has an annual fee of $119.88 and an interest rate of 20.99% on purchases and 21.99% on funds advances.

You earn 2% cash back on every purchase made, and there is no limit to the amount you can earn. It is applied annually as a statement credit.

With this card, you are insured against travel accidents, car rental theft and damage, lost or stolen baggage, hotel burglary, and flight delays.

SimplyCash Preferred Card from American Express

Rewards: Earn 4% cash back on gas and grocery purchases ($1,200 annual limit); 2.00% cash back on all other purchases.

Welcome offer: Earn a $40 statement credit each month you spend $750 in purchases on your Card in the first 10 months (up to $400 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $9.99/month or $119.88/year

American Express Gold Rewards Card vs Scotiabank Passport Visa Infinite Card

The Scotiabank Passport Visa Infinite Card has an annual fee of $150 and a minimum credit limit of $5,000. The interest rate is 19.99% on purchases and 22.99% on cash advances.

It is a travel credit card where you can earn 2x Scene+ points for every $1 spent on eligible dining, entertainment, grocery, and transit purchases, and 1x Scene+ point for every $1 spent on everything else.

To qualify, you must have a minimum annual income of $60,000 for individuals or $100,000 for a household.

Scotiabank Passport Visa Infinite Card

Rewards: Earn 2x Scene+ points/$1 on groceries, dining, entertainment, and daily transit; 1x points/$1 everything else; 6 free airport lounge passes/year; no FX fees.

Welcome offer: Get up to 40,000 points ($400 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $150

Is the American Express Gold Rewards Credit Card For You?

If you like to travel and dine out often, this card may be for you.

It has great perks like a $100 annual travel credit, and it allows you to earn 2x the points on many eligible purchases.

Along with a competitive welcome bonus, you can transfer your points to various frequent flyer and loyalty programs.

American Express Gold Rewards Card Review
  • Rewards
  • Annual fee
  • Insurance benefits
  • Eligibility
  • Other perks
4.2

Summary

The American Express Gold Rewards Card is a top rewards credit card in Canada. This American Express Gold Rewards Card review covers how it works, pros, cons, and alternatives.

Pros

  • Good coverage for travel insurance
  • Welcome bonus points
  • Metal credit card
  • Access to exclusive Amex offers

Cons

  • Hefty annual fee
  • Amex is not as widely accepted compared to Visa or Mastercard

Best Credit Offers in December 2022

Get one of the best rewards credit cards in Canada ($450 bonus)

Earn up to 6 points per $1 spent on everyday purchases.

Get up to a $450 welcome bonus and $850 value in the first year.

Comprehensive travel insurance benefits, perks and no FX fees.

The annual fee is waived in the first year.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 1.50% interest on your entire balance.*

The Neo Card pays up to 5% cash back at thousands of retailers

Get a $25 bonus when you are approved for the Card.

Earn up to 5% unlimited cash back at 8,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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