Credit Card Review: The American Express Gold Card with Cash Back
(This credit card is no longer available. Please check the American Express SimplyCash card for an alternative).
The American Express Gold Card with Cash Back is, in our opinion, one of the top rewards credit cards in Canada if you spend more than $1,250 per month. We love how American Express Canada has re-launched and re-vamped the card. What we find most attractive about this card is its straightforward cash back program – there are no accelerator categories you have to sift through to maximize your rebates, you never have to worry about whether your gas station or grocery store is a qualified vendor (unlike most other cash back cards), and there are no caps on spending or earning.
At up to 2% cash back on ALL spend, it rivals and even surpasses the value offered by many of Canada’s top travel rewards cards, such as the Avion, Aeroplan or Air Miles credit cards. But what’s even more impressive, is that it doesn’t require the $60K minimum income or excellent credit required by the Visa Infinite and Mastercard World cards. All you need is $15K of personal income and good credit. So for those who might be asset rich, but income poor, or take out a small salary from their company, or are living off their retirement income, this card is a great opportunity to get access to premium value.
American Express Gold Card with Cash Back Credit Card Review:
1. Up to 2% cash back rebate on all purchases:
- On the first $2,500 charged to your card, you earn 0.5% cash back
- On the next $2,500 charged to your Card, you earn 1.0% cash back
- On annual purchases over $5,000 up to and including $100,000 charged to your Card, you earn 2.0% cash back
- For any amount over $100,000, you earn 1.0% cash back
While we’d love to see no tiers, we get that Amex is trying to incent users to consolidate all of their spend on to one card. We’ve done the math. If you spend $12,500 you’ll be earning 1.5% cash back on a weighted average basis, at $20,000 per year, you’ll be earning 1.7% cash back, and at $30,000 per year, you’ll be earning 1.8% cash back. That’s damn good value in the rewards world.
2. Earn unlimited cash back: There is no limit to the amount you can earn annually
3. Buyers assurance protection plan: Automatically doubles the manufacturer’s original warranty up to one additional year when you charge the full purchase price to your American Express Gold Card with Cash Back.
4. Purchase protection plan: Automatically, without registration, insures your eligible purchases against accidental physical damage and theft when you use your American Express Gold Credit Card with Cash Back.
5. Free supplementary card: Share many of the benefits with free supplementary cards and increase your potential cash back
6. Annual fee: There is a $99 annual fee, which no matter how hard we try, we can’t seem to wish away! However, with up to 2% cash back, it’s offering value that every other card charges an annual fee for as well, whether it be any of RBC’s, BMO’s, TD’s, CIBC’s or Scotia’s Gold, Infinite or World cards.
All in all, if you’re looking for a cash back credit card that gives you the same value you’ll get from Canada’s top travel cards, this card has it. The big advantage though, is that you get the flexibility of cash back, without having to worry about redeeming for flights. You can use your cash for anything. The other thing we really like about this card is that its cash back program rewards you the same for all your spend. Because of this, we highly recommend the new American Express Gold Card with Cash Back.
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