| Class | Platinum |
|---|---|
| Type | American Express |
| Issuer | American Express |
| Annual Fee | $0 |
| Interest Rate | 16.99% |
| Min. Income | $30,000 |
| Reward Type | Cash Back |
|---|---|
| Reward | Tiered Cash |
| Reward Return | 0.5-2% |
| Sign Up Bonus | None |
| Grace Period | ~30 days |
| Apply | MBNA Smart Cash |
This credit card is part of our Canadian credit card Hall Of Fame. This page contains historical information as it was when the credit card was either still available or when it was at its peak and is for reference purposes only. Please refer to The Best Credit Cards In Canada page for currently available Canadian credit cards.
The American Express Gold Cash Back Card appeared shortly after the Canadian Tire Cash Advantage MasterCard was discontinued and was considered by many to be its successor. It had a very reasonable tier structure that quickly escalated to the full 2% cash back and because cash is king many people thought it was the best credit card available in Canada. The roughly 2% returns could never compare to some of the top travel rewards credit cards like the MBNA Starwood Preferred Guest MasterCard that offered returns up to 6% or even more. But, the simple fact of the matter is that with cash your options are unlimited!
With points and other reward types, there is always the possibility that you are unable to redeem them for what you really want, they get devalued by the reward issuer, or there are complicated restrictions on how they can be used. Cash can be used for anything, travel or not, and can be applied to the best sales and specials as well giving it a significant advantage over other reward types. This card is still being used by those lucky people who managed to sign up for it before it became invitation only and eventually unavailable for new applicants, period. This is how the tier system works:
| Tier | Amount Spent | Cash Back |
|---|---|---|
| 1 | $0 - $2,500 | 0.50% |
| 2 | $2,500 - $5,000 | 1.00% |
| 3 | $5,000+ | 2.00% |
If credit cards could be bought and sold, there would like be a sizeable market for this particular card as people would jump at the chance to get 2% cash back on all purchases with no annual fee and no maximums! Although you can no longer get one for yourself, if you are interested in cash back cards that give a high rate of return, then you should apply for the MBNA Smart Cash MasterCard. It gives a solid non-tiered 1% cash back on all purchases along with 3% cash back on gas and groceries.
Positives:
- The highest cash back card currently available with reasonable tiers and no annual fee.
- One of the most popular cards ever amongst RedFlagDeals users.
- Extra 0.5% cash back if you carry a balance, which is not recommended.
- Has a few extra perks associated with being a gold card.
- No maximum on the amount of cash back that can be earned!
- No annual fee.
Negatives:
- Mediocre insurance package that lacks any sort of travel insurance.
- Cash is only paid out once a year in January.
- Poor acceptance due to it being an Amex.
- Impossible to achieve a full 2% cash back on your annual spending due to the tiers.
Insurance Package:
- Extended Warranty - up to 1 year.
- Purchase Protection – 90 days.
Minor Extra Benefits:
- American Express Front Of The Line access.
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