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In Canada, the American Express Air Miles Credit Card is one of the best personal financial products you will find. It provides you with competitive interest rates and a travel rewards program as well as convenient savings benefits with affiliate partnerships.
Initial Savings
There are many reasons why you might want to consider an American Express Air Miles Card. One of the first things that you might notice is the fact that this credit card does not have an annual fee. This is one of the easiest ways for credit card companies to make money so finding a card without this fee is not always easy, especially in this economy. It means that you already save, sometimes $100 or more depending on the card, over other credit card products currently on the market.
Secondly, you will notice that this card has a decent variable Annual Percentage Rate, both during the introductory period and after the adjustment. This is very important considering that this card is designed to be one of those cards that you hold onto for a long time, racking up air miles with all of your purchases so that you can take advantage of them in the future.
Air Miles and Travel Benefits
Speaking of air miles, the AMEX Air Miles Credit Card has a fantastic rewards program. This means that while you could save a lot of money over competing cards, when you apply for this card you can also earn:
- Reward miles for every $15 in card purchases with air miles sponsors
- Reward miles for every $20 in card purchases made everywhere else
- Bonus reward points the first time you use your card
While you are travelling you will also appreciate other American Express benefits and features that make sure you are safe and secure no matter where you might be in the world.
- Travel Accident Insurance, which protects you no matter where you are in the world, and is backed by ACE INA Life Insurance
- Savings with 9600 affiliated partner stores across the country of Canada
- Simply show your American Express Air Miles Card to an affiliate and get savings from American Express as well
- Emergency Card Replacement (which will come in handy if your wallet or purse is lost or stolen on your travels)
Other Secondary Benefits
Aside from no annual fee, low rates, and a decent travel rewards program, the American Express Air Miles Credit Card has other benefits you might like. This includes
- Front of the Line Preferred Ticket Access, which gets you access to special entertainment events, venues, and promotions when you charge your ticket prices in full to your AMEX Air Miles Card
- Free Supplementary Cards for your family or your employees
- 21-days interest free on new purchases which means you are not charged interest on any new purchase that is paid in full within 3 weeks
Requirements
In order to qualify for the American Express AirMiles Card comes to you with a few fees and penalties. These are designed to ensure you do not get in over your head. For example, if you want to apply for this card you need to have:
- An existing Canadian credit file
- A local address
- Reached the proper age as required by your province or territory
Furthermore, American Express requires that have:
- An income of at least $15,000
- No record of bankruptcy in the last seven years
- No record of late payments
- No record of default payments
Fees and Penalties
Obviously, this Credit Card also carries a few fees and penalties. These are designed to ensure that continue to maintain a solid credit history. Fees and penalties are things that you can avoid if you simply do not use some of the available services and do not violate any operational or payment policies. For example you could pay a fee for:
- Money advances
- Statement reprints
- Rewards Miles reinstatement
- Foreign currency conversion (which can vary depending on both the bank where you conduct your business as well as the value of the currency in the desired country.)
- Balance transfer
- American Express cheques drafts
Penalties, on the other hand, include:
- Dishonored payment (returned checks)
- Going over your credit limit
Conclusion
With no annual fee and competitively low interest rates, the American Express Air Miles Credit Card is a very good credit card available in Canada. It also has a decent travel rewards program and some of the best auxiliary benefits on the market.
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