Amex Membership Rewards Playing cards: Fall 2023 Gives

As of today, big changes have come into effect for the Canadian-issued Business Platinum Card from American Express and the American Express Platinum Card. The cards now come with higher annual fees and some additional benefits, and the welcome bonuses have received a bit of a boost to mark the occasion.

There haven’t been any changes to the American Express Gold Rewards Card this time around, and its current offer is holding steady.

If you’ve been looking to boost your American Express Membership Rewards balance for an upcoming trip, you may want to take advantage of these offers, as long as you can meet the sizeable minimum spending requirements.

Business Platinum Card from American Express: Up to 120,000 MR Points

The Business Platinum Card from American Express has just received a significant makeover, with a higher annual fee, the introduction of new benefits, and a refreshed welcome bonus for Fall 2023.

Currently, you can receive a welcome bonus of up to 120,000 Membership Rewards points, structured as follows:

• Earn 80,000 MR points upon spending $15,000 (all figures in CAD) in the first three months
• Earn 40,000 MR points upon making a purchase in months 14–17 as a cardholder

While the total amount of points in the current welcome bonus is greater than the Spring/Summer 2023 offer (100,000 MR points upon spending $10,000 in the first three months), the minimum spending requirement is now higher, and you’ll have to pay the annual fee in the second year to receive the second allotment of points.

As a reminder, the annual fee on the Business Platinum Card from American Express now stands at $799, which is an increase from the previous annual fee of $499.

To help offset the increase, the card now comes with some additional benefits it didn’t previously have, including:

• A $200 annual travel credit
• Up to $120 in annual wireless services statement credits ($10 per month)
• A $100 NEXUS application or renewal fee credit (every four years)

Furthermore, you can earn up to $200 in annual statement credits for Dell purchases, as well as up to $300 in annual statement credits for Indeed, through opt-in Amex Offers available on your account.

The Business Platinum Card offers a flat 1.25 MR points per dollar spent on all purchases, making it an ideal card for business owners whose large volumes of spending may not fall into traditional credit card bonus categories.

And just like the personal version, the premium travel benefits – including lounge access, Marriott Bonvoy Gold Elite status, and Hilton Honors Gold status – are what makes the Business Platinum Card a favourite product among high-flying points collectors and business owners across all the land.

In terms of the value offered from the welcome bonus, we value Amex MR points at 2.2 cents per point (CAD). 

In the first year, you’d earn at least 98,750 MR points: 80,000 points from the welcome bonus, and 18,750 points from meeting the $15,000 minimum spending requirement in the first three months.

We’d value 98,750 MR points at $2,173, and when you subtract the $799 annual fee and add the $200 annual travel credit, we arrive at a net first-year value of at least $1,574. If you’re able to take advantage of the other statement credits and perks offered through the card, the value increases from there.

The second swath of 40,000 points is awarded upon making a purchase in months 14–17 as a cardholder. We’d value 40,000 points at $880, which is greater than the second year’s annual fee, and when the additional perks and credits are factored in, it could be well worth keeping the card around for at least the first two years.

There’s no listed expiry date for the current offer.

Amex Platinum Card: Up to 100,000 MR Points

The American Express Platinum Card has also received a makeover, and now comes with a higher annual fee, a new $200 annual dining credit, a lower earning rate for dining, and a refreshed welcome bonus.

When you apply for the American Express Platinum Card with the current offer, you can earn a total of up to 100,000 MR points, structured as follows:

• Earn 70,000 MR points upon spending $10,000 in the first three months
• Earn 30,000 MR points upon making a purchase in months 14–17 as a cardholder

As we saw with the Business Platinum Card, the new offer on the Platinum Card is greater than the Spring/Summer 2023 offer (90,000 points upon spending $7,500 in the first three months), but now comes with a higher minimum spending requirement and the second allotment of points in the second year.

Furthermore, the annual fee has increased from $699 to $799, which isn’t as much of a jump as the Business Platinum Card, but is an increase nonetheless.

Unfortunately, the earning rate for dining purchases in Canada has dropped from 3 MR points per dollar spent to 2 MR points per dollar spent with the card’s recent refresh.

On the other hand, a new feature that’s been added to the card is an annual $200 dining credit, which can be used exclusively at select Canadian restaurants.

You’ll find the annual dining credit available on your Amex Offers dashboard, and you’ll need to manually register for it.

If you apply and are approved for the Platinum Card before the end of 2023, you can enjoy the dining credit before December 31, 2023, and then you’ll receive a new credit as of January 1, 2024. 

The Platinum Card is also known for its premium travel benefits, which is what makes it a card that everyone should consider holding at some point.

First off, the $200 annual travel credit on the Platinum Card, which you get once every card membership year, effectively offsets against the $799 annual fee, since it’s easily redeemable on any form of travel.

You’ll get unlimited airport lounge access to Priority Pass, Plaza Premium, Delta Sky Club, and Centurion lounges. Furthermore, the Platinum Card confers instant elite status levels in Marriott Bonvoy (Gold Elite) and Hilton Honors (Gold Elite).

Not to mention, top-tier cards like the Platinum Card routinely get the best Amex Offers, which can add hundreds of dollars of value each year.

In terms of the value offered from the current welcome bonus, we value Amex MR points at 2.2 cents per point (CAD). 

In the first year, you’d earn at least 80,000 MR points: 70,000 points from the welcome bonus, and at least 10,000 points from meeting the $10,000 minimum spending requirement in the first three months.

We’d value 80,000 MR points at $1,760, and when you subtract the $799 annual fee and add the $200 annual travel and dining credits, we arrive at a net first-year value of at least $1,361. If you’re able to take advantage of the other statement credits and perks offered through the card, the value increases from there.

The second swath of 30,000 points is awarded upon making a purchase in months 14–17 as a cardholder. We’d value 30,000 points at $660, which is less than the second year’s annual fee. However, when the additional perks and credits are factored in, it could be well worth keeping the card around for at least the first two years, as long as you can make the most of the total welcome bonus.

There’s no listed expiry date for the current offer.

Amex Gold Rewards Card: Up to 70,000 MR Points

There haven’t been any changes to the annual fee or benefits offered on the American Express Gold Rewards Card this time around. 

When you apply and are approved for an American Express Gold Rewards Card via a refer-a-friend link, you’ll get a welcome bonus worth up to 70,000 MR points:

• Earn 10,000 MR points upon spending $4,000 in the first three months
• Earn 5,000 MR points upon spending $1,000 in each of the first 12 months, up to 60,000 MR points

This is a change from the previous structure of the card’s welcome bonus, and is similar to how the bonus on the American Express Cobalt Card is set up. Rather than getting the bonus points in one fell swoop, they’re spread out over the course of a year with this offer.

As long as you can manage and keep track of $1,000 of spending each month for the first year, you’ll have unlocked the full welcome bonus for this card. Just be sure to reach $4,000 in the first three months, as you’ll get an additional 10,000 points with this offer.

The Gold Rewards Card offers a $100 annual travel credit, similar to the $200 annual travel credit on its premium counterpart, the Platinum Card. 

The $100 annual travel credit can be redeemed towards any booking of $100 or more through the Amex Travel online portal, including flights, hotels, car rentals, and more.

Since the travel credit also applies to refundable bookings, it’s effectively as good as cash, and it reduces your net annual fee back down to $150. 

In addition, the Gold Rewards Card also offers four complimentary visits to Plaza Premium lounges in Canada every year, allowing you to make use of airport lounges in Toronto, Vancouver, Winnipeg, Edmonton, and Montreal. 

In terms of the value offered from the current welcome bonus, we value Amex MR points at 2.2 cents per point (CAD). 

Since all points are awarded in the first year, you’d earn at least 83,000 MR points upon meeting the minimum spending requirements: 60,000 points from the welcome bonus, 10,000 points upon spending $4,000 in the first three months, and at least 13,000 points for completing the full minimum spending requirement in the first year ($4,000 in the first three months, and $1,000 in each of the remaining nine months).

We’d value 83,000 MR points at $1,826, and when you subtract the $250 annual fee and add the $100 annual travel credit, we arrive at a net first-year value of at least $1,676. If you’re able to take advantage of some Amex Offers or increased category earning rates, the value increases from there.

There’s no listed expiry date for this offer.

Conclusion

The welcome bonuses on the American Express Membership Rewards cards for Fall 2023 are higher than the best available offers for the past few months, but aren’t quite as good as the best we’ve seen in the last year. 

Of note, the offers on the American Express Platinum Card and the Business Platinum Card from American Express are higher, but come with an increase to the annual fees, the introduction of new perks and benefits, and the second allotment of points in the second year.

If you’ve been holding out for a higher welcome bonus on one of these cards, be sure to take advantage if you can meet the spending requirements.

There aren’t any published expiry dates for the offers, so be sure to sign up sooner rather than later if you stand to benefit.