Best Amex Card in Canada 2026: Platinum vs Cobalt vs Free

The honest Canadian verdict first

Canada is the one market where I’d steer most people away from both the Platinum and the Gold Rewards, because the Cobalt quietly out-earns them for normal spending. So before the Platinum’s prestige pulls you in: unless you fly often enough to use its lounges and credits, the Cobalt is almost certainly the better card. And if you don’t want to pay anything at all, don’t default to a cash-back card: the American Express Green Card is free and still earns transferable Membership Rewards points, which most comparisons of the Canadian lineup miss entirely. Here’s the full lineup, honestly ranked and checked against American Express Canada’s own product pages on 18 August 2026.

The Canadian Amex lineup compared

Fees change; confirm current terms on the application page.

Cobalt: the value star

The card most Canadians should look at first: 5X Membership Rewards points on eats and drinks (groceries, restaurants, food delivery, convenience stores), 3X on streaming, 2X on gas, transit and rideshare, and 1X on everything else, billed monthly at $15.99. The catch worth knowing: the 5X rate only applies to the first $2,500 of eats-and-drinks spend per month, above that it drops to 1X, a cap that’s been in place since 15 August 2023. For anyone who spends meaningfully on food within that cap, the card usually pays for itself. The fee rose from $12.99 to $15.99/month ($155.88 to $191.88/year, Quebec residents $150 to $191.88) on 5 November 2025, applied at each cardmember’s first statement after their anniversary. The earn rate still leads the lineup, and supplementary cards are free ($0). Like the Gold Rewards, it charges a 2.5% foreign transaction fee on non-CAD spend.

Platinum: for frequent flyers

Real, numbered credits rather than vague perks: a $200 annual travel credit and a $200 annual dining credit, plus unlimited Priority Pass lounge access (600+ lounges worldwide) on top of the American Express Centurion Lounges, and Marriott Bonvoy Gold Elite status. At CAD $799/year it only pays off if you’ll actually use the lounges and credits, and a second Platinum card for a partner costs an extra $250/year, so a two-card household should weigh that against a second Cobalt (supplementary cards there are free). See the Amex Platinum review.

Gold Rewards, Green Card and no-fee: the alternatives

The Gold Rewards ($250) is a solid travel all-rounder: a $100 annual travel credit (for Amex Travel bookings of $100 or more) plus a $50 NEXUS credit, on top of bonus categories, and it also charges the 2.5% foreign transaction fee. If you’d rather pay nothing, the article most Canadian comparisons get wrong is here: the American Express Green Card is a genuine CAD $0/year product that still earns Membership Rewards points, around 10,000 of them after $1,000 spend in the first 3 months, which makes it a stronger free pick than a pure cash-back card if you want points that transfer to Aeroplan, Marriott Bonvoy, Hilton Honors and other partners. SimplyCash ($0) is the straightforward cash-back option instead, and SimplyCash Preferred (around $9.99/month, roughly $119.88/year) sits in between with around 4% back on groceries and gas in Canada, a useful middle step before committing to the Cobalt’s fee.

The one-question test

Count last year’s airport visits. Double digits → Platinum. You spend big on dining/groceries (and can stay under the $2,500/month cap) → Cobalt. You want a travel all-rounder → Gold Rewards. You want zero fee but still want points → the Green Card. You want zero fee and simple cash back → SimplyCash. (Compare the broader points-vs-perks logic in Amex Platinum vs Gold.)

What changed in 2026

Two things every older Canadian Amex comparison still gets wrong:

1. The Cobalt’s fee increase is now in effect and hitting anniversaries through 2026. It rose from $12.99 to $15.99 a month ($155.88 to $191.88 a year; Quebec $150 to $191.88) on 5 November 2025, applied at each cardmember’s first statement after their card anniversary, and immediately for cards approved on or after 7 October 2025. Nothing else about the card changed: the 5X/3X/2X/1X earn ladder and the $2,500 monthly cap on eats and drinks are the same as before.
2. The free Membership Rewards card finally has a name here: the American Express Green Card. It’s a live, current CAD $0/year Canadian product (not the retired US or German Green Cards), and it earns around 10,000 Membership Rewards points after $1,000 spend in 3 months, transferable to Aeroplan and other partners. For anyone who wants points without paying a fee, it beats a cash-back card on flexibility.

A note on the FX backup

Elsewhere I’d tell you to pair your Amex with Revolut for fee-free foreign spending, but Revolut’s Canadian availability has been on and off, so check revolut.com for your own province before counting on it rather than assuming either way. What’s certain is the Cobalt and Gold Rewards both charge a 2.5% foreign transaction fee on non-CAD purchases, so for spending abroad use a no-foreign-transaction-fee Canadian card (or a service like Wise), and keep the Amex for points and purchase protection at home. The general logic is in Amex vs Revolut, and the rest of the lineup is in our credit cards guide.

Welcome offers (check before you apply, they rotate monthly)

Canadian Amex welcome offers change every month, so treat these as the current offer, not a fixed number, and check the application page before applying:

• Platinum: up to 100,000 points, structured as 70,000 points after $10,000 in net purchases in the first 3 months, plus 30,000 points for a purchase in months 15 to 17.
• Gold Rewards: up to 60,000 points, structured as 5,000 points for each monthly billing period with $1,000 in net purchases, over 12 months.
• Cobalt: up to 15,000 points, structured as 1,250 points for each monthly billing period with $750 in net purchases, over 12 months.
• American Express Green Card: 10,000 points after $1,000 in purchases in the first 3 months.

Frequently Asked Questions

Which Amex card is best in Canada?

For most Canadians it’s the Cobalt (CAD $191.88/year, billed $15.99/month): its points on dining and groceries are the best-value pick in the lineup, though the 5X rate is capped at $2,500 of spend a month. The Platinum (CAD $799) suits frequent flyers who use its lounges and credits, the Gold Rewards ($250) is a solid all-rounder, and the free Green Card is the best zero-fee option because it still earns Membership Rewards points.

Is there a no-annual-fee American Express card in Canada?

Yes. The American Express Green Card is CAD $0/year and earns around 10,000 Membership Rewards points after $1,000 in purchases in the first 3 months, so it’s a free way into transferable points, not just cash back. SimplyCash (also $0) is the cash-back alternative, and SimplyCash Preferred (around $9.99/month) sits in between with around 4% back on groceries and gas.

Is the Amex Cobalt worth it in Canada?

For most people, yes: it earns 5X Membership Rewards points on eats and drinks (groceries, restaurants, food delivery, convenience stores) up to $2,500 of spend a month, plus 3X streaming and 2X gas, transit and rideshare. At $15.99/month it usually pays for itself if you spend meaningfully on food. The fee rose from $12.99 to $15.99/month ($155.88 to $191.88/year) on 5 November 2025.

Verdict

In Canada: food-and-everyday spender → Cobalt; frequent flyer → Platinum; all-rounder → Gold Rewards; want points but zero fee → the American Express Green Card; want zero fee and simple cash back → SimplyCash. Compare the current offers below.