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Amex Membership Rewards – The Best Points in Canada

With so many credit card rewards programs in Canada, it is easy to get overwhelmed. All five big Canadian banks along with Amex have their own unique points systems. Some even have two different point types within the same bank. Amex Membership Rewards (MR), Aeroplan (via TD, CIBC and Amex), Scotiabank Scene+, RBC Avion, TD Rewards, BMO Rewards, cash back cards and more— the options seem endless. And I’ve seen my fair share of “influencers” promoting each of them for their welcome bonuses or how beautiful the card looks in your wallet. But which points are objectively the best to choose?

If your goal is to earn meaningful rewards quickly and redeem them for maximum value, not all points are created equal. 

We first have to understand:

  1. point types – fixed, variable, and transferrable
  2. point value – what each point is actually worth in dollars (or in most cases, cents) 
  3. earning potential – which points can be earned quickly and efficiently

Only then can we rationally determine which are best and worth collecting. 

For most people interested in travel but want the option of being able to get cashback, American Express Membership Rewards (MR) are the best points to collect in Canada. They combine strong everyday earning rates, valuable transfer partners, high upside for travel redemptions, and a solid floor value in cash back if you want simplicity. That combination makes them the most powerful and flexible rewards currency available to Canadians. 

But let’s dive deeper to understand why.

The 3 Main Types of Points & Their Value

Before explaining why Amex MR points stand out, it helps to understand the three main point types Canadians can earn and the value of each.

1. Fixed-Value Points

Fixed-value points are the easiest to understand. Their value stays constant, regardless of what you redeem them for. Cash back, like that earned by the Rogers Red World Elite Mastercard (1.5%-2%) or WealthSimple Visa Infinite (2%), is the clearest example. But some bank points function in a very similar way.

One of the best fixed value points systems is Scotiabank’s Scene+ points which have a fixed value of 1 cent per point (cpp) or the equivalent of 1% cash back. A card like the Scotiabank Gold American Express earns 6 Scene+ points per dollar at Sobey’s and Empire grocery stores. Meaning you are getting 6% cash back on your grocery purchases. This beats all of the 1-2% cash back cards out there. This simplicity is the biggest advantage of fixed-value points. You always know what your rewards are worth, and redemption is straightforward.

However this simplicity is also the downside of fixed value point systems. As the cash cost of an item, say a flight or hotel stay, increases, you need proportionally more points to obtain that item and as such, proportionally more spendon your credit card to obtain these points. To the extent of not being a viable strategy. If 2 business class flights round trip to Europe cost $10,000, you’d need to spend ~$166,000 at Sobeys with your Scotiabank Gold Amex card to be able to pay for that one flight. That’s at least 4-5 years of spending at a grocery store for a typical couple. 

So fixed-value points are useful for small, everyday savings, but often not a viable solution for travel. 

2. Variable Value Points

Variable-value points are the most common point type for airline and hotel loyalty programs. Aeroplan is the most well known to Canadians, though I have a feeling most collectors don’t realize it is a variable-value point type. They are variable because their value is not tied to the cash cost of the item that you are redeeming them for. As such, these points can be worth much more than 1 cent each if redeemed strategically for travel.

A cash fare for a business-class flight may cost four times more than economy, but the points cost is often not four times higher. That creates an opportunity to get disproportionately high value from your points. 

As an example, a round trip flight from Toronto to Zurich in economy may cost $1352 and a business class flight may cost $5112 which is an almost 4x multiple compared to the economy cost. But the magic of variable value points is that the points cost for same economy round trip flight is 80,000 Aeroplan points (+$238 in taxes/fees) but the business class flight can be 140,000 points (+$238 in taxes/fees) which is only a 1.75x multiple. 

If you redeemed your Aeroplan points for this business class flight, the value would be $5112 – $238 ÷ 140,000 x 100 which is ~3.5 cents per point. If you earned those points on a card that gets 1 point per dollar spent, like the TD Aeroplan Visa Infinite card, that’s equivalent to 3.5% cash back. Which is better than any cash back card that usually earn 1-2%.

And here is where things really becoming interesting. 

If you obtained these points using a card that earns 5 points per dollar at a grocery store, like the American Express Cobalt Card, this is the equivalent of 17.5% cash back (3.5cpp x 5 pts per dollar). The value is unbelievable and something that cannot be achieved with cash back or fixed value points systems.

Of course, the reverse is also true. If you redeem airline points for poor-value options such as gift cards or merchandise, the value can be very weak. A $500 gift card to Dollarama for 70,000 points is 0.71 cents per point. You’d be better off with a cash back card earning 1%. That is why the redemption strategy matters just as much as the earn strategy. 

As a benchmark, if you are redeeming your variable value points at 2 cents per point or higher, you are winning.

3. Transferable Points

The third category—and the most powerful one for many Canadians—is transferable points. These give you the option of using them as fixed value/cashback or transferring them to multiple different airline or hotel points to be used as variable value points. 

In Canada, American Express Membership Rewards (MR) points and RBC Avion points are the two main options. These have the ability to be redeemed for cash back. When earning 1 point per dollar, this is equivalent to 1% cash back. 

For the RBC ION+ card which earns 3 points per dollar on dining, groceries, and gas, that’s 3% cash back. 

For the Amex Cobalt which earns 5 points per dollar on dining and groceries, that’s 5% cash back. 

Both outperform the most popular cash back cards. It is relevant to note that 1% cash back is the floor value for these points, meaning there is really no risk to earning them. 

Alternatively, they can be transferred to airline or hotel partners like Aeroplan, British Airways Avios, or Cathay Pacific and other Variable Value systems and be redeemed at much greater value like our earlier example. 

Amex MR and RBC Avion points are generally valued at 2 cpp but again, some redemptions like business class flights or peak season economy flights can have values of 3 – 10 cpp! If you earn these points using a card, like the Amex Cobalt card, which earns 5 points per dollar at grocery stores and restaurants, that could mean earning 15% or more cash back(3cpp x 5 pts per dollar).

This flexibility is what makes transferable points so powerful. You are not locked into cash back or into one airline or one hotel program. Instead, you can transfer your points to the program that offers the best redemption for your specific trip.

So if you’re interested in travel, it is clear, transferrable points are the best to collect because when we understand how to use them optimally, we can get amazing value. 

So let’s learn about how points can be earned quickly.

Why Earning Potential Matters 

The type of points and their value are only two-thirds of the equation. How easily one can earn points matters. If a point type has great value but is very hard to accumulate enough of them to make a good redemption, then…what’s the point? Sorry . 

In general, the ease with which points can be accumulated depends on 

  • having personal and business card options to earn on both fronts
  • SUBs – the sign up bonus aka welcome bonus
  • multiplier categories – elevated earn rates on common spending categories like food or gas

For example, if a credit card earns 1 point per dollar, we won’t be flying anywhere soon at that earn rate. But if a card earns points at a rate 5 points per dollar on dining out, well now we are 5x faster at getting our flight for free.

This is exactly where Amex Membership Rewards shine. They are not just valuable transferrable points. They are also one of the fastest and easiest premium points currencies to earn in Canada. 

Let’s see exactly why.

Why Amex Membership Rewards Are the Best Points in Canada

1. The Most Flexibility for Travel

The biggest reason Amex Membership Rewards (MR) points are so valuable is flexibility. Amex MR have the most transfer partners in Canada – a total of 8 including:

  • Aeroplan
  • British Avios – which can be further transferred to 
    • Aer Lingus
    • Iberia
    • Finnair
    • Qatar Airways 
  • Cathay Pacific Asia Miles 
  • Delta Skymiles
  • Etihad Guest
  • Air France/KLM Flying Blue
  • Hilton Honors 
  • Marriott Bonvoy 

The best transfer programs are Aeroplan, British Avios, and Flying Blue which all transfer at a 1:1 ratio. These 3 programs cover all 3 major airline alliances:

  • Aeroplan = Star Alliance
  • British Avios = Oneworld
  • Flying Blue = SkyTeam

What this means is, if you transfer your Amex MR to Aeroplan, you not only can book Air Canada flights, but you can book any of the member airlines of Star Alliance like Swiss Air, Turkish Airlines, Lufthansa and about 50 others. And the same goes for British, accessing Oneworld partner airlines, and Flying Blue, accessing SkyTeam partners. 

The ability to choose between multiple different airlines across the three major alliances gives you the most flexibilitywhen its time to book your travel. For example, if you wanted to travel direct to Paris in business class but only collected Aeroplan, you’d have to fly Air Canada which has dynamic pricing and this could cost 180,000 points. But if you have Amex MR, instead of transferring your points to Aeroplan, you’d transfer to Flying Blue and use only 60,000 points. 

This flexibility in program can be key to getting great value. When one airline charges far too many points for a flight, another may offer a much better redemption for a similar route. This can save you tens of thousands of points on a single booking and opens up many more ways to travel well. 

2. Accelerated Points Earning

The best points are the ones you can actually earn in meaningful quantities.

Amex has some of the strongest earn rates in Canada, especially on everyday categories like groceries and dining. That means you can build a large balance much faster than with cards that only earn 1 point per dollar.

The Amex Cobalt Card is the standout example. It is widely considered the best everyday points-earning card in Canada because it earns at such a strong pace in categories where many people naturally spend heavily. You earn 5x points per dollar at dining and grocery stores, 3x on subscriptions, 2x on gas, and 1x everything else.

When those points can later be transferred to airline partners, the earning power becomes even more impressive. A high earn rate paired with a flexible points currency is where real value starts to build. 

3. Business Card Options 

Another major strength of the Amex ecosystem is their business cards. These cards are not just for incorporated business owners, but can be used by self-employed individuals as well.

The Amex Business Platinum earns 1.25 points per dollar as opposed to just 1 point per dollar and though the extra quarter point may not seem like much, when used for large expenses like operating costs, supplies, or 5-6 figure tax payments through Chexy, the extra 0.25 becomes a meaningful amount of points. 

In addition, the card comes with worthwhile perks like unlimited lounge access to more than 1400 lounges across the world for the cardholder and one guest, Marriott and Hilton Gold status, amongst others.

The Amex Business Gold card earns 1 point per dollar, however it has a bonus structure such that if you spend $20,000 every 3 months, you get an extra 10,000 points, effectively making it a 1.5 points per dollar earn rate (assuming you are just above the 20K per 3 month threshold).

With either card, leveraging Chexy to pay suppliers who don’t normally accept credit cards or paying business taxes or payroll on credit card can really supercharge your points earning.

4. The Strongest Welcome Bonuses

Welcome bonuses are one of the quickest ways to build a substantial points balance, and Amex is often one of the strongest issuers in Canada when it comes to high-value offers.

The Amex Platinum and Business Platinum cards, for example, frequently offer welcome bonuses in the range of 100,000 to 150,000 MR points. If you redeem those points at a value of 3 cents per point, a 150,000-point welcome bonus is worth $4,500 in travel value.

Pro tip: The welcome offer shown on the Amex website is not always the best offer available. In many cases, applying through a referral link can unlock a higher welcome bonus — sometimes by as much as 30,000 additional points. 

If you’re considering a new Amex card, feel free to reach out to ensure you have the best available offer before you apply.

5. Referrals and Two-player mode

Amex also stands out because of its referral program and the ability to use a “two-player mode” strategy with a partner or family member. When you refer a friend or partner and they open an Amex card, you get a referral bonus of up to 20,000 points (sometimes more).

This can be especially powerful when one person holds a higher-tier card, such as the Business Platinum, because referral bonuses are highest when referring from a premium card. Importantly, the referral bonus you receive is based on the card you are referring from — not the card the other person chooses to open.

For example, one person, often referred to a Player 1, could open the Business Platinum (perhaps from a referral from your friendly blogging neurologist or another family member or friend who has an Amex card) and earn the welcome bonus, then refer their partner, aka Player 2, to another Amex card. Player 2 earns their own welcome bonus, while Player 1 earns a referral bonus. Player 2 can then refer back to Player 1 for another eligible card, such as a Business Gold, and the cycle can continue strategically over time.

Depending on the card and current offer, each referral can generate 10,000 to 20,000+ Membership Rewards points, making referrals one of the most valuable ways to accelerate your points balance beyond regular spending.

6. A High Floor Value 

The floor value of Amex Membership Rewards points is quite strong, which makes it no risk to earn while learning the points game.

At a minimum, Amex MR points can be redeemed at a fixed value of 1 cent per point toward statement credits. That is exactly equivalent to 1% cash back. While this is not the best way to redeem Amex points, it provides a reasonable safety net since many standard cash back cards also earn around 1%. 

This becomes even more powerful with a card like the Amex Cobalt, which earns 5 points per dollar on grocery and dining purchases. Even if you redeem those points as statement credits, that is 5% cash back, which is as good as the strongest fixed-value program Scotiabank’s Scene+, and certainly better than many other fixed-value rewards programs like BMO Rewards and TD Rewards. It’s also better for use in the grocery, dining and subscription categories than some of the best cash back cards like Wealthsimple Visa Infinite and Rogers Red World Elite Mastercards, which earn at best 2% cash back.

In other words, the downside is limited. If you decide to try points and miles through an Amex card but later realize you simply prefer cash back, no problem, redeem your points for statement credit at 1% cash back and you haven’t really lost anything.

At worst, Amex MR can function like a solid cash back currency, and at best, they can be transferred to airline and hotel partners for significantly higher travel value. 

7. An Even Higher Ceiling Value

This is where Membership Rewards really separate themselves from fixed-value programs.

When transferred to the an airline partner, Amex MR points can unlock redemptions worth 2, 3, or 4 cents per point or sometimes substantially more (some redemptions can be 10-20 cents per point!). 

This value can be achieved by booking:

  • business-class or premium economy flights
  • peak-season economy travel
  • long-haul international routes

You could transfer your Amex MR to Flying Blue Miles and travel to Amsterdam in business class on KLM for 60,000 miles (plus taxes/fees). If you took those 60,000 points as cash back, they would be worth $600. But that business class flight to Amsterdam normally costs $3,000. You are getting 5 times the value of your points by transferring them to an airline and redeeming them well.

You could transfer to Aeroplan and fly to Switzerland in business class for 70,000 points. Or maybe to British Avios and book Qatar Airways Business Class Q Suites and go to the Maldives for 85,000 points instead of paying nearly $4000 for that flight.

Or you could do like my family did last March Break. Transfer your Amex MR to Flying Blue and use them to book 4 WestJet economy flights round trip to the Caribbean for 115,000 Flying Blue Miles instead of spending $6400 on peak season flights.

This is why many experienced points collectors prefer transferable points over simple cash back. The upside is on a completely different level. 

8. Non-Perishable Points

Unlike some airline loyalty programs, Amex Membership Rewards points do not expire as long as you keep at least one Amex MR-earning card open and in good standing.

That is a major advantage. Some airline miles expire after a set period of inactivity, but Amex MR points can remain safely in your account while you continue building your balance.

That said, this does not mean you should hoard points for 5 years. One of the golden rules of points and miles is to earn and burn. Once you find a strong redemption, use your points. Loyalty programs can devalue over time, just as cash prices rise with inflation.

Still, it is reassuring to know that while you are in the earning phase, your Amex MR points are not on a ticking clock. You can build your balance without being forced into a poor redemption just to avoid losing your points.

Fixed-Value vs Amex MR: Which is Better?

The answer is, you can have your cake and eat it too. Fixed-value points are great for simplicity and ease of redemption. And Amex MR points can be used exactly like this when redeemed for statement credits at 1% cash back. 

But if your goal is premium travel, better redemption value, and more flexibility, Amex Membership Rewards allow you to do things that fixed-value points can’t do. 

Fixed-value programs are limited by design. Transferable points are not. They give you optionality, upside, and the ability to adapt based on your trip, the award pricing, and the transfer partner that makes the most sense. 

You can use your points to book flights using Aeroplan, British Avios, or Air France/KLM Flying Blue or book hotels using Marriott Bonvoy for much greater value than 1 cent per point.

That is why Amex MR points are better than simple cash back for travellers who want more than just a basic return on spending. 

Final Thoughts

For most Canadians interested in travel, Amex Membership Rewards are the best points to earn in Canada.

They combine the most important features of a great points currency:

  • some of the highest welcome bonuses 
  • strong earning rates
  • the most airline and hotel transfer partners
  • excellent redemption potential
  • options for both personal and business spend
  • a solid floor value for those who prefer simplicity.

If you want the best mix of flexibility, earning power, and high-value travel redemptions, Amex MR points are very hard to beat.

So, if Amex Membership Rewards are the best transferrable points in Canada, what comes in second?

I’ll answer that in my next article on RBC Avion points.

Referrals

If you found this article helpful, please consider using one of my referral links to support the work I do. It costs you nothing extra and by using a referral you are often able to get elevated sign-up bonuses, access to points promotions, or a discount. Most importantly, this helps convince my wife that the hours I spend on this hobby are worth it! 

For Amex credit cards earning Membership Rewards, the most powerful and flexible travel points in Canada, like the Cobalt, Gold, Business Gold, Platinum, and Business Platinum please reach out to learn about the best sign up bonus options. 

If you shop a lot (>$550 month) at Costco and are interested in flying to Europe, the Brim Flying Blue Mastercard is a solid choice and can be applied for using this link.

After your flight is sorted out, you’ll need a hotel room. For Amex credit cards that earn Marriott Bonvoy pointssuch as the Marriott Bonvoy Amex and Marriott Bonvoy Business Amex, please reach out to learn about the best sign up bonus options.

If you are going to book a hotel with cash, check Rove first. Think of Rove like Expedia but instead of earning Expedia points, you earn Rove Miles which are a transferrable points type that has 14 different airline/hotel transfer partners. Rove is a US site that allows you to book hotels (in USD) and gives you up to 10-20x (sometimes even more!) Rove Miles per dollar spent. If the hotel price is similar to what you would have booked elsewhere, use Rove and collect powerful transferrable points.

To supercharge your points earning, use Chexy via this link to pay for things like rent, taxes, professional fees and other expenses that normally cannot go on a credit card.

Once you have accumulated points, you will need to search for flight redemptions efficiently. Roame is the best tool to quickly search multiple programs, multiple destinations, across many dates. Please use the following link and use code PP10 for 10% off the Friends of Roame subscription. Update: Summer 2026 Promo Code: PP25 for 25% off.

If you are new to points and rewards and want to learn more about optimization and have a personalized approach, please reach out to me for a free one-on-one session.