American Express has become a major player in the Canadian credit card market, offering premium benefits, travel perks, and strong rewards programs. However, many people make costly mistakes when using Amex cards—leaving money and benefits on the table.

Here are six common Amex mistakes and how to avoid them.

1. Choosing the Wrong Amex Card

Many people assume that higher annual fees mean better rewards—but that’s not always the case. The Amex Platinum Card offers luxury perks, but if you don’t travel frequently, you might not get your money’s worth.

How to avoid this mistake:

• Use Amex’s online calculators to estimate your potential benefits.
• If you spend a lot on dining and groceries, the Amex Cobalt might be a better fit.
• Consider your lifestyle before picking a card—don’t just follow the hype.

2. Using the Wrong Card for Purchases

Not all Amex cards earn the same rewards across categories. Many people default to using their Platinum Card for all purchases, assuming it’s the best option—but that’s not true.

How to avoid this mistake:

• Use the Cobalt Card for dining, groceries, and food delivery (5X points).
• Use the Platinum Card for travel purchases (2X points).
• Make a list of your major spending categories and match them to the right Amex card.

3. Applying When There’s No Bonus Offer

Amex welcome bonuses are one-time offers. If you apply for a card when the bonus is low, you might miss out on tens of thousands of points that could be worth free flights.

How to avoid this mistake:

• Wait for elevated bonuses before applying (e.g., Amex Platinum’s base offer is 100K points, but it often jumps to 140K+).
• Use referral links to unlock better offers.
• Check sites like Great Canadian Rebates for cashback bonuses.

4. Redeeming Points for Low-Value Rewards

One of the worst mistakes Amex users make is redeeming points for low-value rewards like statement credits or merchandise. For example, using 33,000 points for a $270 toaster is a terrible deal compared to using the same points for a free business-class flight.

How to avoid this mistake:

• Aim for at least 2 cents per point in value.
• Best redemptions: Transfer points to Aeroplan, Avios, or Marriott Bonvoy for flights and hotel stays.
• Avoid using points for cash-back, gift cards, or merchandise.

5. Ignoring Amex Offers

Amex frequently runs special Amex Offers—discounts and cashback deals with major retailers. Many users forget to activate them and miss out on savings.

How to avoid this mistake:

• Check the Amex app regularly under the “Amex Offers” tab.
• Activate any offers you might use, even if you’re unsure.
• Offers can include Instacart credits, airport dining credits, and big retailer discounts.

6. Not Knowing About the 4-Card Limit

Amex limits users to holding only four credit cards (charge cards like Platinum and Gold don’t count toward this limit). If you apply for a fifth card, Amex will automatically decline your application.

How to avoid this mistake:

• Plan your Amex strategy and prioritize the most valuable cards.
• If you need more cards, consider Amex charge cards (like the Platinum or Gold) since they don’t count toward the limit.

Final Thoughts

American Express cards offer amazing rewards, but only if you use them strategically. Avoid these six mistakes, and you’ll maximize your points, perks, and savings.

Have you made any of these Amex mistakes? Let us know in the comments!