The Platinum Card By American Express is Currently Canada's Best Cashback Credit Card

The Platinum Card by American Express has always been one of the absolute best credit cards for travel. Although it's annual fee is hard for many to swallow, there's a reason we named it the best luxury credit card in Canada. It provides cardholders with an annual travel credit, luxurious perks, travel insurance and lots of Membership Rewards points.  However, due to the current pandemic and travel restrictions, many cardholders have been unable to make use of these great perks, and are likely frustrated they're paying one of the highest annual fees out there and not getting much out of it.

To make up for this to cardholders, American Express announced the Double Rewards program. This means that all earning rates are doubled, and each point can now be redeemed for a statement credit at a rate of 1000 points for a $20 credit. This means the card earns a near impossible to beat cashback return of 4% on all purchases, 8% on all travel expenses, and 12% on restaurant purchases.

The Platinum Card by American Express Annual Fee: $699
Sign-up Bonus	25,000 Amex Membership Rewards upon Spending $2,000 in your first 3 months of card membership This sign-up bonus is worth a $500 value
Rewards	- Earn 6 points for every $1 in Card purchases on eligible dining in Canada and on travel bookings made with American Express Travel until July 20, 2020 (Now worth 12% cashback) - Earn 4 points for every $1 in card purchases on eligible travel until July 20, 2020 (Now worth 8% cashback) - Earn 2 points for every $1 spent on everything else until July 20, 2020 (Now worth 4% cashback)
Insurance	See all insurance benefits - Out-of-Province Emergency Travel Medical Insurance (15-day coverage for those 64 years of age or under) - Trip Cancellation/Trip Interruption Insurance - Auto Rental Collision/Loss Damage Insurance - Flight Delay and Baggage Insurance - Hotel Burglary Insurance - Common Carrier Accident Insurance - Purchase Security and Extended Protection Insurance
Other Perks	- Hilton Honors Gold Status - Shangri-La Golden Circle Jade membership - Marriott Bonvoy Gold Elite status - Radisson Rewards Gold Status - Pearson Priority Security Lane - Complimentary valet service at Pearson Airport - $200 Annual Travel Credit - Unlimited Airport Lounge Access - Rental Car Status with Avis and Hertz

Granted, this promotion only runs until July 20, 2020, so it's not a permanent change. But this is a great gesture that may please loyal customers. If you have a large stash of Membership Rewards saved up, I would cash them in during this promotion. It is also tempting to transfer to Aeroplan to cash in on their Travel at Home Promotion and get Air Canada Altitude 25K Prestige Status, but I think this Double Rewards promotion holds more value than those status benefits (that I detail here).