American Express® AIR MILES® Credit Card

The American Express Air Miles Credit Card is somewhat remarkable for several reasons, the most obvious of these being the fact that it has no annual fee. The moderate but variable APR is fair, even after it adjusts due to missed payments.

The variable APR works on a 12 billing period cycle, meaning that if you consistently make your payments on time, you will ensure the lowest possible rate for the life of your account in Canada.

You may also like that there is a 21 day interest-free grace period that allows you time to pay off the balance in full without any interest charges. This only applies to actual purchases and not cash advances, Amex cheques, or balance transfers, however.

Obviously, as the name implies, you can earn reward miles on every purchase. In this case, the ratio is 1 mile for every $20 purchased on the card. If you join before March 14, you can also get another 150 bonus miles!

However, there are other bonuses, like Front of the Line entertainment access, which gets you special entertainment savings and promotions just for being a member. You can also get extra savings at over 9600 affiliate store locations across Canada. Just show your Air Miles card and get reward miles from both the Sponsor purchase and from American Express.

Although there is no annual fee, other standard fees apply. These include small amounts for funds advances, dishonored payment, statement reprints, Reward Miles reinstatement, and over-the-limit fees. There is also a variable fee for currency conversion that, of course, charges in Canadian dollars.

However, all conversions for this card will first convert into U.S. dollars if the final currency is not into Federal Reserve notes. As with most foreign exchange, fees can vary depending on the bank involved and the value of currency in the desired currency.

If you live in Canada and are looking for a new credit card, these are the requirements that you need to have to get American Express Air Miles Credit Card. First, you need to have a Canadian credit file and a local address. You need to also be of the required age in your particular province or residence territory.

Amex asks that you have an income of at least $15,000 and have no record of bankruptcy within the last seven years and no record of late or defaulted payments on any other credit account.