American Express and Costco Show Canadians How to Save While Spending This Summer

Survey reveals Canadians worry rising gas prices will hinder summer travel plans

MARKHAM, ON, June 26, 2012 /CNW/ - Summer road trips are a rite of passage in Canada. But according to the Summer Spending Survey conducted by Angus Reid for American Express, 42 per cent of Canadians say rising gas prices will keep them from taking a summer road trip this year, with more than half (51%) claiming they plan to drive as little as possible to combat the high cost of fill-ups.

With half the population (50%) agreeing that a summer vacation is extremely important to them - and outdoor activities (15%), weekend road trips (14%) and eating out at restaurants (13%) named the top discretionary spending priorities in summer months - Canadians are looking for ways to cut expenses and boost savings. What would Canadians sacrifice to save for summer indulgences?

• 38 per cent would ignore this year's fashion trends and recycle last year's wardrobe
• 25 per cent would become a brown bag king/queen by packing a lunch every day
• 14 per cent would give up cable TV
• 1 in 10 would cut their own hair
• 11 per cent would decline party and wedding invites to avoid gift-buying

"Wouldn't it be refreshing if you could afford what you need - and want - to do this summer while keeping your budget in check? Fortunately, there are ways that Canadians can earn while they spend - and one of the simplest is to use a cash-back credit card like the TrueEarnings Card from Costco and American Express," says Simona Salter, Director, Co-Brand Partnerships for American Express Canada.

Cash-back cards such as the True Earnings Card allow you to earn back a percentage on the eligible purchases you make with your card, typically with accelerated earn rates in popular spending categories. With this type of card, consumers aren't restricted to redeeming points for specific rewards they may not find useful or relevant. Rather, they have the flexibility to spend the money they get back in whatever way suits their needs. For example, with the TrueEarnings Card, rebates are issued annually in January in the form of a coupon redeemable at any Costco warehouse in Canada for goods, services or cash.

"Canadians don't need to resort to cutting their own hair or avoiding the party circuit this summer," says Salter. "With gas prices and overall cost of living on the rise, TrueEarnings Cardmembers can ease the pain of filling up for their next road trip or reward themselves for those dining nights out on the town with accelerated cash-back earn rates on eligible gas two per cent) and restaurant (three percent) purchases. And there's no limit to the amount of cash-back you can earn annually. "

A full 68 per cent of Canadians surveyed like the idea of cash-back because it gives them the freedom to spend the money they earn on whatever they want, with 63 per cent open to getting a cash-back credit card. To learn more about how you can save while you spend with the TrueEarnings Card from Costco and American Express, please visit: http://www.americanexpress.ca/costco-card

About American Express in Canada

American Express in Canada operates as Amex Bank of Canada and Amex Canada Inc. Both are wholly owned subsidiaries of the New York based American Express Travel Related Services Company, Inc., the largest operating unit of the American Express Company. Amex Bank of Canada is the issuer of American Express charge and credit cards, with outstanding products like the American Express® Gold Rewards Card, the Platinum Card ®, the American Expressr AeroplanPlus® Gold Card. Amex Canada Inc. operates the Corporate Travel and Travellers Cheques divisions in Canada. American Express opened its first offices in Toronto and Hamilton in 1853 and now employs 3,700 Canadians coast-to-coast. For more information, visit AmericanExpress.ca or connect with us at Facebook.com/AmericanExpressCanada and YouTube.com/AmericanExpressCAD.

April Brown
On behalf of American Express Canada
416-644-1793
[email protected]

Kate Weersink
On behalf of American Express Canada
416-644-2241
[email protected]