The 5 Best Premium Credit Cards in Canada
By Maude Gauthier | Published on 03 Jan 2024
Table of Contents
The most prestigious, the most exclusive, the one with top benefits, etc. There are many ways to describe what is a premium credit card. It’s a rare breed, coveted by the financially fortunate, and often whispered about in awe. A premium credit card is designed for those who have a minimum income of as little as $80,000 on the low end and as much as $1,000,000 on the high end. However, with an income of $150,000, you will qualify for all but one premium card listed in this article.
1. BMO eclipse Visa Infinite Privilege – Best for Couples
[Offer productType=”CreditCard” api_id=”5ff3cef15b6ac16a9cdc8c6a”]The BMO eclipse Visa Infinite Privilege card is a rare gem among credit cards that beckons only the financially elite. The opportunity to rack up 5 BMO rewards points on every eligible $1 spent on groceries, dining, drugstore purchases, gas and travel is the ultimate cardholder perk. Plus, you get an annual $200 lifestyle credit that sweetens the deal, and an enticing initial bonus. Want to share the luxury with your nearest and dearest? Additional cards can be yours for a mere $99 each, boosting your reward earnings by a generous 25%.
The BMO Eclipse Visa Infinite Privilege isn’t just any credit card; it’s the beacon of hope for those who covet exclusivity. Its resplendent bouquet of privileges includes extended warranties, purchase protection, travel accident and medical insurance, trip cancellation insurance, and rental car theft and damage insurance. Wanderlust-filled hearts will rejoice with 24/7 concierge service, coupled with sought-after access to Visa Infinite Wine Country, Visa Infinite Dining, Visa Infinite Troon Golf, and Visa Infinite Luxury Hotels.
Each cardholder receives a Visa Airport Companion membership and 6 complimentary airport lounge visits per year, granting you and you accompanying guests access to a world of luxury. The BMO eclipse Visa Infinite Privilege card is indeed one of the best credit cards for lounge access. And if that weren’t enough, there’s an array of exclusive perks such as store discounts, free credit monitoring, and robust security features allowing you to swiftly lock and unlock your cards.
| Eligibility Requirements | Description |
| Credit Score (estimated) | 760 |
| Annual Income | $150,000 personal or $200,000 household |
| Other | You are a Canadian resident and are of the age of majority in your province/territory of residence. |
2. TD Aeroplan Visa Infinite Privilege – Best for Travelling
[Offer productType=”CreditCard” api_id=”5faebd6ecee9031232939393″]Crafted with metal, the TD Aeroplan Visa Infinite Privilege credit card comes with many premium features designed to improve your travel journey. First, it is an Aeroplan card, and as such, it earns 2 points for every $1 spent on eligible purchases made directly with Air Canada, 1.5 points for every $1 on eligible gas, groceries, travel and dining purchases, as well as 1.25 points for every $1 spent on anything else.
Let’s say you spend $3,000 on gas, groceries and travel purchases per month, and another $3,000 on other stuff. You would get approximately 199,000 points in your first year including the welcome bonus. You could redeem your Aeroplan points for a round-trip business class ticket to Japan. Aeroplan points are Worth 0,017$ on average. Their value can be higher when you exchange them for flights, but you can choose to redeem your points for hotel rooms, car rentals, as well as merchandise and gift cards.
A distinctive deature of the Aeroplan rewards program is Family Sharing. Up to 8 family members and friends can share points together! The TD Aeroplan Visa Infinite Privilege card has even more travel perks for you. It allows you to relax in a Maple Leaf Lounge before takeoff and offers 6 complimentary worldwide select airport lounge visits annually through the Visa Airport Companion Program. It offers an annual round-trip companion pass at $99 as well as priority airport services like priority boarding and baggage handling. You also get a $100 fee rebate on your NEXUS membership once every 48 months.
Once abroad, TD won’t let you down. You get a full package of travel insurance. For instance, your travel medical insurance covers you up to $5 million for the first 31 days of your stay (or a shorter period if you are 65 or older). Golf players will be happy to learn that they can receive elevated Troon Rewards Platinum Status at over 150 courses and 20% off on green fees, merchandise and lessons at participating golf courses.
| Eligibility Requirements | Description |
| Credit Score (estimated) | 725 |
| Annual Income | $150,000 personal or $200,000 household |
| Other | You are a Canadian resident and are of the age of majority in your province/territory of residence. |
3. Scotiabank American Express Platinum – Best for Low-Interest
[Offer productType=”CreditCard” api_id=”62c4512c8e710d4f783b951c”]The Scotiabank Platinum American Express credit card presents an unrivaled airport lounge access package. However, we’d like to draw your attention on its distinctive feature: low interests on both purchases and cash advances (9.99%). If you spend a lot but are having trouble staying on top of your credit card payments, this one’s for you. Plus, you earn 2 Scene+ points on all your purchases. Your points can be redeemed for airfare, car rentals and hotel reservations. If you’re not travelling this year, it’s easy to redeem them for merchandise, dining and entertainment.
With this card, travellers are in for a treat. You will pay no foreign transaction fees, whether you shop online or in a store outside Canada. Only the exchange rate applies. As a cardholder, you’re granted the remarkable privilege of 10 complimentary Priority Pass lounge visits annually, transforming your travel experience into a true family luxury retreat.
Beyond the realm of lounge access, the Scotiabank Platinum American Express card distinguishes itself with an array of comprehensive insurance offerings. From safeguarding your family during travels with coverage for medical emergencies, hotel theft, flight cancellations, and more, this card is a stalwart protector. Moreover, the card presents an enticing welcome bonus that can be readily redeemed for travel, substantially enhancing the prospects of your next vacation.
| Eligibility Requirements | Description |
| Credit Score (estimated) | 760 |
| Annual Income | Not specified |
| Other | You are a Canadian resident and are of the age of majority in your province/territory of residence. Minimum credit limit of $10,000. |
4. Rogers World Elite Mastercard – Best Free Premium Card
[Offer productType=”CreditCard” api_id=”5f9043f69499f16c55a7c5c0″]Seeing the Rogers World Elite Mastercard on the list of the best premium credit cards in Canada might surprise you, given this type of card’s notorious reputation for high costs. We chose it because it has no annual fee, which is like a breath of fresh air after the hefty fees of the other cards. This credit card grants you an attractive 1.5% cash back on your regular eligible purchases, and a generous 3% cash back on transactions in U.S. dollars which will soon wipe out the fees associated with currency conversion.
For the intrepid traveler, the Rogers World Elite Mastercard opens the doors to over 1,300 airport lounges worldwide through the included Mastercard Travel Pass. On top of that, it provides decent insurance coverage, spanning from medical emergency to trip cancellation and interruption, as well as mobile device insurance. For getaways closer to home, it also offers collision and damage insurance with a rental car.
| Eligibility Requirements | Description |
| Credit Score (estimated) | 725 |
| Annual Income | $80,000 personal or $150,000 household |
| Other | You are a Canadian resident and are of the age of majority in your province/territory of residence. You must charge a minimum of $15,000 to the card each year. |
5. American Express Centurion – Most Prestigious
The American Express Centurion card stands as the epitome of exclusivity in the Canadian credit card realm. It symbolizes opulence and a rarefied social status that very few attain. To even be considered for this prestigious card, you must already hold an American Express Platinum card and exhibit a remarkable appetite for spending. While precise requirements are shrouded in secrecy, experts estimate that you need to charge $250,000 to $500,000 USD to the card to improve your chances of receiving the elusive invitation.
Once within the inner sanctum, you’ll revel in a plethora of benefits. The card bestows upon you the privilege of luxury vehicle rentals, complimentary hotel nights, 24/7 concierge services, a top-tier gym membership, access to an extensive network of airport lounges, alluring discounts at high-end retail establishments, flight upgrades, and more.
However, the grandeur of these privileges comes with a significant price tag. There’s an initiation fee of $10,000 when you first open your account, and an annual fee of $5,000, which is mandatory to maintain your card’s coveted status.
Centurion cardholders gain automatic membership with Delta, entitling them to automatic upgrades on select flights, free companion tickets on specific routes, and more. They also enter the exclusive realm of the American Express Global Lounge program, offering access to thousands of lounges, including the exclusive Centurion Lounge catering exclusively to Platinum and Centurion cardholders. An added advantage is that Centurion cardholders enjoy unrestricted access, while Platinum cardholders are limited to three hours.
| Eligibility Requirements | Description |
| Credit Score (estimated) | 760 |
| Annual Income | $1,000,000 |
| Other | You already possess the American Express Platinum card and spend a minimum of $250,000 to $500,000 USD on it annually. Members may lose their Centurion card if they fail to spend at least $250,000 per year. You are a Canadian resident and are of the age of majority in your province/territory of residence. |
What is a Premium Credit Card?
Many premium cards display a special design. Metal cards have become the ultimate status symbol. Most black credit cards work like traditional cards but are harder to get and therefore considered a status symbol. If you make and spend a lot of money, these are for you.
For obvious reasons, premium credit cards are among the best credit cards in Canada. Most of them offer tremendous travel benefits and grant you access to luxurious airport lounges across the globe. Look for a credit card that provides complimentary companion airline tickets, flight upgrades and extensive travel insurance coverage.
Moreover, premium credit cards usually include a concierge service. If you need a limousine or a luxury car for a special occasion, it’s just a phone call away! Concierge services can secure reservations at the trendiest restaurants, arrange last-minute travel plans, or even take care of parking your car at a bustling downtown venue.
You’re a very important person and credit cards issuers will treat you as such. You’ll have exclusive access to advance ticket sales for concerts and VIP privileges at a wide range of events and experiences worldwide.
Do Premium Credit Cards Have Downsides?
Like any credit card, they do. The most obvious is probably their annual fees. Luxury comes at a cost! Unfortunately, some of the most exclusive cards are invite-only. That usually means you’ll need to flaunt a hefty annual spending figure on your current credit card just to be considered.
The eligibility requirements for premium credit cards include the usual suspects: having reached the age of majority in your province or territory, being a Canadian citizen or a permanent resident with a valid Canadian address. You will also need a good to excellent credit score.
Premium cards often come with high minimum income requirements. Being a big spender is part of the game, so meeting an annual spend requirement may be necessary. And if you’re going to spend tens of thousands of dollars each month, it makes sense that you’ll earn a substantial income.
When hunting for the finest premium credit card in Canada, reflect on your rewards preference, your major spending categories, and how much you are willing to pay in annual fees. In a world where premium credit cards are the epitome of affluence and sophistication, the options are endless, and the benefits are limitless. If you meet the criteria and find the perfect fit, one of the following cards could be your ticket to a world of privilege.
FAQs About Premium Credit Cards
Determining which credit card is best in Canada depends on your spending habits. Whether you prefer premium cards, if you qualify for them, or more standard cards, use a credit card comparison tool to find the best.
A black card is a prestigious credit card made of metal. It’s a symbol of status. Most of these cards are expensive and have high requirements. In exchange, they do offer some of the best perks.
First, compare credit cards to figure out which black card suits your needs. Next, check that you meet the eligibility requirements. Then, apply for the card! Some cards like the American Express Centurion cannot be applied for; you have to wait for an invitation.
If you’d like to get an Aeroplan credit card, you must look for the cards you can qualify for. Some Aeroplan cards are free and easy to get such as the CIBC Aeroplan Visa for Students, while others are expensive and full of privileges like the TD Aeroplan Visa Infinite Privilege.
To add your Aeroplan loyalty card to your wallet, first open Apple Wallet and click on the plus sign in the upper right part of the screen. Follow the instructions that will be displayed on screen.
In our opinion, the BMO Ascend World Elite Mastercard is the best travel credit card in Canada. It has a generous earning rate on travel-related purchases and daily expenses. Cardholders get automatic comprehensive travel and medical insurance. They also get an annual free membership to Mastercard Travel Pass by DragonPass and 4 free lounge passes.
The best rewards credit card should offer rewards tailored to your lifestyle. If you’re a traveller, the TD First Class Travel Visa Infinite credit card is optimal. If you’re looking for a no annual fee card, then the BMO Rewards Mastercard could be your pick.
Income requirements vary greatly depending on the card you’re applying for. Some cards are easy to get and have no income requirement at all. Others do have a relatively low income requirement, for example $15,000 per year. Premium cards will often ask for at least $60,000 or $80,000 per year. Credit card issuers will not always ask to verify your income. They will believe you when you reveal your salary, especially if you have done business with them in the past. However, for high tier cards and depending on your credit file and history with a particular card issuer, you might need to provide a proof of income.
