Best high-income credit cards for High-Earners Not Rich Yet (HENRYs)

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Updated: October 16, 2024

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If you're a high-earner, but not classified as rich yet (HENRY), there a great number of high-income credit cards to suit your specific financial needs and lifestyle on the market. We've compared over 100 credit cards to come up with this list of the best Canadian high-income cards for you.

As a HENRY, you can qualify for some great rewards credit cards thanks to your high income, but you may have also accumulated some debt from expensive schooling or lifestyle creep. Which may mean you have some debt to pay off or it's hurting your credit score making it harder to unlock the luxuries you deserve in life. Below, based on your wants and desires whether it's paying off debt or living large now, we give you all the options.

  • Why you can trust Money.ca's best HENRY credit cards in Canada list

    +

    Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours.

    Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Best high-income credit card for HENRYs who are paying off student debt

As a high-income Canadian battling student debt, you may want a credit card with flexible and lucrative rewards minus the hefty annual fee. Navigating debt is difficult as you need to have enough savings to ensure you never miss your minimum payments. Cards that come with generous rewards can help you save the necessary bucks that you need to steadily lower your debt, making you a financially savvy High-Earner Not Rich Yet (HENRY). Here are our top credit cards for high-earners not rich yet, looking to save some dough.

BMO CashBack® World Elite®* Mastercard®*

Apply now

4.9

up to 10%

Welcome offer

Excellent

Suggested credit score

Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.

Expires

Nov 30, 2024

Pros

  • Valuable sign-up bonus

  • High 5% cash back rate on groceries

  • Free roadside assistance

  • Excellent extended warranty and purchase protection terms

Cons

  • Restrictive spending limits for most cash back categories

  • Sign-up bonus structure is head-scratchingly complicated

  • High minimum income requirements

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • Valuable sign-up bonus

  • High 5% cash back rate on groceries

  • Free roadside assistance

  • Excellent extended warranty and purchase protection terms

Cons

  • Restrictive spending limits for most cash back categories

  • Sign-up bonus structure is head-scratchingly complicated

  • High minimum income requirements

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*

5%

Transit: 4% cash back up to $300 spent per month ($12 in cash back)*

4%

Gas: 3% cash back up to $300 spent per month ($9 in cash back)*

3%

Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*

2%

Everything Else: 1% cash back, unlimited*

1%

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$120

Foreign Transaction Fee

2.5%

The BMO CashBack World Elite card allows you to earn 5% cash back on groceries, 3% back on gas, 4% back on transit and 2% back on recurring bills. Cashback rewards are highly flexible, allowing you to use them to make purchases or invest. This card also gives you roadside assistance, another excellent money-saving perk. 

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.*Terms and conditions apply†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.

SimplyCash® Card from American Express

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3.5

bonus 5% back

Welcome offer

Good

Suggested credit score

Earn up to $100 in bonus cash back by earning a bonus 5% cash back on all purchases (up to $2,000 in purchases) in your first 3 months as a new card member.

Pros

  • No annual fee for primary or additional cardholders

  • Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases

  • No limit to the amount of cash back you can earn at the base rate

Cons

  • Cash back is only applied as a statement credit once a year

  • Amex cards aren’t accepted by every merchant

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Pros

  • No annual fee for primary or additional cardholders

  • Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases

  • No limit to the amount of cash back you can earn at the base rate

Cons

  • Cash back is only applied as a statement credit once a year

  • Amex cards aren’t accepted by every merchant

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

cash back on eligible gas station purchases in Canada

2%

cash back on eligible grocery store purchases in Canada (up to $300 cash back annually)

2%

cash back on all other purchases

1.25%

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The Simply Cash Preferred Card from American Express is a great cash-back card that gives you 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually), and 2% cash back on all other purchases. If you’re a travel-loving HENRY, this card also comes with great insurance benefits, reducing the stress of unexpected travel costs.

American Express Cobalt® Card

Apply now

4.9

up to 20k pts

Welcome offer

Fair

Suggested credit score

Earn up to 20,000 Membership Rewards® points

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

the points on eligible eats & drinks purchases in Canada

5x

the points on eligible streaming subscriptions in Canada

3x

the points on eligible gas, transit & ride share in Canada

2x

the points on everything else

1x

additional Membership Rewards point for every $1 you charge to your Cobalt Card on eligible hotel or car rental bookings made with American Express Travel

1

Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room

$100 USD

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$155.88

Foreign Transaction Fee

2.5%

The American Express Cobalt card has a high earning potential. It gives you 5x the points on food and grocery purchases, 3x on streaming subscriptions, 2x on transit and gas and 1x on everything else. HENRYs who love to dine out or order in are in for a treat, as this card will quickly help you rack up rewards as you spend.

HENRYs with high credit card debt

Suppose you’re a HENRY who put a little too much on credit cards and is now struggling to pay down a hefty credit card balance. In that case, you should consider transferring your credit card balance onto an excellent balance transfer credit card. This will help you take advantage of a lower interest rate, so more of your payment goes down to the amount owing rather than just interest. Anyone can struggle with credit card debt, even high earners like you.

Here are our top picks for balance transfer credit cards for high-earners in Canada.

MBNA True Line Mastercard

Apply now

3.0

0% intro rate

Welcome offer

Good

Suggested credit score

Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening, with a 3% transfer fee.

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Eligibility

Recommended Credit Score

Good

Pros

  • Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)

  • No annual fee or minimum income requirement

  • Low standard interest rate of 12.99% for all new purchases charged to the card

  • Some extra perks like fraud protection and a discount on car rentals

Cons

  • 3% balance transfer fee is comparatively high

  • Very high cash advance interest rate of 24.99%

  • No insurance benefits

  • Can’t transfer a balance owed to either MBNA or TD

Eligibility

Recommended Credit Score

Good

Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.

0%

This card is made from 100% recycled plastic

100%

Purchase APR

12.99%

Balance Transfer Rate

17.99%

Cash Advance APR

24.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The MBNA True Line Gold is one of Canada's top low-interest credit cards, offering a great balance transfer option for HENRYs with credit card debt. This card comes with no annual fee and an 8.99% interest rate on balance transfers, along with a 1% transfer fee. Simply taking advantage of the introductory rate alone is a great way to pay down your balance, quickly.

†, ✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.Sponsored advertising.

MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site.

For complete information on this MBNA credit card, please click on the “Apply Now” button.The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Scotiabank Value® Visa* Card

Apply now

4.0

0% intro rate

Welcome offer

Fair

Suggested credit score

0% introductory interest rate on balance transfers for the first 10 months (13.99% after that; annual fee $29). Plus no annual fee in the first year

Expires

Oct 31, 2024

Pros

  • Lengthy introductory APR on balance transfers

  • A great low rate everyday

  • Available to applicants with average credit

Cons

  • No rewards program

  • Insurance coverage is an optional extra

  • Carries an annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

Pros

  • Lengthy introductory APR on balance transfers

  • A great low rate everyday

  • Available to applicants with average credit

Cons

  • No rewards program

  • Insurance coverage is an optional extra

  • Carries an annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$12,000

Purchase APR

13.99%

Balance Transfer Rate

13.99%

Cash Advance APR

13.99%

Annual Fee

$29

Foreign Transaction Fee

2.5%

The Scotiabank Value Visa card also comes with a fabulous welcome promo. It waives the first-year fee and offers a super low promotional interest rate, helping you navigate credit card debt, easily.

Note that the introductory interest rate on balance transfers applies to new credit card accounts only.

Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

Best card for HENRYs who want the life of luxury now

Most HENRYs are considered victims of lifestyle creep, but hey, who doesn’t love a life of luxury? Suppose you’re a high-earner who likes all the finest experiences the world offers, like exclusive concert tickets and restaurant experiences. In that case, we’ve rounded up the best rewards credit cards for luxury lovers like you.

The Platinum Card

Apply now

3.5

80,000 pts

Welcome offer

Excellent

Suggested credit score

Earn 80,000 Membership Rewards® points*

Pros

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,400+ airport lounges worldwide

  • Annual statement credits: $200 annual travel credit, $200 annual dining credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Eligibility

Recommended Credit Score

Excellent

Pros

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,400+ airport lounges worldwide

  • Annual statement credits: $200 annual travel credit, $200 annual dining credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Eligibility

Recommended Credit Score

Excellent

points for every $1 in Card purchases on eligible dining and food delivery in Canada

2x

points for every $1 in Card purchases on eligible travel

2x

point for every $1 in all other Card purchases

1x

additional point on Amex Travel Online for eligible hotel or car rental bookings

1

Variable APR

21.99% - 28.99%

Annual Fee

$799

Foreign Transaction Fee

2.5%

The American Express Platinum card is the creme de la creme of credit cards. It comes with a high earn rate of  5X points for flights and prepaid hotels booked through American Express Travel and easy access to a wide range of luxury perks, including exclusive experiences such as ticket presales and luxury events and premium concierge service. Most importantly, you get unlimited access to the best luxury airport lounges worldwide, with a $200 airline fee credit, $200 hotel credit, and $240 digital entertainment credit. These credits alone are good enough to cancel out some of the annual fee. Not to mention the excellent insurance coverage all Platinum holders enjoy. 

BMO eclipse Visa Infinite Privilege

Apply now

4.5

Up to 90,000 points*

Welcome offer

Excellent

Suggested credit score

50,000 points when you spend $6,000 in the first 3 months, plus 30,000 points when you spend at least $30,000 in the first 6 months. Receive an additional 40,000 points when you spend at least $75,000 in the first year.

Expires

Nov 30, 2024

Pros

  • Strong welcome bonus

  • High rewards earning rate*

  • Earn more when you add supplemental cards*

  • Annual lifestyle credit of $200*

  • Mobile device insurance*

  • Extensive travel insurance*

  • Extended warranty and purchase assurance*

  • Visa Airport Companion membership and 6 complimentary airport lounge visits per year - over $250 USD* in value

  • Access to Visa Infinite Dining Series and Visa Infinite Wine Country*

Cons

  • High annual fee

  • High eligibility requirements

  • The welcome bonus is not awarded immediately

  • High rewards earning rate reduces after $50,000 spend

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$150,000

Required Annual Household Income

$200,000

Pros

  • Strong welcome bonus

  • High rewards earning rate*

  • Earn more when you add supplemental cards*

  • Annual lifestyle credit of $200*

  • Mobile device insurance*

  • Extensive travel insurance*

  • Extended warranty and purchase assurance*

  • Visa Airport Companion membership and 6 complimentary airport lounge visits per year - over $250 USD* in value

  • Access to Visa Infinite Dining Series and Visa Infinite Wine Country*

Cons

  • High annual fee

  • High eligibility requirements

  • The welcome bonus is not awarded immediately

  • High rewards earning rate reduces after $50,000 spend

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$150,000

Required Annual Household Income

$200,000

Cardholders earn an impressive 5 BMO Rewards points per $1 spent in essential categories like travel, dining, gas, groceries, and pharmacy*. This bonus applies up to an annual threshold of $50,000.

5

You’ll earn 1 BMO Rewards point per $1 spent in these categories after that threshold as been met. Other purchases will earn 1 BMO Rewards point per $1 spent*.

1

Get a $200 anniversary lifestyle credit to use however you want.

$200

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$499

If you don’t want to pay the high annual fee for the Platinum card, you can consider getting the BMO eclipse Visa Infinite Privilege. This card allows you to earn five BMO points per $1 spent in essential categories like travel, dining, gas, groceries and pharmacy and one BMO point per $1 spent on every other purchase. You also enjoy a $200 anniversary lifestyle credit and Visa Airport Companion lounge access with six annual passes. Best of all, the BMO eclipse Visa Infinite Privilege* has comprehensive insurance coverage, making it a great travel rewards card.

Scotiabank Platinum American Express® Card

Apply now

4.4

up to 60K pts

Welcome offer

Good

Suggested credit score

Earn up to $2,100* in value in the first 14 months, including up to 60,000 bonus Scene+ points

Expires

Nov 1, 2024

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • The card offers a competitive low interest rate on purchases, cash advances, and balance transfers

  • Comprehensive insurance coverage

  • Complimentary Airport lounge access

  • No foreign transaction fees

  • Ideal for travelers as it has no foreign transaction fees

  • Offers a substantial welcome bonus that can be worth up to 60,000 Scene+ points

  • Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.

Cons

  • High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders

  • Below average rewards rate: Lower compared to other cards with similar or lower annual fees

  • Limited American Express acceptance: Especially outside major cities

  • Rewards potential: The net rewards potential is relatively low when considering the high annual fee

  • Non-transferable points: Scene+ points cannot be transferred to other rewards programs

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Scene+ points for every $1 spent on all other eligible purchases

2x

No foreign transaction fees

0%

Complimentary airport lounge passes per year

10

Purchase APR

9.99%

Balance Transfer Rate

9.99%

Cash Advance APR

9.99%

Annual Fee

$399

Foreign Transaction Fee

0%

The Scotiabank Amex Platinum card gives you 3x SCENE plus points for any travel tickets booked through Scene Travel. Best of all, this card comes with no fx fee on any foreign currency purchases, making it a fantastic travel and online shopping credit card. 

If you’re a jet-setting HENRY, you’ll also love the 10 airport lounge passes, yearly. Some notable perks include Hertz #1 Club Gold membership, access to exclusive American Express events and concierge services.

Conditions Apply. Visit here for the Scotiabank Platinum American Express® Card to learn more.*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

FAQs

  • What is a HENRY?

    +

    High Earners, Not Rich Yet (HENRYs) is a term for people with high annual incomes ranging from $100,000 to $500,000 who haven't saved enough to become wealthy.

Lubna Umar Content Strategist

Lubna Umar has worked in the field of personal finance for over 5 years. She has produced a wide variety of content including personal finance guides and insurance reports for brands like RATESDOTCA and the Financial Post. In her free time, she can be found writing fiction or exploring the café culture in Toronto or any other major city.

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