Best high-income credit cards for High-Earners Not Rich Yet (HENRYs)
Updated: October 16, 2024
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.
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®*
4.9
up to 10%
Welcome offerExcellent
Suggested credit scoreGet 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
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
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%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee annual fee waived in the first year*
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
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
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
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%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee annual fee waived in the first year*
2.5%
Foreign Transaction Fee
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
3.5
bonus 5% back
Welcome offerGood
Suggested credit scoreEarn 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
Good
Recommended Credit Score
$0
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
2%
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)
1.25%
cash back on all other purchases
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%
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee No annual fee
2.5%
Foreign Transaction Fee
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
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
Good
Recommended Credit Score
$0
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
2%
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)
1.25%
cash back on all other purchases
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%
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee No annual fee
2.5%
Foreign Transaction Fee
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
4.9
up to 20k pts
Welcome offerFair
Suggested credit scoreEarn 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
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
5x
the points on eligible eats & drinks purchases in Canada
3x
the points on eligible streaming subscriptions in Canada
2x
the points on eligible gas, transit & ride share in Canada
1x
the points on everything else
1
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
$100 USD
Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room
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
21.99%
Purchase APR on purchases
21.99%
Cash Advance APR
$155.88
Annual Fee 12.99/month
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$155.88
Foreign Transaction Fee
2.5%
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
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
5x
the points on eligible eats & drinks purchases in Canada
3x
the points on eligible streaming subscriptions in Canada
2x
the points on eligible gas, transit & ride share in Canada
1x
the points on everything else
1
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
$100 USD
Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room
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
21.99%
Purchase APR on purchases
21.99%
Cash Advance APR
$155.88
Annual Fee 12.99/month
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
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
3.0
0% intro rate
Welcome offerGood
Suggested credit scoreGet 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
Good
Recommended Credit Score
Recommended Credit Score
Good
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
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%
12.99%
Purchase APR
17.99%
Balance Transfer Rate You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
24.99%
Cash Advance APR
$0
Annual Fee $0
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
12.99%
Balance Transfer Rate
17.99%
Cash Advance APR
24.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
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
Good
Recommended Credit Score
Recommended Credit Score
Good
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
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%
12.99%
Purchase APR
17.99%
Balance Transfer Rate You could get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
24.99%
Cash Advance APR
$0
Annual Fee $0
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
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
4.0
0% intro rate
Welcome offerFair
Suggested credit score0% 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
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
13.99%
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
$29
Annual Fee $0.00 each Supplementary Card
2.5%
Foreign Transaction Fee
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
13.99%
Annual Fee
$29
Foreign Transaction Fee
2.5%
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
Fair
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Fair
Required Annual Personal Income
$12,000
13.99%
Purchase APR
13.99%
Balance Transfer Rate
13.99%
Cash Advance APR
$29
Annual Fee $0.00 each Supplementary Card
2.5%
Foreign Transaction Fee
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
3.5
80,000 pts
Welcome offerExcellent
Suggested credit scoreEarn 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
Excellent
Recommended Credit Score
Recommended Credit Score
Excellent
2x
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
1x
point for every $1 in all other Card purchases
1
additional point on Amex Travel Online for eligible hotel or car rental bookings
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
21.99% - 28.99%
Variable APR applies to your Flexible Payment Option balance
$799
Annual Fee Supplementary Platinum Cards: $250 each
2.5%
Foreign Transaction Fee
Variable APR
21.99% - 28.99%
Annual Fee
$799
Foreign Transaction Fee
2.5%
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
Excellent
Recommended Credit Score
Recommended Credit Score
Excellent
2x
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
1x
point for every $1 in all other Card purchases
1
additional point on Amex Travel Online for eligible hotel or car rental bookings
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
21.99% - 28.99%
Variable APR applies to your Flexible Payment Option balance
$799
Annual Fee Supplementary Platinum Cards: $250 each
2.5%
Foreign Transaction Fee
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
4.5
Up to 90,000 points*
Welcome offerExcellent
Suggested credit score50,000 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
Excellent
Recommended Credit Score
$150,000
Required Annual Personal Income
$200,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$150,000
Required Annual Household Income
$200,000
5
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.
1
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*.
$200
Get a $200 anniversary lifestyle credit to use however you want.
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
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99 for Quebec residents
$499
Annual Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$499
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
Excellent
Recommended Credit Score
$150,000
Required Annual Personal Income
$200,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$150,000
Required Annual Household Income
$200,000
5
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.
1
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*.
$200
Get a $200 anniversary lifestyle credit to use however you want.
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
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99 for Quebec residents
$499
Annual Fee
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
4.4
up to 60K pts
Welcome offerGood
Suggested credit scoreEarn 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
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2x
Scene+ points for every $1 spent on all other eligible purchases
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Scene+ points for every $1 spent on all other eligible purchases
2x
No foreign transaction fees
0%
Complimentary airport lounge passes per year
10
9.99%
Purchase APR
9.99%
Balance Transfer Rate
9.99%
Cash Advance APR
$399
Annual Fee
0%
Foreign Transaction Fee No foreign transaction fee
Purchase APR
9.99%
Balance Transfer Rate
9.99%
Cash Advance APR
9.99%
Annual Fee
$399
Foreign Transaction Fee
0%
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
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2x
Scene+ points for every $1 spent on all other eligible purchases
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Scene+ points for every $1 spent on all other eligible purchases
2x
No foreign transaction fees
0%
Complimentary airport lounge passes per year
10
9.99%
Purchase APR
9.99%
Balance Transfer Rate
9.99%
Cash Advance APR
$399
Annual Fee
0%
Foreign Transaction Fee No foreign transaction fee
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
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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