Best high-income credit cards for High-Earners Not Rich Yet (HENRYs)
Updated: October 25, 2024
And are these premium credit cards worth the annual fee?
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 premium credit cards to come up with this list of the best Canadian high-income cards.
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 a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).
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 15k pts
Welcome offerFair
Suggested credit scoreEarn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value.
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 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 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
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 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 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
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
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
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 premium credit card for HENRYs who want 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
up to 100k pts
Welcome offerExcellent
Suggested credit scoreEarn up to 100,000 Membership Rewards® points* – that’s up to $1,000 in value.
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. This charge card has both Due in Full and Flexible Payment Option balances.
$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. This charge card has both Due in Full and Flexible Payment Option balances.
$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 and a $200 hotel 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.
Are premium credit cards worth the annual fees?
In the world of credit cards, premium credit cards are where it’s at. Airport lounge access, comprehensive insurance and 24/7 concierge service are just some of the possible perks that premium cardholders gain access to. And that’s not all. Most premium credit cards in Canada also have accelerated earn rates for cash back or rewards, giving you more purchasing power.
Of course, all that credit card premium power comes at a cost. For those nice extras, cardholders generally have to pay an annual fee of anywhere from $99 to $139 or higher, with some super premium cards commanding as much as $699 per year for the privilege of going premium. So, are all those bells and whistles really worth it? To help you decide if you want to invest in premium plastic, we explore everything you need to know about premium credit cards.
6 exclusive premium credit card perks
There really is no end to the extras that come with premium credit cards. Each credit card issuer in Canada offers something a little bit different to appeal to their clients. Overall, however, there are some standard premium perks that you’ll find on many of the top credit cards.
1. Insurance
While basic no-fee cards in Canada often come with [free extended warranty]( https://money.ca/credit-cards/which-credit-cards-offer-the-best-extended-warranty-and-purchase-protection/) and purchase protection, premium cards can feature ten or more different kinds of complimentary insurance. Comprehensive insurance packages often contain credit card travel insurance like medical, trip interruption or cancellation, lost and delayed baggage, rental car coverage, hotel burglary insurance, and more. Recently, some premium cards have even started to include mobile phone insurance. These kinds of insurance benefits tend to be especially appealing to frequent travellers, yet these insurance extras still have value and can save you hundreds of dollars a year even if you travel only once or twice annually.
Be aware, however, that not all premium credit card insurance benefits are created equal. A big thing to look out for is how long you are actually covered for (some cards offer coverage for as little as 10 days, while some offer up to 60 days of insurance protection). Note also that many premium cards may offer as little as three days or even no travel medical insurance for those who are 65 or over.
2. Airport lounge access
Another highly coveted perk (especially for those who travel frequently) is airport lounge access. Some premium credit cards include airport lounge access, like Priority Pass or LoungeKey, but may not actually provide any free passes. If you spend a lot of time in airports, look for a premium card that actually includes some free visits (otherwise you’ll be shelling out cash every time you want to use a lounge). Access to a lounge can really elevate your airport experience as most include free food, alcohol, comfortable seating (some even have napping areas), spas, and shower facilities.
3. Concierge service
Almost all premium cards in Canada come with a concierge service. This benefit gives cardholders access to 24/7 assistance from a professional concierge who can do a range of tasks like make restaurant reservations, secure hard to get tickets to a concert, offer advice on what attractions to see in a given city or even offer help close to home (like helping to find an emergency plumber in their area). Having good concierge service is like having your very own personal assistant.
4. Hotel extras and discounts
Most premium cards will offer some kind of hotel-related deals. Visa Infinite affiliated premium cards, for example, come with things like free breakfast, late checkout, and room upgrades at eligible hotels. Other perks might include hotel room discounts, a free night, or spa or restaurant credits.
5. Exclusive experiences and entertainment access
Entertainment, special exclusive offers, and member-only experiences really run the gamut, so be sure to do some research into your specific credit card offerings. Generally speaking, most premium credit cards feature access to one-of-a-kind experiences like special chef-lead, invite-only dining experiences, curated wine tastings at select wineries, special seating at sport or concert events, early-bird ticket purchases to theatre shows and concerts and more.
6. Accelerated earn rates
Amped-up earn rates are another common premium card benefit. While a non-premium, no-fee cash back credit card might earn you as much as 2% on groceries, restaurants or recurring payments, a premium card could earn you as much as 4% cash back for the very same categories. Likewise, instead of getting 1 or 2 reward points or miles per $1 spent on a regular reward card, you could earn as many as 5 points for every $1 you spend in a given category with a premium card. Those extra points and cash back can really increase your earning power and more than compensate for the cost of a premium card’s annual fee.
Additional perks
Other less common but equally valuable premium perks really depend on your specific credit card provider. Additional perks you might get include:
- No foreign exchange fee: This relatively rare perk among premium Canadian credit cards is a real boon for anyone who often travels outside of Canada or who makes online purchases in a foreign currency. With this perk, you won’t be charged the usual extra 2.5% foreign currency conversion fee most credit cards charge for non-Canadian purchases
- Discounts on golf fees and merchandise at select golf courses
- A handful of premium credit cards offer NEXUS rebates, for when you travel.
- Premium credit cards affiliated with airlines or airline loyalty programs may offer free checked bags and free companion passes
- Rental car discounts
Who can apply for a premium card?
The majority of premium credit cards in Canada have a higher annual income requirement than basic credit cards. Individual income requirements generally range from $60,000 to $80,000 or a household income of $100,000 to $150,000.
That being said, American Express doesn’t list a minimum income requirement for many of its premium cards. You can expect that American Express will take an applicant’s credit score into consideration despite not having an income requirement. To apply for a premium credit card in Canada, you’ll likely need at least a “good” credit score of 690 or above. Of course, it never hurts to contact a credit card provider to confirm its requirements before applying if you’re uncertain.
Who should get a premium credit card and who should stay away?
Premium credit cards are not for passive users who simply like using the same card for all their shopping and don’t want to put any effort into staying on top of their earn rates and perks. Cardholders who will get the most out of their premium credit card are those who enjoy taking an active role in their credit card management and who make a habit out of keeping track of their rewards and benefits. Unless you make use of a premium credit card’s benefits, it likely won’t be worth the annual fee and you could end up losing money. Engaged cardholders who get pleasure in maximizing earn rates and taking advantage of benefits like free checked bags and rental car discounts will get the most from a premium card and could very well save hundreds of dollars a year thanks to their smart use of perks.
A premium card is also not a good fit for someone who often carries a credit card balance from month to month or frequently [uses their credit card for cash advances. Premium cards tend to have higher interest rates and fees than standard credit cards. If you carry a balance regularly, the interest will quickly add up and eat into your reward earnings and benefits. Likewise, if you’re not very organized and tend to go over your spending limit or your payments bounce, then fees could very well erode the value of a premium card’s perks.
All in all, if you enjoy being actively engaged in your credit card management and don’t frequently carry a balance, you’re likely the ideal premium credit card user,
Pros and cons of premium credit cards
Pros
- Accelerated earn rates
- Comprehensive insurance packages
- Helpful concierge service
- May include airport lounge access and other hotel and travel perks like a free checked bag
- VIP access to exclusive experiences and entertainment events
Cons
- Require more effort to manage in order to stay on top of benefits
- Expensive annual fees
- High income and good credit score may be required
- Might come with higher interest rates, making it more costly if you carry a balance
So, are the perks really worth the extra fee?
The perks sound great on paper, but when you break down the cost of each, is it really worth shelling out hundreds a year for a credit card?
If you travel often for business or pleasure, then chances are even the most expensive premium card will be worth the investment. For example, a Priority Pass membership to access airport lounges costs $132 ($99 USD), and each visit is $32. With a credit card with a free membership and a let’s say four free lounge passes per year, you’ve already saved $260 and likely covered the expense of the card.
When it comes to insurance, the cost-benefit breakdown isn’t always as simple since it depends on a lot of factors such as what type of insurance you’re getting, the coverage from your credit card providers versus an external provider, your age, where you’re travelling, and more. However, as an example, if you plan on travelling and renting a car during your trip, you can be paying hundreds out of pocket for rental car insurance, trip cancellation insurance, and travel medical insurance when a premium credit card would cover all those expenses.
On the flip side, if you’re spending $500 a year on an annual fee to get insurance on travel that you only do once a year, then it likely won’t pay off. You can probably purchase insurance on your own for around $100 or less and save yourself the annual fee.
Final word on premium credit cards
I definitely think premium credit cards are worth the fee but only as long as you use them in a way that maximizes their advantages. To take advantage of all that a premium card has to offer, a cardholder does have to be prepared to stay on top of making the most of accelerated earn rates and benefits like insurance and airport lounge passes. Certainly, a premium card does take a bit more effort to manage than a basic no-fee card but there can be big rewards for a cardholder willing to put in the effort.
Premium credit card 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.
Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.
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