Here are the top credit cards in Canada for low, middle, and high income earners.
When choosing the right credit card, not only do you need to consider the most attractive card features, but you also need to determine if you qualify in the first place.
Credit card income requirements in Canada are generally broken down into three different annual earning brackets: $0-$59,999, $60,000-$79,999, and $80,000+. The cards with a higher income requirement typically come with more benefits but may also come with a higher annual fee. Here are our top credit card suggestions based on your annual income level.
Top credit cards for low-income earners (Less than $59,999)
There are plenty of options within this bracket, some offering comprehensive rewards programs and benefits and others just covering the basics. As long as you have a good credit score and meet the income requirement, you’ll likely qualify for one of our suggested best credit cards for low-income earners.
The Tangerine Money-Back Credit Card offers unusual flexibility, allowing cardholders to choose 2 merchant categories in which they will receive 2% cash back. The categories you can choose from include groceries, restaurants, gas, drug stores, recurring bill payments, and more. You can earn a third 2% category if you deposit your cash back directly into a Tangerine bank account. All other purchases will earn 0.5% cash back, and there are zero limits, caps, or tiers for this cashback program.
There is no annual fee for the Tangerine Money-Back Credit Card, but you do need an annual income of at least $12,000 to apply. Even though this credit card is classified as a low-income choice, it’s really a great cash back option for any income bracket, given the ability to tailor its money-back rewards.
Another great credit card option for those in the low-income category is the PC® Mastercard®. Like the other two cards we’ve highlighted in this income bracket, the PC® Mastercard® has no annual fee and the required annual income is quite low. Despite the minimal application requirements, it’s a great credit card for those who spend a lot on gas. Cardholders will receive 30 PC Optimum™ points per litre purchased at any Esso™ or Mobil™ gas station, in addition to to 25 points for every dollar spent at Shoppers Drug Mart/Pharmaprix; 20 points for every dollar spent on PC travel services; and 10 points for every dollar spent elsewhere.
Sponsored advertising. President’s Choice Financial® Mastercard® is provided by President’s Choice Bank. The PC Optimum™ program is provided by President's Choice Services Inc. President’s Choice Bank is not responsible for the contents of this site, including any editorials or reviews that may appear on this site. For complete information regarding the PC® Mastercard®, PC® World Mastercard®, or PC® World Elite Mastercard®, please click on the “Apply Now” or other applicable button.
The MBNA Smart Cash Platinum Plus® Mastercard® is a great option for those who spend a lot on gas and groceries and prefer a card with no annual fee. It features an impressive welcome offer for new cardholders: 5% cash back†† on gas and groceries for the first 6 months, up to a monthly maximum of $500 in combined grocery and gas spending (that equals a monthly total of $25 cash back, and a 6-month total of $150 cash back). When the 6-month promotion period ends, you’ll get 2% cash back‡ on gas and groceries, again up to $500 spent. After crossing the $500 threshold in gas/grocery spending each month, the card will earn 0.5% cash back‡ in those categories until a new month begins, which is also the cash back rate for all card purchases outside the gas and grocery category.
Though it does have a somewhat confusing stratified earning structure, the MBNA Smart Cash Platinum Plus® Mastercard® offers very respectable cash back rates overall. It also features a few other basic benefits like purchase assurance, extended warranty on purchases, and discounts of at least 5% at select car rental companies. Interest rates are 19.99% for purchases; 24.99% for cash advances; and 22.99%✪ for balance transfers.
‡, ††, ✪, Terms and Conditions apply
This offer is not available for residents of Quebec.
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.
Top credit cards for middle-income earners ($60,000-$79,999)
In terms of credit cards, middle-income earners are generally classified as individuals who make between $60,000- $79,999 annually or who have a combined household income of $100,000 or more. The types of credit cards that fall into this category tend to have more perks and benefits, higher welcome bonuses, and high annual fees. These are our top credit card picks for middle-income earners.
Cardholders will also earn 1.5 Aeroplan points† for every $1 spent on eligible gas, grocery, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card. Earn 1 point† for every $1 spent on all other Purchases made with your Card. Additional benefits and perks include a free first checked bag for cardholders and travel companions (up to eight) travelling together† (when travel originates on an Air Canada flight), Travel Medical Insurance† of up to $2M for the first 21 days (4 days if you or your spouse are 65 and over) with additional top-up coverage available†, Trip Cancellation/Trip Interruption insurance, Flight/Trip Delay Insurance† and a full suite of other great travel insurances and safeguards. If your income level meets the requirements for this card and you’re a frequent Air Canada passenger, this might just be your best companion.
5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
3x the points on eligible streaming subscriptions in Canada
2x the points on eligible ride shares, transit & gas in Canada
1x additional point on eligible hotel and car rental bookings via American Express Travel Online
1x point for every $1 in Card purchases everywhere else
$100 USD up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
If you love good food and enjoy dining out, then the American Express Cobalt® Card should be on your radar. The card awards 5 Amex Membership Rewards points per $1 spent on eligible groceries, restaurants, and food delivery. Cardholders will also earn 3 points per $1 spent on eligible streaming subscriptions in Canada; 2 points per $1 spent on eligible ride shares, transit and gas in Canada; and 1 point per $1 spent on everything else. Aside from these strong regular earn rates, the Cobalt® has competitive bonus incentives for new cardholders (see above).
If you love good food and enjoy dining out, then the American Express Cobalt® Card should be on your radar. The card awards 5 Amex Membership Rewards points per $1 spent on groceries, restaurants, and food delivery. Cardholders will also earn 3 points per $1 spent on streaming subscriptions; 2 points per $1 spent on eligible travel expenses, ground transit, and gas; and 1 point per $1 spent on everything else. Aside from these strong regular earn rates, the Cobalt® has competitive bonus incentives for new cardholders.
Points can be redeemed for travel, a variety of merchandise, or toward paying off your statement. The American Express Cobalt® Card doesn’t have a minimum income requirement per se, but you do need a good credit score to be approved, and there’s a fee of $155.88 ($12.99 monthly fee) per year.
Minimum Income: Meet a minimum annual income of $60,000 or a minimum household income of $100,000 or minimum assets under management of $250,000
Middle-income earners looking for a great cashback card will want to consider the Scotia Momentum® Visa Infinite* card. Cardholders earn 4% back on grocery purchases, recurring bill payments, and subscriptions for up to $25,000 in annual spend (spending above this limit will earn 1% cash back). Furthermore, cardholders will earn 2% cash back on gas and daily transit (again, up to $25,000, then the earn rate changes to 1%). Any other eligible purchase will see a return of 1% cash back, with no spending limit. There is an annual fee of $120 for the Scotia Momentum® Visa Infinite* Card.
¹ Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.
Top credit cards for high-income earners ($80,000+)
Our final category is for high-income earners who make $80,000+ annually as individuals or who have a combined annual household income of $150,000+. High-income credit cards typically come with an attractive array of benefits and tend to have higher rewards earning potential and larger welcome bonuses. Unsurprisingly, these credit cards also normally come with a hefty annual fee. However, the benefits and perks that come with premium cards can be worth the annual fee. These are our top picks for high-income level credit cards.
The BMO Ascend™ World Elite®* Mastercard®* is a travel rewards card with a good earn rate and strong overall value for those interested in using their points toward flights. The earn rate is 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.* These points can be redeemed for travel or merchandise, put toward the card balance, or invested.
Additional perks with this credit card include a very comprehensive insurance package, four free airport lounge passes per year, and purchase protection. The BMO Ascend™ World Elite®* Mastercard®* has an annual fee of $150 (the first year is waived)* and requires an Excellent credit score and minimum annual personal income of $80,000 to apply.
*Terms and conditions apply. 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.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. Conditions apply.
The Rogers™ World Elite® Mastercard® is a no-annual fee credit card that’s made a reputation for itself by offering competitive cashback rewards rates on both foreign and domestic purchases. Cardholders will receive 3% cashback rewards on U.S. dollar purchases and 1.5% cashback on all other Canadian dollar purchases. The best part? These earnings are unlimited and there are no spending caps. Anyone interested in this credit card will want to note that there is a 2.5% foreign transaction fee. However, thanks to the 3% cashback rewards on U.S. dollar purchases, some foreign purchases still come out ahead. Those who want to apply for the Rogers World Elite Mastercard should have a good credit score and a minimum personal annual income of $80,000 or $150,000 annual household income.
The Platinum Card® is one of the few premium cards that does not technically have a minimum income requirement. However, given its hefty annual fee of $799, we’re classifying it as a high-income card.
The Platinum Card® is a popular premium card in Canada, thanks to its many top features. These include a $200 CAD annual travel credit, a $200 CAD Annual Dining Credit at some of Canada’s best restaurants, unlimited airport lounge access within The American Express Global Lounge CollectionTM (which unlocks access to over 1,300 airport lounges worldwide) as well as complimentary benefits that offer an average value of $600 USD at over 1,500 extraordinary properties worldwide when you book Fine Hotels + Resorts and comprehensive travel insurance. Membership Rewards® points are earned for every purchase: 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases. You can also transfer your points to Aeroplan at a 1:1 ratio or to Marriott Bonvoy at a 1:1.2 ratio.
Hannah Logan is a freelance writer, blogger, and content creator from Ottawa. She spends half the year in Canada and half the year travelling around the world. A self-described wannabe Indiana Jones, Hannah first developed an interest in personal finance in an effort to prolong her travel lifestyle. Today, she shares her stories from her travels as well as finance tips, tricks, and knowledge to help others fulfil their savings and travel goals as well. You can keep up with Hannah’s adventures on her personal travel blog, EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.
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