What credit card should you have at your income level?
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We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.
Credit cards have become a necessity in our increasingly cashless world. We need them to book, buy, make deposits, establish our financial trustworthiness, and sometimes prove our identity. But with so many credit cards available now in Canada, it can be hard to select the right one for you. 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. After all, many credit cards come with minimum income requirements, not to mention annual fees that may or may not fit your budget. This article will guide you to the right card based on your income level.
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.
Best credit cards for low-income earners (< $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.
| Credit card | Minimum income level needed | Annual fee | Key feature | Apply now |
|---|---|---|---|---|
| Tangerine Money-Back Credit Card | $12,000 | $0 | 2% cash back on 2-3 spending categories you select | Apply Now |
| PC® Mastercard® | N/A | $0 | 30 points per litre at Esso™ and Mobil™ stations in Canada | Apply Now |
| MBNA Smart Cash Platinum Plus® Mastercard® | N/A | $0 | 5% intro cash back†† for first six months on gas and groceries | Apply Now |
Tangerine Money-Back Credit Card
Quick Facts
Minimum Credit Score: Fair-Good
Minimum Income: $12,000
Age: 18+/Age of majority
Residency: Canadian Citizen/Permanent Resident
Other: No bankruptcy for the past 7 years
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.
Click here to apply or learn more by reading our Tangerine Money-Back Credit Card review.
*Terms and Conditions apply
PC® Mastercard®
Quick Facts
Minimum Credit Score: Fair-Good
Minimum Income: N/A
Age: Age of majority in your province or territory
Residency: Resident of Canada
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.
New cardholders who sign up for the PC® Mastercard® can earn 20,000 bonus points after making a purchase with their new card at a Shoppers Drug Mart, Pharmaprix, Loblaw banner store, or at an Esso™ or Mobil™ station in Canada. The purchase must be made within six months of account approval to qualify. 10K PC Optimum™ points minimum can be redeemed for $10 worth of groceries, housewares, or other products at stores that participate in the PC Optimum™ program like Loblaws, No Frills, and Real Canadian Superstore, so the 20K bonus is worth $20.
Click here to apply or learn more by reading our complete PC® Mastercard® review.
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.
MBNA Smart Cash Platinum Plus® Mastercard®
Quick Facts
Minimum Credit Score: Fair/Good
Minimum Income: N/A
Age: Age of majority in province/territory
Residency: Canadian resident
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.
Best credit cards for middle-income earners ($60K-$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.
| Credit card | Minimum income level needed | Annual Fee | Key feature | Apply now |
|---|---|---|---|---|
| TD® Aeroplan® Visa Infinite* Card | $60,000 individual or $100,000 household | $139 | 1.5 Aeroplan points† per $1 spent on eligible gas, grocery, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card | Apply Now |
| American ExpressCobalt® Card | N/A | $155.88 ($12.99 monthly fee) | 5 points per $1 spent on eligible groceries, restaurants, and food delivery (conditions apply) | Apply Now |
| Scotia Momentum® Visa Infinite* Card | Meet a minimum annual income of $60,000 or a minimum household income of $100,000 or minimum assets under management of $250,000 | $120 (first year annual fee waiver1) | 4% cash back on eligible grocery store purchases, recurring bill payments, and subscription purchases. | Apply Now |
The offer for the TD® Aeroplan® Visa Infinite* Card is not available for residents of Quebec.
†Terms and conditions apply.
TD® Aeroplan® Visa Infinite* Card
Quick Facts
Standard Purchase APR: 20.99%
Balance Transfer APR: 22.99%
Cash Advance APR: 22.99%
Current Promotion Expires:September 5, 2023
Credit score required: Good-Excellent– Min personal income required: $60,000
Annual fee: $139
The offer for the TD® Aeroplan® Visa Infinite* Card is not available for residents of Quebec. For Quebec residents, please click here.
†Terms and conditions apply.
New TD® Aeroplan® Visa Infinite* cardholders can capitalize on a huge sign-up bonus.
TD® Aeroplan® Visa Infinite* Card's best offer yet. Earn up to $1,600 in value†, including up to 70,000 Aeroplan points† and additional travel benefits. Must apply by September 5, 2023.
- Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card†
- Earn 40,000 Aeroplan points when you spend $5,000 within 180 days of Account opening†
- Plus, earn an anniversary bonus of 20,000 Aeroplan points when you spend $7,500 within 12 months of Account opening†
- Enroll for NEXUS and once every 48 months get an application fee rebate†
- Plus, share free first checked bags with up to 8 travel companions†
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.
Click here to apply or learn more by reading our complete TD® Aeroplan® Visa Infinite* Card review.
This offer is not available for residents of Quebec.
†Terms and conditions apply.
American Express Cobalt® Card
Quick Facts
Minimum Credit Score: Fair-Good
Minimum Income: N/A
Age: Age of majority in province/territory
Residency: Canadian resident
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. In your first year as a new Cobalt® Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in purchases on your Card. This could add up to 30,000 points in a year. That’s up to $300 towards a weekend getaway or concert tickets. Conditions apply.
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.
Click here to apply or learn more by reading our complete American Express Cobalt® Card review.
Scotia Momentum® Visa Infinite* Card
Quick Facts
Minimum Credit Score: Excellent
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
Age: 18+/Age of majority in province
Residency: Canadian Citizen/Permanent Resident
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, but there is a Welcome Offer for new cardholders: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).¹ No annual fee in the first year, including on supplementary cards.¹ Offer ends June 30, 2023.
Click here to apply or learn more by reading our complete Scotia Momentum® Visa Infinite* review.
¹ Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.
Best credit cards for high-income earners ($80K+)
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.
| Credit card | Minimum income level needed | Annual fee | Key feature | Apply now |
|---|---|---|---|---|
| BMO Ascend™ World Elite®* Mastercard®* | $80,000 individual or $150,000 household | $150 | Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes. | Apply Now |
| Rogers™ World Elite® Mastercard® | $80,000 individual or $150,000 household | $0 | 3% cash back on USD; 1.5% cash back on CAD | Apply Now |
| The Platinum Card® | N/A | $699 | Annual $200 CAD travel credit | Apply Now |
BMO Ascend™ World Elite®* Mastercard®*
Quick Facts
Minimum Credit Score: Excellent
Minimum Income: $80,000 personal/$150,000 household
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. New cardholders will get up to 60,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*. 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, 4 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.
Apply here or learn more by reading our complete BMO Ascend™ World Elite®* Mastercard®*.
*Terms and conditions apply.
Rogers™ World Elite® Mastercard®
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Quick Facts
Minimum Credit Score: Good-Excellent
Minimum Income: $80,000 (personal)
Age: 18+/Age of majority
Residency: Canadian Resident
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.
Click here to apply or learn more by reading our complete Rogers™ World Elite® Mastercard® review.
The Platinum Card®
Quick Facts
Credit score required: Good-Excellent
Min personal income required: N/A
Annual fees: $699
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 $699, 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, unlimited airport lounge access within The American Express Global Lounge CollectionTM (which unlocks access to over 1,300 airport lounges worldwide), hotel status upgrades, and comprehensive travel insurance. Earn 80,000 Membership Rewards® points – that’s $800 towards a weekend away. New Platinum® Cardmembers, earn 80,000 Welcome Bonus points after you charge $7,500 in net purchases to your Card in your first 3 months of Cardmembership. Conditions apply. Membership Rewards® points are earned for every purchase: 3 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.
Click here to apply or learn more by reading our complete review of The Platinum Card®.
Related articles:
- What’s the Best Age to Get a Credit Card?
- How Many Credit Cards Should I Have?
- Visa Infinite vs. World Elite Mastercard
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.
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