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HomeCredit Cards Resources20 Best Premium Credit Cards Canada

A premium credit card, also known as a luxury credit card, is a type of credit card that offers exclusive benefits, rewards, and services to cardholders who have excellent credit scores and higher income levels. These cards typically come with a higher annual fee and higher credit limits compared to standard credit cards.

Premium credit cards offer a range of perks and benefits, such as:

  1. Travel rewards and bonuses, including airline miles, hotel points, and travel insurance.
  2. Concierge services that can help with booking travel, making restaurant reservations, and obtaining event tickets.
  3. Exclusive access to airport lounges, luxury hotels, and other high-end amenities.
  4. Cashback and reward points for purchases in certain categories, such as dining, entertainment, and shopping.
  5. Purchase protection, extended warranty, and other consumer protection benefits.
  6. Personalized customer service and dedicated account managers.

List of the Best premium credit cards in Canada

There are several premium credit cards in Canada that offer excellent benefits and rewards. Here are some of the best premium credit cards in Canada:

  1. American Express Platinum Card: This card offers a comprehensive suite of benefits, including airport lounge access, hotel and car rental perks, travel insurance, and rewards points that can be redeemed for travel, merchandise, or cash back.
  2. Scotiabank Passport Visa Infinite Card: This card offers travel rewards, no foreign transaction fees, and airport lounge access. It also has a comprehensive suite of insurance benefits.
  3. TD Aeroplan Visa Infinite Privilege Card: This card offers premium travel benefits, including access to Air Canada Maple Leaf Lounges and Aeroplan status, as well as a range of insurance benefits.
  4. CIBC Aventura Visa Infinite Privilege Card: This card offers premium travel benefits, including airport lounge access, hotel upgrades, and travel insurance. It also offers rewards points that can be redeemed for travel, merchandise, or cash back.
  5. BMO World Elite Mastercard: This card offers travel rewards, airport lounge access, and a range of insurance benefits. It also offers exclusive experiences and discounts on hotels, car rentals, and activities.
  6. RBC Avion Visa Infinite Privilege Card: This card offers premium travel benefits, including airport lounge access, hotel upgrades, and concierge services. It also offers rewards points that can be redeemed for travel, merchandise, or cash back.
  7. HSBC World Elite Mastercard: This card offers premium travel benefits, including airport lounge access, travel insurance, and concierge services. It also offers rewards points that can be redeemed for travel or merchandise.
  8. National Bank World Elite Mastercard: This card offers travel rewards, airport lounge access, and a range of insurance benefits. It also offers exclusive experiences and discounts on hotels, car rentals, and activities.
  9. Desjardins Odyssey World Elite Mastercard: This card offers travel rewards, airport lounge access, and a range of insurance benefits. It also offers exclusive experiences and discounts on hotels, car rentals, and activities.
  10. MBNA World Elite Mastercard: This card offers travel rewards, airport lounge access, and a range of insurance benefits. It also offers exclusive experiences and discounts on hotels, car rentals, and activities.
  11. Canadian Tire Triangle World Elite Mastercard: This card offers rewards points for purchases made at Canadian Tire, Mark’s, Sport Chek, and other affiliated stores. It also offers travel insurance, concierge services, and no annual fee.
  12. Rogers World Elite Mastercard: This card offers cashback rewards on all purchases, including 3% on purchases made in a foreign currency. It also offers no annual fee and discounts on Rogers products and services.
  13. Meridian Visa Infinite Cash Back Card: This card offers cashback rewards on all purchases, including 4% on gas and groceries. It also offers travel insurance, concierge services, and no annual fee.
  14. National Bank MC1 World Elite Mastercard: This card offers cashback rewards on all purchases, including 1.5% on all purchases and 3.5% on purchases made in a foreign currency. It also offers travel insurance, airport lounge access, and no annual fee.
  15. Tangerine World Mastercard: This card offers cashback rewards on all purchases, with the option to choose your own categories. It also offers no annual fee and no foreign transaction fees.
  16. BMO CashBack World Elite Mastercard: This card offers cashback rewards on all purchases, including 1.5% on all purchases and 3% on purchases made at eligible gas stations, grocery stores, and drugstores. It also offers travel insurance, concierge services, and no annual fee for the first year.
  17. HSBC Premier World Elite Mastercard: This card offers travel rewards, including airport lounge access and travel insurance. It also offers cashback rewards on all purchases, with a higher rate for purchases made in a foreign currency. There is an annual fee, but it is waived for HSBC Premier customers.
  18. MBNA Rewards World Elite Mastercard: This card offers rewards points for all purchases, with the option to redeem for travel, merchandise, or cash back. It also offers travel insurance, concierge services, and no annual fee for the first year.
  19. Simplii Financial Cash Back Visa Infinite Card: This card offers cashback rewards on all purchases, including 4% on purchases made at eligible gas stations and grocery stores. It also offers travel insurance and no annual fee.
  20. Triangle World Elite Mastercard: This card offers rewards points for purchases made at Canadian Tire, Mark’s, Sport Chek, and other affiliated stores. It also offers travel insurance, concierge services, and no annual fee.

Here’s a table that summarizes the key features of the 20 premium credit cards and cashback cards in Canada:

Card NameAnnual FeeRewards ProgramTravel BenefitsOther Benefits
American Express Platinum Card$699Membership Rewards pointsAirport lounge access, hotel perksTravel insurance, concierge services
Scotiabank Passport Visa Infinite$139Scotia Rewards pointsAirport lounge access, no FTFTravel insurance, concierge services
TD Aeroplan Visa Infinite Privilege$599Aeroplan MilesAirport lounge access, AeroplanTravel insurance, concierge services
CIBC Aventura Visa Infinite Privilege$499Aventura pointsAirport lounge access, hotel perksTravel insurance, concierge services
BMO World Elite Mastercard$150BMO Rewards pointsAirport lounge access, travel perksTravel insurance, VIP experiences
RBC Avion Visa Infinite Privilege$399RBC Rewards pointsAirport lounge access, hotel perksTravel insurance, concierge services
HSBC World Elite Mastercard$149HSBC Rewards pointsAirport lounge access, travel perksTravel insurance, concierge services
National Bank World Elite Mastercard$150À La Carte RewardsAirport lounge access, hotel perksTravel insurance, concierge services
Desjardins Odyssey World Elite MC$130Odyssey Rewards pointsAirport lounge access, hotel perksTravel insurance, concierge services
MBNA World Elite Mastercard$120MBNA Rewards pointsAirport lounge access, travel perksTravel insurance, VIP experiences
Canadian Tire Triangle World Elite$0Triangle Rewards pointsTravel insurance, concierge servicesNo FTF
Rogers World Elite Mastercard$0Cashback rewardsNo FTFDiscounts on Rogers products and services
Meridian Visa Infinite Cash Back$99Cashback rewardsTravel insurance, concierge servicesNo FTF
National Bank MC1 World Elite MC$150Cashback rewardsAirport lounge access, travel perksTravel insurance, no FTF
Tangerine World Mastercard$0Cashback rewardsNo FTFNo annual fee, customizable rewards program
BMO CashBack World Elite Mastercard$120Cashback rewardsTravel insurance, concierge servicesNo annual fee for first year
HSBC Premier World Elite Mastercard$149HSBC Rewards points and cashback rewardsAirport lounge access, travel perksTravel insurance, concierge services
MBNA Rewards World Elite MC$120MBNA Rewards pointsAirport lounge access, travel perksTravel insurance, no annual fee for first year
Simplii Financial Cash Back Visa Inf$99Cashback rewardsTravel insuranceNo annual fee
Triangle World Elite Mastercard$0Triangle Rewards pointsTravel insurance, concierge servicesNo FTF

The features and benefits of these cards are subject to change at any time.

Pros of Premium Credit Cards

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There are several pros of premium credit cards, including:

  1. Exclusive benefits and perks: Premium credit cards often come with exclusive benefits and perks that are not available with standard credit cards. These can include airport lounge access, hotel perks, concierge services, and more.
  2. Enhanced rewards programs: Premium credit cards usually offer enhanced rewards programs, which can include higher cashback percentages, more reward points per dollar spent, or bonus rewards in specific spending categories.
  3. Better customer service: Premium credit card issuers often provide better customer service, with dedicated customer service representatives and higher levels of personalized service.
  4. Travel-related benefits: Premium credit cards often offer travel-related benefits, such as travel insurance, trip cancellation coverage, and car rental insurance.
  5. Higher credit limits: Premium credit cards typically come with higher credit limits than standard credit cards, which can provide more financial flexibility.
  6. Improved credit score: If used responsibly, a premium credit card can help improve your credit score over time by demonstrating your ability to handle a higher credit limit and make on-time payments.

Cons of Premium Credit Cards

While premium credit cards offer many benefits, they also come with some potential drawbacks, including:

  1. High annual fees: Premium credit cards typically come with high annual fees, which can be a significant expense for some cardholders. The fees may outweigh the benefits for those who don’t use the card frequently enough to justify the cost.
  2. Eligibility requirements: Premium credit cards often require a high credit score and income level, which can make them inaccessible to many people.
  3. High interest rates: Premium credit cards may come with high interest rates, which can lead to significant debt if the balance is not paid off in full each month.
  4. Risk of overspending: The higher credit limit on premium credit cards can make it easy to overspend and accumulate debt. It’s important to use these cards responsibly and avoid spending more than you can afford to pay back.
  5. Redemption restrictions: Some premium credit cards may have restrictions on how rewards can be redeemed, such as limited availability for airline miles or restrictions on merchandise purchases.
  6. Less flexible rewards programs: Some premium credit cards may have rewards programs that are less flexible than those offered by standard credit cards, with limited options for redeeming rewards.
  7. Other fees and charges: In addition to the annual fee, premium credit cards may come with other fees and charges, such as balance transfer fees, foreign transaction fees, and cash advance fees.

Premium Credit Cards Facts

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Here are some facts about premium credit cards:

  1. Premium credit cards typically come with higher annual fees than standard credit cards. The fees can range from $99 to $699 or more, depending on the card and the benefits offered.
  2. Many premium credit cards offer rewards programs that provide cashback, reward points, or travel benefits for purchases made with the card. The rewards can vary depending on the card and may be limited to specific spending categories.
  3. Premium credit cards often come with additional benefits, such as airport lounge access, travel insurance, concierge services, and dedicated customer service.
  4. To qualify for a premium credit card, applicants typically need to have a high credit score and income level. The eligibility requirements can vary depending on the card issuer and the specific card.
  5. Some premium credit cards come with no foreign transaction fees, making them a good choice for frequent international travelers.
  6. Premium credit cards may offer high credit limits, which can provide greater financial flexibility. However, it’s important to use the card responsibly and avoid overspending to avoid accumulating debt.
  7. Premium credit cards may come with higher interest rates than standard credit cards. It’s important to pay off the balance in full each month to avoid accruing high-interest charges.
  8. Many premium credit cards offer sign-up bonuses or introductory offers, such as bonus rewards points or waived annual fees for the first year.
  9. Premium credit cards can be a good choice for frequent travelers or those who make large purchases frequently. However, they may not be the best choice for those who don’t use the card frequently enough to justify the high annual fee.
  10. It’s important to compare the benefits, fees, and eligibility requirements of different premium credit cards to determine which one is the best fit for your needs and spending habits.

Premium Credit Cards FAQs

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Here are some frequently asked questions about premium credit cards:

  1. What is a premium credit card? A premium credit card is a credit card that comes with exclusive benefits and perks, such as airport lounge access, travel insurance, concierge services, and enhanced rewards programs. They typically have higher annual fees than standard credit cards and require a high credit score and income level to qualify.
  2. What are the benefits of a premium credit card? The benefits of a premium credit card can include exclusive perks and benefits, enhanced rewards programs, better customer service, travel-related benefits, higher credit limits, and the potential to improve your credit score over time.
  3. Are premium credit cards worth the annual fee? Whether a premium credit card is worth the annual fee depends on your spending habits and financial goals. If you frequently travel, spend a lot on specific categories, and can take advantage of the exclusive perks and benefits, a premium credit card can provide excellent value. However, if you don’t use the card frequently enough to justify the cost, it may not be worth it.
  4. What are the eligibility requirements for a premium credit card? The eligibility requirements for a premium credit card can vary depending on the issuer and the specific card. Generally, applicants need to have a high credit score and income level to qualify.
  5. What is the difference between a premium credit card and a standard credit card? Premium credit cards come with exclusive benefits and perks, higher annual fees, and often have more stringent eligibility requirements. Standard credit cards typically have lower annual fees and fewer benefits, but may be more accessible to a wider range of applicants.
  6. What are the risks of using a premium credit card? The risks of using a premium credit card can include overspending, high interest rates, and the potential for accumulating debt. It’s important to use the card responsibly and pay off the balance in full each month to avoid accruing high-interest charges and fees.
  7. How can I compare different premium credit cards? To compare different premium credit cards, it’s important to consider factors such as the annual fee, rewards program, eligibility requirements, interest rates, and other benefits. Look for a card that aligns with your spending habits and financial goals to ensure that it provides the best value.
  8. What types of rewards can I earn with a premium credit card? The types of rewards that you can earn with a premium credit card depend on the card and the rewards program. Many premium credit cards offer cashback rewards, travel rewards, or reward points that can be redeemed for merchandise, gift cards, or other benefits.
  9. How can I maximize the benefits of a premium credit card? To maximize the benefits of a premium credit card, it’s important to use the card frequently and take advantage of the exclusive perks and benefits. This may include making purchases in specific spending categories, using the card for travel-related expenses, and utilizing the concierge services or airport lounge access.
  10. Are there any downsides to using a premium credit card? The downsides of using a premium credit card can include the high annual fees, eligibility requirements, and the potential for overspending or accumulating debt. It’s important to use the card responsibly and avoid overspending to ensure that the benefits outweigh the costs.
  11. Can I have more than one premium credit card? Yes, it’s possible to have more than one premium credit card, although it’s important to consider the annual fees and benefits carefully to ensure that you’re not paying for more than you need.
  12. How can I apply for a premium credit card? To apply for a premium credit card, you’ll typically need to fill out an application online or in person. You’ll need to provide personal and financial information, such as your income, employment status, and credit score. The issuer will then review your application and determine if you meet the eligibility requirements.
  13. Can I downgrade a premium credit card to a standard credit card? Yes, it’s possible to downgrade a premium credit card to a standard credit card if you no longer want to pay the high annual fee or if you’re no longer able to meet the eligibility requirements. However, you may lose some of the exclusive perks and benefits that come with the premium card.
  14. What should I do if I can’t afford the annual fee on my premium credit card? If you’re unable to afford the annual fee on your premium credit card, you may want to consider downgrading to a standard credit card or canceling the card altogether. However, be aware that canceling the card can have a negative impact on your credit score, so it’s important to consider the long-term implications before making a decision.
  15. How can I avoid accumulating debt with a premium credit card? To avoid accumulating debt with a premium credit card, it’s important to use the card responsibly and only make purchases that you can afford to pay off in full each month. You should also avoid carrying a balance on the card, as the high interest rates can quickly add up and lead to significant debt over time.
  16. How can I find the best premium credit card for my needs? To find the best premium credit card for your needs, it’s important to research the different options and compare the benefits, fees, and eligibility requirements carefully. Consider factors such as the rewards program, interest rates, travel benefits, and other perks to determine which card provides the best value for your spending habits and financial goals.
  17. What is the difference between a premium credit card and a charge card? A premium credit card and a charge card are both types of high-end credit cards, but there are some key differences between them. While a credit card allows you to carry a balance and make minimum payments each month, a charge card requires you to pay the balance in full each month. Additionally, charge cards often come with higher annual fees and stricter eligibility requirements than premium credit cards.
  18. Can I use a premium credit card to build my credit score? Yes, if you use a premium credit card responsibly and make on-time payments each month, it can help to improve your credit score over time. However, it’s important to keep your balance low and avoid overspending to ensure that you can pay off the balance in full each month.
  19. Can I transfer a balance to a premium credit card? Yes, it’s possible to transfer a balance to a premium credit card, although you’ll typically have to pay a balance transfer fee and may not be able to take advantage of the card’s exclusive benefits and perks until the balance is paid off.
  20. What should I do if I have trouble making payments on my premium credit card? If you’re having trouble making payments on your premium credit card, it’s important to contact the card issuer as soon as possible to discuss your options. You may be able to negotiate a payment plan or work out a temporary hardship program to help you get back on track. It’s important to avoid missing payments or defaulting on the card, as this can have a negative impact on your credit score and financial future.

About the Author: Valerie D. Hahn

Valerie is an insurance editor, journalist, and business professional at RateLab. She has more than 15 years of experience in personal financial products. She strives to educate readers and ensure that they are properly protected.

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