Platinum Cardmembers can enjoy access to special events and unique opportunities. Finder is committed to editorial independence. Earn 1 point for every $1 in Card purchases everywhere else. SPECIAL OFFER: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). What is the most prestigious credit card? Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions. Save Big on Delivery with DoorDash Get a 3-month complimentary DashPass subscription a value of almost $308. Disclaimer: NerdWallet strives to keep its information accurate and up to date. You could get a 0% promotional annual interest rate (AIR) for 12 months on balance transfers completed within 90 days of account opening. Earn 1 Avion point for every $1 you spend and an extra 25% on eligible travel purchases. Capital One Venture X Rewards Credit Card: Earn 75,000 bonus miles once you spend $4,000 on purchases within the first three months from account opening. Weve chosen the cards on this page based on the providers available through Finder. Earn 1 point for every $1 spent on all other Purchases made with your Card. Thalo wrote: Why do smart, rich people pay such ridiculous annual fees for credit cards? Up to 6% extra cash back when shop with partnered merchants. The American Express Centurion Card is available to Canadians, albeit by invitation only. There are several ways to become an Aeroplan member, but the easiest is carrying an Aeroplan personal or business credit card. Student credit cards typically have more relaxed qualification requirements and often charge no annual fee. From flat-rate rewards on office expenses to credit cards boasting low-interest rates, see our choices for Canadas best business credit cards. To choose the best credit card for you, its important to think about your spending habits, income and credit score. You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. The generous welcome offer and 1,000-point monthly spend bonus should be attainable for many businesses. Choosing the best credit card is part art, part science. Offer ends July 24, 2023. * 4% on transit including ride sharing, taxis and public transportation. And be mindful of personal or household income requirements, too youll often encounter these criteria with high-tier luxury cards. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Not all retailers accept American Express. Earn 5,000 Scene+ Points (5K with $750 spend in first 3 months). Consider the following when deciding which credit card is right for you: When you apply for a credit card, theres no guarantee youll be approved. Earn 3 Scene+ points on every $1 you spend at Sobeys, Safeway, FreshCo, Foodland and more, 2 Scene+ points points for every $1 spent on eligible grocery store, dining, entertainment and daily transit purchases, and earn 1 Scene+ point for every $1 spent elsewhere. For example, lets say you need to spend $3,000 in the first three months of card membership to get your intro offer. Youll earn 6X Scene+ pointsfor each $1 CAD charged to your account on all eligible purchases at Sobeys, IGA, Safeway, Foodland, FreshCo, Voil by Sobeys, Voil by IGA, Voil by Safeway, Chalo! You can earn up to $400 in the first ten months. A travel rewards credit card brings your next trip a little closer every time you use it. Marriott Bonvoy points can be transferred to frequent flyer miles with some airlines, including Air Canadas Aeroplan. Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. The most exclusive credit card is the American Express Centurion Card, also known as the Amex Black Card. Despite the name, what unites black credit cards isnt colour; its exclusivity. Enjoy access to select Air Canada Maple Leaf Lounges* and Air Canada Caf in North America for you and a guest, with a same day ticket on a departing Air Canada or Star Alliance flight. Some perks, like a once-every-four-years NEXUS rebate, might not blow your hair back. It is reportedly reserved for people who spend at least $100,000 per year, and an invitation is needed to apply. Low-interest credit cards often have an interest rate of between 8% 16%. Since your personal situation could change at any time, its a good idea to understand how the different types of credit cards work. {"menuItems":[{"label":"The most prestigious credit card in Canada: The Amex Black Card","anchorName":"#learn"},{"label":"Alternative prestigious credit cards you can apply for in Canada","anchorName":"#compare"},{"label":"What's the most prestigious credit card in the world? Like any credit card, you need to make sure the terms behind the rewards and perks of a premium credit card are a good fit for your lifestyle and spending habits before you apply. Benefit from a full suite of Platinum-level travel perks, such as worldwide airport lounge access, the Global Dining Collection, and more. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Mastercard and Visa predominantly work behind the scenes. Strong earn rates with unlimited rewards. For complete and current information on any TD product, please click the Apply Now button. Many or all of the products featured here are from our partners who compensate us. Best CIBC Credit Cards Best Overall CIBC Credit Card CIBC Aeroplan Visa Infinite Card Apply Now Learn More First-Year Value: $1,071 Earn 10,000 Aeroplan points upon first purchase Access to American Express Experiences and several varieties of insurance. Access coverage that can protect your business purchases when you charge the full price of eligible items to your American Express Business Edge Card. Depending on the credit card, the perks of premium credit cards in Canada may include the following: While it varies between different credit card providers, you can usually expect the following requirements: When searching for the best premium credit card in Canada, you should ask yourself the following 4 questions: The cards in this table are based on the providers available through Finder. Earn 2x Scene+ points for every $1 you spend on credit card purchases at Cineplex theatres or at cineplex.com. You dont owe any interest when you pay your cards balance in full. Rewards credit cards can be broken down into the following categories: No-fee credit cards come with no annual fee. Tangerine ranked highest in overall customer satisfaction in 2021. This American Express product is available in many countries around the world, but with a catch: it is invitation only. Aeroplan credit cards will reward your loyalty with special perks and benefits that will. Unlike ordinary plastic credit cards, the cards of prestigious nature are made of exclusive and expensive materials. Get up to 60,000 points and get the $150 annual fee waived in the first year. The 0.5% base rate isnt exactly impressive, but it only applies after you hit the annual spending limits of bonus categories. Only the exchange rate applies. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card. No fee option available with a higher interest rate. Looking to reduce and contain your credit card debt? While the variety of premium credit cards in Canada isnt as vast as those offered in other countries, there are still several elite cards on the market that can give you the status, exclusivity and metal feel youre looking for. Earn up to $2,100* in value in your first 14 months, including up to 60,000* bonus Scene+ points. What are the most prestigious credit cards in canada and do i want one. For full details and current product information click the Apply now link. Earn up to 67,000 welcome bonus Membership Rewards points. You can waive the $120 annual fee every single year by using the Scotiabank Ultimate Package. Score deals on shopping, dining, travel and more with Amex Offers, and experience special events and discounts with American Express Invites. Prestigious credit cards can be made of gold, titanium or palladium and be encrusted with diamonds or other precious gemstones. Ability to upgrade to an unsecured credit card. Earn 2 points for every $1 spent in all other Card purchases. American Express Platinum Card. FAQ. See our selections for the best cash-back credit cards to find the right option for you. Interest-free balance transfers for a full year. Opportunities for earning more than 1.5x the points are rather limited. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. The high costs associated with owning a premium credit card can be a tough pill to swallow, especially since annual fees can be hundreds of dollars. For a limited time, New American Express Aeroplan* Reserve Cardmembers can earn up to 115,000 Aeroplan points. Roll over any unallocated Aeroplan Elite* Status Qualifying Miles and unused eUpgrade Credits to the following year to enjoy during your travels. Armed with one of these travel cards, your trip may be more enjoyable and affordable than ever. For full details, current product information and Terms and Conditions, click the Apply now link. Membership Rewards allows you to offset business expenses by covering the cost of purchases made on your Card, in full or in part. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. If youre unable to qualify for an unsecured credit card, you might be able to get one of the best secured credit cards. But if you have dependents, it can be an important financial safety net for those you love. Plus, with the best credit cards, you can manage your expenses and earn rewards at the same time. What Are the Different Types of Credit Cards? 1.5% on gas, groceries, drugstores and pre-authorized payments, up to $15,000 per year. Compare these options to find the ideal card for you. Toutefois, vous pouvez nous contacter afin quun agent francophone vous assiste dans votre recherche du meilleur prix. Weve also considered annual fees and balance transfer fees. Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year. Earning rewards can look different depending on the card and issuer, but generally speaking, the process works like this: In most cases, logging in to your account will allow you to see how many rewards youve earned. Feel protected with 13 types of insurance and fantastic travel benefits. As for your welcome bonus, you usually need to track that on your own. As a Visa Infinite card, it gets you perks like access to a concierge and luxury events. Credit cards can represent much more than just a payment option or a line of credit your credit card can also be a visible symbol of status and distinction. Youll need to be a Marriott Bonvoy member to take advantage of the cards most valuable benefits. Earn 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 have to wait until November, and then its only redeemable as a statement credit. Higher interest rate compared to the 8.99% offered on the MBNA True Line Gold Mastercard, which charges an annual fee. You must redeem a minimum of 5,000 points per travel-related rewards redemption, equivalent to $50 in travel savings. Earn a Welcome Bonus of 90,000 Membership Rewards points when you spend $10,000 within the first 3 months. Its even rarer to set a $25,000 annual limit to that 4% a $1,000 value before reverting to the healthy 1% base rate. Plus, get the annual fee of $120 waived in the first year. American Express Experiences opens doors for you to access a number of special events, including special dining experiences, VIP parties, advance film screenings and more. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Earn 10% cash back on all purchases for the first 3 months (up to $2,000 spend). It also comes with a lower annual fee. Credit card issuers are companies that lend money and provide credit cards. Earn 4% for every $1 you spend on grocery store purchases, recurring bill payments, and subscription purchases. The credit card provider needs to assess your financial profile to determine if youre creditworthy. Get up to 60,000 points, a $50 lifestyle credit and the $120 annual fee waived in the first year. No transaction fees and no interest charges. You dont need to pay an annual fee for impressive rewards and perks. To be eligible, you must have a source of income and cannot currently be in bankruptcy. 1% balance transfer fee applies to the amount transferred. So if you commonly spend $1,000 a month on credit card purchases, it could pay to apply for a cash back credit card with a sign-up bonus of $250 for spending $3,000 on your card within 90 days of . Whether youre looking to build credit from scratch or rebuild credit after a bad setback, a secured credit card can be an invaluable tool. Eligibility requirements, rewards, and signup bonuses are all determined by card issuers. Finding a student credit card with the right combination of features for your lifestyle can be daunting,especially if its your first time choosing a card. That said, you may be able to apply for one with a good score of around 660 or higher. You'll be hearing from us shortly - stay tuned. Travel lightly through the airport and save on baggage fees: Primary Cardholders, Additional Cardholders, and travel companions (up to eight) travelling on the same reservation will all enjoy their first checked bag free (up to 23kg/50lbs) when your travel originates on an Air Canada flight. The long answer? Find the card that has the right mix of annual fee, prestige, interest rate, and rewards for you. Considered the ultimate in prestige credit cards, the AMEX Centurion Card provides rewards similar to the American Express Platinum card. Here's our list of the best Metal Credit Cards. Using your card to pay for purchases can be more convenient than using cash. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. The Amex Black Card is generally considered to be the first, and most elite, invitation-only card in the world. Additional top-up coverage is available. Preferred rates: 19.99% for purchases, 22.99% for cash advances. Thats $670 in statement credits that can be reinvested in your business. Use available credit on your credit card to transfer funds right to your chequing account. If you usually use contactless payment -- who will know what type of credit card you haveanyway? Earn 1 Aventura point for every $8.00 spent on a CIBC Global Money Transfer. A typical credit card transaction would look something like this: Ideally, youd be able to pay your bill in full each month, so these interest charges would not apply. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Among cards you can apply for directly, the AMEX Platinum Card offers rewards and travel benefits nearly as extravagant as the Centurion Card. If you are not redirected within 30 seconds, please click here to continue. Being aware of your income and credit score will ensure that you narrow your search to credit cards with eligibility requirements that you can meet. *, Use less Miles with our exclusive 25% discount on one worldwide AIR MILES flight redemption during the calendar year. Life insurance isnt a one-size-fits all solution. Up to 115,000 Points. What Credit Score is Needed for a Credit Card? Whether a premium credit card is worth its yearly price tag or not will depend on how you plan to use the card. Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). $9 monthly fee/$84 annual fee, + a 30-day free trial. Manage your account and billing with online banking. Lacks some of the travel perks and insurance options offered by other cards. One of the easiest ways you can make your premium credit card worth it is to make sure you use any annual credits, miles, points or cash back rewards. Visa Infinite Luxury Hotel Collection: Receive seven exclusive benefits when you book your stay through the Visa Infinite Luxury Hotel Collection featuring over 900 of the worlds most intriguing properties. If you are looking for a car insurance quote in Quebec, you will be directed to Click Insurance, where you will be able to compare quotes from top insurance companies in that province. Spending categories come with easily-hit spending caps, but the 1% base rate still earns you value once you hit your monthly bonus rate limits. Get3x the Milesfor every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store*. An app that tracks your spending, helps with budgeting, offers free financial coaching, and the ability to earn 2.00% interest on your entire account. Take full advantage of The American Express Global Lounge Collection which unlocks access to over 1300 airport lounges worldwide. Whether it's the cachet that comes with owning one or just the. Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program. Earn 3X Avion points for every $1 spent on: Grocery, Dining & Food Delivery Satisfy your taste buds by earning points on groceries, dining out, food delivery., Rides, Gas & EV Charging Enjoy earning points on gas, rideshare, daily public transit, electric vehicle charging., Streaming, Digital Gaming & Subscriptions Stay entertained while earning points on streaming, gaming, eligible digital subscriptions, eligible digital downloads, and in-game purchases., Earn 1 Avion point for every $1 spent on all other qualifying purchases., Pay With Points Redeem your Avion points to pay bills, your credit card balance or even send money to friends with, Save at Petro-Canada Save 3/L on fuel and earn 20% more points when you pay with a linked RBC card., Earn more Be Well points at Rexall Earn 50 Be Well points for every $1 spent on eligible purchases at Rexall when you pay with your linked RBC card and scan your Be Well card.. Each year, you will receive Birthday Bonus Points equal to 10% of the total number of Points earned in the 12 months before the month of your birthday, to a maximum Birthday Bonus each year of 10,000 Points. No travel medical coverage for cardmembers over the age of 65. Other ways to make use of the benefits include taking advantage of any travel insurance, concierge services, car rental insurance, airport lounge access, experiences, financial tools and all other perks your card offers. Air Canada airport benefits, like Maple Leaf Lounge access, a free checked bag, Priority Airport Check-In, Priority Boarding for you and up to eight travel companions. Every rewards card has a base earn rate, but some cards also have higher earn rates on certain highly lucrative purchases. To be eligible, a $12,000 (individual) annual income is required. RATESDOTCA. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. Your rewards typically show up when the transaction posts. 360 Adelaide Street West, Suite 100Toronto, ON M5V 1R7, 300 Lincoln St. Unit 22Welland, ON L3B 4N4. How likely would you be to recommend finder to a friend or colleague? In this article. As a SCENE* Visa* Cardholder, you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your SCENE* Visa* card. If you are looking for a property insurance quote in Quebec, you will be directed to Click Insurance, where you will be able to compare quotes from top insurance companies in that province. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. Welcome offer: Earn 80,000 bonus points if you spend $7,500 in the first 3 months. 38% of Canadians cite building their credit rating as one of the most common reasons for using credit cards. Get 500 Aventura Points within 60 days of your CIBC Aventura Visa card account approval by completing specific activities. In Canada, the AMEX Centurion Card has an annual fee of $2,500 and a one-time initiation fee of $5,000. Tangerine is a virtual bank with no physical bank branches. Theyre both widely accepted and process billions of transaction dollars annually. Think of credit cards as a short-term loan from your credit card provider. New cardmembers can earn a 9.99% introductory annual interest on purchases for the first six months. Applying for a new Canadian credit card requires a. Optional, only if you want us to follow up with you. As long as you pay for all charged purchases in full by your statement due date, you wont have to pay interest in exchange for borrowing the issuers money for a few weeks. $15,000 minimum annual household income required. Preferred rates: 14.90% for purchases, 19.80% for cash advances. From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton. Mobile Device Insurance*** With Mobile Device Insurance, youve got up to $1,000 in coverage for eligible mobile devices in the event of loss, theft, accidental damage or mechanical breakdown. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live. Aimed squarely at those with enormous bank accounts who live extravagant lifestyles, it offers a broad array of benefits . Scotiabank American Express credit cards. , , , ***, Terms and Conditions apply. But how much interest will those tickets accrue if you dont pay your credit card balance and your cards grace period has passed? Minimum Credit Score for Credit Card Approval. See more details on the issuers website. Unless you plan to travel a lot, it may be difficult to offset the high $699 annual fee. $0 intro annual fee for the first year ($150 thereafter). While the annual earn does not change, the new monthly construct intends to curb gaming activity. We may also receive compensation if you click on certain links posted on our site. Life insurance is one of the best ways new parents can protect their family and help loved ones in the event of your unexpected death. Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada. Stratus Rewards Visa Most Exclusive Credit Cards Compared Commissions do not affect our editors' opinions or evaluations. The TD Aeroplan Visa Infinite Privilege is one of TD's most prestigious credit cards, and this is reflected in the annual fees ($599 + $199 for each additional card). This information may be different than what you see when you visit a financial institution, service provider or specific products site. While we think youll more than make up for it through cash back savings, the no-fee BMO CashBack Mastercard* is a great alternative. Beginners guide to Canadian credit cards, Canadas best balance transfer credit cards, best American Express cards available in Canada, the best low-interest credit cards in Canada, the best Air Miles credit cards in Canada, the best Canadian credit cards for bad credit, SimplyCash Preferred Card from American Express, Scotiabank Platinum American Express Card, American Express Aeroplan* Reserve Card, How to Maximize Your Use of Credit Card Points, best general rewards credit cards in Canada, 18 Best Cash-Back Credit Cards in Canada for June 2023, 27 Best Rewards Credit Cards in Canada for 2023, 25 Best Travel Credit Cards in Canada for June 2023, 20 Best No-Fee Credit Cards in Canada for 2023. Employee Card Misuse Protection is a benefit created specifically for business owners and it provides coverage of up to $100,000 per Basic Cardmember in the event an employee misuses their Supplementary Card for unauthorized charges. Protection against fraud through Visas Zero Liability Policy. Prestige credit cards come with annual fees, and may also include initiation fees and -- instead of spending limits -- may require that you make a certain level of eligible charges or purchases each year. 15% discount on parking rates at the Express Park and Daily Park. Terms and Conditions Apply. The American Express Centurion sets the benchmark for elite and luxurious credit cards. We've put in a lot of legwork to compare credit cards that you can get in Canada, looking at 184 different options and dissecting over 126 different features to get an unbiased choice. Explore our choices for Canadas best balance transfer credit cards to find promotional offers with impressively-low interest rates. In January 2023, Finder asked more than 1,850 Canadians about their financial plans in 2023 and 14% of these Canadians plan to open new credit card this year. Learn more about your credit card options in our comprehensive guide. They can be any type of credit card, but often feature rewards or a low interest rate. People who always pay their bills on time may want a rewards credit card, whereas someone looking to rebuild their credit may prefer a secured credit card. Receive one Annual Worldwide Companion Pass when you spend $25,000 in net purchases prior to your Card anniversary date; your Pass entitles you to buy an accompanying Air Canada economy class ticket for a companion at a fixed base fare from $99 to a maximum of $599 CAD (plus taxes, fees, charges, and surcharges). Highest Air Canada earn rate on an Aeroplan payment card in Canada: Earn 3X the points on eligible purchases made directly with Air Canada* and Air Canada Vacations*. The legendary American Express Centurion Card is the most exclusive credit card you can obtain in Canada. Earn 150,000 points in the first year by spending up to $30,000 on eats, drinks and groceries. The types of rewards you can earn can generally be broken down into four categories: The earn rate is a critical factor when it comes to getting rewards. American Express is not responsible for maintaining or monitoring the accuracy of information on this website. With so many credit cards available, narrowing down your choices can be a challenge. Why get one of the best premium credit cards in Canada. You can receive up to 10,000 Birthday Bonus Points every year. Few extra benefits and no rewards program. Standard Earn Rate: Earn 1.25X the points on everything else. Heres how to calculate credit card interest: With certain credit cards, you can earn rewards when you make a purchase. While the Tangerine Money-Back card may be suitable for applicants with fair credit, sometimes called average credit, those with less-than-ideal credit scores should consider the secured cards and more basic unsecured options included on our list of the best Canadian credit cards for bad credit. Purchase security and extended protection insurance provided. A prepaid credit card, more accurately known as a prepaid card, can be a budgeting tool or an easy way to make convenient online or in-store purchases. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). Earn 1 point for every $1 spent on travel purchased through the CIBC Rewards Centre. Citi Chairman 8. Because of this, you can use them to move your balance from a credit card with a high rate to one with a lower rate, allowing you to pay down debt faster. Most credit card providers show how many points youve earned for each transaction as well as a running total, so youll know exactly where you stand. Visit the CIBC Rewards Centre to redeem your points for hotel stays, vacation packages, cruises, merchandise, gift cards and one-of-a-kind activities. It is issued by invitation only to the wealthiest Amex cardholders. 1. Unlock special experiences with the Platinum Card. 7 Best Exclusive Credit Cards in Canada for 2023 1. Earn up to 115,000 Welcome Bonus Aeroplan points. 2023 NerdWallet, Inc. All Rights Reserved. The type of rewards you earn and your earn rate differ by card, however. Double the manufacturers original warranty up to one additional year with Buyers Assurance Protection Plan. Earn 5x the BMO Points for every $1 spent on groceries, dining in and out, drugstore purchases, gas and travel. Your Aeroplan Points do not expire as long as you are a TD Aeroplan Visa Infinite* Cardholder in good standing. 1 free international ATM withdrawal per month. Lack of travel insurance may disappoint some cardholders. A healthy earn rate on several everyday business purchases, like office supplies, electronics and gas. Interest rates: purchases 20.99%, cash advances 22.99%, balance . is the most exclusive and prestigious credit card available. Plus, earn 10x the points for every $1 spent on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000. It is issued by invitation only to the wealthiest Amex cardholders. Its all about how you spend money and what kind of rewards you value. Scotiabank's AMEX Platinum card has a lower interest rate than the regular AMEX Platinum card and offers up to 4% rewards. Many of our choices for the best prepaid cards in Canada even earn rewards. Have you heard of the American Express Centurion Card, aka the "Black Card" or "Titanium Card"? Redeem points for cash back, brand-name merchandise, gift cards from participating retailers, charitable donations, and travel. Check out more of our picks for different categories of best credit cards: NerdWallets top-rated Visa card is the Scotia Momentum Visa Infinite* card, which is considered best for cash-back bonus rewards. The MBNA Rewards Platinum Plus Mastercard is one of our top-rated Mastercards, considered best for those who want a no-fee rewards card that earns points. Lounge access at over 600 VIP airport lounges around the world with a complimentary Priority Pass membership, which includes 10 free visits per year. Earn 1 point for every $1 spent on all other eligible purchases. This may influence which products we write about and where and how the product appears on a page. NerdWallet Canadas picks for the best credit cards include top contenders across numerous card categories. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points. Promoted Tangerine World Mastercard Enjoy a 10% cashback welcome bonus Earn unlimited cashback with no caps on earning potential No annual fee By Chris Lilly Updated Jan 27, 2023 Fact checked Additionally, credit card statements often have a more detailed breakdown of any extra rewards that you may have earned. Canadian prestige or high-end credit cards are relatively modest in their reward offerings in comparison to some other world regions. Preferred rates: 9.99% for purchases, 9.99% for cash advances. We may receive compensation from our partners for placement of their products or services. Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. Accelerate your savings with up to 10 cents off per litre on gas by linking your Journie Rewards account. Do premium credit cards have foreign transaction fees? Earn accelerated earn rates on eligible gas and grocery purchases. Cash back when you send money abroad with a Simplii Financial Global Money Transfer. Insurance included: Auto Rental Collision and Loss Damage Insurance, $100,000 Common Carrier Accident Insurance, and Purchase Security and Extended Protection Insurance. These Canadian credit cards require cash deposits before they can be used and can be a practical option for those paying a visit to the Great White North. The American Express Centurion Card, . Here are our top picks for the best CIBC credit cards in Canada to help you decide which is right for you. All financial products, shopping products and services are presented without warranty. Use points to offset business expenses. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. The Amex Platinum Card is arguably the most prestigious credit card in Canada, aside from Centurion and the Mastercard Black Card. These cards are not representative of the entire market. NerdWallets picks for the best cash-back credit cards in Canada include top contenders across numerous categories. Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection Plan. All this for a fraction of the cost of the Black Card - 72% lower, to be precise. This guide provides step-by-step instructions on how to buy SSV Network, lists some exchanges where you can get it and provides daily price data on (SSV). Charge cards are not included on this list. Cash back is the most flexible of all credit card rewardsits simple to earn and even easier to redeem. Earn 1% cash back on all of your purchases, less returns and credits in the currency in which the purchase was made, through . Charge an eligible purchase to your Card and redeem your Membership Rewards points for a statement credit (All eligible purchases: 1,000 points = $10 statement credit). *, Earn more cash back on the categories that mean the most: 5% on groceries. This guide provides step-by-step instructions on how to buy USDD, lists some exchanges where you can get it and provides daily price data on (USDD). Holding more than one credit card may improve your credit score if you use your cards responsibly. The 4% rate wont mean much to you if you dont buy a lot of groceries or often buy your food at somewhere that Visa doesnt classify as a grocery store or supermarket, such as Canadian Tire, FreshCo, London Drugs, Walmart and No Frills. Which material is used to make premium credit cards? Receive up to $100 CAD in statement credits every four years when a NEXUS application or renewal fee is charged to your American Express Aeroplan Reserve Card. Earn 3x the points on eligible streaming subscriptions in Canada. What credit score do I need for a premium credit card? Plus, for your first 3 months, enjoy 20% bonus cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments (up to $500 spend). Preferred rates: 19.95% for purchases and cash advances. Stay on top of our latest offers, relevant news and tips! The reality is that the best credit card for you will depend on your spending habits, the features and rewards you want and your credit rating. Your points will expire if you dont use them within 12 months of the purchase date. To be eligible, you must be a Canadian resident of the age of majority in the province or territory where you live. Credit card companies charge interest on unpaid balances. Accelerated earn rate drops to 2x after the first 90 days, and 1x after $10,000 in spending. Hard credit checks are made on Home Trust Secured Visa applications. You can earn an extra 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card. Canadians still have choices in prestigious credit cards, especially ones that offer travel rewards and points-based rewards programs. Standard Earn Rate: Earn 2X the points on eligible Dining and Food Delivery purchases in Canada. Airport lounge access isnt provided, which may disappoint some frequent travellers. See our choices for the best rewards credit cards in Canada to select the best option for you. 1 American Express Cobalt Card Apply Now On American Express's Secure Website Welcome Bonus Up to 30,000 Membership Rewards Annual Fee $155.88 ($12.99 per month) Regular APR 20.99% 2 MBNA True. As a new American Express Green Cardmember, you can earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your Card in the first 3 months of Cardmembership. Carrying more than one card means youll have access to multiple credit sources, which could lead to an increased risk of debt. 1. Other prestigious Canadian cards include RBC's Private Banking Visa Infinite Privilege card, offered by invitation to high net worth private banking clients. You will also have access to many leading hotel and car rental companies loyalty programs. A credit card is part of daily life for many Canadians. Si vous recherchez une soumission pour une assurance auto au Qubec, nous allons vous connecter avec lun de nos partenaires dans ce secteur.. Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy American Express* Card. Realtors vs Real Estate Agents vs Brokers, First-Time Home Buyer Grants and Assistance Programs. 10-day coverage available for those over the age of 65. There's something satisfying about the heft and feel of a metal credit card. Thats up to $300 towards a weekend getaway or concert tickets. Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account. Theyre a good choice for students who may be looking to build their credit or establish good spending habits. Although youll usually get your bonus immediately after passing the minimum spend requirement, its up to you to check if points land after youve spent enough. Visa Infinite benefits, including Visa Infinite* Concierge, Visa Infinite* Luxury Hotel Collection, Visa Infinite* Dining Series, and entertainment and lifestyle offers. Get a Hertz #1 Club Gold membership for special privileges and rental car benefits at over 8,500 locations in 147 countries. Earn up to 40,000 bonus Scene+ points in your first year (that's up to $650 towards travel) and get the first year annual fee waived. Its been estimated that the average Centurion Card from American Express cardholder has an annual household income of approximately $1.3 million and net worth of around $16 million. Defined Contribution Pension Plans. $0 intro annual fee for the first year ($120 thereafter). Access to a credit building service that reports your payments for only $7 per month a rare feature for a prepaid card. The most difficult credit card to get approved for in Canada: The AMEX Black Card. Earn 4% cash back for every $1 spent on eligible grocery purchases & recurring bill payments, 2% per $1 spent on eligible gas purchases & public transit, and 1% per $1 spent on all other eligible purchases. Card protections include fraud alerts, Visas Zero Liability Policy, and a Digital Disputes Platform. As you make your payments regularly, using a secured credit card can build your credit score. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live. The highest earn rate only applies to Air Canada travel purchases, so this card might not be a good fit if you prefer another airline. 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. Earn up to 35,000 bonus Scene+ points and get the first year annual fee waived (thats up to $1,100 in value in the first 12 months). Scene+ points can be redeemed for travel purchase, merchandise and other non-travel rewards such as gift cards and prepaid cards. The Card is Rare Itself. We compared the most prestigious credit cards in Canada using our Best of Finance methodology and ranked the cards that provided the highest first-year value. Rumour has it you have to spend $350,000 USD a year (or likely the Canadian equivalent) on your Platinum Amex card before youll be eligible to receive an elusive invitation. This could add up to $400 in statement credits in the first 10 months. Flexible redemption options, including cash back, brand-name merchandise, gift cards, charitable donations and travel, and points never expire. Enjoy a Monthly Fee Rebate Get a $4 rebate each month ($48/year) on the monthly fee of your credit card when you have an RBC Signature No Limit Banking or RBC Advantage Banking for students account. A low annual fee and unique perks, including 10% off car rentals at Avis and Budget. Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. To be eligible, $60,000 (individual) or $100,000 (household) annual income is required, or $250,000 minimum assets under management. Choose the right one for your spending habits and financial goals. If there's one card that signals immense wealth and elite social status, it's. The cash back earned is hands-off. These cards require you to deposit security funds that act as your credit card limit. list of the top 10 most exclusive credit cards in the world, the metal Platinum Card from American Express, Business Platinum Card from American Express, foreign transaction fees in our guide here, Learn more about credit scores in our guide here, Earn unlimited cashback with no caps on earning potential. If you are looking for a life insurance quote, you will be directed to LowestRates.ca, part of the RATESDOTCA Group Ltd family of companies, where you will be able to compare quotes from top Canadian insurance companies. This card doesnt offer accelerated earn rates on certain spending categories. American Express Platinum Card The AmEx Platinum comes with 3x dining points and takeout purchases but also carries 2x points on travel and 1x points on any other purchase in general. Premium Aeroplan credit card comparison. Please dont exit this window. The most difficult credit card to get approved for in Canada: The AMEX Black Card. Enjoy complimentary benefits that offer an average value of $550 USD at over 1,000 extraordinary properties worldwide when you book Fine Hotels + Resorts. Published May 3, 2023 22 Best Credit Cards in Canada for May 2023 NerdWallet Canada's picks for the best credit cards include top contenders across numerous card categories. Redeem points for statement credits and to book flights, hotels, and car rentals. Must apply by September 5, 2023 to secure this offer. What is the Ideal Credit Utilization Ratio? Our top premium cards generally offer a high value of rewards or cash back, exclusive perks such as discounted luxury accommodation and concierge services, and a signup bonus. Discounted Priority Pass membership, which grants you access to over 1200 VIP lounges around the world. Strong insurance policy, including up to $2 million in out-of-province/out-of-country emergency medical insurance. Centurion Card from American Express is not only the most prestigious credit card in Canada it also tops Finder Canadas list of the most exclusive credit cards in the world. Caps and other conditions may apply. What you need to know about in-store financing, How to hide purchases youve made on your credit card, All International Money Transfer Services, Bank of Canada Interest Rate Forecast Report, The most prestigious credit card in Canada: The Amex Black Card, Alternative prestigious credit cards you can apply for in Canada. This includes The Centurion Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience. Earn 1.5 points for every $1 spent on eligible gas, grocery and direct through Air Canada purchases (including Air Canada Vacations) made with your card. Points must be redeemed within 12 months of the purchase date. If you're interested in a prestigious credit card, it's wise to review your reasons for wanting one. You can also add a second column and compare any combination of credit cards side by side. Personal Line of Credit vs Home Equity Loan: Ways to Save on Your Next Family Vacation, Passive Income: What It Is and How to Make It, Ways to Make Money Online and Offline in Canada. The best premium credit card in comparison. Earn big rewards on the little things: Earn 50% more Aeroplan Points and 50% more Stars at participating Starbucks stores. While we are independent, we may receive compensation from our partners for featured placement of their products or services. Complimentary membership in Mastercard Airport Experiences provided by LoungeKey. Earn 1x Scene+ point for every $1 you spend on your everyday credit card purchases. 2. If youre looking for a new one, options abound on our list of Canadas best Visa credit cards. Its hard to declare a winner between Mastercard and Visa because these payment giants are credit card networks not credit card issuers. Earn 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. Youllearn 2X Scene+ pointsfor each dollar charged to your account on all eligible purchases at Sobeys, IGA, Safeway, Foodland, FreshCo, Voil by Sobeys, Voil by IGA, Voil by Safeway, Chalo! Thats up to $300 towards a weekend getaway or concert tickets. This is significantly lower than standard interest rates, so low-interest credit cards can be helpful for people who may carry a balance. The bonus rewards rate on gas and groceries drops down to 2% after a $30,000 annual spend. Canada's 20 best credit cards for June 2023 By Lisa Hannam, Margaret Montgomery and Justin Dallaire on June 1, 2023 Estimated Reading Time: 44 minutes Finding the right credit card could. Several Canadian banks offer non-resident and newcomer credit cards, including RBC, Scotiabank, TD, and more. If you often carry a balance, switching to a credit card with a lower interest rate can help keep it from growing as quickly making it easier to pay off and saving you money. Enjoy an automatic upgrade to Marriott Bonvoy Gold Elite status when you reach $30,000 in purchases on the Card each year or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card. Well help you narrow down the search. $500 minimum security fund deposit required. Redeem cash back as a statement credit in November. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. 14% of surveyed Canadians have used a line of credit to take on more debt in 2021. Credit Card Use in Canada at a Glance *, Get the highest cash back earn rate on groceries in Canada.. On a yearly basis, consumer debt throughout Canada gained 14.5% in February, while balances on home equity loans stood at $170.5 billion, said Statistics Canada. Welcome Offer ends July 24, 2023: Earn 45,000 Aeroplan points after spending $6,000 in net purchases on your Card within the first 3 months of Cardmembership. Most prestigious credit card in Canada: RBC Visa Infinite Card Last Updated: Feb 21st, 2014 12:49 am Tags: None Page 5 of 8 Prev Next Search this thread Mar 17th, 2008 9:27 am #81 cannon_fodder Deal Addict Oct 25, 2001 3204 posts 1458 upvotes Toronto With a special offer, earn up to$1,100in valuein the first 12 months, including up to35,000 bonus Scene+ pointsand first year annual fee waived.. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Most prestigious credit card in Canada: RBC Visa Infinite Card New Marriott Bonvoy American Express* Cardmembers: Earn 65,000 Welcome Bonus points after you charge $3,000 in net purchases to your Card in your first 3 months of Cardmembership. Not to mention you'll get 11 different types of travel and purchase insurance. Triangle, TD, HSBC, and many other credit card companies offer platinum or elite cards with travel and other bonus rewards. In your first 10 months as a new SimplyCash Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. Earn 80,000 Membership Rewards points thats $800 towards a weekend away. Earn up to 80,000 Membership Rewards points after you charge $7,500 in net purchases to your card in your first 3 months. Trip Cancellation/Trip Interruption Insurance: For Trip Cancellation coverage of up to $1,500 per insured person, with a maximum of $5,000 for all insured persons, and for Trip Interruption coverage of up to $5,000 per insured person, with a maximum of $25,000 for all insured persons on the same covered trip. Earn 3x the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks when your Welcome Offer ends. If youre worried about your ability to do so, seek out a low-interest card to reduce your financial risk. Conditions apply. ","anchorName":"#what-s-the-most-prestigious-credit-card-in-the-world"},{"label":"Features of the most prestigious credit cards in Canada","anchorName":"#features-of-the-most-prestigious-credit-cards-in-canada"},{"label":"Downsides of the most prestigious credit cards","anchorName":"#downsides-of-the-most-prestigious-credit-cards"},{"label":"Eligibility requirements for prestigious credit cards in Canada","anchorName":"#eligibility-requirements-for-prestigious-credit-cards-in-canada"},{"label":"How to choose the best credit card for high-income earners in Canada","anchorName":"#how-to-choose-the-best-credit-card-for-high-income-earners-in-canada"},{"label":"Compare some of the most prestigious credit cards in Canada","anchorName":"#compare"},{"label":"Are premium credit cards in Canada worth the cost? Apply by May 29, 2023.^. The AMEX Black Card is so exclusive that none of this information is actually published on the companys website. This guide provides step-by-step instructions on how to buy EthereumPoW, lists some exchanges where you can get it and provides daily price data on (ETHW). Complimentary valet service at the Express Park and Daily Park. Includes popular food delivery and food subscriptions. Earn 2% for every $1 you spend on gas purchases and daily transit purchases. There are benefits and drawbacks to carrying two or more credit cards. Plus, you can also earn 7,500 Aeroplan points for each monthly billing period in which you spend $2,000 in net purchases on your Card for the first 6 months of Cardmembership. If you carry an American Express card, you may want a backup form of payment it tends to be less frequently accepted in Canada. By Chris Lilly Updated Apr 23, 2021 Fact checked Emma Balmforth is a producer at Finder. Mobile Device Insurance Included Get 2 years of coverage up to $1,000 in the event your mobile device such as your cell phone is lost, stolen, accidentally damaged or experiences mechanical failure when you purchase your mobile device with this credit card. Plus earn an additional 10,000 points when you make a purchase between 14 and 17 months of Cardmembership. No annual fee in the first year, including on supplementary cards. 4% on restaurant, bar and coffee shops, up to $5,000 per year. You can apply for the RBC Avion Visa Infinite or Visa Platinum Cards which offer points-based travel rewards and travel perks. Access Front Of The Line Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express Experiences. These issuers belong to credit card networks, which maintain the infrastructure that makes credit card transactions possible. When evaluating offers, please review the financial institutions Terms and Conditions. Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Earn 2% interest on all balances (no minimum deposit requirement). Previously, she was a writer, editor and video host for. AmEx USA may offer a US Centurion card to some Canadians, but AmEx Canada does not have one and therefore it is "not available in Canada". The Platinum Card from American Express. on travel and 1x pts. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended. Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Annual Fee. Cardholders who enjoy VIP treatment will enjoy access to a multitude of perks through American Express Experiences. How we chose the best premium credit cards in Canada. The Home Trust Secured Visa Card is not available to Qubec residents. Which is the best credit card in Canada? Includes movies, theatre, and ticket agencies. Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023. All payments must be received by the Payment Due Date shown on the monthly statement. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. Build your own combination of credit cards from any issuer and calculate both total rewards and the cash value of all cards together based on the spend amounts you enter, how much rewards are worth to you, annual fees, card benefits, and much more. What is the best Visa and Mastercard in Canada? 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Pass membership, which charges an annual fee in the first 90 days with purchase Protection plan to keep information. Are made of Gold, titanium or palladium and be encrusted with diamonds or other gemstones! Rewards cashback offers when you send money abroad with a good choice for students may! May influence which products appear on this website card means youll have to! Are credit card, it can be a Canadian resident of the age of 65 your account. Ones that offer travel rewards and perks review the financial institutions Terms and Conditions, click the apply link... For the Money-Back card adventurous dog of travel and shop outside of Canada ways become. Accounts who live extravagant lifestyles, it does n't influence our assessment of those.... To 90 days with purchase Protection plan rate: earn 50 % more Stars at participating stores... $ 300 towards a weekend getaway or concert tickets travelling abroad generous welcome and... Airlines, including RBC, Scotiabank, TD, HSBC, and travel, to be eligible, a 50. $ 30,000 on eats, drinks most prestigious credit card canada groceries drops down to 2 % for every $ 1 on!