7 Luxury Credit Cards in Canada to Up Your Credit Card Game in 2022

Are you looking for a certain kind of lifestyle? Don’t worry bеcause we’ve reviewed some products and came up with a list of the top five luxury credit cards available in Canada to help you enjoy life at maximum capacity!

Let’s go over:

  • Features
  • Fees
  • Rewards and more.

Ready to max out some credit cards? Let’s go!

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4 Best Exclusive Credit Cards in Canada for 2022

1. 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. What’s more, getting the AmEx Platinum brings you credits for concierge services as well, offering quite the luxurious hotel experiences. Full Review

  • Discount on additional AmEx cards
  • 60 second reply time for applications
  • Pay with points option
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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. What’s more, getting the AmEx Platinum brings you credits for concierge services as well, offering quite the luxurious hotel experiences. Full Review

Rating:

8.9

Annual fee:

$695

Rewards:

Up to 100,000 points

Interest rate:

0% if you pay the monthly balance promptly

Minimum credit score:

Good or Excellent

2. Chase Sapphire Reserve

The Sapphire Reserve has recently kicked it up a notch, with cardmembers now enjoying brand new privileges, including: 5x points on flights, 10x points on hotels and car rentals and 10x points on dining via the Chase Dining program. Full Review

  • Superior travel protections
  • Access to exclusive restaurants
  • Emergency medical and dental coverage
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The Sapphire Reserve has recently kicked it up a notch, with cardmembers now enjoying brand new privileges, including: 5x points on flights, 10x points on hotels and car rentals and 10x points on dining via the Chase Dining program. Full Review

Rating:

8.5

Annual fee:

$550

Rewards:

Up to 50,000 points

Interest rate:

16.99% - 23.99%

Minimum credit score:

Excellent

3. Mastercard Gold Card™

The Mastercard Gold Card requirements include an Excellent credit score, and you also need to pay over $1000 in fees per year. Let’s see if it’s worth it. Full Review

  • 24-karat gold plated card
  • $200 annual airline credit
  • No foreign transaction fees
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The Mastercard Gold Card requirements include an Excellent credit score, and you also need to pay over $1000 in fees per year. Let’s see if it’s worth it. Full Review

Rating:

8.2

Annual fee:

$995

Rewards:

1 point per $1, up to 50,000 points

Interest rate:

14.99% Variable APR

Minimum credit score:

Excellent

4. Capital One Venture X Rewards Credit Card

This Capital One card comes with no foreign transaction fees and allows you to invite additional cardholders for free. More importantly, miles don’t have an expiration date, meaning that you can use them freely whenever you like. Full Review

  • Significantly lower annual fee compared to competitors
  • Invite additional cardholders for free
  • Statement credits
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This Capital One card comes with no foreign transaction fees and allows you to invite additional cardholders for free. More importantly, miles don’t have an expiration date, meaning that you can use them freely whenever you like. Full Review

Rating:

8.1

Annual fee:

$395

Rewards:

Up to 100,000 miles

Interest rate:

16.99% - 23.99% Variable

Minimum credit score:

Excellent

Detailed Reviews

  • ✅ Discount on supplementary cards
  • ✅ Pay with points option
  • ✅ 60 second reply time for applications
  • ⛔️ One of the highest annual fees
  • Rating: 8.9
  • Annual fee: $695
  • Rewards: Up to 100,000 points
  • Interest rate: 0% if you pay the monthly balance promptly
  • Minimum credit score: Good or Excellent

Whether you’re looking for rewards or travel benefits, the American Express Platinum card has it all!

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. What’s more, getting the AmEx Platinum brings you credits for concierge services as well, offering quite the luxurious hotel experiences.

The card offers you total travel coverage for those who travel more frequently and brings you countless exclusive offers.

It has a 28-31 day grace period and 0% interest fee, but keep in mind that an interest rate of 30% will occur unless you pay your monthly balance promptly.

  • ✅ Superior travel protections
  • ✅ High rewards rates
  • ✅ Access to exclusive restaurants
  • ⛔️ The APR is variable and can be too high
  • Rating: 8.5
  • Annual fee: $550
  • Rewards: Up to 50,000 points
  • Interest rate: 16.99% – 23.99%
  • Minimum credit score: Excellent

The Sapphire Reserve has recently kicked it up a notch, with cardmembers now enjoying brand new privileges, including:

  • 5x points on flights
  • 10x points on hotels and car rentals, provided that you’re purchasing them via the Chase Ultimate Rewards program
  • 10x points on dining via the Chase Dining program.

What’s more, the card now comes with brand new, exclusive benefits if you meet the Chase Sapphire Reserve Requirements. For example, emergency medical and dental coverage, lost luggage reimbursement, travel accident insurance, purchase protection, trip cancellation, interruption, delay insurance, and many more features.

But that’s not all. The Sapphire Reserve rewards will also get you access to exclusive restaurants where it takes months to get a reservation. The Sapphire Reserve is worth every penny.

  • ✅ $200 annual airline credit
  • ✅ 0% balance transfer APR
  • ✅ No foreign transaction fees
  • ⛔️ $995 annual fee + supplementary $295 per authorized user annually
  • Rating: 8.2
  • Annual fee: $995
  • Rewards: 1 point per $1, up to 50,000 points
  • Interest rate: 14.99% Variable APR

Minimum credit score: Excellent

Being 24-karat gold-plated, the Mastercard Gold is by far the most expensive credit card on this list.

The Mastercard Gold Card requirements include an Excellent credit score, and you also need to pay over $1000 in fees per year. Let’s see if it’s worth it.

The card comes with no fees for foreign transactions, but it also brings exciting benefits such as:

  • Car rental benefits
  • Airport meet and assist
  • An average value of $500 in travel benefits
  • VIP airport lounge access
  • Travel insurance and much more.

Sounds neat, eh?

  • ✅ Significantly lower annual fee compared to competitors
  • ✅ Statement credits
  • ✅ Travel and shopping protection
  • ⛔️ The welcome bonus only works if you spend $10,000 in the first six months
  • Rating: 8.1
  • Annual fee: $395
  • Rewards: Up to 100,000 miles
  • Interest rate: 16.99% – 23.99% Variable
  • Minimum credit score: Excellent

Capital One has recently launched an even more luxurious addition to their Venture Card. The Capital One Venture X Rewards Card  is ideal for traveling, allows up to $300 statement credit via the Capital One Travel program and 10,000 bonus miles for each card anniversary, as well as:

  • Unlimited 10x miles on hotels and car rentals booked via Capital One Travel
  • 5x miles on flights booked via Capital One Travel
  • Unlimited 2x miles on all other purchases.

Moreover, this Capital One card comes with no foreign transaction fees and allows you to invite additional cardholders for free. More importantly, miles don’t have an expiration date, meaning that you can use them freely whenever you like.

Exclusive Invite-Only Luxury Credit Cards

Let’s take a quick look at five exclusive credit cards in Canada and the world that are invite-only, and you can’t apply for.

  • American Express Centurion

Also known as the AmEx Black Card, the Centurion is the epitome of all things luxurious. It has an annual fee of $5,000 and a 25.24% variable APR (annual percentage rate) on purchases, but that’s not even the biggest disadvantage. You can only get the American Express Centurion Card with an official invite from the bank and initiation that will cost you $10,000.

If you accept the invite, you will receive immeasurable privileges, elite and personalized assistance and shopping services, as well as best-in-class Centurion International Arrival Services.

While American Express does not disclose the conditions, to get an invitation, you, allegedly, have to be in the ballpark of $250,000 to $500,000 in AmEx expenditure just to be considered.

You might find it interesting: Best Aeroplan Credit Cards

  • J.P. Morgan Reserve Card

The J.P. Morgan Reserve Card was launched way back in 2009 with extremely high-profile individuals in mind. For example, to get an invitation, you need to have at least $10 million in assets overseen by J.P. Morgan, and once you get the card, you’re going to be paying a $595 annual fee.

This exclusive reserve Visa is one of the few cards of this type, which, along with the AmEx Centurion, offers a variety of luxurious opportunities and features.

However, you can acquire a wide portion of the J.P. Morgan Reserve’s features with other available cards, such as the Chase Sapphire Reserve,

  • Stratus Rewards Visa Card

Stratus Rewards is an elite club that offers one of the most prestigious luxury cards – the Stratus Rewards Visa Card, also known as the “white card.” The eligibility criteria are pretty strict, with users required to spend a minimum of $100,000 per year to be eligible for an invite.

However, once you get it, you might think twice about whether to accept the offer, given that the annual fee for the Stratus Rewards Visa Card is $1,500. Of course, you will be enjoying massive rewards on flights, including jets and charter flights, but it’s still a pretty steep cost.

  • Citi Chairman American Express Card

This one comes with an annual fee of $500, which is significantly lower in comparison. Remember that despite the Excellent credit score required for the card, you’ll also need an official invite.

The Citi Chairman American Express Card membership is also quite limited. You’re only eligible for a card if you own a certain amount of investments managed by the Citigroup brokerage, making it one of the most elite credit cards in Canada and the world.

Allegedly, the card comes with a $300,000 credit limit, which is amazing given the relatively low annual fee but also brings extremely satisfying travel perks: access to VIP lounges, concierge services, and all-around assistance regarding travel, shopping, and dining.

  • Dubai First Royale Card

It is the most exclusive credit card in the world, according to Dubai First. The Royale Card, similarly to previously mentioned cards, also requires an invitation and comes with no pre-set spending limit, meaning that you can go nuts with it.

The actual design of the card is something else. It’s gold-trimmed and contains a 235-carat diamond on the front. While most of its users are UAE-based citizens, the card can be approved and shipped worldwide, should the candidate meet the criteria.

One of the exclusive perks that cardholders get is a lifestyle manager.

Buyer’s Guide

Now that we’ve covered the products, let’s go over some of the essential aspects of luxury credit cards, including how to choose and what to look out for.

What are Luxury Cards?

Multiple banks and card issuers offer them, and they are known to come with extra, prestigious perks that regular credit cards don’t offer.

They differ from regular credit cards in terms of appearance as well. While regular cards are made from simple (or recyclable) plastic, luxury cards are often produced with expensive metals, such as gold, titanium, palladium, and even diamonds, as with the Dubai First Royale Card.

Luxury cards have pretty strict eligibility conditions, such as Excellent or Very Good credit scores, but they also require a minimum annual spending rate which varies from provider to provider.

In contrast, the only thing that regular credit cards require is a certain credit score, which can range from Poor to Excellent, depending on the type of the card and the benefits it brings.

Let’s go over the general application conditions for luxury credit cards to understand the key differences more easily.

Application Requirements

Some luxury credit cards can’t be applied for, meaning that you can only get the card if you receive an official invitation from the bank or card issuer.

To get it, you would need to meet an impressive annual spending quota, have a certain amount of assets managed by the bank or issuer, obtain a certain card balance on other cards issued by the bank or issuer, or all of the above. You can probably guess that this is practically impossible and that only high-profile people receive such cards.

However, not all luxury cards are invite-only. While the conditions are definitely tighter compared to regular credit cards, people who are interested in  concierge, shopping, and travel perks, need to meet the following application requirements:

  • Excellent (or Very Good in some cases) credit score required.
  • In most cases, the candidate should be a first-time applicant for the specific card.
  • The candidate should have a clean credit score, meaning no late balance payments.
  • The candidate should have less than five credit cards opened in the last 24 years.
  • The bank determines whether the applicant can pay their monthly fee.

Note that all of the above are general criteria that don’t necessarily apply to all card issuers, and some card issuers may have some additional application requirements. However, the criteria we mentioned above can serve as an orientation.

How to Become Eligible for a Luxury Card?

You might wish to apply for some of Canada’s luxury, high-limit credit cards, but you don’t meet the bank’s eligibility requirements. Let’s talk about what you can do to become creditworthy.

Minimize Debt

To start with, you can try to start tracking your spending. That way, you can eliminate unnecessary expenses and try to save some money.

Next, you can check your bills carefully, pay them in full and on time, and then organize the remainder of your budget.

Moving on, try to reduce the credit cards you have by slowly paying them off and starting with the high-interest debts first. But most importantly, don’t take on any more debt.

Over time, you will be able to slowly but surely minimize your debt and become more creditworthy.

Maximize Income

Here are some ways you can boost your income.

Along with minimizing unnecessary purchases, you can go even further by selling those you’ve already bought. Another thing you could do is ask to work from home to cut off on commuting and food expenses or maybe work out at home to avoid gym costs.

Last and most important, pay off your debt. The less money is instantly set aside for balance payments, the more creditworthy you become.

How to Choose the Best Luxury Card?

Let’s talk about how you can filter out the bad ones and pick the absolute best one to fit your needs.

Annual fee

The annual fee is not equivalent to the benefits and perks the card offers. Some cards entail sky-high annual fees but don’t deliver as many benefits as a less expensive luxury card would. Make sure to compare cards and take the time to thoroughly review the benefits before you decide to buy.

Benefits and Spending Habits

Try to categorize your spending habits. If you consider yourself a frequent traveler, then opt for a card with generous travel benefits. If, on the other hand, you lean more towards shopping, try to find a card with more rewards.

What’s more, benefits directly correlate to the annual fee. The best luxury credit card should bring you great value for money, i.e., a decent amount of benefits for an acceptable amount of money.

Interest

Interest rates are naturally high among luxury cards in general. But if you look hard, you might find a card with 0% interest on purchases, flights, and other things. Don’t forget to review various options.

Minimum Credit Score

Sometimes you might meet all of the criteria except for the credit score, but don’t worry. While most luxury cards require an Excellent credit score, you can find some that will approve your application with a Very Good one. Unfortunately, a lower score would prevent you from obtaining a luxury credit card.

Advantages and Disadvantages of Luxury Credit Cards

Advantages

  • Prestigious concierge servicesluxury cards allow you to experience exclusive services.
  • Bags checked for airlines free of charge – have your bags taken care of for free.
  • Free insurance – have all of your travels completely insured for free
  • Rental cars – bonuses and rewards on rental cars for your travels
  • Trip delay and cancellation reimbursement – allows for more flexibility.
  • Status levels with hotels and airlinesenjoy a prestigious reputation at some of your favourite accommodation venues.

Disadvantages

  • High annual feesthe yearly costs might outweigh the usefulness of the card.
  • Poor value for money – most luxury credit cards stand as status symbols and don’t offer that many benefits

Before We Board First Class

Luxury credit cards are definitely convenient for shopping and travel, but not all of them offer quality benefits. Luckily, our selection has already sorted out the best exclusive credit cards in Canada.

FAQ

How to get a black card?

To get the black American Express Card, you need to meet the eligibility requirements for an official invitation.

Can a Canadian get an American credit card?

Yes, just contact the bank, and you can start the application process in no time.

Do you need a good credit score for the Chase Sapphire Reserve?

Chase does not officially disclose the credit card requirements. However, the card is generally issued to people with Excellent credit score, i.e., at least 750.