The most premium credit cards in Canada carry intimidating annual fees – but they also offer unmatched rewards, insurance, and luxurious perks and benefits. Regardless of whether you shop for work, pleasure, or travel rewards, the best premium credit card in Canada is the American Express Cobalt Card.
Here, you'll find a thorough guide to these cards, including the top options, how they work, and their pros and cons. If you're unsure whether a premium credit card is for you, this guide can help.
Key Takeaways
- The best premium credit card in Canada is the American Express Cobalt Card, followed by the MBNA Rewards World Elite Mastercard.
- Premium credit cards trade high annual fees for equally high rewards, travel insurance, and travel perks.
- Amex credit cards don’t have income requirements but you’ll need at least $50,000 of personal income to qualify for a premium Visa or Mastercard.
- You should only upgrade to a premium credit card once you’ve built an excellent credit score, you can afford the annual fee, and your lifestyle supports plenty of travel.
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The 8 best premium credit cards in Canada for November 2025
There are no cash back or no fee options on this list – the 8 best premium credit cards in Canada are all points-earning rewards credit cards. Pay the annual fee and you’ll receive a card with superior earning power, also known as a return rate.
Rewards earned (in $CAD) / money spent (in $CAD) x 100 = return rate (in %)
A 5% return rate means you get $5 back in rewards for every $100 you spend, but most credit cards average 1 – 2%.
| Category | Credit card | Annual fee | Current offer | Average return rate |
|---|---|---|---|---|
| Best premium credit card in Canada | American Express Cobalt Card | $191.88 |  $100 GeniusCash + Up to 15,000 bonus points (terms) | 4.5% |
| Best for flexible rewards | MBNA Rewards World Elite Mastercard | $120 | $100 GeniusCash + 30,000 bonus points (terms) | 2.86% |
| Best for Aeroplan | American Express Aeroplan Reserve Card | $599 | Up to 85,000 bonus points (terms) | 2.79% |
| Best with no foreign transaction fees | Scotiabank Gold American Express Card | $120 | $100 GeniusCash + Up to 50,000 bonus points, first year free (terms) | 2.45% |
| Best for luxury travel | American Express Platinum Card | $799 | Up to 100,000 bonus points (terms) | 2.45% |
| Best for low interest | Scotiabank American Express Platinum Card | $399 | Up to 60,000 80,000 bonus points (terms) | 2% |
| Best budget card | Scotiabank Passport Visa Infinite Card | $150 | $100 GeniusCash + 35,000 bonus points (terms) | 1.35% |
| Best for business | BMO Ascend World Elite Business Mastercard | $149 | Up to 70,000 100,000 bonus points (terms) | 1.26% |
1. Best premium credit card in Canada
×8 Award winner 
GC: $100
8x Award winner Rewards:
- 5 points per $1 spent on eligible groceries and restaurants (up tp $2,500 spent per month)
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
Average return rate: 4.5%
Most valuable perk: A $100 USD credit and complimentary room upgrade (when available) whenever you stay 2 or more nights at a property in The Hotel Collection (est. value $150 USD)
The American Express Cobalt Card has won most of the awards on our website, including the title of best overall credit card in Canada. We’re adding "best premium card" to the list for the same reason as always: its incredible rewards.
The Cobalt earns more value in more spending categories than any other credit card in the country. Transferring your Amex Membership Rewards points to Air Canada’s Aeroplan Rewards program and redeeming them for a flight yields an average value of 2 cents per point (CPP).
Cost of reward in $CAD / cost of reward in points x 100 = cents per point (CPP)
Charging just $15.99 per month, the Cobalt offers an excellent opportunity to dip your toe into the world of premium credit cards. Your benefits include special dining and shopping offers through Amex Offers, early event ticket sales and reserved seating with Front Of The Line, curated entertainment and retail benefits through Amex Experiences, and car rental and hotel discounts through Amex Travel Online.
Pros:
- 10 types of insurance included
- Amex Experiences, Offers, Front of the Line, and The Hotel Collection benefits
- No income requirements
Cons:
- No airport lounge access included
- Lower acceptance as an American Express
2. Best premium credit card for flexible rewards
×4 Award winner GC: $100
4x Award winner Rewards:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
Average return rate: 2.86%
Most valuable perk: A complimentary DragonPass membership through the Mastercard Travel Pass (est. value $99 USD)
The MBNA Rewards World Elite Mastercard is one of the few flexible rewards credit cards offering valuable non-travel rewards. You can redeem MBNA Rewards points on flights for 1 CPP and a gift card or e-gift card for up to 0.99 CPP.
As a World Elite Mastercard, cardholders are also eligible for a 20% discount at Cirque du Soleil, concierge services, and a Mastercard Travel Pass. Present your credit card at any of the 1,200+ airport lounges in the DragonPass network to purchase entry for just $32 USD.
Pros:
- 12 types of insurance included
- 10% bonus points on your birthday
- 10% off AVIS and Budget car rentals in Canada and the US
- Complimentary DragonPass membership included
- Worldwide acceptance as a Mastercard
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- 24.99% interest rate on cash advances
3. Best premium credit card for Aeroplan
Rewards:
- 3 points per $1 spent on Air Canada
- 2 points per $1 spent on dining and food delivery purchases in Canada
- 1.25 points per $1 spent on all other purchases
Average return rate: 2.79%
Most valuable perk: 1 annual worldwide companion pass (starting at $99) after spending $25,000 (est. value $450 CAD)
If you’re a frequent flyer, the American Express Aeroplan Reserve Card is one Aeroplan credit card you can’t ignore. Sign up and you’ll earn a $100 NEXUS credit, more Aeroplan points than any other card, free checked bags on Air Canada flights, and unlimited access to Maple Leaf Lounges for you and 1 guest.
Spend $25,000 or more and you’ll get a worldwide pass for 1 travel buddy starting at $99 – the most valuable credit card perk available in Canada.
If you leave the country, you can always use the included Priority Pass membership to relax at 1,500+ airport lounges around the world for $35 USD before your return flight. With discounted parking and complimentary valet services at Toronto Pearson Airport, you’ll feel like a VIP whenever you use this premium metal card to fly.
Pros:
- $100 NEXUS credit every 4 years
- 15% off parking and Car Care at Toronto Pearson Airport
- 11 types of insurance included
- 1 annual $99+ round-trip companion pass
- 1 night free for every 3 hotel nights booked with Aeroplan points
- Unlimited access to Maple Leaf Lounges for cardholder and 1 guest
- First free checked bag and priority baggage, boarding, and services for the cardholder and up to 8 travelling companions
- Reach Aeroplan Elite Status faster with extra qualifying miles and flights
- Amex Experiences, Offers, Front of the Line, and The Hotel Collection benefits
- Automatic President’s Club status in the AVIS loyalty program
- Complimentary Priority Pass membership
- Premium metal credit card
Cons:
- $199 additional card fee (with Aeroplan Reserve privileges)
- Lower acceptance as an American Express
4. Best premium credit card with no foreign transaction fees
×1 Award winner GC: $100
1x Award winner Rewards:
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
Average return rate: 2.45%
Most valuable perk: Welcome offer of up to 50,000 Scene+ points, extensive insurance package
The Scotiabank Gold American Express Card saves you the standard 2.5% currency exchange rate fee on every foreign purchase, making it a must-have for shopaholics (or anyone who loves to bring home souvenirs). It’s one of the few credit cards without foreign exchange fees and the very best Scene+ credit card in Canada – cardholders can trade 1,000 Scene+ points for a $10 discount on groceries, movie tickets, or travel for a value of 1 CPP.
Pros:
- Only $12,000 personal income requirement
- 24/7 complimentary concierge services
- 12 types of insurance included, including mobile device insurance
- 0% foreign transaction fees
- Amex Experiences, Offers, and Front of the Line benefits
- Discounted Priority Pass membership
Cons:
- Lower acceptance for American Express
5. Best luxury travel premium credit card
Rewards:
- 2 points per $1 spent on restaurants and travel
- 1 point per $1 spent on all other purchases
Average return rate: 2.45%
Most valuable perk: A complimentary daily breakfast for 2, early check-in, in-room Wi-Fi, late check-out, room upgrade, and special benefit at 1,500+ properties in the Fine Hotels + Resorts collection (est. value $600 USD)
The American Express Platinum Card is what most people picture when they think of a premium credit card: sleek, metal, and packed with enough luxury perks to justify its enormous annual fee. It boasts a $200 fine dining credit, a $200 travel credit, and unlimited access for the cardholder and guests to 1,500+ lounges in the Amex Global Lounge Collection.
Although its earning power is average, the Platinum Card is a standout in every other category. Amex has an official website dedicated to helping Platinum cardholders keep track of every perk, travel partner, and exclusive offer available.
Pros:
- $200 annual dining credit
- $200 annual travel credit
- $100 NEXUS credit every 4 years
- 24/7 Platinum Concierge services
- 15% off parking, complimentary valets, and priority security lanes at Toronto Pearson
- 11 types of insurance included, plus access to emergency travel assistance
- American Express Experiences, Offers, Fine Hotels + Resorts, Front of the Line, Global Dining Collection, and Hotel Collection benefits
- Automatic Gold status in the Marriott Bonvoy and Hilton Honors programs
- Preferential pricing and promotions on American Express Travel Online
- Premium metal credit card
Cons:
- $250 additional card fee (for Platinum Cards)
- Lower acceptance as an American Express
6. Best low interest premium credit card
Rewards:
- 2 Scene+ points per $1 spent on all purchases
Average return rate: 2%
Most valuable perk: A complimentary Priority Pass membership and 10 free visits per year (est. value $449 USD)
Like the Platinum Card, the Scotiabank American Express Platinum Card includes a complimentary Priority Pass membership and Amex Offers, Experiences, and Front of the Line. Unlike the Platinum Card, the Scotiabank Amex Platinum doesn’t include unlimited airport lounge access – but it does have Scene+ points, zero foreign transaction fees, and a low interest rate of 9.99%.
Pros:
- Only $12,000 of personal income required
- 12 types of insurance included
- 9.99% purchase interest rate
- 0.00% foreign transaction fee
- American Express Experiences, Offers, and Front of the Line benefits
- Automatic Hertz #1 Club Gold membership
Cons:
- $99 additional card fee
- Lower acceptance as an American Express
7. Best budget premium credit card
GC: $100
Rewards:
- 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit
- 1 Scene+ point per $1 on all other purchases
Average return rate: 1.35%
Most valuable perk: A complimentary DragonPass membership and 6 free visits per year (est. value $291 USD)
If our top card has a fault, it’s that its points are more impressive than its perks. For roughly the same annual fee, you can collect Scene+ points and get 6 complimentary airport lounge passes with the Scotiabank Passport Visa Infinite Card. The Visa Infinite program isn’t too shabby either – look forward to exclusive dining event invitations, complimentary concierge services, and a $25 credit, daily breakfast for 2, and room upgrade courtesy of the Visa Infinite Hotel Collection.
Pros:
- 11 types of insurance, including emergency medical over 65 years of age
- 6 complimentary airport lounge passes per year
- 0.00% foreign exchange fee
- Automatic Avis Preferred Plus membership status
- Complimentary DragonPass membership
- Worldwide acceptance as a Visa
- Visa Infinite benefits
Cons:
- $60,000 personal or $100,000 household income required
- Lower rewards than other Visa Infinite cards
8. Best premium business credit card
Rewards:
- 4 points per $1 on gas, office supplies, and cell phone/internet bills
- 1.5 points per $1 spent on all other purchases
Average return rate: 1.26%
Most valuable perk: A complimentary DragonPass membership and 2 free visits (est. value $163 USD)
The BMO Ascend World Elite Business Mastercard's biggest selling point is its excellent travel insurance portfolio. It features 13 of the 17 types of credit card insurance, including all 3 types of rental car insurance. According to our research, putting a rental car on your card can save you an average of $30 per day on a collision damage waiver.
Pros:
- 13 types of insurance included
- Up to 7 cents off per litre at Shell
- 5 complimentary virtual doctor visits through Maple
- 2 complimentary airport lounge passes per year
- Complimentary DragonPass membership
- Worldwide acceptance as a Mastercard
- World Elite Mastercard benefits
Cons:
- $80,000 personal or $150,000 household income required
- $50 additional card fee
How we get our rankings
To get our Genius Ratings, we evaluate 126 credit card features in 7 major categories (from most to least important):
- Rewards
- Perks
- Insurance
- Fees
- Interest
- Acceptance
- Approval
We weigh every credit card’s rewards, perks, and insurance against its annual fees to see which ones provide the best value. The annual rewards of each card are calculated based on average spending of $2,000 per month.
Learn more about the Genius Rating methodology
Pros and cons of premium credit cards
A premium credit card can be an exciting addition to your wallet, but if you aren’t getting enough value out of its perks or rewards, the lustre will fade quickly. The best cards feature:
- Access to exclusive spaces and events
- Annual rewards for meeting yearly spending thresholds
- Automatic elite status in partner airline or hotel loyalty programs
- Generous lifestyle credits
- High returns between 2 – 4%
- Luxury travel perks
- Valuable travel rewards
- Valuable insurance coverage
But if you’re not careful, the downsides of a premium credit card could turn it into a losing proposition. Even the best cards have:
- Complicated rewards redemption systems
- High annual fees
- High income requirements
- Low value for non-travel rewards
The most challenging aspect of managing a premium credit card is keeping track of perks. Most premium perks favour frequent flyers, high-rollers, and extroverts who love to dine and drink at the most exclusive establishments. If you’re a homebody or a modest spender, you may not get your money’s worth from a premium card.
How premium credit cards work
Like other rewards cards, premium credit cards earn points with every purchase. They’re distinguished from the rest by their high annual fees and high earn rates.
For this list, we looked at every credit card in Canada with an annual fee of $150 or more. Although the fees may sound steep, premium cards justify these costs by including hundreds of dollars' worth of luxury perks and insurance.
We’ve done the math for each card, weighing the annual fee against the value of the rewards and benefits.
What’s the most valuable premium credit card perk?
By far, the most valuable credit card perk available in Canada is an airline companion voucher. It enables you to take a travelling companion with you for a nominal fee, saving you an average of $702.
The next 5 most valuable credit card perks are:
- Free hotel stays ($649)
- Insurance packages ($349)
- Welcome bonuses ($362)
- Airport lounge access ($320)
- Free checked bags and priority airport services ($215)
What’s the most valuable type of credit card insurance?
The most valuable type of credit card insurance available is emergency medical coverage for those over 65. This is a rare type of insurance offered by a few cards that extends insurance coverage to travellers over age 65. It’s worth an estimated $247.
The next 5 most valuable types of credit card insurance are:
- Rental car theft and damage ($140)
- Emergency medical ($128)
- Extended warranty ($81)
- Price protection ($72)
- Mobile device ($63)
What’s the best type of premium credit card?
Visa, Mastercard, and American Express each have a special lineup of premium credit cards to tempt high spenders into signing up. All 3 programs feature:
- 24/7 concierge services
- Airport lounge access
- Access to exclusive cultural, culinary, and sporting events
- Complimentary hotel upgrades and perks
- Discounts and promotional offers through partners
But there are several differences:
| Visa | Mastercard | American Express | |
|---|---|---|---|
| Top-tier credit cards | Visa Infinite Privilege | World Elite Mastercard | American Express Platinum |
| Income requirements | $150,000 personal OR $200,000 household | $80,000 personal OR $150,000 household | None |
| Number of cards available in Canada | 10 | 10 | 3 |
| Airport lounge access program | Visa Airport Companion | Mastercard Travel Pass | Amex Global Lounge Collection |
| Airport lounge networks included | * Plaza Premium * DragonPass | * Plaza Premium * DragonPass | * Plaza Premium * DragonPass * Priority Pass * Amex Global Lounge Collection |
| Perk programs | * Troon Rewards Platinum Status * Visa Infinite Complimentary Concierge * Visa Infinite Luxury Hotel Collection * Visa RSVP Rewards Benefit | * Mastercard Priceless Cities * Mastercard World Elite Concierge Service * Mastercard World Experiences | * American Express Experiences * Amex Offers * Fine Resorts + Hotels * Front of the Line * The Hotel Collection |
| Most unique perk | Tastings at 60+ wineries through the Visa Infinite Wine & Country Program | Free Mastercard Travel Pass membership | Credits, daily breakfast for two, early check-ins, and late check-outs through the Fine Resorts + Hotels collection |
We wanted to find out what real Canadians had to say about premium credit cards, so we checked out Reddit. Amex cards seem to be the favourites:
That said, another Redditor pointed out that the best premium credit card is the one that aligns with your spending habits and redemption preferences.
Should you get a premium credit card?
You may want to get a premium card if you enjoy:
- Cultural, entertainment, and sporting events
- Fine dining and culinary events
- Frequent stays at luxury hotels
- Frequent travel
- Golfing, adventure tourism, amusement parks, and other paid leisure activities
It’s cheaper to pay a single annual fee than to pay à la carte for airport lounge access, travel insurance, or enough hotel stays to qualify for advanced membership status. But you shouldn’t spring for a premium card if you can’t afford the annual fee or you’re still building your credit score.
Plus, premium credit cards often come with high earn rates on everyday spending. So if your goal is to maximize cash back or rewards on groceries, transit, bills, and other daily essentials, they’re definitely worth considering.
FAQ
What is the most prestigious credit card?
The American Express Centurion card, commonly known as the Amex Black Card, is the most prestigious credit card available in Canada. This card is invitation-only and reportedly has a signup fee of $10,000 plus a $5,000 annual fee.
What is considered a premium credit card?
Premium credit cards are rewards credit cards with an annual fee of $150 or more. They typically have higher income or credit score requirements, but offer more rewards and benefits, like insurance packages and airport lounge access.
Are premium credit cards worth it?
Premium credit cards are worth the annual fee if you can take full advantage of their perks, which tend to include airport lounge memberships, dining credits, free hotel stays and upgrades, travel credits, and travel insurance.
What are the disadvantages of a premium credit card?
The primary disadvantages of a premium credit card are its high annual fee and high income requirements. Still, these are typically offset by the valuable perks that come with the card, like extensive insurance packages.
Why do people get premium credit cards?
These cards provide maximal rewards on your most common spending categories. Especially if you travel frequently, enjoy extra travel conveniences like airport lounges and priority boarding, or stay at fine hotels, a premium card can be an excellent choice.
creditcardGenius is the only tool that compares 126+ features of 227 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 227 cards is for you.
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