The best premium credit card in Canada is the American Express Cobalt® Card, which also happens to be the country's overall best card. For a very reasonable annual fee, it offers plenty of insurance coverage, has a very high earn rate, and comes with many different Amex-related benefits.
This article reviews Canada's top premium credit cards, explores their features and benefits, and offers advice for those deciding whether a premium card is right for them.
Key Takeaways
- The best premium credit card is also the best overall credit card in Canada: the American Express Cobalt Card.
- Premium credit cards trade high annual fees for valuable rewards, extensive insurance, and luxurious travel perks.
- Amex credit cards don’t have income requirements, but you’ll need at least $80,000 of personal income to qualify for a premium Mastercard and more for Visa.
- 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 best premium credit cards in Canada for 2026
There are no cash back or no-fee options on this list – the 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 | Earn Rate | Welcome Bonus | Learn More |
|---|---|---|---|---|---|
| Best for flexible rewards | American Express Cobalt Card | $191.88 | 3.94% | Up to 15,000 bonus points (terms) | Learn more |
| Best for Aeroplan | TD Aeroplan Visa Infinite Privilege Card | $599 | 2.22% | Up to 85,000 bonus points (terms) | Learn more |
| Best for no FX fee | Scotiabank Passport Visa Infinite + Card | $150 | 1.35% |  $50 GeniusCash + 25,000 bonus points (terms) | Learn more |
| Best for luxury travel | The Platinum Card | $799 | 2.14% | Up to 100,000 bonus points (terms) | Learn more |
| Best for low interest | Scotiabank American Express Platinum Card | $399 | 2% | Up to 60,000 100,000 bonus points (terms) | Learn more |
| Best for business | BMO Ascend World Elite Business Mastercard | $149 | 1.26% | Up to 70,000 100,000 bonus points (terms) | Learn more |
Best for flexible rewards: American Express Cobalt Card
Rewards:
- 5 points per $1 spent on eligible groceries and restaurants (up to $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: 3.94%
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 delivers greater value across 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 1.75 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
- Multiple Amex programs and benefits
- No income requirements
Cons:
- No airport lounge access
- Lower acceptance as an American Express
Best for Aeroplan: TD Aeroplan Visa Infinite Privilege Card
Rewards:
- 2 points per $1 spent on Air Canada
- 1.5 points per $1 spent on eligible gas, electric vehicle charging, groceries, travel & transit and dining
- 1.25 points per $1 spent on all other purchases
Average return rate: 2.22%
Most valuable perk: 1 annual companion voucher (starting at $99) after spending $25,000 (est. value $702 CAD)
If you're a frequent flyer, the TD Aeroplan Visa Infinite Privilege Card is one Aeroplan credit card you can't ignore. Sign up, and you'll enjoy a NEXUS fee credit of up to $100 every 4 years, more Aeroplan points than any other card, free checked bags on Air Canada flights, and unlimited access to Maple Leaf Lounges.
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.
Pros:
- 12 types of insurance included
- First free checked bag and priority baggage, boarding, and services for the cardholder and up to 8 travelling companions
- Annual round-trip flight voucher from $99
Cons:
- $199 additional card fee
- Very high annual fee
Best for no FX fee: Scotiabank Passport Visa Infinite + Card
×1 Award winner 
GC: $50
1x Award winner 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: Visa Airport Companion membership with 6 free lounge visits per year (est. value $291 USD)
With the Scotiabank Passport Visa Infinite + Card, the same annual fee lets you collect Scene+ points and get 6 complimentary airport lounge passes. The Visa Infinite program isn't too shabby either – look forward to exclusive dining event invitations, complimentary concierge services, a $25 credit, daily breakfast for 2, and room upgrade courtesy of the Visa Infinite Hotel Collection.
Pros:
- Extensive insurance, including emergency medical for those over age 65
- No foreign exchange fee
- Automatic Avis Preferred Plus membership status
Cons:
- High income requirements
- Lower rewards than other Visa Infinite cards
Best for luxury travel: The Platinum Card
Rewards:
- 2 points per $1 spent on restaurants and travel
- 1 point per $1 spent on all other purchases
Average return rate: 2.14%
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 Platinum Card is what most people picture when they think of a premium credit card: sleek, fine metal, and packed with enough luxury perks to justify its enormous annual fee. It boasts a $200 annual dining credit, a $200 travel credit, and unlimited access for the cardholder and guests to 1,500+ lounges in the Amex Global Lounge Collection.
With an average rate of 2.14%, its earning power is average, but The Platinum Card is a standout in every other category.
Pros:
- $100 NEXUS credit every 4 years
- 11 types of insurance included
- Multiple Amex programs and benefits
Cons:
- $250 additional card fee
- Very high annual fee
Best for low interest: Scotiabank American Express Platinum 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 Amex Platinum, the Scotiabank American Express Platinum Card includes a complimentary Priority Pass membership, Amex Offers, Amex Experiences, and Front Of The Line. While it doesn't include unlimited airport lounge access, it does collect Scene+ points, charges zero foreign transaction fees, and has a surprisingly low interest rate of 9.99%.
Pros:
- 12 types of insurance included
- Low interest rates
- Multiple Amex programs and benefits
Cons:
- High additional card fee
- Lower acceptance as an American Express
Best for business: BMO Ascend World Elite Business Mastercard
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 Mastercard Travel Pass membership with 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 11 types of credit card insurance, including all 3 types of rental car insurance. According to our research, charging your rental car to your card can save you an average of $30 per day on a collision damage waiver.
Pros:
- 2 free airport lounge passes via Mastercard Travel Pass
- NEXUS application fee credit up to $200
- Up to 22 additional cards for employees
Cons:
- High income requirements
- $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 for each card are calculated based on an average monthly spend of $3,000.
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 we let the BMO Ascend World Elite Business Mastercard sneak on the list with its $149 fee due to its premium benefits and close-enough cost.)
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 bring a travelling companion 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 ($354)
- 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, and 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 Legend Mastercard | American Express Platinum |
| Income Requirements | * $150,000 personal * $200,000 household | * $80,000 personal * $150,000 household | * N/A * N/A |
| Number of Cards Available in Canada | 11 | 1 | 2 |
| Airport Lounge Program | Visa Airport Companion | Mastercard Travel Pass | Amex Global Lounge Collection |
| Airport Lounge Networks Included | * Plaza Premium * Dragonpass | * Plaza Premium | * 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 World Elite Concierge Service * 10 free Roam Like Home Days * No FX fees * Rogers Beyond the Seat | * American Express Experiences * Amex Offers * Fine Hotels + Resorts * 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 2, early check-ins, and late check-outs through the Fine Hotels + Resorts 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.
FAQ
What's the best premium travel credit card in Canada?
The American Express Cobalt Card is a premium credit card that also made our best travel credit card list. It's hard to top the card's high everyday earn rate, generous insurance benefits, free hotel room upgrades, and Amex benefits like Amex Offers and Amex Experiences.
What is a super premium 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 $10,000 sign-up fee in addition to the $5,000 annual fee.
What are the most exclusive credit cards in Canada?
The Amex Black Card is the most exclusive credit card in Canada, but generally any credit card that's invitation-only is considered exclusive. Premium credit cards with high income requirements are also harder to qualify for – these include World Legend Mastercards and Platinum cards issued by Amex.
Are premium travel cards worth it?
Premium credit cards are generally worth the annual fee if you can take full advantage of their perks. These very valuable benefits usually include airport lounge memberships, dining credits, free hotel stays and upgrades, travel credits, travel insurance, and much more.
creditcardGenius is the only tool that compares 126+ features of 253 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 253 cards is for you.
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