Retirement is an amazing feeling, and one of the things you should be enjoying (other than not having to work late into the night updating articles like this one for no reason) is the perks of a premium credit card.
If you travel (which you'll have more time to do), getting free lounge access and checked bags is a far cry from cramming yourself into economy with one carry-on when you were working hard to make ends meet.
But when you retire, what if you don't meet the credit card income requirements (as high as $80,000 personal or $150,000 household)?
Luckily, there are some workarounds. Here's our full guide on how seniors can get a premium credit card without the hassle.
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Summary of credit cards that offer emergency medical coverage over 65
| Credit Card | Length Of Medical Coverage Over 65 | Also Provides Coverage Over 75 | Annual Fee, Income Requirement | Apply Now |
|---|---|---|---|---|
| Scotiabank American Express | 3 days (terms) | Yes | * No annual fee * 12K personal income requirement |
Apply Now |
| Scotiabank Gold American Express | 3 days (terms) | Yes | * $120 annual fee * 12K personal income requirement |
Apply Now |
| Scotiabank Platinum American Express | 10 days (terms) | Yes | * $399 annual fee * 12K personal income requirement |
Apply Now |
| Scotiabank Passport Visa Infinite | 3 days (terms) | Yes | * $139 annual fee * 60K personal/100K household income requirement |
Apply Now |
| National Bank Platinum Mastercard | 10 days (terms) | No | * $89 annual fee * No income requirement |
Apply Now |
| National Bank World Mastercard | 15 days (terms) | No | * $115 annual fee * 60K personal/100K household income requirement |
Apply Now |
| National Bank World Elite Mastercard | 15 days (terms) | No | * $150 annual fee * 80K personal/150K household income requirement |
Apply Now |
Ways to get a premium credit card
So, how can you go about getting a premium credit card while not meeting high income requirements?
Here are a few ways:
Credit cards with no (or low) income requirements
Obviously, the first thing to do is see which credit cards have low income requirements.
While most premium Visa and Mastercards have income requirements, there are still a few out there that offer great insurance and benefits, without heavy income restrictions.
A great option is the
For an annual fee of $89 and no income requirements, it comes with a great insurance package that includes 10 days of emergency medical coverage for anyone between the ages of 65 – 74.
And you’ll still earn flexible National Bank travel rewards at a rate of 1 point per $1 spent.
And of course, all American Express cards have low income requirements, or even none at all. They issue all kinds of premium credit cards, and all of them have no requirements.
Scotiabank also issues several American Express cards with emergency medical coverage over 65, but they do have low personal income requirements of $12,000. This is still pretty accessible for many low-income Canadians.
The
×3 Award winner 
GC: $100
3x Award winner
$100 GeniusCash + Up to 45,000 bonus points + No foreign exchange fees.*
For a low personal income requirement of $12,000, you’ll earn up to 5 Scene+ points per $1 spent:
- 5 points per $1 on groceries, restaurants, and entertainment,
- 3 points per $1 on gas, transit, and select streaming services, and
- 1 point per $1 on all other purchases.
Plus, it also offers no foreign transaction fees, saving you money while travelling abroad. On top of that, it provides 3 days of emergency medical coverage for anyone over 65.
Or, if you want a no fee option, the
You’ll earn 1 point per $1 spent, and still get access to 3 days of emergency medical insurance for anyone over 65.
But if you prefer more peace of mind, for an annual fee of $399, the
It’s obviously a lot to pay, but don’t let it scare you – it offers a lot in return. You’ll earn up to 4 points per $1 spent on 4 different categories:
- gas,
- groceries,
- dining, and
- entertainment purchases.
And you’ll get 1 point per $1 on everything else you buy.
It also comes with a bevy of perks, including a Priority Pass membership with 10 free passes, Hertz #1 Club Gold membership, and a premium concierge service, to name a few.
Owning large assets
If a lot of your money is tied up in your assets (i.e. a retirement fund), many premium cards will consider you based on that, instead of your income.
One such card is the
×1 Award winner GC: $80
1x Award winner
While it has a personal income requirement of $60,000 (or $100,000 household), you can also qualify if you have a minimum of $250,000 worth of assets.
When it comes to travel insurance, it’s one of our top credit cards. In fact, it also provides the longest duration of emergency medical coverage for anyone over 75 at 10 days.
And it earns up to 2 Scene+ points per $1 spent, and has some other great benefits as well.
Like the
On your travels, this card also gives you a complimentary priority pass membership with 6 free passes, allowing you to relax at the airport before your flight.
Request an upgrade to a premium card through spending
If you have an existing credit card with an issuer, some of them will allow you to upgrade to a premium version if you meet a certain spend threshold in a year.
National Bank is a great example of this.
Let’s take a look at the
While it has a high personal income requirement of $80,000 (or $150,000 household), if you have an existing National Bank credit card (like the ), you can request an upgrade if you spend $25,000 annually on the card (or $2,083 per month).
Alternatively, you can also qualify for this card if you have $400,000 in investable assets.
And with this upgrade, you’ll get even more rewards:
- 1.5 points per $1 on the first $40,000 in annual spend,
- 2 points per $1 on the next $40,000, and
- 1.5 points per $1 after that.
It also provides increased insurance coverage, including up to 15 days of emergency medical coverage between the ages of 65 and 74. In fact, that’s the longest emergency medical coverage of any credit card in Canada for those over 65.
This card also gives you access to the National Bank lounge for you and a guest at Montreal-Trudeau airport (only available to international passengers).
Plus, this card also will refund you up to $250 in travel fees every year:
- $100 for airport parking,
- $100 for baggage fees, and
- $50 for seat selection.
If spending $25,000 a year is a little steep, you can qualify for the
You’ll still get increased rewards compared to the Platinum Version:
- 1.25 points per $1 on the first $20,000 in annual spend,
- 2 points per $1 on the next $10,000, and
- 1.25 points per $1 after that.
This card also has the exact same insurance coverage as the World Elite card, but you lose out on the lounge access and travel fee reimbursements.
Similar to the World Elite, you can also qualify for this card if you have investable assets of $250,000.
Related: 3 National Bank Travel Mastercards Reviewed & Compared
Maintaining a strong banking relationship
The last thing you can do is maintain a strong banking presence with a credit card issuer. Keep an active bank account and credit card with them, and they may invite you to upgrade your card.
Or, you can always call your bank after you have a card with them for a year, and ask to upgrade your card. The worst they can do is say no.
There’s no hard and fast rule on this, but it can be an option to get that credit card you’ve been eyeing .
Wrapping things up
So there you have it. 4 different strategies on getting a premium credit card that gets around various income requirements.
And remember, while this was focused on seniors these strategies can actually work for anyone.
Have you tried any of these strategies before?
How was your experience?
Let us know in the comments below.
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