Platinum, gold and black credit cards are often considered premium options with exclusive benefits. However, this largely depends on the card issuer. Some cards carry the premium name while having a limited range of special perks and benefits.
On the other hand, American Express and other providers like Mastercard have designed specific cards for individuals who are large spenders. These cards have high annual fees and interest rates and are a step up from standard offers. They offer features such as higher credit limits, more reward points and a wide range of complimentary extras.
In the guide below, we’ll walk you through the benefits and costs of these 3 premium choices and show you some of the top options available on the Canadian market today.
How we chose the top credit cards
We’ve chosen the cards on this page based on the providers available through Finder. These cards are not representative of the entire market. Our top platinum, gold and black cards offer high value in the form of rewards points, cash back, signup bonuses, balance transfer offers, earnings flexibility and exclusive perks like travel discounts and complimentary insurance. We’ve also considered annual fees and balance transfer fees.
No single everyday credit card will be the best choice for everyone, so compare your options before picking your new card.
The Platinum Card from American Express is an engraved metal charge card with a hefty annual fee of $799 – but the benefits can far outweigh the costs. Note that this is a charge card, not a regular credit card, so you must pay off the balance in full every month or a 30% interest rate will apply.Access a $200 Annual Travel Credit through American Express Travel Online or through Platinum Card Travel Service. Plus, enjoy complimentary access to airport lounges worldwide. In addition, enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants and unlock $200 or more in additional value with Member extras.
Signup bonus. Earn up to 100,000 Membership Rewards points. Earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your card in the first 3 months. Plus, earn 30,000 points when you make a purchase between 14 and 17 months of cardmembership.
Rewards points. Earn 2 points for every $1 spent on eligible dining and food delivery in Canada, 2 points for every $1 spent on eligible travel, and 1 point for every $1 spent elsewhere.
Travel insurance. Get Travel Accident Insurance, Travel Emergency Assistance and Emergency Medical Insurance, Trip Cancellation and Interruption coverage, Lost and Stolen Baggage Insurance, Flight and Baggage Delay Insurance, Car Rental Theft and Damage coverage and Hotel/Motel Burglary Insurance. You also get access to complimentary concierge services.
No late payment fee. A $0 fee applies to late payments (however, a penalty interest rate may apply).
Metal Card. This premium credit card comes in precision-cut, engraved metal, which makes it incredibly durable.
Take your AIR MILES rewards to the next level with the American Express AIR MILES Platinum Credit Card. Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Referring a friend or family member gets you rewards too. Pay 20.99% APR on regular purchases and 21.99% APR on cash advances. Besides a suite of travel benefits and perks, you could also be eligible for an attractive signup offer. N/A
Signup bonus. N/A
Earn AIR MILES. Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Purchase protection. Eligible items purchased with your card are automatically covered against theft or accidental physical damage for up to $1,000 per claim for 90 days from the date of purchase. Additionally, the original manufacturer's warranty for eligible items is extended for up to one additional year.
No late payment fees. Pay $0 when you miss a payment deadline (note that a penalty interest rate of 23.99% - 26.99% Variable will apply to missed payments).
No fee for additional cardholders. Add up to 9 more cardholders for $0.
Travel Accident Insurance. Enjoy peace of mind while you're travelling with up to $100,000 Travel Accident Insurance. Coverage applies to the cardholder as well as his/her spouse and dependent children under 23 years old.
Car rental perks. Complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000)
Purchase Protection Plan and Buyer’s Assurance Protection Plan. Eligible items purchased with your card are automatically covered against theft or accidental physical damage for up to $1,000 per claim for 90 days from the date of purchase. Additionally, the original manufacturer's warranty for eligible items is extended for up to one additional year.
American Express rewards. Receive early access to tickets for shows, concerts and live events, plus get invites to exclusive events and discounts.
Annual fee. This card has an annual fee of $120.
Purchase protection limit. You only get up to $1,000 coverage per purchase protection claim.
Limited travel benefits. This card comes with a limited range of travel perks compared to other travel miles cards on the market. Benefits NOT included range from Emergency Travel Medical Insurance and Flight Delay Insurance to rental car discounts and concierge services.
Top gold cards
Black credit cards in Canada
A black credit card is a super-premium, top-tier credit card that offers more benefits than gold or platinum credit cards. The use of the term “black” for this type of credit card refers to the level of the account and is considered the best you can get.
You have to be invited by the provider to apply for most of these cards, and there are high minimum income and spending requirements. Some cards even require you to invest as much as $1 million with the provider. Learn more about black credit cards in Canada in our detailed guide.
We’ve lined up some of the best alternatives to black credit cards below. These cards are easier to qualify for and have lower annual fees ranging from $120-$899. However, you’ll still get to enjoy great benefits.
The American Express Cobalt Card boasts a wide suite of benefits and a powerful rewards program that lets you redeem points for travel, merchandise, Amazon.ca purchases, gift cards and statement credit. Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery (spend cap applies), 3x the points on eligible streaming subscriptions in Canada, 2x points on eligible ride shares, transit & gas in Canada, 1 additional point on eligible hotel and car rental bookings via American Express Travel Online, and 1x point for every $1 in purchases everywhere else.
Enjoy complimentary travel insurance, car rental benefits, protection on your purchases and a generous signup bonus. Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
Earn points on all purchases. Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery (spend cap applies), 3x the points on eligible streaming subscriptions in Canada, 2x points on eligible ride shares, transit & gas in Canada, 1 additional point on eligible hotel and car rental bookings via American Express Travel Online, and 1x point for every $1 in purchases everywhere else.
Welcome bonus. Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
Free additional cards. Add up to 9 additional cardholders to the account, and enjoy a $0 annual fee per additional card.
Travel insurance. Get up to $5,000,000 in emergency medical coverage plus coverage for travel accidents, lost or stolen baggage, car rental theft and damage, flight delays and hotel/motel burglary.
Car rental insurance. Get complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000). Terms apply.
Purchase Protection and Buyer’s Assurance Protection. Enjoy peace of mind with complimentary protection against fraudulent charges to your card. Additionally, items charged to your card will be covered against theft and accidental physical damage, plus the original manufacturer's warranty will be extended by up to one additional year. Terms and conditions apply.
Hotel perks and special access to event tickets. Stay two or more consecutive nights at participating properties and receive up to $100 USD in a hotel credit to use on amenities like dining, spa or other leisure facilities charged to your room, and get a one-category room upgrade at check-in (when available). Plus, get deals on select hotel and car rental bookings, and offers that earn you statement credits on your eligible purchases. You'll also get access to American Express® Experiences, which gives you exclusive offers and perks for events, activities and concerts.
Monthly annual fee. You’ll pay a monthly fee of $12.99 for this card, which is $155.88 annually.
Foreign transaction fee. You’ll pay a foreign transaction fee of 2.5% on all overseas purchases.
If you’re looking for a card that lets you earn travel rewards, the American Express AIR MILES Reserve Credit Card could be for you. The $299 annual fee can be more than offset by its complimentary flight offer and accelerated AIR MILES earn rates. Earn 1 AIR MILE for every $10 spent on purchases at eligible stand-alone grocery stores, gas stations and drugs stores in Canada, as well as eligible AIR MILES partners, and earn 1 AIR MILE for every $15 spent on all other eligible purchases elsewhere.
Signup bonus. Get a welcome bonus of 2,400 Bonus Miles when you charge $3,000 in purchases to your card within the first 3 months. That's enough for two select flights.
Earn Air Miles. Earn 1 AIR MILE for every $10 spent on purchases at eligible stand-alone grocery stores, gas stations and drugs stores in Canada, as well as eligible AIR MILES partners, and earn 1 AIR MILE for every $15 spent on all other eligible purchases elsewhere.
Annual companion flight. The American Express AIR MILES Reserve Credit Card is the only AIR MILES Credit Card that provides these exclusive benefits: AIR MILES FlexFly Redemptions, the Companion Flight Benefit, the choice to redeem Miles for flight taxes and fees, and waived AIR MILES flight administration fee.
Travel insurance. Get $100,000 Travel Accident Insurance, Emergency Medical Insurance, Car Rental Theft and Damage Insurance, access to Flight and Baggage Delay Insurance, Lost and Stolen Baggage Insurance and Hotel/Motel Burglary Assistance.
Car rental insurance. Get complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000)
Annual fee. This card has an annual fee of $299.
Foreign transaction fee. You’ll pay a foreign transaction fee of 2.5% on all overseas purchases.
Missed payments. Any missed payments will incur increased purchase and cash advance transaction interest rates.
What to consider before applying for a platinum, gold or black credit card
The benefits of a platinum, gold or black credit card are only worth it if they offer more value than the costs that come from any interest charges or annual fees. Consider the following questions to help you find options that work for you.
How much do you spend on your credit card? If you’re considering a rewards option, you should make sure the value of the points you earn outweighs the cost of the annual fee.
How many premium card features will you actually use? Be realistic about which benefits you’ll use so you can find a card that provides value based on your spending habits and circumstances.
Do you carry a credit card balance? You could end up paying hundreds of dollars in interest and fees every year if you carry a balance using a gold, platinum or black card as most have high standard interest rates. You might want to consider a low interest rate option instead.
Do you have an excellent credit history and credit score? These credit cards all require good to excellent credit history. If you have black marks on your credit file, such as late payments or defaults, you may not be eligible to apply for a gold, platinum or black credit card.
Compare platinum, gold and black credit cards
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Bottom line
If you have an excellent credit score, high income and you intend to use the additional perks, platinum, gold or black cards can be a solid option.
However, if you think the annual fee is too high or if you have other options in mind, compare other credit cards to find something that’s right for you.
Frequently asked questions
Generally, you’ll need a good to excellent credit history. However, there are cards available for applicants who have a fair to good credit history. For instance, the Scotiabank Gold American Express Card has a 700. The American Express Cobalt Card accepts applicants with the following credit scores: 700.
When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week. If you’re approved, your card should arrive within 5-10 business days.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio
Kliment Dukovski was a personal finance writer at Finder, specializing in investments and cryptocurrency. He's written more than 700 articles to help readers compare the best trading platforms, understand complex investment terms and find the best credit cards for their needs. His expert commentary has been featured in such digital publications as Fox Business, MSN Money and MediaFeed. He’s also well-versed in money transfers, home loans and more — breaking down these topics into simple concepts anyone can understand. In another life, Kliment ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies. See full bio
Kliment's expertise
Kliment has written 33 Finder guides across topics including:
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