What is the most prestigious credit card in Canada?

The most prestigious credit cards in Canada offer exclusive rewards such as concierge services, flight upgrades, companion flights and much more. There aren’t as many premium credit cards in Canada as there are in other countries, but there are still several elite cards that offer the status, exclusivity and metallic feel you’re looking for.

What is the most prestigious credit card in Canada? The Amex Black Card

The Centurion Card® from American Express, also known as the Amex Black Card, is generally considered the most prestigious credit card in Canada. It’s issued by invitation only to the wealthiest Amex cardholders.

Features of the Centurion® Card from American Express

• Invitation only.
  You have a higher chance of being invited if you’ve been an Amex cardholder for at least a year and spend and payoff hundreds of thousands of dollars annually (for personal, not business, purchases). You can also request to be considered for an invitation through Amex’s website.
• Initiation fee.
  There’s a one-time initiation fee of $10,000 USD.
• Annual fee.
  You’ll pay $5,000 USD a year to keep the card. You can add up to two additional cardholders, but you’ll have to pay the same annual fee for each card you add.
• Titanium card.
  Crafted from anodized titanium, the card is laser-etched with your account information. Anodized titanium enhances the card’s durability and resistance to wear-and-tear. Each additional card will cost $5,000.
• Charge card.
  This means you’re required to repay your full balance by the due date on each statement. If you don’t, you could be charged a late fee or face account suspension. Amex’s Pay Over Time feature allows you to pay for certain charges over an extended period at a variable interest rate of Prime Rate + 12.74%.
• No spending limit.
  Since it’s a charge card, the Centurion® Card from American Express doesn’t have a set credit limit. Internally, Amex will set a spend ceiling on your account based on factors like your credit history, income and spending habits.
• Travel benefits.
  The card gives you status upgrades in hotel and airline programs, access to premium airport lounges and clubs worldwide, complimentary membership in elite hotel loyalty programs, no foreign transaction fees and more.
• Rental cars and other driving perks.
  Limousines, elite rental benefits and driving experiences are all accessible to Centurion® Card from American Express members.
• Shopping benefits.
  The Centurion® Card from American Express entitles you to exclusive luxury brand offers through the Centurion Shopping Program and access to exclusive events.
• 24/7 concierge.
  Get reservations at some of the world’s top restaurants, arrange your last-minute travel itinerary or find the perfect gift for a loved one.
• Cash advances. You can get a cash advance from the Centurion® Card of up to $10,000, but you’ll be charged an interest rate of Prime Rate + 21.99% on the advance (plus a fee of either $10 or 5% of the cash advance amount, whichever is greater).

Compare the most prestigious credit cards in Canada

A number of premium credit cards in Canada offer high-tier features like concierge services, travel insurance coverage, complimentary companion flights, access to upgrades, experiences, discounts and tickets, shopping protection and much more. Plus, these elite credit cards are easier to get your hands on than the invitation-only Amex Black Card.

The 6 best premium credit cards in Canada

• Best for travel: American Express Cobalt Card
• Best for lifestyle: BMO eclipse Visa Infinite Privilege
• Best for airport lounge access: The Platinum Card from American Express
• Best for no foreign transaction fees: Scotiabank Passport Visa Infinite + Card
• Best for earning cash back: Scotia Momentum Visa Infinite + Card
• Best for signup bonus: RBC Avion Visa Infinite

• How we chose the best premium credit cards in Canada

  We’ve chosen the most prestigious credit cards in Canada based on the providers available through Finder. These cards are not representative of the entire market. Our top premium credit cards generally offer a high value of rewards or cash back, exclusive perks such as discounted luxury accommodation and concierge services, and a signup bonus. We’ve also considered annual fees and balance transfer fees. No single premium card will be the best choice for everyone, so compare your options before picking your new card.

What is the most expensive credit card in Canada?

The most expensive credit card in Canada is the American Express Centurion Card® with an initiation fee of $10,000 and an ongoing annual fee of $5,000. Other than that, the best premium credit cards in Canada typically come with annual fees between $120 and $800.

What’s the most prestigious credit card in the world?

Not just our pick for the most prestigious credit card in Canada, the Centurion® Card from American Express is also our pick for the most prestigious credit card in the world.

The Amex Black Card is generally considered to be the first, and most elite card in existence. It has been available in Canada since 2009 and is named for the centurion head featured in the Manhattan credit card company’s iconic logo. This card is traditionally made of titanium and issued by invitation-only to the wealthiest American Express cardholders.

The AMEX Black Card is so exclusive that much of its qualification requirements aren’t published on the company’s website. Rumour has it that you have to drop hundreds of thousands of dollars annually on personal luxury purchases to receive an invitation.

Check out our list of the top 10 most exclusive credit cards in the world to learn more.

Features of the most prestigious credit cards in Canada

Depending on the credit card, the perks of premium credit cards in Canada may include the following:

• Metal design. One of the most well-known features of the Amex Black Card is that it’s made of titanium. Titanium or metal cards have become a status symbol in recent years and many of the most elite cards in the world offer metal versions. If you’re looking for a metal card but don’t want to wait for an invitation to apply for one of these exclusive cards, the metal The Platinum Card from American Express has less stringent eligibility criteria and can be customized and engraved. To check out more metal cards, read our Metal Credit Cards guide here.
• High spending limit. Since these cards are targeted toward high earners and big spenders, there’s likely going to be an extremely high credit limit. We’re talking tens of thousands of dollars or higher.
• Travel benefits. These elite credit cards are usually excellent travel companions, giving you access to premium airport lounges and clubs worldwide, complimentary companion airline tickets on select airlines, flight upgrades and extensive travel insurance coverage.
• Hotel benefits. Some prestigious credit cards also offer hotel upgrades and complimentary elite status in hotel loyalty programs.
• Rental cars and other driving perks. Limousines and luxury cars may be available for rental with your prestigious card. You can also expect extensive rental car insurance coverage.
• Shopping benefits. You may have access to advance ticket sales to concerts and exclusive events, as well as VIP access to a range of experiences worldwide.
• Concierge and valet services. Many prestigious cards offer concierge services, which includes getting you a table at the most chic, booked-out restaurants, arranging your last-minute travel itinerary or arranging to have your car parked at a busy downtown restaurant.

Downsides of the most prestigious credit cards

• Invitation-only. Some of the most premium and prestigious credit cards are available by invitation only, which usually means you’ll have to spend a large amount of money each year on your current credit card to even be considered.
• Annual fee. This fee varies depending on the specific elite credit card. Expect to pay anywhere from $120 to $800 or more annually.
• Strict eligibility criteria. While the eligibility criteria for the most prestigious credit cards can be ambiguous, the average household income for Centurion® Card from American Express cardholders could be in the millions with an even higher net worth including assets. It has also been rumoured that cardholders must have a five-figure monthly spending bill to get the black card.
• Minimum or maximum spending. To max out your rewards, you may need to spend a sizeable amount. To qualify for a welcome bonus, you may need to rack up a high balance in a limited time. On the other hand, some rewards credit cards limit the points, miles or cash back you can earn.

Eligibility requirements for the most prestigious credit cards in Canada

While it varies between different credit card providers, you can usually expect the following requirements:

• Age. You will need to be at least the age of majority in your province or territory (18 or 19 years old).
• Residency. You’ll need to be a Canadian citizen or a permanent resident with a valid Canadian address.
• Credit score. Meet any minimum credit score requirements, which likely means having a good to excellent credit score of 660 or higher.
• Income. These types of credit cards usually have minimum income requirements. Applicants might need to have an annual salary of at least $80,000.
• Spend requirements. Prestige generally means you’re a big spender, so you may have to meet an annual spending requirement.

How to choose the best premium credit card in Canada

When searching for the most prestigious credit card in Canada that you can potentially qualify for, ask yourself the following four questions:

1. Would you rather earn cash back, points or miles? Compare the value of cash back, points and miles to determine which will give you more bang for your buck. Which type of reward do you use more? If you’re not a big traveller, consider cash back instead of miles.
2. Do you want to earn accelerated points? With expensive credit cards, you might be able to earn rewards points at an accelerated rate. But you could be limited to specific spending categories. Look for a card that offers accelerated rewards in your most active spending categories.
3. Do you want to do a balance transfer? Balance transfer offers vary greatly, from 0% offers to low interest rates, offers lasting for six months and offers lasting up to ten months. Consider how much debt you have and how much you want to transfer.
4. Are you a frequent spender? Some top-tier cards offer sizeable welcome bonuses or luxury perks if you reach a high spending tier, but these may also charge high fees. If you don’t spend frequently, look for a premium credit card that doesn’t require big spending to earn rewards and doesn’t charge hundreds of dollars a year to maintain.
5. Do you want the ultimate credit card? If you’re willing to pay for it, one of the top credit cards on the market is the The Platinum Card from American Express. For an annual fee of $799, this card gives you the ultimate in luxury travel benefits.

Compare some of the most prestigious credit cards in Canada

The cards in this table are based on the providers available through Finder. These cards are not representative of the entire market. No single premium card will be the best choice for everyone, so compare your options before picking your new card.

Are premium credit cards in Canada worth the cost?

Whether a premium credit card is worth its yearly price tag depends on how you plan to use the card. The high costs associated with owning a premium credit card can be a tough pill to swallow, especially since annual fees can be hundreds of dollars. However, these fees can pay for themselves if you take full advantage of the premium perks the card offers.

How to make a premium credit card pay off

Like any credit card, you need to make sure the terms behind the rewards and perks of any of the best premium credit cards are a good fit for your lifestyle and spending habits. In fact, it’s even more important for premium cardholders, who could wind up paying high annual fees.

One of the easiest ways to make your premium credit card worth it is to use your annual credits, miles, points or cash back rewards. Take advantage of any travel insurance, concierge services, car rental insurance, airport lounge access, experiences, financial tools and all other perks your card offers.

Bottom line

The most prestigious credit cards represent much more than just a payment option or a line of credit. Your premium credit card can also be a symbol of status and distinction. However, for this type of prestige, there’s often a hefty price tag in the form of a high annual fee. Learn more about your credit card options in our detailed guide.

Frequently asked questions

• Which material is used to make premium credit cards?

  Most premium credit cards in Canada are made from plastic, but you can find some premium cards that are made out of metal, such as the The Platinum Card from American Express.

• Can you get a premium credit card with bad credit?

  No. Premium credit cards require good to excellent credit scores. If you have bad credit, check out our guide to credit cards for poor credit.

• What is the hardest credit card to get in Canada?

  The hardest credit card to get and the most exclusive credit card in Canada is the Centurion Card® from American Express, otherwise known as the Amex Black Card, which is reportedly reserved for those who spend and pay off hundreds of thousands of dollars a year (the exact threshold is not confirmed) and are willing to pay a one-time initiation fee of $10,000 USD.

• What credit score do I need for a premium credit card?

  Many luxury credit cards in Canada require at least a very good credit score to be approved, which usually means having a high income and a minimum credit score of 725. That said, you may be able to apply for a premium credit card with a good score of around 660 or higher.

• What is the highest credit card score in Canada?

  In Canada, the highest credit score is 900 and the lowest credit score is 300. This is true for scores issued by both of Canada's main credit bureaus, Equifax and TransUnion.

  To qualify for the most prestigious credit cards, you'll likely need a very good (725-759) or excellent (760-900) credit score. It may be possible to get approved for some premium cards with a less-than-excellent credit score if your income and monthly spending are very high.