Find a luxury credit card that fits your lifestyle
Claim a status symbol while earning rewards and enjoying premium perks.
Flash a luxury card and it can draw the attention of a room. Besides the status, luxury cards can offer first-class travel perks for frequent jet setters along with top-of-the-line reward opportunities. But is the high annual fee worth the price?
Luxury credit cards offer perks above and beyond standard credit cards – but usually at the cost of high annual fees and demanding membership requirements. Benefits range from access to exclusive airport lounges and travel rebates to rewards rates that outpace standard cards.
Whether a luxury credit card is worth its yearly price tag depends on how you will use it. The high costs associated with owning a luxury card can be a tough pill to swallow, especially since annual fees can be hundreds of dollars. However, these fees can pay for themselves in some cases – but only by taking full advantage of the premium perks on offer.
Typical luxury credit card features
Many luxury credit cards share standard features, often with leveled-up benefits:
- Signup bonus. Many luxury cards offer especially large signup bonuses, a perk often tied to the price of a card’s annual fee.
- Rewards structures. Eligible purchases with a luxury credit card can earn as high as 3x the number of rewards points, sometimes more.
- Annual credits. Luxury cards are leaders in the field when it comes to annual credits, typically offering credit each year for travel, hotels and other expenses.
- Travel benefits. Your card might include unlimited complimentary access to airport lounges, car rental insurance and the most comprehensive travel insurance coverage, among other complimentary perks.
- Time-saving features. Concierge services and early access to concert tickets and sports events are just a couple of the time-saving benefits some luxury cards offer.
Like any credit card, you need to make sure the terms behind the rewards of a luxury credit card are a good fit for your lifestyle and spending habits before you apply. In fact, it’s even more important for luxury credit cards when you account for the often high annual fee.
One of the easiest ways you can make your luxury credit card worth it is to make sure you use any annual credits, miles, points or cash back rewards. Other ways to make use of the benefits include taking advantage of any travel insurance, concierge services, car rental insurance, airport lounge access, experiences, financial tools and all other perks your card offers.
A brief luxury credit card comparison
|Credit Card||Annual Fee||What you need to spend to pay for the card|
|The Platinum Card from American Express||$699|
|Scotiabank Platinum American Express Card||$399|
|American Express AeroplanPlus Reserve Card||$899|
Applying for a luxury credit card is the same as applying for any other type of credit card, though you’ll likely face stricter eligibility requirements. You can submit your application online, over the phone or in person at a physical branch. It may also take longer to be approved for a luxury credit card, since most approval processes aren’t automated.
Do I qualify for a luxury card?
While credit card eligibility requirements can vary between providers, you will usually need to:
- Have a history of excellent credit for consideration. This may require a score of 800 or higher, however some cards may accept very good credit scores of 720 or higher.
- Be at least 18 years of age, or the age of majority in your province or territory.
- Be a Canadian citizen or a permanent resident.
- Meet any minimum income requirements. This might be as low as $60,000 and as high as $200,000.
Exceptions to the rule
Some cards take luxury to the next level. Invite-only credit cards not only sport great luxury benefits, but enormous credit limits. One well known example of this is the American Express Centurion card.
With great credit and confidence in your spending habits, the right luxury credit card can offer you benefits that far outpace the hefty annual fee. Take a more in-depth look at these luxury cards to find the one that’s perfect for your spending habits and your personal interests.
For less expensive cards, you can check out more cards with travel rewards.