Find a luxury credit card that fits your lifestyle

Claim a status symbol while earning rewards and enjoying premium perks.

Updated

Fact checked

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?

What are luxury credit cards?

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.

HSBC World Elite® Mastercard®

HSBC World Elite® Mastercard®

19.9 % APR

Purchase interest rate

Eligibility criteria, terms and conditions, fees and charges apply

HSBC World Elite® Mastercard®

Apply today and earn a signup bonus of up to 60,000 Points – a value of $300 in travel rewards.

  • Purchase interest rate: 19.9%
  • Cash advance rate: 22.9%
  • Annual fee: $149
  • Credit rating: 680+
  • Minimum age: Age of majority in province/territory of residence
Go to site
Promoted

Compare luxury credit cards

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
BMO World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($150 thereafter)
$80,000
Get 3 BMO Rewards points per $1 spent on eligible travel, dining and entertainment purchases (up to $50,000 spend annually), and get 2 BMO Rewards points per $1 spent on all other eligible purchases (and once you reach the $50,000 annual spend).
Earn a bonus of up to 35,000 BMO Rewards points with a minimum spend of $3,000 on eligible purchases in the first three months of card membership ($250 travel value to be used towards a flight booked through bmorewards.com). Plus, get the $150 annual fee waived in the first year.
Shell AIR MILES World Mastercard from BMO
19.99%
22.99%
$99
$60,000
Earn 1.25 AIR MILES reward miles at Shell stations in Canada and 1 mile per $15 spent for all other purchases.
Earn 1.25x Miles on card purchases at participating Shell stations in Canada and 1 mile per $15 spent for all other purchases.
BMO CashBack World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($120 thereafter)
$80,000
Earn 1.5% cash back on all eligible purchases.
Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year.
BMO AIR MILES World Elite Mastercard
19.99%
22.99%
$0 annual fee for the first year ($120 thereafter)
$80,000
Get 1 AIR MILE for every $10 spent on eligible purchases.
Earn a bonus of up to 2,000 AIR MILES. Terms apply. Plus, get the annual fee of $120 waived in the first year.
Business Platinum Card from American Express
N/A
N/A
$499
N/A
Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases
Earn a Welcome Bonus of 35,000 Membership Rewards points when you charge $7,000 in purchases to your card in your first three months of Cardmembership.
Scotiabank Platinum American Express Card
19.99%
22.99%
$399
$12,000
Earn 4 Scotia Rewards points per $1 spent at eligible gas stations, grocery stores, and on dining and entertainment purchases, and earn 1 Scotia Rewards point for every $1 spent elsewhere.
Receive a bonus of 30,000 Scotia Rewards points upon first eligible purchase made within the first two months. Apply by October 31, 2020.
American Express AIR MILES Platinum Credit Card
20.99%
21.99%
$120
N/A
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)
Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months.
The Platinum Card from American Express
N/A
N/A
$699
N/A
Earn 3 Membership Rewards points for every $1 spent on eligible dining in Canada, 2 Membership Rewards points for every $1 spent on eligible travel purchases as well as hotel and car rental bookings made with American Express Travel, and earn 1 Membership Reward point for every $1 spent on all other eligible purchases
As a new Platinum Cardmember, earn 25,000 Welcome Bonus Membership Rewards points when you charge $2,000 in purchases to your card in the first three months of Cardmembership.
loading

Compare up to 4 providers

Are luxury credit cards worth the cost?

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.

How to make a luxury credit card pay off

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 CardAnnual FeeWhat you need to spend to pay for the card
The Platinum Card from American Express$699
  • Earn 3 Membership Rewards points for every $1 spent on eligible dining in Canada, 2 Membership Rewards points for every $1 spent on eligible travel purchases as well as hotel and car rental bookings made with American Express Travel, and earn 1 Membership Reward point for every $1 spent on all other eligible purchases
  • Take advantage of the Fine Hotels & Resorts benefits valued at $550.
  • Regularly take advantage of your airport lounge access.
  • Redeem 2x points you spend on travel.

 

Scotiabank Platinum American Express Card$399
  • Earn 4x points when you spend on gas, groceries, entertainment and dining.
  • Regularly take advantage of your airport lounge access.
  • Take advantage of concierge services.

How do I get a luxury credit card?

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.

Bottom line

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.

Frequently asked questions

Go to site