Find a luxury credit card that fits your lifestyle

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

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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.

Compare two luxury credit cards

American Express AIR MILES Platinum Credit Card

American Express AIR MILES Platinum Credit Card

  • Earn 1 AIR MILES for every $5 you spend at eligible sponsors, stores, drugstores and gas stations (up to $30,000 annually) and 1 Mile for every $10 you spend anywhere else.
  • Receive up to 3,500 bonus AIR MILES. Conditions apply. Welcome offer expires January 20, 2020.
  • Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
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Scotiabank Platinum American Express Card

Scotiabank Platinum American Express Card

  • Earn 4x Scotia Rewards points per $1 spent at grocery stores, gas stations, dining and entertainment purchases.
  • Enjoy complimentary membership to global priority pass airport lounges.
  • Receive 30,000 bonus Scotia Rewards points upon first eligible purchase within the first 2 months. Ends March 1, 2020.
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Compare luxury credit cards

Name Product Reward Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Minimum Credit Limit
Earn 3 BMO Rewards points per $1 spent on dining, travel and entertainment purchases.
19.99%
22.99%
$150
$80,000
Offers 35,000 BMO Rewards bonus points with a minimum spend of $3,000 in the first three months of card membership. Ends January 15, 2020.
Earn 9 TD Points per $1 in travel booked online through Expedia for TD, and 3 points/$1 spent elsewhere.
19.99%
22.99%
$120
$60,000
$5,000
Apply by December 1, 2019 to get an Annual Fee Rebate for the Primary Cardholder for the first year and earn up to 90,000 TD Points (a travel value of $450 when you book travel purchases through ExpediaForTD.com).
Earn 1.5% cash back on all purchases. No cap and no limit.
19.99%
22.99%
$120
$80,000
Get 5% cash back in the first three months of card membership with a first year annual fee waiver. Ends March 31, 2020.
Earn 1 AIR MILES® for every $5 you spend at eligible sponsors, stores, drugstores and gas stations (up to $30,000 annually) and 1 Mile for every $10 you spend anywhere else.
19.99%
22.99%
$120
N/A
Receive up to 3,500 bonus AIR MILES®. Conditions apply. Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Earn 1.25 AIR MILES reward miles at Shell stations in Canada.
19.99%
22.99%
$99
$60,000
Earn 1.25x Miles on card purchases at participating Shell stations in Canada.
Earn 3 Membership Rewards points for every $1 spent on eligible dining, 2 points on eligible travel purchases and 1 point on all other spend
N/A
N/A
$699
N/A
Receive 50,000 bonus Membership Rewards points when you spend $3,000 within the first three months of membership. Experience worldwide lounge access as well as luxury travel and dining benefits.
Earn 4x Scotia Rewards points per $1 spent at grocery stores, gas stations, dining and entertainment purchases.
19.99%
22.99%
$399
$12,000
$10,000
Receive 30,000 bonus Scotia Rewards points upon first eligible purchase within the first two months. Ends March 1, 2020.
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate
N/A
N/A
$499
N/A
Receive 40,000 points when you spend $5,000 within first three months of membership.
Earn 1.25 Aeroplan Miles for every $1 charged on card purchases and 2 miles on eligible Air Canada purchases.
19.99%
22.99%
$899
$60,000
Receive a bonus $200 in annual travel credit to use towards flights, car rentals, hotels and more. Also receive 50,000 bonus Aeroplan Miles after spending $3,000 in the first three months of card membership and earn an additional $200 Air Canada eGift Card after spending a total of $6,000 in purchases within the first 6 months of card membership.
Get 1.5 miles for every $1 spent on eligible grocery, gas, drugstore and Air Canada purchases and 1.25 miles for every $1 spent elsewhere.
19.99%
22.99%
$399
N/A
$10,000
Get up to 60,000 Aeroplan Miles (equivalent to 2 business class short-haul roundtrip flight rewards) Conditions apply. Ends 1 December 2019.

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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, 2 points on eligible travel purchases and 1 point on all other spend
  • 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.
American Express AeroplanPlus Reserve Card$899
  • Make use of the annual $200 travel credit.
  • Annual partner ticket benefit.
  • Regularly take advantage of your airport lounge access.
  • Air Canada complimentary checked baggage.

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

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