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Platinum, Gold and Black Credit Cards Comparison

Get exclusive benefits, but watch out for the high annual fees.

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Platinum, gold and black credit cards are often considered premium options with exclusive benefits. However, this largely depends on the card issuer. Some cards, such as the American Express Gold Rewards Card, 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.

Top platinum cards

Best for travel: The Platinum Card from American Express

The Platinum Card from American Express

The Platinum Card from American Express is an engraved metal charge card with a hefty annual fee of $699 – 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.Receive a $200 Annual Travel Credit that can be used towards any single travel booking of $200 or more charged through American Express Travel Online or through the Platinum Card Travel Service. Take advantage of the American Express Global Lounge Collection™ which unlocks access to over 1,200 airport lounges worldwide. This includes The Centurion Lounge network, Plaza Premium Lounges and hundreds of other domestic and international lounges.

Plus, get complimentary hotel benefits averaging US$550 (based on a 2-night stay) including late check-out and daily breakfast for two.

Best for Air Miles rewards: American Express AIR MILES Platinum Credit Card

American Express AIR MILES Platinum Credit Card

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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. Refer a friend and earn a referral bonus of 300 AIR MILES for each approved referral (up to a maximum referral bonus of 4,500 AIR MILES per year). 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. Earn a Welcome Bonus of 3,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. That’s enough to redeem for $310 towards your purchases with AIR MILES®* Cash.

Please note: All information about TD Platinum Travel Visa Card has been collected independently by Finder and this card is not available through this site.

Best for flexible rewards redemption: TD Platinum Travel Visa Card

TD Platinum Travel Visa Card

The TD Platinum Travel Visa Card lets you pay down your balance faster and redeem points for travel perks and merchandise. Earn 5 TD Rewards Points per $1 spent on travel booked online through Expedia for TD, earn 3 TD Rewards Points per $1 spent on eligible grocery purchases and regularly recurring bill payments, and earn 2 TD Rewards Points for every $1 you spend on all other eligible purchases.

You could also get a special bonus for signing up. Earn up to 40,000 TD Rewards Points (a travel value of $200). Plus, get the first year annual fee waived for the Primary and additional cardholders. Conditions Apply. Apply by May 30, 2021.

Top gold cards

Best for everyday spending: Scotiabank Gold American Express Card

Scotiabank Gold American Express Card

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With a fresh new look, the Scotiabank Gold American Express Card is a powerful everyday credit card as well as a strong travel companion. Book flights through Scotiabank's full-service travel agency, enjoy 24/7 concierge service, get access to over 1,200 airport lounges around the world and enjoy exclusive Amex benefits. Enjoy peace of mind with a broad array of travel insurance options including Emergency Medical (up to $1,000,000), Travel Accident, Trip Cancellation and Interruption, Flight Delay, Delayed or Lost Baggage and Rental Car Collision Loss/Damage.

Best for credit users who don’t carry a balance: American Express Gold Rewards Card

American Express Gold Rewards Card

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The American Express Gold Rewards Card lets you earn accelerated travel rewards points that can be used towards flights or transferred to frequent flyer and other loyalty programs. Earn 2 Membership Rewards points for every $1 spent on eligible gas station, grocery store, drug store and travel purchases and on eligible 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 an added bonus, the card comes with a generous incentive for new cardmembers. Earn a Welcome Bonus of 25,000 Membership Rewards points when you spend at least $1,500 on eligible purchases within the first three months Card members also get access to a suite of travel benefits including insurance coverage. However, take note that this is a charge card, not a regular credit card, which means that you must pay off your balance fully each month or a penalty interest rate of 30% will be applied.

Best for earning rewards points and cash back: ScotiaGold Passport Visa Card

ScotiaGold Passport Visa Card

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The ScotiaGold Passport Visa Card lets you earn cash back and rewards points on your purchases. Earn 1 Scotia Reward point for every $1 spent on eligible purchases. Plus, book your travel through the Scotia Rewards Travel Service and earn 5% cash back on the cost of your trip.

Enjoy peace of mind with complimentary travel insurance. Get up to $1,000,000 Travel Emergency Medical Insurance plus coverage for hotel/motel burglaries (within Canada and the US), travel accidents and delayed or lost baggage. Additionally, new cardholders can enjoy a special offer. Receive 5,000 bonus Scotia Rewards points when you make your first eligible purchase. Eligible purchase must be posted to your account within 2 months of account opening. Apply by February 28, 2021.

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.

Best for earning rewards: American Express Cobalt Card

American Express Cobalt Card

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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 5 Membership Rewards points per $1 spent at eligible grocery stores, restaurants, bars, cafés and food delivery services. Earn 2 Membership Rewards points per $1 spent at eligible gas stations, and on transit and travel purchases. Earn 1 Membership Rewards point per $1 spent elsewhere. Terms apply.

Enjoy complimentary travel insurance, car rental benefits, protection on your purchases and a generous signup bonus. Earn up to 45,000 bonus Membership Rewards points. In your first year as a new Cobalt Cardmember, earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 on your card (for a total of 30,000 points in a year). Plus, earn a Welcome Bonus of 15,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership. Apply by May 5, 2021.

Best for Air Miles perks: American Express AIR MILES Reserve Credit Card

American Express AIR MILES Reserve Credit Card

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

Best for earning Aeroplan Miles: TD Aeroplan Visa Infinite Card

TD Aeroplan Visa Infinite Card

The TD Aeroplan Visa Infinite Card is great if you’re an Aeroplan member and fly frequently with Air Canada. Earn 1.5 points for every $1 you spend on gas, groceries and Air Canada purchases, as well as 1 point on everything else. T&C's apply.

This card also comes with an attractive signup bonus for new cardholders. Earn 20,000 Aeroplan points and get a Bonus Buddy Pass. Conditions Apply. Apply by May 30, 2021.

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 often do you use your credit card? These cards have high annual fees and are meant for big spenders. If that’s not you, a no-annual-fee card could be a better choice.
  • 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

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Benefits with this card Description
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 3,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months.
American Express Gold Rewards Card
30% annual interest rate applies to balances not paid in full each month
N/A
$150
N/A
Earn 2 Membership Rewards points for every $1 spent on eligible gas station, grocery store, drug store and travel purchases and on eligible 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
Earn a Welcome Bonus of 25,000 Membership Rewards points when you spend at least $1,500 on eligible purchases within the first three months
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 50,000 Membership Rewards points when you charge $7,000 in purchases to your Card in your first three months of Cardmembership.
American Express Business Gold Rewards Card
N/A
N/A
$250
N/A
Earn 2 Membership Rewards points for every $1 spent on eligible purchases at select American Express merchant suppliers in Canada (choose 3 suppliers), and earn 1 Membership Reward point for every $1 spent on eligible purchases elsewhere
Earn a Welcome Bonus of 30,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months
American Express AIR MILES Gold Business Card
19.99%
21.99%
$0
N/A
Earn 1 AIR MILE for every $15 spent on eligible purchases at AIR MILES Sponsors, and earn 1 AIR MILE for every $20 spent on eligible purchases elsewhere
Earn a Welcome Bonus of 150 AIR MILES when you spend at least $1,000 in eligible purchases within the first three months
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 February 28, 2021.
Scotiabank Gold American Express Card
19.99%
22.99%
$120
$12,000
Earn 5 Scotia Rewards points per $1 spent on eligible grocery, dining and entertainment purchases, 3 points per $1 spent on eligible gas, transportation and select streaming services, and 1 point per $1 spent on eligible purchases elsewhere.
Earn 25,000 bonus Scotia Rewards points when you spend at least $1,000 on eligible purchases in the first 3 months. Apply by February 28, 2021.
ScotiaGold Passport Visa Card
19.99%
22.99%
$110
$12,000
Earn 1 Scotia Reward point for every $1 spent on eligible purchases. Plus, book your travel through the Scotia Rewards Travel Service and earn 5% cash back on the cost of your trip.
Receive 5,000 bonus Scotia Rewards points when you make your first eligible purchase. Eligible purchase must be posted to your account within 2 months of account opening. Apply by February 28, 2021.
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.
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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.

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