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.
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.
Signup bonus. 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.
Rewards points. 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
Travel insurance. Get Travel Accident Insurance, Travel Emergency Assistance and Emergency Medical Insurance, Trip Cancellation and Interruption coverage, Lost and Stolen Baggage Insurance, Flight and Baggage Delay Insurance, Car Rental Theft and Damage coverage and Hotel/Motel Burglary Insurance. You also get access to complimentary concierge services.
No late payment fee. A $0 fee applies to late payments (however, a penalty interest rate may apply).
Metal Card. This premium credit card comes in precision-cut, engraved metal, which makes it incredibly durable.
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.
Signup bonus. 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.
Earn AIR MILES. 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)
Purchase protection. Eligible items purchased with your card are automatically covered against theft or accidental physical damage for up to $1,000 per claim for 90 days from the date of purchase. Additionally, the original manufacturer's warranty for eligible items is extended for up to one additional year.
No late payment fees. Pay $0 when you miss a payment deadline (note that a penalty interest rate of 23.99% - 26.99% Variable will apply to missed payments).
No fee for additional cardholders. Add up to 9 more cardholders for $0.
Travel Accident Insurance. Enjoy peace of mind while you're travelling with up to $100,000 Travel Accident Insurance. Coverage applies to the cardholder as well as his/her spouse and dependent children under 23 years old.
Car rental perks. Complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000)
Purchase Protection Plan and Buyer’s Assurance Protection Plan. Eligible items purchased with your card are automatically covered against theft or accidental physical damage for up to $1,000 per claim for 90 days from the date of purchase. Additionally, the original manufacturer's warranty for eligible items is extended for up to one additional year.
American Express rewards. Receive early access to tickets for shows, concerts and live events, plus get invites to exclusive events and discounts.
Annual fee. This card has an annual fee of $120.
Purchase protection limit. You only get up to $1,000 coverage per purchase protection claim.
Limited travel benefits. This card comes with a limited range of travel perks compared to other travel miles cards on the market. Benefits NOT included range from Emergency Travel Medical Insurance and Flight Delay Insurance to rental car discounts and concierge services.
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.
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.
Get TD Rewards Points. 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.
Flexible redemption. TD Rewards Points can be redeemed for travel discounts, gift cards and merchandise and can even be used to reduce your credit card balance. Your TD Rewards Points never expire as long as you're a cardholder.
Welcome bonus. 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.
Travel benefits. Get up to $500,000 Commom Carrier Travel Accident Insurance plus coverage for flight/trip delays and delayed or lost baggage. Receive an annual discount on a Priority Pass membership, so you can access over 1200 VIP airport lounges worldwide. Get help in the event of an travel emergency by calling toll-free Emergency Travel Assistance Services.
Purchase Protection and Extended Warranty coverage. Enjoy complimentary Purchase Security and Extended Warranty Protection for up to 90 days of coverage against theft and damage on most eligible new items purchased with your card (coverage begins on the date of purchase).
Discounted car rentals. Get a rental discount of up to 10% at participating Avis and Budget locations in Canada and the US and 5% discount overseas. Plus, get complimentary Auto Rental Collision/Loss Damage Insurance (MSRP of up to $65,000).
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.
Signup bonus. 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.
Earn rewards points. 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.
No foreign transaction fees. Spend overseas or online with international retailers and avoid any foreign transaction fees.
Travel insurance. 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.
Travel perks. 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.
American Express rewards. Receive early access to tickets for shows, concerts and live events, plus get invites to exclusive events and discounts.
Annual fee. This card has an annual fee of $120.
Signup bonus restrictions. You’ll need to charge at least $1,000 of eligible purchases to your card within the first 3 months as a cardholder to receive bonus points.
Eligibility requirements. You’ll need to earn a minimum income of $12,000 a year.
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.
Signup bonus. 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
Rewards points. 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
Extended warranty and purchase protection. Extend the original manufacturer’s warranty for eligible items that are fully charged to your card. Eligible items will also be insured against physical damage and theft up to $1,000 per claim. Terms and conditions apply.
Travel insurance coverage. Get up to $500,000 Travel Accident Insurance plus Emergency Medical Insurance, Trip Interruption Insurance, Hotel/Motel Burglary coverage, Lost, Stolen and Delayed Baggage coverage, Flight Delay Insurance and Car Rental Theft and Damage Insurance.
Rental car discounts. Earn 2 Membership Rewards points per $1 spent on eligible car rental transactions. Get one car class upgrade and an additional driver fee waiver for Hertz Gold Plus Rewards members at participating Hertz locations. Cardmembers can also enjoy complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000). Terms and conditions apply.
Not a regular credit card. The American Express Gold Rewards Card is a charge card, not a regular credit card. This means you must pay off your balance fully each month or a penalty interest rate of 30% will be applied.
Annual fee. This card has an annual fee of $150.
Foreign transaction fee. This card has a foreign transaction fee of 2.5%. This will apply on any overseas purchases or any purchases made online with an international retailer.
Some travel benefits not included. Unlike a number of other credit cards offering travel benefits, this card does not come with complimentary airport lounge access or free concierge services.
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.
Earn rewards points. 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.
Earn cash back. Earn up to 5% cash back on the cost of your trip when you book your travel through Scotia Rewards Flexible Point Redemption program.
Signup bonus. 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.
Travel benefits. 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. Redeem Scotia Rewards Points for travel anytime with no travel restrictions. Plus, get a competitive rate on your flight with Scotiabank's Best Price Guarantee on airfare.
Includes Purchase Security and Extended Warranty Protection. Enjoy Purchase Security and Extended Warranty Protection on most items purchased with your card. This insures eligible items against theft, loss or damage for 90 days from the date of purchase and doubles the manufacturer’s warranty for up to one year.
Car rental perks. Get up to a 25% discount at participating Budget and AVIS car rental locations in Canada and the US.
Annual fee. The annual fee of the card is $110.
Minimum credit limit. The minimum credit limit is $5,000 which is higher than many other credit cards.
Foreign transaction fee. You’ll pay a foreign transaction fee of 2.5% on all overseas purchases.
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.
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.
Earn points on all purchases. 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.
Welcome 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.
Free additional cards. Add up to 9 additional cardholders to the account, and enjoy a $0 annual fee per additional card.
Travel insurance. Get up to $5,000,000 in emergency medical coverage plus coverage for travel accidents, lost or stolen baggage, car rental theft and damage, flight delays and hotel/motel burglary.
Car rental insurance. Get complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000). Terms apply.
Purchase Protection and Buyer’s Assurance Protection. Enjoy peace of mind with complimentary protection against fraudulent charges to your card. Additionally, items charged to your card will be covered against theft and accidental physical damage, plus the original manufacturer's warranty will be extended by up to one additional year. Terms and conditions apply.
Hotel perks and special access to event tickets. Enjoy advance access to tickets for popular concerts, shows, events and movie screenings through the Front of the Line program by American Express Invites. Plus, get a credit of up to $100 on qualifying hotel amenities such as dining, spa and golf when you book at least 2 consecutive nights at one of 600+ participating hotels and resorts around the world.
Monthly annual fee. You’ll pay a monthly fee of $10 for this card, which is $120 annually.
Foreign transaction fee. You’ll pay a foreign transaction fee of 2.5% on all overseas purchases.
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
Signup bonus. Earn a Welcome Bonus of 2,400 AIR MILES when you spend at least $3,000 in eligible purchases within the first three months
Earn Air Miles. 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
Annual companion flight. Once a year, redeem for any flight reward within the AIR MILES Flight program and receive a Companion Flight (up to a maximum of 1,700 AIR MILES) for your companion to travel with you for the same itinerary. If your flight requires more than 1,700 AIR MILES, you can use MILES from your AIR MILES Dream Balance to pay the additional miles needed to use the Companion Flight Benefit.
Travel insurance. Get $100,000 Travel Accident Insurance, Emergency Medical Insurance, Car Rental Theft and Damage Insurance, access to Flight and Baggage Delay Insurance, Lost and Stolen Baggage Insurance and Hotel/Motel Burglary Assistance.
Car rental insurance. Get complimentary Car Rental Theft and Damage Insurance (MSRP of up to $85,000)
Annual fee. This card has an annual fee of $299.
Foreign transaction fee. You’ll pay a foreign transaction fee of 2.5% on all overseas purchases.
Missed payments. Any missed payments will incur increased purchase and cash advance transaction interest rates.
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.
Signup bonus. Earn 20,000 Aeroplan points and get a Bonus Buddy Pass. Conditions Apply. Apply by May 30, 2021.
Aeroplan Miles for every dollar. 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.
Earn 2X the Aeroplan Miles. Earn 2X the points when you buy at over 150 participating Aeroplan retailers or 100 online retailers through the Aeroplan eStore.
No expiry on points. As long as you’re a cardholder, your Aeroplan Miles won’t expire.
Travel perks. Redeem points for an Aeroplan flight reward with Air Canada to get a complimentary first checked bag, priority check-in, priority boarding and one free annual guest pass to an Air Canada Maple Leaf Lounge for the Primary Cardholder. Get travel-related information and advice with access to free, 24/7 concierge services. Enjoy exclusive hotel benefits and access to top Canadian restaurants and participating wineries. Terms and conditions apply.
Travel insurance coverage. Get up to $1,000,000 Travel Medical Insurance for the first 21 days of your trip or for the first 4 days if you or your spouse are 65+. Plus, get Travel Accident Insurance as well as coverage for trip cancellations and interruptions, delayed or lost baggage and flight delays. Additionally, cardholders can enjoy peace of mind with Emergency Travel Assistance Services.
Car rental perks. Get discounted rates at Avis and Budget car rental services with Auto Rental Collision/Loss Damage Insurance.
Extended Warranty Protection and Purchase Security. Most eligible new items bought with your card are automatically covered for theft or damage for up to 90 days after the purchase date. Plus, the original manufacturer's warranties of eligible items purchased with your card can be extended by up to 12 months.
Annual fee. This card has an annual fee of $139.
Minimum income requirements. You’ll need to earn at least $60,000 annually or have a minimum annual household income of $100,000.
Minimum credit limit. Your credit limit can’t be lower than $5,000 with this card, which could be problematic if you want to restrict your spending to a smaller amount.
Foreign transaction fees. When you spend overseas, you’ll face a foreign transaction fee of 2.5%.
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 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
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.
Frequently asked questions
Generally, you’ll need a good to excellent credit history. However, there are cards available for applicants who have a fair to good credit history. For instance, the Scotiabank Gold American Express Card has a 650+. The ScotiaGold Passport Visa Card also has a 650+. And the American Express Cobalt Card accepts applicants with the following credit scores: Fair+.
When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week. If you’re approved, your card should arrive within 5-10 business days.
Stacie Hurst is an editor at Finder, specializing in loans, banking products and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, she can usually be found messing around with games, photography or floral arrangements in memory of her former days as a flower shop assistant.
2M7 provides up to 125% of your average monthly sales in a merchant cash advance that you’ll repay incrementally based on your daily sales transactions.
Canada Drives simplifies the process of buying a car, showing you how much you can borrow along with a list of vehicles you’ve already qualified for based on your approved financing.
Tangerine’s Visa Debit Card comes with unlimited free transactions. It allows users to safely shop online and make purchases while abroad like a credit card wherever Visa is accepted.
Do you need a car loan but you don’t have the best credit? Canada Auto Finance connects you with local dealers to help you secure auto financing at competitive rates to help you buy a car.
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