Metal credit cards
Make a statement when you make purchases with one of these metal credit cards – if you don't mind paying a high annual fee.
Do you have a big investment portfolio, a million dollar annual income or a huge net worth? That’s what it usually takes to get a metal credit card in Canada. Aside from being a head-turner when you use it, these cards often come with generous rewards and travel perks — not to mention prestige and luxury. However, American Express has recently revamped one of its charge cards and it’s now available in metal. Koho has also already released a metal card to be used with any of its accounts.
Compare metal credit cards
What is a metal credit card?
Metal credit cards are credit cards that are literally made from metal and usually offer accelerated rewards on travel and experiences, as well as access to prestigious banking benefits. While our neighbours to the south have metal credit cards that come with no annual fees, there are currently only four offered in Canada, and most of them come with pretty unattainable eligibility requirements for the average person – with the exception of two: The Platinum Card from American Express and the limited edition Koho Metal Card.
Metal credit cards
Quick look at the top metal credit cards
How to get a metal credit card
It seems like in Canada only the privileged and high net-worth individuals can currently afford to get a metal card – or those who don’t mind paying an annual fee of $700. This has started to change though, as countries such as the US offer metal credit cards with no annual fees and basic eligibility requirements. When it comes to the Amex Platinum Card, you’ll need a good to excellent credit score and an ability to pay off your balance in full each month – not to mention a desire to pay $700 annually for the card. For the more prestigious metal credit cards offered in Canada, you’ll need to have investments over $1 million, a massively high net worth and you’ll likely need to be a big spender.
How to turn your plastic credit card into metalIf you can’t get a metal card or if you’re in love with your plastic credit card’s features but you wish it was made out of metal, there are services that can turn your plastic card into metal. You can also choose your own design or etch a logo of your choice.
However, these services typically cost $150 or more, not to mention you may have to give your card information to a third party. In addition, many users have had issues at the ATM or using the tap & go feature. Given the drawbacks, it may be better to stick with your plastic card until metal credit cards become easier to obtain in Canada.
How to destroy a metal credit card
If you need to destroy your metal card after you close your account, mailing it back to the bank is the safest way. Cutting it with tin snips or melting it could work, but this can take a lot of time and effort.
If you’re getting a replacement card, some banks will send you a return envelope for your old card. If they don’t, call your bank and ask how to return your card.
Is a metal credit card worth it?
Metal credit cards gained popularity because they look and feel luxurious. After all, once you put the metal card on the counter it tends to get noticed. However, metal cards are heavier than plastic and they can weigh down your wallet — especially if you have more than one card. Also, depending on which metal is used in their production, they could trigger airport metal detectors.
However, the material of your credit card shouldn’t be your only criteria. If you find that a certain card isn’t a good fit for you, it won’t matter much if it’s metal or plastic.
That said, the most exclusive and prestigious credit cards in Canada are likely the ones listed above – which are all metal.
Metal cards are still generally exclusive to high-income earners, big spenders and investors. Most of these cards offer big rewards on travel and dining, concierge services, airport lounge access and incredibly comprehensive insurance packages, however, there are plenty of other credit cards in Canada that offer similar features with much lower annual fees –not to mention the eligibility criteria for these cards are actually attainable for the average person.
If you’re scratching your head in disbelief at the eligibility criteria for most of the above metal credit cards, or you’re not looking to pay a high annual fee for a charge card from Amex, you might want to consider other rewards credit cards.