A couple of years ago, you needed to have a big investment portfolio, a million dollar annual income or a huge net worth to get a metal credit card in Canada. However, American Express has recently revamped one of its charge cards and it’s now available in metal. Koho has also released a metal card that can be used with any of its accounts.
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 a few 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.
Quick look at the top metal credit cards in Canada
The Platinum Card has been revamped from its original plastic version and now comes in metal. It offers more perks than ever, with higher points per dollar spent earn rates and bigger rewards. However, keep in mind this is a charge card and not a regular credit card. This means you must pay off your balance in full each month – or face a 30% APR on any balance not paid in full.
The Platinum Card has an annual fee of $699. 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.
The CIBC Aventura Visa Infinite Privilege is a metal credit card offering from CIBC. This powerful travel companion comes with a welcome offer, an annual travel credit, a competitive points per dollar earn rate, insurance coverage and more. However, it also comes with a hefty annual fee – and to be eligible for the card, you must meet a high minimum annual income.
All Koho accounts come with the option of adding on the 16-gram Koho Metal Card for a one-time fee, which can be greatly reduced by referring two of your friends to Koho.
To order, download the latest version of the Koho app and follow the instructions. These cards are limited edition and once they’re gone, they’re gone.
This is the most prestigious HSBC credit card offered in Canada. In order to get one, you’ll need to have a minimum of $1,000,000 in deposits or investible assets, as well as at least $100,000 in your HSBC account.
The HSBC Jade World Elite Mastercard has a high annual fee, which is waived indefinitely if you’re an HSBC Jade client. It also comes with no foreign transaction fees, an annual travel credit, 31 day travel insurance, concierge services, comprehensive insurance coverage, more points per dollar spent and plenty of other perks and rewards.
To get the RBC Private Banking Visa Infinite Privilege, not only will you need to be a Private Banking client, you’ll also need to have a net worth of $3,000,000 or investments over $1,000,000.
Perks for this metal credit card include earning RBC points , Global Airport Lounge access, concierge services, exclusive dining experiences, comprehensive insurance coverage, 24 hour priority client services and more.
This credit card is so exclusive that it’s strictly by invitation only. It’s rumoured to have an annual fee of US$2,500 and is said to be offered to only the wealthiest American Express Platinum cardholders.
Rumour has it you have to spend at least US$250,000 a year – or likely the Canadian equivalent – on your Platinum Amex before you’ll be eligible to receive your invitation for this metal credit card. This credit card offers points per dollar spent, comprehensive insurance coverage, exclusive travel perks, luxury dining experiences, complimentary concierge services and much more.
How to get a metal credit 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. When it comes to The Platinum Card from American Express, 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 $699 annually for the card.
How to turn your plastic credit card into metal
If 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.
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.
Bottom line
Most metal cards offered in Canada 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, you’re not looking to pay a high annual fee for a charge card from Amex, or you missed out on the Koho metal card, you might want to consider other rewards credit cards.
Frequently asked questions
There’s a variety of materials used in building metal cards, including brass, copper, stainless steel and even gold and palladium. Some cards are made from alloys, and the majority of metal credit cards are coated with plastic.
You’ll likely need an excellent credit score of 800 or higher for the more prestigious metal cards. You may be able to apply for The Platinum Card from American Express with a good to excellent credit score of 650 or higher. Learn more about credit scores in our guide here.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog.
See which credit cards allow you to return eligible items even when the retailer won’t take them back.
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