Best platinum credit cards for 2023

If you’re looking for prestige, plenty of perks and a high credit limit, a platinum credit card might check off all your boxes. That said, prestige comes at a price: platinum credit cards typically have high annual fees and strict eligibility requirements – including meeting a high minimum income requirement.

What is a platinum credit card?

A platinum credit card is regarded as a step up from regular and gold credit cards. With a platinum card, you can expect to have a higher credit limit when compared to basic cards, and you can also look forward to a variety of extra benefits.

While it varies between cards, you can usually expect perks like complimentary insurance coverage, rewards programs, personal concierge services, early access to tickets for events and access to airport lounges.

What are the benefits of using a platinum credit card?

While it varies between lenders, you may be able to look forward to the following types of benefits:

• Rewards. Most platinum credit cards come linked to rewards programs – but not all rewards programs are the same. While some cards link to travel rewards programs, others will link to programs that offer limited reward options. Platinum cards, when compared to standard rewards cards, tend to offer better points to dollar earn rates, so you can earn rewards faster.
• Complimentary insurance coverage. When you use your platinum credit card to make purchases, you can make use of complimentary purchase protection and extended warranty insurance. Complimentary international travel insurance, medical coverage, lost and stolen baggage and transit accident insurance may be offered when you use your card to pay for travel.
• Personal concierge services. While not offered with every platinum card, this type of service offers round-the-clock global assistance in matters relating to dining, travel, entertainment and business.
• Platinum perks. Depending on the card you choose, you can get exclusive invitations to a host of entertainment and sporting events and receive early access to ticket sales. You can also expect to make use of an array of discounts and special promotions spread across experiences like travel, shopping and dining.

Compare Gold and Platinum credit cards

Best platinum credit cards

Best platinum credit card for travel: The Platinum Card from American Express

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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.Get access to a $200 CAD Annual Travel Credit to use towards any single travel booking of $200 or more charged to your Platinum Card and made through American Express Travel Online or through Platinum Card Travel Service. Plus, enjoy complimentary access to airport lounges worldwide.

• The perks

  • Signup bonus. Earn up to 80,000 Membership Rewards points after you charge $7,500 in net purchases to your card in your first 3 months.
  • Rewards points. Earn 3 points for every $1 spent on eligible dining and food delivery in Canada, 2 points for every $1 spent on eligible travel, and 1 point for every $1 spent elsewhere.
  • 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.

• What to watch out for

  • Annual fee. The annual fee for this card is $699.
  • Supplementary card fees. Additional Platinum Cards cost $175 annually.
  • Foreign transaction fees. When you spend overseas, you’ll face a foreign transaction fee of 2.5%.

Best platinum card for Air Miles rewards: 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. 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 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. That’s enough to redeem for $200 towards your purchases with AIR MILES Cash.

• The perks

  • Signup bonus. Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. That’s enough to redeem for $200 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.

• What to watch out for

  • 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.

How can I compare platinum credit cards?

When comparing platinum credit cards, pay attention to the following features:

• Annual fee. Just about every platinum credit card charges an ongoing annual fee, with some cards offering annual fee waivers for the first year. Typically, the annual fee of a platinum credit card will vary between $99 to around $350 – but it can be higher.
• Rewards program. Pay attention to how many points you stand to earn per dollar spent. Find out what you can redeem your points for, as some rewards programs allow you to redeem your points for flights, flight upgrades and travel and merchandise vouchers, while some may limit you to merchandise only. Some providers even allow you to use your points as cash back.
• Balance transfer offers. Some platinum credit cards may come with balance transfer offers. These offers give you the ability to transfer your debt onto your new credit card and pay 0% or low interest on the balance for a certain time period.

Compare more platinum credit cards

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Name	Product	Welcome Offer	Rewards	Purchase Interest Rate	Annual Fee		Min. Credit Score	Description
The Platinum Card from American Express The Platinum Card from American Express		80,000 points	Up to 3x points per $1 spent	N/A	$699	Apply now More Info	Min. recommended credit score: 700	Earn up to 80,000 Membership Rewards points - that’s up to $800 towards a weekend away.	Compare	loading Fetching your data...
Business Platinum Card from American Express Business Platinum Card from American Express		90,000 points	1.25 points per $1 spent	20.99%	$499	Apply now More Info	Min. recommended credit score: 700	Earn a Welcome Bonus of 90,000 Membership Rewards points when you spend $10,000 within the first 3 months. That’s $900 in statement credits that can be reinvested in your business.	Compare	loading Fetching your data...
National Bank Platinum Mastercard National Bank Platinum Mastercard		N/A	2 point per $1 spend	20.99%	$70	Apply now More Info	Min. recommended credit score: 660	Earn up to 2 points per dollar spent on grocery and restaurant purchases, 1.5 points per dollar on gas, electric vehicle charging purchases, recurring bill payments and À la carte travel purchases and 1 point per $1.50 spent on other purchases.	Compare	loading Fetching your data...

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Who are platinum credit cards best suited to?

If you want to get a platinum card simply because you feel it’ll add to your social standing, think again. When choosing a credit card, you should ideally take into account your spending habits along with your ability to make repayments.

You can consider getting a platinum credit card if you:

• Plan to pay your account’s closing balance in full each month. Interest on platinum credit cards tends to be on the higher side and carrying a balance from month to month may throw you into a spiral of on-going debt.
• If you will use the rewards points. Spending on a typical platinum card results in the accumulation of rewards points, If you plan on using the points towards flights, merchandise or cash back, a platinum card might work well for you.
• You want a higher credit limit. Platinum credit cards tend to offer much higher credit limits than regular or gold cards.
• You travel frequently. Platinum credit cards tend to offer helpful insurance coverage. If you’re a frequent traveller, a credit card with comprehensive coverage may be the way to go.

Eligibility requirements for platinum credit cards

Qualifying for a platinum credit card requires that you meet high minimum income requirements. Annual income requirements typically sit around $60,000 to $80,000, however, some cards will have a minimum of around $120,000 or higher. Usually, you can combine your household income in order to meet the minimum requirement. In addition, you’ll usually need to meet the following requirements:

• 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 with a valid address.
• Be employed, have a steady income and meet the specified minimum income requirement.
• Meet a minimum credit score requirement.

What are the pros and cons of platinum credit cards?

What to consider before applying for a platinum credit card

The benefits of a platinum 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.

Bottom line

A platinum credit card brings with it a range of benefits, but consider applying for one only if you think you’ll be able to use it in a way that can justify paying its annual fee. There are plenty of credit card options to choose from, so take time to compare as many as you can before deciding which one works best for your spending habits and financial situation.

Platinum credit card FAQs

• Do the reward points I earn through my platinum card expire?

  This will depend on the rewards program you're part of, because while rewards points expire with some programs, they don't with others. Contact the provider to confirm before applying for the card.

• Can I get additional cards linked to my platinum card?

  This will depend on the provider, although most platinum cardholders can apply for additional cards. Whether you have to pay an additional card fee or not will again depend on your card provider.

• Do additional cards earn rewards points?

  If your primary card comes linked to a rewards program, additional cards linked to it should earn rewards points as well.

• When will I know if I'm approved for a platinum credit card?

  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.