As a high earner who isn’t quite in the “rich” category yet, finding the right credit card can be crucial for managing expenses and maximizing benefits.
Canada offers a variety of high-income credit cards tailored for those who want to enjoy premium perks without the ultra-wealthy price tag. This guide breaks down the best credit card options for Canadians who are high earners but not yet rich.
What to Look for in a High-Income Credit Card:
When selecting a high-income credit card, several key factors should be considered to ensure that you’re getting the best value for your money. Here’s what to prioritize:
1. Rewards Programs
High earners benefit most from cards that offer robust rewards programs. Whether it’s cashback, travel rewards, or points for everyday purchases, a solid rewards program can significantly offset the card’s annual fee.
2. Annual Fees
Many high-income credit cards have annual fees, which can range from $120 to $599 or more. The fee may seem steep, but the perks—such as travel insurance, concierge services, and airport lounge access—often outweigh the cost.
3. Interest Rates
It’s essential to check the interest rates, especially for those who occasionally carry a balance. High-income cards may have competitive interest rates, but a low rate will help avoid excessive interest charges on outstanding balances.
4. Premium Perks
High-income cards often come with premium perks such as free airport lounge access, exclusive travel deals, and comprehensive travel insurance. These benefits add significant value for frequent travellers and big spenders.
5. Signup Bonuses
Some credit cards offer generous signup bonuses, ranging from extra reward points to travel vouchers or cash rebates. As a high earner, make sure the signup bonus aligns with your spending habits.
Top High-Income Credit Cards for High Earners Not Rich Yet in Canada
American Express Platinum Card
The American Express Platinum Card is one of the top choices for high-income earners in Canada. It offers a range of luxury perks designed for those who love to travel and enjoy exclusive experiences.
Key Features:
- Annual Fee: $699
- Welcome Bonus: Up to 90,000 Membership Rewards points (upon meeting the minimum spend)
- Rewards Program: 3 points per $1 spent on dining, 2 points per $1 on travel, and 1 point per $1 on other purchases
- Premium Perks: Complimentary access to over 1,200 airport lounges worldwide, including Priority Pass lounges
- Insurance Coverage: Comprehensive travel insurance, including emergency medical, trip cancellation, and rental car coverage
- Other Benefits: Dedicated concierge service and hotel status upgrades at select luxury hotels
Scotiabank Gold American Express Card
For high earners seeking a lower annual fee without sacrificing value, the Scotiabank Gold American Express Card offers a perfect balance of rewards and perks.
Key Features:
- Annual Fee: $120
- Welcome Bonus: Earn up to 45,000 bonus points (worth up to $450 in travel)
- Rewards Program: 5 points per $1 spent on groceries, dining, and entertainment; 3 points per $1 on gas, transportation, and select streaming services
- Foreign Transaction Fees: No foreign transaction fees—perfect for frequent international travellers
- Insurance Coverage: Includes travel emergency medical insurance, trip interruption, and travel accident insurance
TD Aeroplan Visa Infinite Privilege Card
The TD Aeroplan Visa Infinite Privilege Card provides significant rewards and travel benefits for those who frequently fly with Air Canada.
Key Features:
- Annual Fee: $599
- Welcome Bonus: Up to 105,000 Aeroplan points (after meeting the spending requirements)
- Rewards Program: Earn 1.25 Aeroplan points for every $1 spent on all purchases, and 1.5 points on Air Canada and Air Canada vacation purchases
- Premium Perks: Complimentary access to Air Canada Maple Leaf Lounges and Priority Airport Services for smoother travel experiences
- Insurance Coverage: Extensive travel insurance, including coverage for medical emergencies, baggage delays, and trip cancellations
BMO Eclipse Visa Infinite Privilege Card
The BMO Eclipse Visa Infinite Privilege Card is another great choice for high earners who value flexibility in rewards and premium benefits.
Key Features:
- Annual Fee: $499
- Welcome Bonus: 90,000 points, worth $450, when you spend the minimum required
- Rewards Program: Earn 5 points for every $1 spent on dining, groceries, and transit, and 1 point per $1 on all other purchases
- Insurance Coverage: Comprehensive travel insurance including trip cancellation, medical, and rental car insurance
- Premium Perks: $200 annual lifestyle credit, free access to select airport lounges, and additional discounts at Fairmont Hotels
CIBC Aventura Visa Infinite Card
The CIBC Aventura Visa Infinite Card is an excellent option for high-income individuals who want a card with more flexibility in redeeming rewards.
Key Features:
- Annual Fee: $139 (waived for the first year)
- Welcome Bonus: Up to 35,000 Aventura points upon signup and reaching the minimum spend
- Rewards Program: 2 points per $1 on travel purchases through the CIBC Rewards Centre, and 1.5 points per $1 on gas, groceries, and daily transit purchases
- Travel Perks: Access to Priority Pass Lounges with 4 annual free visits
- Insurance Coverage: Full travel insurance package, including out-of-province emergency medical coverage and trip cancellation insurance
How to Maximize Your High-Income Credit Card Benefits
1. Use the Card for Everyday Purchases
Make the most of your rewards by using your high-income credit card for daily purchases. Whether it’s groceries, dining, or transportation, putting everyday expenses on your card helps you earn rewards faster.
2. Pay Off Your Balance Every Month
High earners should aim to pay off their balance in full each month to avoid high-interest charges. Carrying a balance can negate the benefits of rewards and bonuses.
3. Take Advantage of Signup Bonuses
If your card offers a welcome bonus, make sure you meet the spending requirements within the required timeframe. These bonuses often offer a significant boost to your points or rewards balance.
4. Leverage Travel Perks
For frequent travellers, the airport lounge access, priority boarding, and travel insurance benefits can offer tremendous value. Always book travel using your credit card to maximize these perks.
Conclusion:
Choosing the right high-income credit card depends on your spending habits, travel preferences, and the types of rewards you value most.
Whether you’re looking for comprehensive travel benefits, luxury experiences, or simple cashback rewards, Canada’s top high-income credit cards offer a wealth of options for high earners who aren’t quite in the “rich” category yet.
By selecting the right card, you can maximize the benefits and make your credit card work for you.
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