Canada’s Best Metal Credit Cards for 2022: Everything You Need to Know
Are you looking for the highest possible credit card rewards and benefits? Look no further than a metal credit card. Except for black credit cards, metal credit cards offer the most exclusive credit card rewards in Canada. You can expect great earning rates, extensive travel benefits, and top-notch welcome bonuses.
You’ll need a high personal income to qualify for a metal credit card and a willingness to spend $500 or more for the annual fee. To help you in your search, I’ve selected six of the best metal credit cards available in Canada today.
American Express Platinum Card
When it comes to metal credit cards in Canada, nothing else measures up to the American Express Platinum Card. Adding to the exclusivity of this card is the fact that it doesn’t come with a preset credit limit. Instead, Amex approves eligible purchases based on the individual cardholder’s credit record, account history, and personal resources.
As a new cardholder, you can expect a generous welcome bonus (currently 90,000 welcome points) and 10X bonus points for eligible travel purchases for the first six months. The standard earn rate is 3X points on eligible dining and food delivery purchases, 2X points on eligible travel purchases, and 1X points on everything else. The card comes with a lofty $699 annual fee and $175 for each additional cardholder.
Card Features
- $699 Annual Fee
- $175 for each Authorized User
- No Pre-set spending limit
- 90,000 Welcome Points (Limited-time, conditional offer)
- 3X points on eligible dining & food delivery purchases
- 10X points on eligible travel purchases (Welcome offer, first 6 months)
- 2X points on eligible travel purchases (standard earn rate)
- 1X points on everything else
- Platinum Concierge Service
- Emergency Medical Insurance
- Trip Cancellation Insurance
- Trip Interruption Insurance
- Flight Delay Insurance
- Baggage Delay Insurance
- Hotel Burglary Insurance
- Lost or Stolen Baggage Insurance
- Travel Accident Insurance
- Car Rental Theft and Damage Insurance
- Travel Emergency Assistance
- No foreign transaction fees
CIBC Aventura Visa Infinite Privilege Card
Like most metal credit cards, the CIBC Aventura Visa Infinite Privilege Card comes with a hefty annual fee. The primary card is $499 and $99 for each additional card. The interest rate is 20.99% for purchases and 22.99% for cash advances. Interestingly, Quebec residents only pay 21.99% for cash advances. New cardholders can enjoy a generous welcome bonus of up to 60,000 Aventura points (up to $1200 of travel) in the first year. A Priority Pass membership and six airport lounge visits per year are standard, as is the $200 annual travel credit.
Card Features
- $499 annual fee
- Welcome bonus of up to 60,000 Aventura points (up to $1200 value)
- $99 for each additional card
- Minimum annual income requirement of $150,000 personal/$200,000 household
- 20.99% purchase interest rate
- 22.99% cash advance interest rate (21.99% for Quebec residents)
- Priority Pass membership
- Six complimentary airport lounge passes per year (1,300+ airport lounges)
- 3 points per dollar spent on travel
- 2 points per dollar spent on dining, entertainment, transportation, gas, and groceries
- 1.25 points per dollar spent on all other purchases
- As many as 8 insurance coverages
- Available balance transfers
American Express Aeroplan Reserve
American Express combines the luxurious feel of metal and top-notch travel rewards with their Amex Aeroplan Reserve card. The annual fee of $599 is steep, but what you get in return is a very generous Aeroplan earn rate, and several high-end credit card benefits, such as free checked luggage on Air Canada flights, Priority check-in, boarding, and baggage handling, and unlimited access to Maple Leaf private airport lounges worldwide. As of this writing, you can get up to $2700 or more in value in your first year with the card. As far as Aeroplan points are concerned, the earn rate is 3 points per dollar spent on Air Canada, 2 points per dollar spent at restaurants, and 1.25 points per dollar spent on all other purchases.
Card Features
- $599 annual fee
- 3 points per dollar spent on Air Canada purchases
- 2 points per dollar spent at restaurants
- 1.25 points per dollar spent on all other purchases
- First checked bag free on Air Canada
- Priority check-in, boarding, and baggage handling
- Worldwide Air Canada companion voucher ($25K annual spend)
- Unlimited Maple Leaf airport lounge access
TD Aeroplan Visa Infinite Privilege
Amex isn’t the only credit card company offering top-flite Aeroplan benefits. TD Bank has a suite of Aeroplan credit cards, including their top-of-the-line metal credit card, the TD Aeroplan Visa Infinite Privilege Card. It’s arguably TD’s most prestigious card, and the benefits cardholders receive are top-notch. An attractive welcome bonus is valued up to $2800 (limited time, conditional offer.)
Like the best metal credit cards from American Express, you get private airport lounge access (Air Canada Maple Leaf lounges.). There are as many as eight different insurance coverages, an annual companion voucher for $99, and TD Auto Club membership is optional. It all adds up to one of the best credit cards in Canada, if you don’t mind shelling $599 for the yearly fee (additional cards are $199).
Card Features
- $599 annual fee
- $199 for each additional card
- Welcome bonus valued at up to $2800 (limited time, conditional offer)
- 2 points per dollar spent on Air Canada
- 1.5 points per dollar spent on eligible gas, groceries, travel, and dining purchases
- 1.25 points per dollar spent on all other purchases
- Maple Leaf Lounge Access
- Annual, round-trip companion pass starting at $99
- Access to priority airport services
- 50% more Aeroplan points and 50% more Stars at participating Starbucks
- Up to 8 travel-related insurance coverages
- Optional TD Auto Club Membership
American Express Gold Rewards Card
The American Express Gold Rewards Card has improved cardholder benefits to include a $100 annual travel credit, four-yearly airport lounge passes through Priority Pass, and trip cancellation insurance. A limited-time welcome bonus lets you earn 40,000 points when you charge $3000 in purchases to your card in the first three months (a $400 value).
If you don’t mind springing for the $250 annual fee, you can enjoy 2X points on travel purchases, eligible gas, grocery & drugstore purchases, and 1X points on all other spending.
This metal credit card is made with 13g of stainless steel and is available in gold or rose gold.
Card Features
- $250 annual fee
- 1 free additional card (extra cards are $50)
- 20.99% purchase interest/21.99% cash advances
- $100 annual travel credit
- Priority Pass membership (plus four annual airport lounge passes)
- 2 AMEX points per dollar spent on purchases for grocery, gas, drugstore, and travel
- 1 AMEX point per dollar on all other eligible purchases
- Out of Province/Country Emergency Medical Insurance
- Trip Cancellation Insurance
- Trip Interruption Insurance
- Flight Delay Insurance
- Baggage Delay Insurance
- Hotel Burglary Insurance
- Lost or Stolen Baggage Insurance
- $500,000 Travel Accident Insurance
- Car Rental Theft and Damage Insurance
- Travel Emergency Assistance
- American Express Front Of The Line Benefits
- 13-gram metal credit card is available in gold or rose gold
BMO Eclipse Visa Infinite Privilege
The BMO Eclipse Visa Infinite Privilege Card has an annual fee of $499 and a minimum annual income requirement of $150,000 personal and $200,000 per household. A $200 annual lifestyle credit helps to offset the high annual fee; meanwhile, the credit card benefits are significant. One nice feature of the Eclipse Visa Infinite Privilege is the 5X points earn rate on eligible purchases, including groceries, dining, drugstore, gas, and travel. Like the Amex Gold Rewards Card, a Priority Pass membership is included, but you get six annual airport lounge visits instead of four.
Card Features
- $499 annual fee
- $99 additional card fee
- Minimum income requirement $150,000 personal/$200,000 household
- 5X points for every dollar spent on groceries, dining, drugstore, gas, and travel
- 1 point per dollar on all other purchases
- Priority Pass membership and six airport lounge visits annually
- Visa Infinite Luxury Hotel Collection
- Visa Infinite Concierge access
- Purchase Security Protection
- Extended Warranty Protection
- Mobile Device Insurance
- Several travel insurance coverages
- Visa Zero Liability
Is a Metal Credit Card Worth the Cost?
The most exclusive credit card in Canada is the American Express Centurion Card. But it’s an invite-only credit card that’s only available to a select few, including celebrities and top-level executives. But we mere mortals don’t have to settle for the features and benefits of plastic credit cards. If you have excellent credit and can meet the minimum annual income thresholds, the best metal credit cards offer generous rewards and many extra perks.
But are the high annual fees worth it? Before you apply for a metal credit card, I recommend that you take some time to consider your yearly spending and what features and benefits you will use, such as travel benefits and insurance coverage. If you estimate that you will earn over $1000 in annual rewards benefits, making the jump from a plastic credit card with a lower fee is probably worth it. If not, the metal credit card may weigh down your wallet in more ways than one.
Comments
I get offer regularly for various credit cards. I take a quick look but as soon as I see there an annual fee the offer goes into the bin. I will not subscribe to any credit card that charges a fee.