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What Credit Card Should You Have At Your Income Level?

What credit card should you have at your annual income level?

Hannah Logan

By Hannah Logan

🗓️

Updated: November 13, 2024

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Here are the top credit cards in Canada for low, middle, and high income earners.

When choosing the right credit card, not only do you need to consider the most attractive card features, but you also need to determine if you qualify in the first place. 

Credit card income requirements in Canada are generally broken down into three different annual earning brackets: $0-$59,999, $60,000-$79,999, and $80,000+. The cards with a higher income requirement typically come with more benefits but may also come with a higher annual fee. Here are our top credit card suggestions based on your annual income level. 

  • Why you can trust Money.ca's credit card picks:

    +

    Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours.

    Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Low income

Credit cards for low income in Canada (Less than $59,999)

If you have a low annual income, you can still find plenty of credit cards that come with comprehensive rewards programs and benefits and others just covering the basics. As long as you have a good credit score and meet the income requirement, you’ll likely qualify for one of our suggested best credit cards for low-income earners.

Tangerine Money-Back Credit Card

Apply now

4.0

Good

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The Tangerine Money-Back Credit Card offers unusual flexibility, allowing cardholders to choose 2 merchant categories in which they will receive 2% cash back. The categories you can choose from include groceries, restaurants, gas, drug stores, recurring bill payments, and more. You can earn a third 2% category if you deposit your cash back directly into a Tangerine bank account. All other purchases will earn 0.5% cash back, and there are zero limits, caps, or tiers for this cash back program.

There is no annual fee for the Tangerine Money-Back Credit Card, but you do need an annual income of at least $12,000 to apply. Even though this credit card is classified as a low-income choice, it’s really a great cash back option for any income bracket, given the ability to tailor its money-back rewards.

Learn more by reading our Tangerine Money-Back Credit Card review.  

Eligiblity requirements:

  • Minimum Credit Score: Fair-Good
  • Minimum Income: $12,000  

Disclosures

*Terms and Conditions apply

PC® Mastercard®

Apply now

3.2

10 pts per $1

Welcome offer

Good

Suggested credit score

Earn 10 points per $1 spent at PC grocery stores

Apply now

Pros

  • No annual fee, ideal for budget-conscious shoppers

  • Earn 10 points per $1 spent everywhere

  • Accelerated points at Esso, Shoppers Drug Mart, and PC Travel

  • Points redeemable at over 2,500 stores nationwide

  • Purchase insurance and extended warranties for added protection

Cons

  • Middle-of-the-road rewards compared to other no-fee cards

  • Limited redemption options compared to some competitors

  • Lacks introductory benefits like bonus points

  • Requires spending at specific stores for maximum benefits

  • Point value may seem low initially, despite earning potential

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Pros

  • No annual fee, ideal for budget-conscious shoppers

  • Earn 10 points per $1 spent everywhere

  • Accelerated points at Esso, Shoppers Drug Mart, and PC Travel

  • Points redeemable at over 2,500 stores nationwide

  • Purchase insurance and extended warranties for added protection

Cons

  • Middle-of-the-road rewards compared to other no-fee cards

  • Limited redemption options compared to some competitors

  • Lacks introductory benefits like bonus points

  • Requires spending at specific stores for maximum benefits

  • Point value may seem low initially, despite earning potential

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Earn 10 points per $1 spent everywhere

10 points

Earn 2c per litre in PC Optimum points at Esso and Mobil

2 cents

Earn 30 points per $1 when purchasing travel through President’s Choice

30 points

Earn 25 points per $1 at Shoppers Drug Mart and Pharmaprix

25 points

Purchase APR

21.99%

Balance Transfer Rate

22.97%

Cash Advance APR

22.97%

Annual Fee

$0

  Another great credit card option for those in the low-income category is the PC® Mastercard®. Like the other two cards we’ve highlighted in this income bracket, the PC® Mastercard® has no annual fee and the required annual income is quite low. Despite the minimal application requirements, it’s a great credit card for those who spend a lot on gas. You can earn 30 points per $1 when purchasing travel through President’s Choice, 25 points per $1 at Shoppers Drug Mart and Pharmaprix, 2c per litre in PC Optimum points at Esso and Mobil and 10 points per $1 spent everywhere.  

Learn more by reading our complete PC® Mastercard® review.  

Eligibility requirements: 

  • Minimum Credit Score: Fair-Good  
  • Minimum Income: N/A

Disclosures

  • Sponsored advertising. President’s Choice Financial® Mastercard® is provided by President’s Choice Bank. The PC Optimum™ program is provided by President's Choice Services Inc. President’s Choice Bank is not responsible for the contents of this site, including any editorials or reviews that may appear on this site. For complete information regarding the PC® Mastercard®, PC® World Mastercard®, or PC® World Elite Mastercard®, please click on the “Apply Now” or other applicable button.

MBNA Smart Cash Platinum Plus® Mastercard®

Apply now

2.6

5% cash back

Welcome offer

Good

Suggested credit score

Cash Back†† on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500)

Apply now

Pros

  • Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening

  • No annual fee

  • Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases

  • Car rental discounts

  • MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.

  • Purchase assurance and extended warranty

Cons

  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

Eligibility

Recommended Credit Score

Good

Pros

  • Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening

  • No annual fee

  • Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases

  • Car rental discounts

  • MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.

  • Purchase assurance and extended warranty

Cons

  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

Eligibility

Recommended Credit Score

Good

Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)

2%

Get 0.5% Cash Back‡ for all other eligible purchases

0.5%

Purchase APR

19.99%

Balance Transfer Rate

22.99%

Cash Advance APR

24.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The MBNA Smart Cash Platinum Plus® Mastercard® is a great option for those who spend a lot on gas and groceries and prefer a card with no annual fee. It features an impressive welcome offer for new cardholders. After the welcome offer ends, you’ll get 2% back on gas and groceries, up to $500 per month and 0.5% back on all other purchases.  

Though it does have a somewhat confusing stratified earning structure, the MBNA Smart Cash Platinum Plus® Mastercard® offers very respectable cash back rates overall. It also features a few other basic benefits like purchase assurance, extended warranty on purchases and discounts of at least 5% at select car rental companies. Interest rates are 19.99% for purchases;24.99% for cash advances; and 22.99%✪ for balance transfers.

Eligiblity requirements: 

  • Minimum Credit Score: Fair/Good
  • Minimum Income: N/A

Disclosures

  •  ‡, ††, ✪, Terms and Conditions apply. 

    This offer is not available for residents of Quebec. For residents of Quebec, please click here. 

    Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

    The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
Average income

Credit cards for middle annual income earners ($60,000-$79,999)

In terms of credit cards, middle-income earners are generally classified as individuals who make between $60,000- $79,999 annually or who have a combined household income of $100,000 or more. The types of credit cards that fall into this category tend to have more perks and benefits, higher welcome bonuses, and high annual fees. These are our top credit card picks for middle-income earners.

TD® Aeroplan® Visa Infinite* Card

Apply now

4.0

up to 40K pts

Welcome offer

Excellent

Suggested credit score

Earn up to $1,300 in value† including up to 40,000 Aeroplan points† and no Annual Fee for the first year†. Conditions Apply. Account must be approved by January 6, 2025.

Expires

Jan 6, 2025

Apply now

Pros

  • The card has a high earn rate for Aeroplan Points, generating 1.5 points† per $1 spent on eligible purchases.

  • Insurance offered includes coverage in the categories that travellers need, and is generally better than its Aeroplan peers at a similar annual fee level.

Cons

  • No airport lounge membership or free lounge access.

  • Aeroplan points can’t be redeemed for flights outside the Star Alliance network, nor can they be redeemed for cash credit. This makes them less flexible than some competing travel rewards programs.

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • The card has a high earn rate for Aeroplan Points, generating 1.5 points† per $1 spent on eligible purchases.

  • Insurance offered includes coverage in the categories that travellers need, and is generally better than its Aeroplan peers at a similar annual fee level.

Cons

  • No airport lounge membership or free lounge access.

  • Aeroplan points can’t be redeemed for flights outside the Star Alliance network, nor can they be redeemed for cash credit. This makes them less flexible than some competing travel rewards programs.

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)

1.5 points†

Earn 1 point for every $1 you spend on all other purchases

1 point†

Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.

2x

Earn 50% more Aeroplan points at Starbucks when you link your card to your account. Conditions apply.

50%

NEXUS application fee rebate every 48 months†

1

checked bag free for you and up to 8 travel companions†

1st

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Foreign Transaction Fee

2.5%

Cardholders will earn 1.5 Aeroplan points† on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)† and 1 Aeroplan point on all other purchases†. Earn points twice with Aeroplan partner brands and on the Aeroplan eStore.†. Additional benefits and perks include a free first checked bag for cardholders and travel companions (up to eight) travelling together† (when travel originates on an Air Canada flight), Travel Medical Insurance† of up to $2M for the first 21 days (4 days if you or your spouse are 65 and over) with additional top-up coverage available†, Trip Cancellation/Trip Interruption insurance, Flight/Trip Delay Insurance† and a full suite of other great travel insurances and safeguards. If your income level meets the requirements for this card and you’re a frequent Air Canada passenger, this might just be your best companion.

Learn more by reading our complete TD® Aeroplan® Visa Infinite* Card review.

Eligibility requirements: 

  • Credit score required: Good-Excellent
  • Minimum personal income required: $60,000

Disclosures

  • This offer is not available for residents of Quebec. For Quebec residents, please click here.  

    The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button. Sponsored Content.

    †Terms and conditions apply.

American Express Cobalt® Card

Apply now

4.9

up to 15k pts

Welcome offer

Fair

Suggested credit score

Earn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value.

Apply now

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

the points on eligible eats & drinks purchases in Canada

5x

the points on eligible streaming subscriptions in Canada

3x

the points on eligible gas, transit & ride share in Canada

2x

the points on everything else

1x

additional Membership Rewards point for every $1 you charge on eligible hotel or car rental bookings made with American Express Travel

1

Get up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room

$100 USD

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$155.88

Foreign Transaction Fee

2.5%

If you love good food and enjoy dining out, then the American Express Cobalt® Card should be on your radar. The card awards 5x Membership Rewards points per $1 spent on groceries, restaurants, and food delivery. Cardholders will also earn 3x Membership Rewards points per $1 spent on streaming subscriptions; 2x points per $1 spent on eligible travel expenses, ground transit, and gas; and 1x point per $1 spent on everything else. Aside from these strong regular earn rates, the Cobalt® has competitive bonus incentives for new cardholders.

Points can be redeemed for travel, a variety of merchandise, or toward paying off your statement. The American Express Cobalt® Card doesn’t have a minimum income requirement per se, but you do need a good credit score to be approved, and there’s a fee of $155.88 (12.99/month).

  Learn more by reading our complete American Express Cobalt® Card review.

Eligiblity requirements:

  1. 1.

    Minimum Credit Score: Fair-Good

  2. 2.

    Minimum Income: N/A

Disclosures:

  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Scotiabank Momentum® Visa Infinite*

Apply now

5.0

10% back

Welcome offer

Excellent

Suggested credit score

Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards.

Expires

Nov 1, 2025

Apply now

Pros

  • High earn rate on everyday spending categories

  • Comprehensive travel and purchase insurance

  • Visa Infinite perks such as concierge, events, and special offers

  • 25% Car rental discounts at Avis and Budget

  • Mobile device insurance

  • Up to $200 welcome bonus

Cons

  • Income requirements are higher: $60k personal or 100k household

  • Cash back can only be redeemed once a year

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • High earn rate on everyday spending categories

  • Comprehensive travel and purchase insurance

  • Visa Infinite perks such as concierge, events, and special offers

  • 25% Car rental discounts at Avis and Budget

  • Mobile device insurance

  • Up to $200 welcome bonus

Cons

  • Income requirements are higher: $60k personal or 100k household

  • Cash back can only be redeemed once a year

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

For every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases

4%

For every $1 you spend on gas and daily transit purchases

2%

Cash back on all other purchases with no cash back limit

1%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Foreign Transaction Fee

2.5%

Middle-income earners looking for a great cashback card will want to consider the Scotia Momentum® Visa Infinite* card. Earn 4% cash back for every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases. Furthermore, cardholders will earn 2% cash back on gas and daily transit (again, up to $25,000 then the earn rate changes to 1%). Any other eligible purchase will see a return of 1% cash back, with no spending limit. There is an annual fee of $120 for the Scotia Momentum® Visa Infinite* Card.

Eligibility requirements:

  • Minimum Credit Score: Excellent
  • Minimum Income: Meet a minimum annual income of $60,000 or a minimum household income of $100,000 or minimum assets under management of $250,000  

Disclosures

  • Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.
High income

Credit cards for high-income earners ($80,000+)

Our final category is for high-income earners who make $80,000+ annually as individuals or who have a combined annual household income of $150,000+. High-income credit cards typically come with an attractive array of benefits and tend to have higher rewards earning potential and larger welcome bonuses. Unsurprisingly, these credit cards also normally come with a hefty annual fee. However, the benefits and perks that come with premium cards can be worth the annual fee. These are our top picks for high-income level credit cards.

BMO Ascend World Elite®* Mastercard®*

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4.5

up to 90K pts

Welcome offer

Excellent

Suggested credit score

Get up to 90,000 points and the annual fee waived in your first anniversary for both the primary cardholder and authorized users.*

Expires

Jun 1, 2025

Apply now

Pros

  • High-value welcome offer

  • Flexible airport lounge access

  • BMO Rewards points can be used to cover flight taxes and fees

  • Great for those who frequently rent cars

  • Good for Costco and No Frills shoppers

Cons

  • So-so earn rates relative to its annual fee

  • Points have low redemption value compared to other travel rewards programs

  • Charges foreign transaction fees

  • Relatively high minimum income requirements

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • High-value welcome offer

  • Flexible airport lounge access

  • BMO Rewards points can be used to cover flight taxes and fees

  • Great for those who frequently rent cars

  • Good for Costco and No Frills shoppers

Cons

  • So-so earn rates relative to its annual fee

  • Points have low redemption value compared to other travel rewards programs

  • Charges foreign transaction fees

  • Relatively high minimum income requirements

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Earn 5x the points for every $1 spent on eligible travel purchases*

5x

Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments*

3x

Earn 1 point for every $1 spent everywhere else*

1x

Complimentary membership in Mastercard Travel Pass provided by DragonPass, with 4 annual complimentary passes

4

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$150

Foreign Transaction Fee

2.5%

The BMO Ascend™ World Elite®* Mastercard®* is a travel rewards card with a good earn rate and strong overall value for those interested in using their points toward flights. Earn 5x the points for every $1 spent on eligible travel purchases*. Earn 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments* and 1 point for $1 spent on everything else.* These can be redeemed for travel or merchandise, put toward the card balance, or invested.  

Additional perks with this credit card include a very comprehensive insurance package, free airport lounge passes per year, and purchase protection.  

Learn more by reading our complete BMO Ascend™ World Elite®* Mastercard®*.  

Eligibility requirements: 

  • Minimum Credit Score: Excellent
  •  Minimum Income: $80,000 personal/$150,000 household  

Disclosures:

  • *Terms and conditions apply.

    BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

Rogers Red World Elite® Mastercard®

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4.2

Excellent

Suggested credit score

to receive the latest news, tips and offers by email

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Pros

  • Lucrative cash back rates on USD and CAD purchases, especially for Rogers, Fido or Shaw customers

  • No annual fee with valuable insurance benefits

  • Competitive against foreign transaction fee cards

  • Convenient cash back redemption options

  • Redemption bonus of 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases

  • Travel insurance perks and airport lounge access

Cons

  • High income requirement: $80,000 personal or $150,000 household

  • Foreign transaction fee applies

  • Limited redemption options for statement credits

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • Lucrative cash back rates on USD and CAD purchases, especially for Rogers, Fido or Shaw customers

  • No annual fee with valuable insurance benefits

  • Competitive against foreign transaction fee cards

  • Convenient cash back redemption options

  • Redemption bonus of 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases

  • Travel insurance perks and airport lounge access

Cons

  • High income requirement: $80,000 personal or $150,000 household

  • Foreign transaction fee applies

  • Limited redemption options for statement credits

Eligibility

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Earn 3% unlimited cash back on purchases made in US dollars

3%

Earn 2% unlimited cash back on all eligible non-US dollar purchases if you have 1 qualifying service with Rogers, Fido or Shaw

2%

Earn 1.5% unlimited cash back on everything else

1.5%

Get 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases

1.5x Cash Back

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The Rogers™ World Elite® Mastercard® is a no-annual fee credit card that’s made a reputation for itself by offering competitive cashback rewards rates on both foreign and domestic purchases. Cardholders will receive 3% cashback rewards on U.S. dollar purchases and 1.5% cashback on all other Canadian dollar purchases. The best part? These earnings are unlimited and there are no spending caps. Anyone interested in this credit card will want to note that there is a 2.5% foreign transaction fee. However, thanks to the 3% cashback rewards on U.S. dollar purchases, some foreign purchases still come out ahead.

Learn more by reading our complete Rogers™ World Elite® Mastercard® review.  

Eligibility requirements: 

  • Minimum Credit Score: Good-Excellent
  • Minimum Income: $80,000 (personal)  

The Platinum Card®

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3.5

up to 140k pts

Welcome offer

Excellent

Suggested credit score

Earn up to 140,000 Membership Rewards® points* – that’s up to $1,400 in value.

Apply now

Pros

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,400+ airport lounges worldwide

  • Annual statement credits: $200 annual travel credit, $200 annual dining credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Eligibility

Recommended Credit Score

Excellent

Pros

  • Access to a wide range of luxury perks, including premium concierge service

  • Complimentary lounge membership providing access to over 1,400+ airport lounges worldwide

  • Annual statement credits: $200 annual travel credit, $200 annual dining credit

  • Special insurance coverages like trip cancellation/interruption, flight delay, lost or stolen baggage and rental car theft & damage.

  • Provides extended warranty (2 years) and purchase protection (120 days).

Cons

  • High annual fee of $799, one of the heftiest among Canadian cards

  • The rewards system can be complicated, especially for users not familiar with maximizing credit card points

  • Requires good to excellent credit for eligibility

Eligibility

Recommended Credit Score

Excellent

points for every $1 in Card purchases on eligible dining and food delivery in Canada

2x

points for every $1 in Card purchases on eligible travel

2x

point for every $1 in all other Card purchases

1x

additional point on Amex Travel Online for eligible hotel or car rental bookings

1

Variable APR

21.99% - 28.99%

Annual Fee

$799

Foreign Transaction Fee

2.5%

The Platinum Card® is one of the few premium cards that does not technically have a minimum income requirement. However, given its hefty annual fee of $799, we’re classifying it as a high-income card.  

The Platinum Card® is a popular premium card in Canada, thanks to its many top features. These include a at some of Canada’s best restaurants, unlimited airport lounge access within The American Express Global Lounge CollectionTM (which unlocks access to over 1,400 airport lounges worldwide) as well as complimentary benefits that offer an average value of $600 USD at over 1,500 extraordinary properties worldwide when you book Fine Hotels + Resorts and comprehensive travel insurance. Cardholders earn 2X points on dining and food delivery purchases in Canada, 2X points on travel from eligible flights, hotels, tours and more and 1X point on everything else. 1 additional point on eligible hotel or car rental bookings at Amex Travel Online.  

You can also transfer your points to Aeroplan at a 1:1 ratio or to Marriott Bonvoy at a 1:1.2 ratio.

Learn more by reading our complete The Platinum Card® review.  

Eligibility requirements:

  1. 1.

    Credit score required: Good-Excellent

  2. 2.

    Minimum personal income required: N/A

Disclosures:

  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
How to choose a card

How to choose a credit card by income level

Choosing your perfect credit card is never an identical process for applicants and that's because different offers are designed for different credit profiles. But how do you find the right card for you based on your credit and income?

What to look for in a low income credit card

  1. 1.

    Annual fee: Look for cards with no annual fee to minimize costs where possible. If you can't find a fee free option try not to spend more than $50 on an annual fee.

  2. 2.

    Credit score requirements: Seek cards with lower credit score requirements or secured credit cards to build credit.

  3. 3.

    Interest rates: Prioritize cards with lower APRs in case you need to carry a balance. Keeping your overall balance low is one of the best ways to boost your credit score in the long-term.

  4. 4.

    Rewards on essentials: Choose cards offering cash back or points on things groceries and gas.

  5. 5.

    Introductory APR offers: Consider cards with 0% intro APR to help manage large purchases or balance transfers.

What to look for in a middle income credit card

  1. 1.

    Balanced rewards: Seek credit cards with versatile rewards on various spending categories, including travel, groceries, gas and more.

  2. 2.

    Annual fee vs. benefits: Weigh the annual fee against the card's perks and rewards to ensure you are getting value for money.

  3. 3.

    Travel perks: Look for cards offering more comprehensive travel insurance, airport lounge access, statement credits and more.

  4. 4.

    Welcome bonuses: Consider cards with attractive sign-up bonuses to maximize initial value of the card in your first year.

  5. 5.

    Flexible award options: Choose a credit card that lets you to redeem rewards for cash, travel, or merchandise.

What to look for in a high-income credit card

  1. 1.

    Premium rewards: Focus on credit cards offering high-end rewards rates, especially for travel and luxury purchases. These cards typically carry an annual fee but offer bigger rewards than lower income options.

  2. 2.

    Exclusive perks: Look for cards with concierge services, elite status with hotels or airlines, and exclusive event access.

  3. 3.

    High credit limits: Many credit cards for high-income earners feature higher spending limits to accommodate larger purchases.

  4. 4.

    Travel benefits: Prioritize cards offering comprehensive travel insurance and premium lounge access.

  5. 5.

    Luxury partnerships: Consider cards offering special discounts or experiences with luxury brands and high-end retailers.

Conclusion

Conclusion

When choosing a credit card, consider your personal spending habits, financial goals, and ability to manage credit responsibly, regardless of your income level. It is important to read the fine print and understand all terms and conditions before applying for any credit card.

Hannah Logan Freelance Contributor

Hannah Logan is a Canadian freelancer writer and blogger who specializes in personal finance and travel. You can follow her adventures on her travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.

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