Credit Cards

Best Premium Perks Credit Card in Canada for 2020

Nov. 5, 2020

8 mins

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The following credit cards feature fabulous perks and premium benefits. Cardholders can access the absolute best credit card perks in Canada, ranging from free companion flights to complimentary valet services and annual travel credits. Our top pick even has no pre-set spending limit.

But these privileges come with a price, as you can see by the pretty hefty annual fees, and it may be hard to justify the expense. Additionally, cardholders may not qualify for these cards unless they have a pristine credit score and top tier salary. However, we can dare to dream.

We compared the most prestigious credit cards in Canada using our Best of Finance methodology and ranked the cards that provided the highest first-year value.

These are the best credit cards with premium perks for 2020.

Our top pick
Credit card	Great features	Annual fee
1. The Platinum Card^® from American Express	Flexible Membership Rewards^®points redeemable for travel or statement credits Travel insurance, Pearson Airport perks, $200 annual travel credit, no pre-set spending limit	$699
Runner-up
Credit card	Great features	Annual fee
*2. American Express^® AeroplanPlus^® Platinum Card** *This card is no longer available.	Aeroplan^® Miles Travel insurance, annual Partner Ticket, Air Canada Priority Check-in, Pearson Airport perks	$499

The Platinum Card^® from American Express

Apply for The Platinum Card^® and earn 25,000 bonus Membership Rewards^® points when you spend at least $2,000 in the first three months. This card features top travel insurance coverage, exclusive airport benefits, hotel and fine-dining collections, and everyday luxuries like concierge services and experiences unlocked by the engraved metal card.

The $699 annual fee grants access to privileges like no spending limit on purchases. However, The Platinum Card^® is a charge card. Therefore, the balance must be paid in full each month, or a 30% annual interest rate applies.

According to our Best of Finance methodology, the average Canadian will see $305 in Membership Rewards^® points in the first year.

Credit score requirement for approval:

Excellent: You’ve had a credit card or loan for at least 10 years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on your existing credit cards for the past six months.

Annual fee:

$699

Annual fee for additional cards:

$175 Platinum Cards
$50 Gold Cards

Limited time offer/bonus:

New cardmembers can earn 25,000 bonus points when they spend at least $2,000 in the first three months.

Offer expiry date: N/A subject to change without notice

Rewards:

Earn two points per dollar spent on travel.
Earn three points per dollar on eligible dining in Canada.
Earn one point per dollar on all other purchases.
Earn one additional point per dollar spent at eligible hotel or car rental bookings through American Express Travel.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = 57,400 Membership Rewards^® points
Monetary value= $1,004
Annual fee = $699
Total earned over the first year (rewards minus annual fee) = $305

You can redeem your points for:

Fixed Points Travel Program
Transfer points to frequent flyer and other programs
Premium gift cards
Statement credits

Insurance:

Out of province/country emergency medical
Trip cancellation
Trip interruption
$500,000 travel accident insurance
Rental car theft/damage
Flight delay
Baggage delay
Lost or stolen baggage
Hotel burglary
Fraud Protection Guarantee
Purchase Protection^® Plan
Buyer’s Assurance^® Protection Plan

Other perks:

Enjoy complimentary access to over 1,200 airport lounges around the world.
Get access to the Global Dining Collection for exclusive culinary experiences.
Receive a $200 Annual Travel Credit for booking through American Express Travel Online.
Access late check-out, complimentary breakfast, and more benefits through with Fine Hotels & Resorts.
Take advantage of the numerous travel benefits at Toronto Pearson Airport including, Pearson Priority Security Lane, complimentary valet, 15% discount on parking at the Express Park and Daily Park.
Get curated experiences through American Express Invites^® just for Platinum Card members.
Enjoy the Platinum Concierge services for reservations and bookings.
There is no pre-set spending limit on purchases.

Compare the best credit cards on RATESDOTCA

Find the best credit card for your lifestyle today!

2. American Express^® AeroplanPlus^®* Platinum Card

*This card is no longer available. Check out the new Aeroplan credit cards from American Express or visit the RATESDOTCA credit card marketplace for more options.

Apply for the American Express^® AeroplanPlus^®* Platinum Card and earn 40,000 bonus Aeroplan Miles when you spend at least $3,000 within the first three months. Earn 1.25 Aeroplan Miles per dollar you spend up to $25,000 annually and get an accelerated rate of 1.5 Aeroplan Miles for every dollar you spent over that. This card features loads of Air Canada perks and Pearson benefits as well as extended travel insurance.

The American Express® AeroplanPlus^®* Platinum Card is a charge card. Therefore, the balance must be paid in full each month, or a 30% annual interest rate applies.

According to our Best of Finance methodology, the average Canadian will see $1,251 in Aeroplan^® Miles in the first year.

Credit score requirement for approval:

Annual fee:

$499

Annual fee for additional cards:

$199 AeroplanPlus®* Platinum Cards
$50 AeroplanPlus®* Gold Cards

Limited time offer/bonus:

New cardmembers can earn 40,000 bonus Aeroplan Miles when they spend at least $3,000 in the first three months.

Offer expiry date: N/A subject to change without notice

Rewards:

Earn 1.25 Aeroplan Miles per dollar you spend, up to $25,000 annually.
Earn 1.5 Aeroplan Miles per dollar you spend over $25,000 annually.

Double-dip on rewards when you provide your Aeroplan Number at Partner brands.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = 70,000 Aeroplan Miles
Monetary value= $1,750
Annual fee = $499
Total earned over the first year (rewards minus annual fee) = $1,251

You can redeem your points for:

Travel
Aeroplan’s Market Fare Flight Rewards^®
Aeroplan’s Fixed Mileage Flight Rewards^®*
Hotel stays
Car rentals
Vacation packages
Merchandise
Gift cards
Experiences

Insurance:

Out of province/country emergency medical
Trip cancellation
Trip interruption
$500,000 travel accident insurance
Flight delay
Baggage delay
Lost or stolen baggage
Hotel burglary
Car rental theft and damage
Purchase Protection® Plan
Buyer’s Assurance® Protection Plan

Other perks:

Receive a Partner Ticket annually when you redeem 15,000 Aeroplan Miles for a short-haul roundtrip Fixed Mileage Flight Reward.
Enjoy a complimentary Priority Pass Membership and access over 1,200 airport lounges worldwide, including unlimited access to Air Canada Maple Leaf Lounges.
At Pearson Airport, cardholders can access Air Canada Priority Check-in, complimentary valet services, and the Pearson Priority Security Lane.

Rates, product information, and rewards estimates are subject to change at any time and do not constitute financial advice. Information in this article is accurate as of the date of this posting, November 5, 2020. This article was first published on August 19, 2020.

This post has been updated.

Related reads:

Best of Finance 2020 Methodology Infographic

Hayley Osmond

Hayley Osmond is an editor and writer in the personal finance space, where she uses her eight years of media and marketing experience to bring content to life. She specializes in money products, including mortgages, home and auto insurance, and credit cards. Hayley holds a Broadcast Journalism diploma from Sheridan College and was awarded the Shaw Media Journalism and Media Award for graduating at the top of her class. Her work has appeared in Global News and diverse digital corporate training materials behind the scenes.

Hayley is passionate about making complex subjects, such as home buying and financial literacy, concise and intriguing. Her work has garnered media coverage from The Globe and Mail, blogTO, Yahoo! News, and CityNews 680 and has been syndicated across other publications.