Platinum Credit Cards Available to Canadian Customers
- Introduction to Credit Cards
- Credit Card Interest Rates Charges
- Credit Card Positive Benefits
- Credit Card Negative Results
- Credit Cards In Canada
- How to Select a Credit Card
- How to Select a Gold Credit Card
- How to Select a Platinum Credit Card
How to Select Platinum Credit Cards in Canada
*** NOTE: Before deciding to apply for a platinum credit card, make certain that you can make the payments necessary to keep the new platinum card at a zero balance each month. We strongly urge you to only apply for a platinum card if you are looking for the convenience of owning one. If you are like many Canadians, relying on credit cards to fund a lifestyle beyond their means we ask that you be responsible and hold off on applying for a platinum credit card until your financial situation turns around!
Selecting a platinum credit card company in Canada has never been more difficult. When selecting the platinum credit card company you would like to deal with, you really have to be cognisant of the various options, interest rates and benefits each platinum credit card issuer has to offer.
Some platinum credit cards offer extended credit period terms while others offer better interest rates. Before applying for a platinum credit card, make sure that you need the features / benefits offered, the interest rate is reasonable and ensure that you know about all the hidden or extra fees associated with the card on a monthly and yearly basis.
If you do your homework on which platinum credit card best suits your needs now, you will avoid nasty surprises when you review your statements.
Canadian Platinum Credit Card Selection Sheet
The information contained in this table is updated periodically by FCAC. Financial institutions can change the costs as well as the terms and conditions of their products at any time. Contact the financial institutions directly if you wish to obtain the latest information on their products.
| Issuer / Name of Card |
Minimum Personal Income Required ($) |
Minimum Credit Limit ($) |
Annual Interest Rate | Grace Period on New Purchases1 | Minimum Payment ($ or % of outstanding balance) |
Annual Fees | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Purchases (%)2 |
Cash Advances (%)3 |
Balance Transfers (%)3 |
Number of Days | Method | First Card ($) |
Extra Cards ($) |
||||
|
Alterna Bank
Platinum Plus MasterCard |
Not specified | 5,000 | 9.99 | 11.99 | 11.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | Free | Free |
|
Alterna Bank
WorldPoints Low Fee MasterCard |
Not specified | 5,000 | 12.99 | 16.99 | 16.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 29 | Free |
|
Alterna Savings
Platinum Plus MasterCard |
Not specified | 5,000 | 9.99 | 11.99 | 11.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | Free | Free |
|
Capital One Bank
Platinum MasterCard with 9.99% Interest Rate |
Not specified | 5,000 | 9.99 | 19.8 | 9.99 | 25 | 2 | $10 or 3%, whichever is greater | Free | Free |
|
Capital One Bank
Smartline Platinum MasterCard with a 5.99% Interest Rate |
40,000 | 5,000 | 5.99 | 19.80 | 5.99 | 25 | 2 | $10 or 3%, whichever is greater | Free | Free |
|
Coast Capital Savings
Coast VISA Desjardins Platinum |
75,000 | 5,000 | 9.90 | 9.90 | 4.90 for the first 5 statements; 9.90 thereafter | 21 | 1 | $10 or 3%, whichever is greater | 169 | 50 |
|
Desjardins
VISA Desjardins Platinum |
75,000 | 5,000 | 9.90 | 9.90 | 4.90 for the first 5 statements; 9.90 thereafter | 21 | 1 | $10 or 3%, whichever is greater | 169 | 50 |
|
National Bank
Low Rate Platinum MasterCard |
Not specified | 1,000 | 14.50 | 11.50 | 11.50 | 21 | 1 | $10 or 3%, whichever is greater | 140 | Free |
|
Westminster Savings Credit Union
VISA Desjardins Platinum |
75,000 | 5,000 | 9.90 | 9.90 | 4.90 for the first 5 statements; 9.90 thereafter | 21 | 1 | $10 or 3%, whichever is greater | 169 | 50 |
| Issuer / Name of Card |
Minimum Personal Income Required ($) |
Minimum Credit Limit ($) |
Annual Interest Rate | Grace Period on New Purchases1 | Minimum Payment ($ or % of outstanding balance) |
Annual Fees | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Purchases (%)2 |
Cash Advances (%)3 |
Balance Transfers (%)3 |
Number of Days | Method | First Card ($) |
Extra Cards ($) |
||||
|
Alterna Bank TravelRewards MasterCard |
Not specified | 5,000 | 18.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 89 | Free |
|
Alterna Bank WorldPoints No Fee MasterCard |
Not specified | 5,000 | 19.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 29 | Free |
|
Alterna Savings TravelRewards MasterCard |
Not specified | 5,000 | 18.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 89 | Free |
|
Alterna Savings WorldPoints Low Fee MasterCard |
Not specified | 5,000 | 19.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 29 | Free |
|
Alterna Savings WorldPoints No Fee MasterCard |
Not specified | 5,000 | 14.99 | 16.99 | 16.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | Free | Free |
|
Amex Bank of Canada American Express AIR MILES Platinum Credit Card |
15,000 | 1,000 | 19.994 | 19.994 | N/A | 21 | 2 | $10 or 3%, whichever is greater | 50 | Free |
|
Amex Bank of Canada American Express Costco Platinum Cash Rebate Card |
15,000 | 1,000 | 19.754 | 19.754 | N/A | 21 | 2 | $10 or 3%, whichever is greater | Free | Free |
|
ATB Financial Platinum Cash Rewards MasterCard |
Not specified | 500 | 18.90 | 18.90 | 18.90 | 21 | 1 | $10 or 3%, whichever is greater | 120 | 25 |
|
Canadian Western MBNA / Canadian Western Bank Think Western Platinum Plus® MasterCard® |
$35,000 per household | 500 | 9.99 | 11.99 | 11.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | Free | Free |
|
Canadian Western MBNA / Canadian Western Bank Think Western Platinum Plus® MasterCard® with WorldPoints® |
$35,000 per household | 500 | 12.99 | 1499 | 14.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 29 | Free |
|
Canadian Western MBNA / Canadian Western Bank Think Western TravelRewardsTM Platinum Plus® MasterCard® |
$35,000 per household | 500 | 18.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 89 | Free |
|
Capital One Bank Cash Back Platinum MasterCard with No Hassle Rewards |
Not specified | 5,000 | Prime + 17.305 | Prime + 17.35 | Prime + 17.35 | 25 | 2 | $10 or 3%, whichever is greater | Free | Free |
|
Capital One Bank Cash Back Plus Platinum MasterCard with No Hassle Rewards |
Not specified | 5,000 | Prime + 17.35 | Prime + 17.35 | Prime + 17.35 | 25 | 2 | $10 or 3%, whichever is greater | 59 | Free |
|
Capital One Bank Curling Platinum MasterCard with NoHassle Rewards |
Not specified | 300 | Prime + 17.3% | Prime + 17.3% | Prime + 17.3% | 25 | 2 | $10 or 3%, whichever is greater | Free | Free |
|
Capital One Bank Miles Platinum MasterCard with No Hassle Rewards |
Not specified | 5,000 | Prime + 17.35 | Prime + 17.35 | Prime + 17.35 | 25 | 2 | $10 or 3%, whichever is greater | Free | Free |
|
Capital One Bank Miles Plus Platinum MasterCard with No Hassle Rewards |
Not specified | 5,000 | Prime + 17.35 | Prime + 17.35 | Prime + 17.35 | 25 | 2 | $10 or 3%, whichever is greater | 99 | Free |
|
CIBC Aeroplatinum VISA Infinite Card |
60,0006 | 5,000 | 19.50 | 19.50 | 19.50 | 21 | 27 | $10 or 2.1%, whichever is greater | 120 | 50 |
|
CIBC Aventura VISA Infinite Card |
60,0006 | 5,000 | 19.50 | 19.50 | 19.50 | 21 | 27 | $10 or 2.1%, whichever is greater | 120 | 50 |
|
CIBC Dividend Platinum |
35,000 (15,000 for retired person) | 5,000 | 19.50 | 19.50 | 19.50 | 21 | 27 | $10 or 2.1%, whichever is greater | 79 | 30 |
|
CIBC VISA Platinum |
35,000 (for retired person) | 5,000 | 18.50 | 18.50 | 18.50 | 21 | 27 | $10 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Citi Drivers' Edge Platinum MasterCard |
15,000 per household | 750 | 19.90 | 19.90 | 5.90 for 6 months | 19 to 25 | 2 | $20 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Citi Enrich Platinum MasterCard |
15,000 per household | 750 | 19.90 | 19.90 | 5.90 for 6 months | 19 to 25 | 2 | $20 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Citi PETRO-POINTS MasterCard |
15,000 per household | 750 | 19.90 | 19.90 | 4.90 for 6 months | 19 to 25 | 2 | $20 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Citi Platinum MasterCard |
15,000 per household | 750 | 19.90 | 19.90 | 5.90 for 6 months | 19 to 25 | 2 | $20 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Citi Staples EasyRewards MasterCard |
15,000 per household | 750 | 19.90 | 19.90 | 4.90 for 6 months | 19 to 25 | 2 | $20 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Club Sobey's MasterCard |
15,000 per household | 750 | 19.99 | 19.99 | 2.6 for six months | 19-25 | 2 | $20 or 2.1%, whichever is greater | Free | Free |
|
Citibank Canada Diners Club MasterCard |
25,000 per household | 2,500 | 18.95 | 18.95 | N/A | 25 | 2 | $50 or 5%, whichever is greater | 99 | $35 (maximum of 4 cards) |
|
Coast Capital Savings Coast VISA Desjardins Platinum |
75,000 | 5,000 | 9.90 | 9.90 | 4.90 for the first 5 statements; 9.90 thereafter | 21 | 1 | $10 or 3%, whichever is greater | 169 | 50 |
|
CUETS Financial Platinum Class MasterCard |
Not specified | 7,500 | 19.498 | 19.49 | 19.49 | 21 | 2 | $10 or 3%, whichever is greater | 150 | 40 |
|
Desjardins VISA Desjardins Platinum |
75,000 | 5,000 | 9.90 | 9.90 | 4.90 for the first 5 statements; 9.90 thereafter | 21 | 1 | $10 or 3%, whichever is greater | 130 | 40 |
|
JPMorgan Chase Bank NA Marriott Rewards Platinum VISA Card |
Not specified | 5,000 | 19.99 | 19.99 | N/A9 | 21 | 2 | $10 or 3%, whichever is greater | 75 | Free |
|
MBNA Canada Bank Platinum Plus MasterCard |
Not specified | 2,500 | 17.99 | 19.99 |
1.90 for 6 months; 19.99 thereafter |
21 | 2 | $10 + fees + interest or 2.25%, whichever is less | Free | Free |
|
MBNA Canada Bank PremierRewards Platinum Plus MasterCard |
Not specified | 2,500 | 19.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 29 | Free |
|
MBNA Canada Bank TravelRewards Platinum Plus MasterCard |
Not specified | 2,500 | 18.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 89 | Free |
|
MBNA Canada Bank WorldPoints Platinum Plus MasterCard |
Not specified | 2,500 | 19.99 | 19.99 | 19.99 | 21 | 2 | $10 + fees + interest or 2.25%, whichever is less | 29 | Free |
|
National Bank Platinum MasterCard |
Not specified | 1,000 | 19.50 | 19.50 | 19.50 | 21 | 1 | $10 or 3%, whichever is greater | 125 | Free |
|
RBC Royal Bank British Airways VISA Platinum |
35,000 | 5,000 | 20.50 | 20.50 | 20.50 | 17 | 2 | $10 + fees + interest or outstanding balance, whichever is less | 165 (145 for 65 yrs. and over) | 75 (55 for 65 yrs. and over) |
|
RBC Royal Bank RBC Cathay Pacific VISA Card |
35,000 | 5,000 | 20.50 | 20.50 | 20.50 | 17 | 2 | $10 + fees + interest or outstanding balance, whichever is less | 150 (130 for 65 yrs. and over) | 75 (55 for 65 yrs. and over) |
|
RBC Royal Bank VISA Infinite (Offered to private banking clients) |
250,000 | 20,000 | 20.50 | 20.50 | 20.50 | 17 | 2 | $10 + fees + interest or outstanding balance, whichever is less | 39910 | 14910 |
|
RBC Royal Bank VISA Infinite Avion |
60,000 | 10,000 | 19.50 | 19.50 | 19.50 | 17 | 2 | $10 + fees + interest or outstanding balance, whichever is less | 120 | 50 |
|
RBC Royal Bank VISA Platinum |
35,000 | 5,000 | 18.50 | 18.50 | 18.50 | 17 | 2 | $10 + fees + interest or outstanding balance, whichever is less | Free | Free |
|
RBC Royal Bank VISA Platinum Avion |
35,000 | 5,000 | 19.50 | 19.50 | 19.50 | 17 | 2 | $10 + fees + interest or outstanding balance, whichever is less | 120 | 50 |
|
TD Canada Trust TD / AAdvantage Platinum VISA |
35,000 | 5,000 | 19.75 | 19.75 | 19.75 | 21 | 2 | $10 plus interest and fees | 120 | 50 |
|
TD Canada Trust TD First Class Travel |
$60,000 (or $100,000 household income) | 5,000 | 19.75 | 19.75 | 19.75 | 21 | 2 | $10 plus interest and fees | 120 | 50 |
|
TD Canada Trust TD Platinum Travel |
35,000 | 5,000 | 19.75 | 19.75 | 19.75 | 21 | 2 | $10 plus interest and fees | 99 | 50 |
|
Westminster Savings Credit Union VISA Desjardins Platinum |
75,000 | 5,000 | 9.90 | 9.90 | 4.90 for the first 5 statements; 9.90 thereafter | 21 | 1 | $10 or 3%, whichever is greater | 169 | 50 |
1. The grace period represents the number of days between the statement date and the payment due date, during which new purchases are interest-free if you meet the conditions of the interest calculation method (Method 1 [M1] or Method 2 [M2]) used by the issuer. For more information on the interest-free period and the conditions set out by M1 and M2, see Getting the Most from Your Credit Card.
2. If the grace period does not apply, the interest on purchases is calculated from the date of purchase of the item or, in some cases, the date the item is posted to your account.
3. Unless otherwise specified, for cash advances or balance transfers, interest is calculated from the date funds are borrowed. There is no grace period.
4. If you have missed making a payment, the applicable rate is 21.99% and/or 25.99%.
5. As of August 2009, the financial institutions' prime rate was 2.250%.
6. Or minimum household income of $100,000.
7. M2 is used in all provinces except Quebec, where M1 is used.
8. If you have missed making a payment, the applicable rate is 21.49%.
9. The service or fee is not applicable.
10. If sold to a non-private banking client, the first card costs $599 and additional cards costs $249.
