Best Premium Credit Cards in Canada for 2021

Scotia Momentum® Visa Infinite* Card
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Details
Annual Fee: $120
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: $60000
Why Apply:
  • Welcome bonus
  • No-nonsense rewards
  • Enhanced insurance package
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On Scotiabank's Secure Website

For people who love to eat and drive, the Scotia Momentum VISA Infinite Card is the best rewards credit card with a fee. It provides an unrivaled 4% cash back on food and gas along with 2% on recurring payments and drugstore purchases, and 1% on the rest. On top of that, this card also comes with comprehensive insurance benefits and concierge benefits.

  • Welcome bonus  No annual fee in the first year, including on supplementary cards.
  • No-nonsense rewards Rewards are clear, transparent, easy to earn and easy to redeem. Cash back rewards are paid out annually either as a deposit to eligible chequing or savings account or credited to your credit card statement.
  • Enhanced insurance package The improved insurance package is comparable with other more premium cards. It provides comprehensive coverage on travel, including rental car collision loss or damage as well as purchase security and extended warranty protection.
  • Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
  • Annual Fee. Gain access to all of the above perks at the cost of $120 after the first year.

Excellent credit card with outstanding benefits and full insurance coverage.

The Scotia Momentum Visa Infinite card was the winner of the MoneySense best cashback card with a fee in 2020 - and for good reasons! Card holders earn cash back on all purchases at varying rates. There are also other perks of card ownership including access to exclusive Scotiabank events and offers, plus ample insurance coverage.

  • Special Welcome Offer. No annual fee in the first year, including on supplementary cards.
  • Tiered Cash Back Rates. Earn 4% cash back for every dollar spent on groceries and recurring bill payments. Earn 2% cash back for every dollar spent on gas and daily transit. Finally, earn 1% cash back for every dollar spent elsewhere.
  • Additional Perks. Obtain exclusive offers from Scotiabank including concierge service, competitive hotel rates and upgrades, and access to dining and wine country programs.
  • Insurance Coverage. Ample coverage comes with this credit card, such as new mobile device, trip cancellation, trip interruption, purchase protection insurance and much more.
  • Annual Fee. Gain access to all of the above perks at the cost of $120 after the first year.
Platinum Card® American Express
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Details
Annual Fee: $699
Purchases Interest Rate: -%
Cash Advance Interest Rate: -%
Min Income Requirement: Not Available
Why Apply:
Recommended Credit Score:
740 900
Excellent
Apply Nowlock On American Express's Secure Website

This card is the most exclusive credit card in the market however it comes with a $699 annual fee which is one the highest for a Canadian credit cards. The Platinum Card® is perfect for those who are looking for a luxury credit card with outstanding benefits, rewards, insurances, and platinum experiences. The annual fee is high however a frequent traveler will enjoy every single benefit on this card.


Platinum Card's rewards earn rate:

  • Earn 3 points for every $1 in Card purchases on eligible dining in Canada
  • Earn 2 points for every $1 in Card purchases on eligible travel
  • Earn 1 point for every $1 in all other Card purchases

 
Pros

Up to 100,000-Membership Rewards® points bonus: As a New Platinum® Card Cardmember, you could earn 80,000 Welcome Bonus points when you charge $6,000 in purchases to your Card in the first 3 months of Cardmembership

No credit limit: There is no preset credit limit with this credit card

Premium airport lounge access: Complimentary access to over 1,200 airport lounges across 130 countries.

Premium insurance: The Platinum Card® offers different types of insurance like below:

  • $500,000 Travel Accident
  • Travel Emergency Assistance
  • Trip Cancellation /Trip Interruption
  • Car Rental Theft/Damage
  • Lost or Stolen Baggage
  • Flight Delay
  • Baggage Delay


Cons

High annual fees: The Platinum Card has an annual fee of $699. Each additional card is $175.

HSBC World Elite® Mastercard®
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Details
Annual Fee: $149
Purchases Interest Rate: 19.9%
Cash Advance Interest Rate: 22.9%
Min Income Requirement: Not Available
Why Apply:

No foreign transaction fees

$100 annual travel enhancement credit

31-day insurance coverage

Mastercard Airport Experiences 

Get unlimited Wi-Fi through Boingo 

Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On HSBC's Secure Website

Earn 3% in travel rewards on all eligible travel purchases(6 Points per $1) and 1.5% in travel rewards on all other eligible purchases(3 Points per $1).

This card comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit.

The HSBC World Elite® Mastercard® is a modern rewards card that is quite useful for any clients who are using their credit cards for any type of purchase. With this card, you can get 6 points for every $1 you spend on eligible travel purchases, 3 points per $1 spent on all other eligible purchases. 

This card also comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit. 

The HSBC World Elite® Mastercard® costs $149 a year and comes with a standard interest on purchases of 19.9% and interest on balance transfers and cash advances of 22.9%.The current Welcome Bonus is 20,000 Points ($100 travel value) PLUS apply by January 31, 2022  and get an additional 50,000 Points ($250 travel value) when you spend $6,000 in the first 180 days of account opening*, and get a 1st Year annual fee rebate for Primary Cardholder*($149 value), earn 10,000 Points ($50 travel value) for adding your 1st Authorized User*, and receive an additional 20,000 Points ($100 travel value) as an Anniversary Bonus* 

You can use all points accumulated on this card to purchase airplane tickets to the airline partners of HSBC, which are British Airways, Singapore Miles and Asia Miles. As for medical travel insurance, this card is one of the absolute best, coming with $1 million in medical insurance, $500,000 in common carrier travel insurance, $750 for lost or delayed baggage, $5,000 trip cancellation in total, and another $65,000 in auto rental collision insurance.


How to redeem HSBC rewards points

You can track your rewards and make a redemption by logging into HSBC’s website or by calling 1-866-611-4722. HSBC rewards points can be redeemed for travel, experiences, merchandise or personal finances. A breakdown of each category can be found below.

  • Travel and experiences. Use your points to purchase airline tickets, vacation packages, car rentals, hotels, cruises, train tickets or tours. There are no blackout dates or seat restrictions. If you prefer to book through a travel agent other than HSBC, you can complete the purchase and have the amount refunded via HSBC points. However, you must make the claim within 60 days of the purchase date and you must secure the booking using your HSBC credit card.
  • From products to charitable donations to gift cards, the HSBC rewards catalogue has something for everyone.
  • Personal finances. Put your points towards your finances to reduce the burden. Rewards can be used to pay down your mortgage, add to your savings account or pay down your credit card balance.

How to get the most out of your HSBC rewards?

The value of a HSBC point varies immensely depending on what you choose to make a redemption for. The value of each point is estimated below based on rewards type.

  • 57 cents per point for experiences
  • 5 cents per point for travel
  • 47 cents per point for gift cards
  • 42 cents per point for merchandise
  • 3 cents per point for statement credits

As you can see, members obtain the most financial value when redeeming on travel and experiences. The least financial value is obtained when using points for personal finance purposes.

Keep in mind that qualitative aspects of the loyalty program should be considered when making a redemption too. If you receive the greatest intrinsic value when redeeming for merchandise, then you should use your points for that. After all, the program is for your personal benefit, use it for that purpose!


Do HSBC rewards points expire?

So long as your account is in good standing, your points will never expire. Keep in mind that HSBC, like many other loyalty program hosts, have the right to cancel your rewards at any time. A common reason they would cancel your rewards is if you continuously failed to make payments on your account.


Can I transfer my HSBC rewards points?

It is possible to transfer HSBC rewards to another loyalty program. However, you must have an eligible credit card and the program you want to transfer to must be affiliated with HSBC.

Only the World Elite Mastercard, Premier World Elite Mastercard and Premier World Mastercard allow for point transfers. Asia Miles, KrisFlyer Miles and British Airway Executive Club are affiliated frequent flyer programs. Unfortunately, popular travel loyalty programs, such as Aeroplan and WestJet Rewards, are not compatible. The rate of transfer is as follows:

  • 25,000 HSBC points to 8,000 Asia Miles
  • 25,000 HSBC points to 9,000 Singapore Krisflyer Miles
  • 25,000 HSBC points to 10,000 British Airways Avios

How do I check my HSBC rewards points balance?

You can check your HSBC points balance using one of the following options:

  • Check your monthly statement.
  • Log into HSBC’s Personal Internet Banking portal (if you’re registered)
  • Log into HSBC’s Mastercard Online Access portal (if you’re registered)
  • Call HSBC at 1-866-688-4722 and inquire about your balance.

Do HSBC rewards points cover taxes and fees?

The answer is likely yes. It does not say anywhere in the terms and conditions that points cannot be used to cover taxes and fees. This communicates that points can be put towards taxes and fees. In addition, members can make a travel-based purchase and have the full amount, which would include taxes and fees, refunded using HSBC points.


Are HSBC rewards points subject to blackout dates or seat restrictions?

No, there are no blackout dates or seat restrictions.


How do I earn HSBC rewards faster?

You can earn HSBC rewards faster by spending more on your HSBC credit card or by upgrading to a credit card that earns points at an accelerated rate.

 

Author Bio

User
Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.