The 8 Best Black Credit Cards in Canada

Black credit cards are the ultimate status symbol. Often rare and exclusive, they’re designed for the rich and are considered prestigious. Plus, they come with some great perks including special discounts and premium benefits not available with a standard card.

However, qualifying for the best black credit cards is extremely difficult thanks to strict eligibility requirements. In this article, we’ll talk about some of the best black credit cards in Canada and help you pick the right one. For those of us not in the 1%, you can still get your hands on a black credit card alternative that feels prestigious.

What are black credit cards?

Black credit cards work like traditional cards but are harder to get and offer more benefits. They’re considered a status symbol, and anyone with a black card is considered financially successful. These cards are typically heavier and/or made of metal, but they’re usually costlier too. 

The most popular of all is the American Express Centurion Black Card. It is so rare that it’s believed that only 0.084% of 100 million total Amex cardholders actually have one. This is the most coveted black credit card in Canada, but there are several alternatives.

Here are some of the best black credit cards for Canadians to choose from. We’re kicking it off with the most iconic black card of all time – the Amex Centurion. After that, we’ll work our way down the list starting from the lowest annual fee cards and progressing to the highest annual fee cards at the bottom.

American Express Centurion: Most prestigious

The American Express Centurion is the OG black credit card that started it all. It is the most prestigious black credit card in Canada, available by invitation only. That means you can’t even apply for it. You have to be so fabulously wealthy and special that Amex reaches out to you because it makes them look good.

This makes it exceptionally exclusive and extremely hard to get. To even be considered, you need to already have the Amex Platinum card and spend at least $500,000 on it per year. Basically, a near-perfect credit score is required – but Amex doesn’t specify a minimum.

The card is designed for high-net-worth individuals and applicants are expected to have a yearly income of at least $1 million. Those who meet these requirements will have a higher chance of being invited, but there are no guarantees.

If you do get an invitation, that still doesn’t mean you’re a shoo-in. Amex will interview you first to make sure you make the cut. If you do, you’ll need to fork over a $10,000 fee to sign up, and then pay $5,000 per year to have to card.

People compete for this card for several reasons. It’s a hand-forged, embossed, and hand-engraved card that looks impressive and boasts rich benefits.

Cardholders enjoy 24/7 personal concierge and elite membership perks at a number of top hotels in the world. In addition, cardholders automatically acquire membership with Delta and enjoy automatic upgrades on selected flights, free companion tickets on selected flights, and more.

Furthermore, members become a part of the American Express Global Lounge program, getting access to thousands of lounges, including the exclusive Centurion Lounge that only caters to Platinum and Centurion cardholders. On the plus side, Centurion cardholders can enjoy the lounge without any limits, whereas Platinum cardholders can only access it for up to three hours. 

Cardholders can apply for two additional Centurion cards for $2,500 each. You may request additional Amex Gold cards for free. However, members can lose the card if they don’t spend at least $250,000 per year. 

RBC Avion Visa Infinite Privilege: Best Visa for low annual fee

The RBC Avion Visa Infinite Privilege card has a lot of things, including an impressive welcome bonus of up to 35,000 points, which is worth $700. Those who spend wisely can easily offset annual charges and still enjoy the perks the card has to offer. Of course, conditions apply and you must apply and be approved no later than January 21, 2024.

This card has an excellent reputation due to stringent eligibility requirements, such as a minimum $200,000 income. Credit score requirements are also tough. The company doesn’t advertise a minimum credit score, but it’s believed that approval is more likely for applicants with a score of at least 760 or higher.

The card offers 1.25 points per $1 spent on eligible purchases. You can redeem points to purchase gift cards, merchandise, hotels, flights, and more. Additional benefits include travel insurance and mobile device insurance. This is one of the few cards to offer such high points. 

Cardholders can convert points 1:1 for a number of airlines including Asia Miles, American Airlines AAdvantage, and British Airways Avios.

Look out for RBC promotions in which cardholders can earn up to 50% more miles for transferring points to Avios. This can skyrocket reward value.

Furthermore, cardholders enjoy impressive discounts at Petro-Canada and have a chance to win more points. The card offers special discounts at other businesses as well, including Carlson Wagonlit and UBER. You can even earn cash back by linking your card with the Ampli app.

You can request additional cards for $99 per card. These offer all the benefits of the main card and can help earn points quickly.

The process to apply for a new card or an additional card is fast and straightforward. You can submit applications online with minimal documentation.

TD First Class Travel Visa Infinite Card: Best black credit card for hotels

The TD First Class Travel Visa Infinite* card is a very affordable card with friendly terms. For instance, it’s great for hotels. You get a high accumulation rate when you book and you can redeem points for rooms and perks. However, it isn’t a true black card because it doesn’t enjoy the same prestige as most popular black cards. It is easy to qualify for and doesn’t look as attractive as some other black credit cards in Canada.

Applicants need an annual income of $60,000 for an individual or $100,000 for a household to qualify. TD has a special offer for new users. Applicants who apply by March 4, 2024 will pay no annual fee for the first year and can earn a welcome bonus of up to 135,000 TD points, including other goodies worth up to $1,100 in total value. Conditions apply.

By linking this card to your Starbucks Rewards account and making purchases through the app, you earn 50% more Starbucks Stars AND 50% more TD Rewards points. Points can also be redeemed for eligible purchases on Amazon.ca.

The card has a minimum credit limit of $5,000 and some impressive perks, including auto rental collision or loss damage insurance, travel medical insurance, and delayed or lost baggage insurance. Additionally, the card offers discounts at a number of stores. Applicants can request additional cards for $50 each per year.

Unfortunately, the card doesn’t come with free lounge access. However, card owners can enjoy an annual discount on a Priority Pass membership that offers access to over 1,200 lounges. On the plus side, cardholders can earn points on every eligible purchase. These points can be used to make purchases or pay the balance. 

BMO Ascend World Elite Mastercard: Best black credit card for emergency medical travel insurance

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The BMO Ascend World Elite Mastercard impresses when it comes to rewards. Anyone with at least $80,000 individual annual income or $150,000 household income can qualify and get access to impressive perks. There are no specific credit requirements but you must have a decent score to be approved. 

We think that this is a basic black credit card, but it gets the job done while looking good. It’s black in colour but has no embellishments or fancy designs. It gives the pleasure of owning a black card, but don’t expect the same level of perks as with other cards on this list. Those who want similar rewards but don’t meet the above requirements can choose from other reward cards in Canada.

This black card has an impressive reward system offering up to 5 BMO rewards points per $1 spent. New users will receive 60,000 bonus points and an annual fee waiver for the first year. These points can be used to make a variety of purchases. Other perks include airport lounge access and 6 travel-related insurance coverages. Of that coverage is stellar out-of-province/out-of-country emergency medical insurance which provides up to $5 million in coverage for trips up to 21 days long.

All cardholders get 24/7 access to free concierge service. Furthermore, card owners can enjoy 15% off admission to Cirque du Soleil shows in Canada and 20% off shows held in Las Vegas. It is also possible to add another cardholder for just $50 per year. This can help users earn more points.

Scotiabank Passport Visa Infinite: Best basic black credit card for lounge access

The Scotiabank Passport Visa Infinite card is easy to qualify for. The minimum annual income requirement is only $60,000 for an individual and $100,000 for a household. Those who do not meet this requirement can still qualify if they have $250,000 in assets under management.

The minimum credit limit is $5,000 and the first additional card is free. After that, additional cards cost $50 each per year.

There are no foreign exchange charges and the card gives the primary cardholder free Visa Airport Companion Program membership with six free lounge visits per year to over 1,000 locations. The card also offers discounts at a variety of outlets, including hotels, restaurants, and car rentals.

Insurance coverage includes delayed and lost baggage insurance, travel emergency medical insurance, flight delay insurance, and trip cancellation insurance.

Cardholders may also purchase Scotia Credit Card protection that comes with death benefits, job loss benefits, lockout benefits, and more.

This card has an impressive points system offering up to 3 Scene+ Points for every $1 spent on eligible purchases. These points can be redeemed in a variety of ways including travel, entertainment, dining, shopping, and more.

BMO eclipse Visa Infinite Privilege: Best premium black credit card

The BMO eclipse Visa Infinite Privilege card is another credit card with very high income requirements. It can be a little difficult to qualify for this card as the minimum income requirement is $150,000 for an individual or $200,000 for a household. In addition, applicants must have a credit score of 660 or higher.

Since the average household income in the country is under $100,000, very few individuals or families will qualify for this card. Only the top few will get approved, which is where the exclusivity lies.

The card might appear a little expensive, but it’s worth it as the high cost is offset by the company offering a $200 lifestyle credit. This is a yearly bonus that’s automatically added to the statement. Furthermore, the company has a special bonus offer.

New users receive 90,000 bonus points, which translates to about $500. In addition, cardholders can earn up to 5x BMO rewards points on every eligible purchase. 

This is a great card for people who do not qualify for the American Express Centurion Black card as the BMO eclipse Visa Infinite Privilege is another top black credit card in Canada. Its impressive benefits include

• Extended warranties
• Purchase protection
• Travel accident and medical insurance
• Trip cancellation insurance
• Rental car theft and damage insurance.

Travellers will definitely enjoy this card as it also offers 24/7 concierge service and discounted or complimentary access to Visa Infinite Wine Country, Visa Infinite Dining, Visa Infinite Troon Golf, and Visa Infinite Luxury Hotels.

You can request additional cards for $99 per card. Adding users can boost the rate of reward earnings by 25%.

In addition, all cardholders get a complimentary Priority Pass membership worth $99 per year. Some other benefits include discounts at selected stores, free credit monitoring, and excellent security features, such as the ability to quickly lock and unlock credit cards.

CIBC Aventura Visa Infinite Privilege card: Best black credit card for CIBC lovers

The CIBC Aventura Visa Infinite Privilege card is a metal card that looks and feels good. Applicants must have an annual individual income of $80,000 or a household income of $150,000 to qualify. The card is a great choice for people interested in unique rewards as it offers some exciting benefits, especially if you already love banking with CIBC.

First, you can get an annual fee rebate of up to $139 per year if you also have a CIBC Smart Plus Account. Next, you earn up to 3 points for every $1 spent on travel purchases booked through the CIBC Rewards Centre. This goes down to 2 points for eligible dining, gas, groceries, and transportation. Every other purchase earns 1.25 points per $1 spent.

Members enjoy a $200 annual travel credit for a number of purchases. In addition, they receive Priority Pass membership and up to 6 complimentary visits per year.

Two NEXUS application fee rebates are also included. A NEXUS card can be great for cardholders who regularly visit the US, as it gives American and Canadian citizens expedited processing when entering either the US or Canada.

Furthermore, the card gives users access to VIP benefits at luxury resorts and exclusive entertainment and dining experiences. There are also special discounts for business class travellers on certain airlines.

Like most other black credit cards, the CIBC Aventura Visa Infinite Privilege card provides excellent protection in the form of travel and medical insurance, purchase protection, and auto rental collision and loss damage insurance.

American Express Aeroplan Reserve: Best for frequent flyers

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Here’s another Amex black card that is designed for the money bigwigs who prefer to catch flights, not feelings. The American Express Aeroplan Reserve card only costs $599 per year, and has the best earn rate among all American Express Aeroplan credit cards.

The company has a special offer for new clients. They can earn up to 90,000 Aeroplan points if they spend at least $12,000 in net purchases in the first six months of membership and meet other spending requirements for the first 16 months following their card membership.

You can redeem Aeroplan points through the Air Canada app and website to make a variety of purchases, including car rentals, activities, gift cards, flights, and hotels. Like most credit cards, the American Express Aeroplan Reserve offers other perks such as

• Emergency medical insurance
• Rental collision or loss damage insurance
• Trip cancellation insurance
• Lost baggage insurance.

Cardholders even get access to entertainment options, including American Express Experiences and Front of the Line. However, what makes this card truly special is the Aeroplan benefits it offers. Cardholders enjoy special pricing when redeeming points for Air Canada.

Those who spend at least $25,000 in a year will receive an annual Worldwide Companion pass. Furthermore, every $5,000 spent on the card will earn members 1,000 Status Qualifying Miles and 1 Status Qualifying Segment. These benefits make this black card a great option for people who fly frequently. 

Flying to or from Toronto comes with additional benefits in the form of complimentary valet service, parking discounts, and fast-track security. Moreover, you can request additional cards for $199 per year.

There is also the option to request additional cards for free, but free cards do not come with the above benefits and can only collect more points.

This card has everything a typical black credit card has. It also looks good, thanks to precision cut and engraved 13g metal. The card is a little on the expensive side but the perks are quite impressive. 

Why do people want black credit cards?

Technically speaking, a black credit card works just like a traditional credit card. People want it for one reason: status. A black card is a status symbol and conveys prestige and wealth. Think of a watch. A Rolex does the same job as a Casio, but the former is a status symbol and will instantly tell people you’re financially secure. 

Black credit cards are easily identifiable. They are available in different shades of black and are usually heavier than traditional credit cards as they’re typically made with metal. Some may even have embellishments such as diamonds. 

However, that’s not all they offer. Some of the best black credit cards may come with additional benefits including

• Access to a higher number of lounges
• 24/7 concierge service
• Other travel-related perks.

Companies believe that people who own black credit cards are regular travellers, so these cards are perfect for people who love to fly. Some cards even come with free upgrades.

Those who do not qualify for a black credit card yet but still want some of the benefits, or even just the perception that comes with a black card, can choose from other travel credit cards that happen to be black in colour.

In addition, if you own a black card, you could enjoy benefits such as no spending limits. That way, you can shop without any worries and may even have access to special discounts based on the provider. Perks differ from provider to provider but generally include discounts, free premium upgrades, and more.