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Top 3 Credit Cards in Canada for People Who Earn $60,000 to $70,000 a Year

Who wouldn’t want to earn more money? It’s no secret that a higher income makes life infinitely easier, but it also entitles you to access the perks of the best rewards credit cards in Canada.

Premium credit cards aren’t available to everyone — because they have higher credit limits and offer exclusive benefits, some cards require a minimum annual individual or household income. Extras may be very valuable to you, but expensive for the lender to provide, so they’re hoping you’ll spend a certain amount on the card to make these benefits worthwhile.

Here are three great options for Canadians who earn between $60,000 to $70,000 a year:

Best for cash back

The Scotia Momentum Visa Infinite is one of the best cash-back credit cards in Canada. This credit card requires a minimum annual personal income of $60,000, or a household income of $100,000. This credit card has a $99 annual fee, but is waived for the first year for new accounts opened by June 30, 2018. That annual fee may seem steep, but the rewards are worthwhile if you do a lot of household-related spending.

The Scotia Momentum Visa Infinite credit card offers 4% cash back for every $1 spent on gas and groceries, and 2% cash back on recurring bills and pharmacy purchases. Both of these categories are limited to $25,000 in spending per year — after that, you’ll earn 1% cash back. For all other purchases outside the aforementioned categories, you’ll earn 1% cash back.

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Card details

  • Annual fee: $99 (waived for first year for new applicants who open an account by February 28, 2019)
  • Welcome Offer: Get 10% cash back on all purchases for the first 3 months (up to $200)
  • Once welcome offer ends, earn 4% cash back on gas and groceries, 2% cash back on drug store purchases and recurring bill payments, and 1% cash back on all other purchases
  • Receive VISA Infinite benefits

These aggressive cash back rewards are accompanied by other impressive perks including a 24/7 concierge service, and access to the VISA Infinite Luxury Hotel Collection and the VISA Infinite Dining Series. The interest rate on this credit card is 19.99%, and there is a minimum $5,000 credit limit required.

Finally, with this credit card you are covered by a suite of travel insurance products including travel emergency medical insurance, trip interruption insurance, flight delay insurance, baggage loss and delay insurance, car rental loss/damage insurance. You’ll also enjoy a 25% discount at participating AVIS and Budget locations in Canada and the U.S. when you book your car rental using your credit card. Finally, protect your purchases with purchase security and extended warranty protection from theft, loss, or damage for 90 days from the purchase date.

Best for travel

If cash back isn’t your thing and you’d prefer to earn your rewards for travel, consider the Scotiabank Gold American Express Card. This credit card has an annual income requirement of $12,000 per year, and an annual fee of $99.

With this card, you’ll earn 4 Scotia Rewards points for every dollar spent on gas, groceries, entertainment, and at restaurants. On everything else, you’ll earn 1 point per dollar spent.

Card details

  • Annual fee: $99
  • Earn 15,000 bonus points (value: up to $150) when you make $1,000 in everyday purchases in the first 3 months – for new applicants who open an account by February 28, 2019
  • Earn 4 Scotia Rewards points per dollar on gas, groceries, entertainment, and restaurants; 1 point per dollar on everything else

You can unlock an additional 15,000 bonus points if you spend $1,000 within the first three months. Redeeming your points is easy, with no travel restrictions or blackout periods. You can book your travel online or over the phone. The Scotiabank Gold American Express offers a 24/7 concierge, comprehensive travel insurance, and access to airport lounges. The purchase interest rate on this credit card is 19.99%.

Best overall rewards

If you’re looking for a credit card with flexible redemption options, the American Express Cobalt Card could be right for you. This credit card lets you earn 5 points per dollar spent on restaurants, groceries, delivery and bars, 2 points per dollar spent on travel and gas, and 3x the points on eligible streaming subscriptions in Canada. All other purchases earn 1 point per dollar spent.

The American Express Cobalt credit card has a flexible fee structure. Instead of charging an annual fee, this credit card charges a $12.99 monthly fee. That means you can sign up without having to pay a steep upfront fee. There is no income requirement for this credit card, and the purchase interest rate is 19.99%.

Card details

  • Annual fee: $120 (charged at $10 monthly), but will be increasing to $155.88 (charged at $12.99 monthly)
  • Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership
  • Earn 5 points per dollar on restaurants, coffee shops, bars, grocery stores, and food delivery
  • Earn 2 points per dollar on gas, taxis, public transportation and travel (air, water, rail, or road transport, plus hotels)
  • Earn 3x the points on eligible streaming subscriptions in Canada
  • Earn 1 point per dollar on all other purchases
  • Transfer points 1:1 to several frequent flyer and other loyalty programs

Redeeming points is what makes the American Express Cobalt credit card unique. You can redeem points for flights or travel, or you can use your points to pay for virtually any purchase directly from the mobile app. You can add supplementary cards for no additional cost, so you and your spouse can both use this credit card to rack up even more points.

Finally, the American Express Cobalt credit card has got you covered with travel insurance that includes emergency medical, accident, flight delay, baggage loss/delay, and car rental collision/loss. You’ll also enjoy price protection and purchase assurance on all purchases made with this credit card.

Whether you’re looking for cash back, travel rewards, or a great all-around credit card, there is something on this list for everyone. So if your income is between $60,000 and $70,000 and you’re still rocking that no-fee student card you’ve had for years, it might be time to make the switch and get more bang for your high-earning buck.

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