5 Best Cards with a High Limit in Canada

Discover the top 5 high-limit credit cards in Canada, offering exceptional rewards, travel perks, and financial flexibility for your spending needs. Find the perfect card to elevate your purchasing power.

Por: Eduarda em August 14, 2024

When it comes to credit cards, high limits offer a significant advantage, providing flexibility and the ability to manage large expenses without the need for multiple cards.

For Canadians, finding the right credit card that offers a high limit is essential, especially for those with excellent credit scores and substantial income.

This article explores five of the best credit cards in Canada that offer high credit limits, along with the benefits they provide.

1. American Express Cobalt Card

The American Express Cobalt Card is renowned for its excellent rewards program, but it also offers the potential for a high credit limit.

While the specific limit can vary based on your creditworthiness, American Express is known for offering generous limits to those with strong credit profiles.

Key Features:

Earning Potential: Earn 5 points per dollar on eligible eats and drinks in Canada, 2 points on travel and transit, and 1 point on everything else.
Flexible Spending: American Express doesn’t have a traditional pre-set spending limit, allowing your purchasing power to adjust based on your use of the card and your payment history.
Comprehensive Insurance: Includes travel insurance, car rental theft and damage insurance, and buyer’s assurance protection.
Annual Fee: $155.88 ($12.99 monthly).

Why It’s Great for High Limits: The Cobalt Card’s flexible spending limit makes it ideal for those who need a card that can handle large purchases, as long as you manage your payments responsibly.

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2. Scotiabank Gold American Express Card

The Scotiabank Gold American Express Card is another top choice for Canadians seeking a high credit limit.

This card is especially beneficial for those who travel frequently or make substantial purchases.

Key Features:

Earning Potential: Earn 5 points per dollar on groceries, dining, and entertainment, 3 points on gas, transit, and select streaming services, and 1 point on all other purchases.
No Foreign Transaction Fees: This card allows you to make purchases abroad without worrying about foreign transaction fees, a rare feature in Canadian credit cards.
Travel Benefits: Includes comprehensive travel insurance, access to airport lounges, and concierge services.
Annual Fee: $120.

Why It’s Great for High Limits: Scotiabank typically offers high credit limits to qualified applicants, especially those with excellent credit scores and a solid income, making it a strong contender for those needing significant purchasing power.

3. TD Aeroplan Visa Infinite Privilege Card

For those who prioritize travel and want a high-limit credit card, the TD Aeroplan Visa Infinite Privilege Card is an excellent option.

This card is part of the Aeroplan program, allowing you to earn miles for your travel expenses.

Key Features:

Earning Potential: Earn 1.5 Aeroplan points per dollar on eligible grocery, gas, and Air Canada purchases, and 1.25 points on all other purchases.
Aeroplan Perks: Enjoy free first checked bags on Air Canada flights, access to Maple Leaf Lounges, and priority boarding.
Travel Insurance: Extensive travel insurance, including emergency medical insurance and trip cancellation/interruption insurance.
Annual Fee: $599.

Why It’s Great for High Limits: The TD Aeroplan Visa Infinite Privilege Card is designed for high-income individuals, typically requiring a minimum personal income of $200,000 to apply. The high income requirement often translates to high credit limits.

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4. RBC Avion Visa Infinite Privilege

The RBC Avion Visa Infinite Privilege card is another top-tier credit card in Canada that offers a high credit limit, alongside an array of premium benefits, especially for frequent travelers.

Key Features:

Earning Potential: Earn 1.25 Avion points per dollar spent on all purchases, with no limits on how many points you can earn.
Travel Flexibility: Points can be redeemed for travel with no blackout periods, and you have access to over 130 airlines.
Comprehensive Insurance: Includes travel accident insurance, emergency medical insurance, and rental car insurance.
Luxury Perks: Complimentary membership to Visa Infinite Privilege, which offers luxury hotel benefits, dining experiences, and more.
Annual Fee: $399.

Why It’s Great for High Limits: RBC is known for offering high credit limits on their premium cards, particularly the Avion Visa Infinite Privilege, making it a great choice for those who require significant purchasing power.

5. BMO World Elite Mastercard

The BMO World Elite Mastercard is one of the most popular high-limit credit cards in Canada, offering a great balance of rewards and travel perks.

It’s ideal for cardholders who want a premium card with high earning potential.

Key Features:

Earning Potential: Earn 3 points per dollar spent on travel, dining, and entertainment, and 1 point per dollar on all other purchases.
Travel Benefits: Includes a Priority Pass membership with access to over 1,000 airport lounges worldwide, and up to $500,000 in travel insurance.
Welcome Bonus: 60,000 points ($400 value) when you spend $3,000 in the first three months, plus the first year’s annual fee waived.
Annual Fee: $150 (waived for the first year).

Why It’s Great for High Limits: BMO offers substantial credit limits to applicants with strong credit histories and incomes, making this card an excellent option for those who need a high credit limit with added travel perks.

Conclusion

Choosing the right high-limit credit card in Canada depends on your spending habits, lifestyle, and financial goals.

The cards mentioned above cater to various needs, from frequent travelers to those seeking flexible spending options.

Each of these cards offers not only high credit limits but also a range of benefits that can enhance your financial freedom and provide peace of mind when making large purchases.

Remember, while a high credit limit can be advantageous, it’s essential to manage your credit responsibly to maintain a strong credit score and financial health.