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Over the years, credit cards have become a status symbol in personal finance and consumerism. Who could forget the countless movies where credit cards were used by wealthy people without a care in the world? In one way or another, the company or type of credit card you owned gave you some sense of superiority and exclusivity.
The epitome of status and privilege in the credit card game is the metal credit card – cards offered by credit card companies in various metals, including brass, steel, gold and platinum. The sleek, crisp design was once offered on an invitation-only basis to people back in the late 90s with the American Express Centurion Card. Fortunately, now that more players are offering metal credit cards, they are accessible to more people than ever.
With this option available to the public, the credit card experience just got better.
You may be surprised to learn that there is much more to the metal credit card than the trendy experience it provides; If you are eligible for one, you may have access to the highest and most exclusive rewards and benefits.
The question in all of this is, should you get one? This article will help you make that decision.
Despite the increased accessibility of the metal credit card, it is still viewed as a symbol of success and privilege. Just imagine the high one must feel when paying for things like food at a swanky restaurant. The feeling certainly boosts your ego.
Are metal credit cards better? From a user standpoint, there isn’t really much of a difference between metal and traditional credit cards. Each card offers a host of features you can use to your benefit. You will find, however, that many metal credit cards require you to spend between $200-$700 on an annual fee while having a high personal income to qualify. Among other things (i.e. high credit score), you should keep these in mind before applying with your credit card provider.
Visually, the metal card, for obvious reasons, is much heavier than a traditional plastic card with some going as heavy as 28.5g. Because of its material, the metal credit card is much more difficult to dispose of. Want to use scissors to cut them? Good luck. How about a shredder? Do that, and you might have to make a trip to your local supplies store for a new shredder. It is best to send it to your credit card provider and have them safely terminate your card if you really need to.
Lastly, you don’t have to do anything special to get a metal credit card. Similar to traditional cards, you apply, qualify and get sent your card in the mail. You should be aware of the cards available, which is what we’ll get to in the next section.
The following list will look at some of the best metal credit cards in Canada today.
Minimum personal income: $0
Annual fee: $699
Great for: Travel, dining, everyday purchases
If you want to get started with a metal credit card, look no further than the American Express Platinum Card! American express cards incredibly generous when it comes to its bonus points.
If you want to learn more about this card, visit our webpage for a detailed breakdown!
Annual fee: $250
Great for: Travel, hotel, dining
Let’s say you want a lower annual fee card but still offer great bonuses. The American Express® Gold Rewards Card still gives you the awesome benefits of a metal credit card without sacrificing too much on fees.
Want to learn more? We have an article on this incredible card that you would love!
Minimum personal income: $150,000
Annual fee: $599
Great for: Air Canada, Travel, hotel, lifestyle
This card is the Best Aeroplan Visa Credit Card. You’ll enjoy many benefits when travelling with Air Canada.
Annual fee: $499
Great for: Travel, hotel, lifestyle
This card is definitely named appropriately for those seeking privilege in their credit card experience. The BMO eclipse Visa Infinite Privilege Card* – also known as BMO’s most expensive credit card, offers some great incentives to cardholders that are unique to this card alone.
If you think you may qualify, read more about the amazing rewards on this card.
This card is the Best Aeroplan American Express Credit Card. You’ll enjoy many benefits when travelling with Air Canada.
If you satisfy the qualifications to receive a metal credit card, then it can certainly be worth it. But please keep in mind: Credit cards don’t ever change just because one doesn’t come in plastic anymore. Sure, they look good but the opportunity cost may not all be there, especially when you consider the high annual fees. You still have to be responsible and make sure you don’t get yourself into a financial mess.
As you can tell from our shortlist, there are a bunch of different cards that offer amazing benefits and speak to your diverse needs. Take the time to review all of the cards out there before making a decision on metal credit cards.
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