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I don’t care for metal credit cards. They take more space than necessary, and are now so mainstream. What people should primarily be looking for are the rewards and benefits associated with opening a new account. If you want a metal card in Canada, you have three options. Unfortunately, you can only get these after meeting certain eligibility criteria.
American Express Centurion Card
The American Express Centurion Card was probably the first metal credit card, and has been in Canada since 2009. Each country has it’s own Centurion card with differing features. The US (and Canadian, I believe) version require a $5,000 initiation fee and a $2,500 annual fee. There is talk that you had to spend $250,000 (today likely $350,000-$500,000) per year to ask for an invite to the Centurion Card. None of this has been confirmed; this card is invitation-only.
This was one of the best credit cards in the world, with incredible benefits. However, new credit card products, such as the American Express Cobalt Card, are offering richer rewards. As well, there have been cutbacks with the Centurion program. The people getting the best deals are likely those who are grandfathered with lower annual fees. The added benefits using this card include Delta Platinum and Hilton Diamond status, as well as improved travel benefits and a dedicated concierge.
Additional Reading: American Express Centurion Card – Login Required
RBC Private Banking Visa Infinite Privilege
The RBC Private Banking Visa Infinite Privilege, as stated, is only available to private banking clients. To join, you need minimum of $1 million dollars in investible assets or a net worth of $3 million dollars. The closest comparable card is their mass-market RBC Avion Visa Infinite Privilege, which has an annual fee of $399, although it’s not metal. Both cards earn 1.25 Avion Points per dollar, 25% more than the typical 1 Avion point you earn with an RBC Avion Visa Infinite or Visa Platinum.
Other than the Starwood American Express Credit Card, this is the only method of indirectly earning AAdvantage miles with a Canadian credit card. You also get other Visa Infinite Privilege benefits like Priority Pass, expedited security, and a dedicated concierge, although those benefits are easily matched with the American Express Platinum Card and NEXUS.
Additional Reading: RBC Private Banking
HSBC Jade World Elite MasterCard
Jade by HSBC is the upper echelon of HSBC Premier status, requiring a minimum of $1 million dollars in deposits or investible assets. HSBC Premier normally requires holding $100,000 with them and is much more attainable. This card was very interesting given that I only had learned about it recently. Of the three cards, this seems the most attractive metal credit card option.
First, the annual fee of $299 is waived indefinitely for those that meet the requirements. The card also comes with an annual $200 travel credit, free Etihad Gold elite status, and concierge service from Quintessentially. On top of that, it is also one of the few credit cards in Canada that waives foreign transaction fees, the other being the HSBC Premier World Elite MasterCard, and the HomeTrust Preferred Visa.
Additional Reading: Jade By HSBC Premier
Conclusion
These cards do not provide the additional benefits that should match their increased fees. Most of these cardholders are not minutely concerned about the value they’re getting with these products. Now, if you want a metal credit card, your best option is completing the American Express Global Transfer program and opening a Platinum Card in the US.
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@Jeff, have you heard anything about the Canadian AMEX Plat? I heard it will also be available in metal soon.
I heard something about that too, but have not gotten any confirmation yet about it from my contacts.
Great reading! I actually wondered last week about metal cards in Canada! Thank you!
One day hehe
Have you heard of the Private Banking 1859 World Elite Mastercard? (National Bank).
I have, I don’t think it’s metal though.
What do you mean by “for those that meet the requirements” in the HSBC Jade card?
HSBC Jade requires a minimum of a million dollars in investments, etc. with them
Your first line says the metal cards are mainstream… then you talk about how there are only 3 options in Canada and they’re all nearly impossible to obtain. A bit contradictory don’t you think? I’m waiting for Amex Platinum to be a metal card and I would order it in a flash.
Mainstream in the US.
I thought the RBC private banking card is metal no? Or are they made of thicker plastic or something?
I’m not sure about that.
It is now. Pretty slick.
It looks like the HSBC Jade card doesn’t offer a $200 credit, if it did, that would mean it only costs $100 per year.
It offers a “travel enhancement” credit that applies to things other than directly to your booking, seat upgrades, lounge passes and baggage fees are the examples on their website.
I’m looking for a no FX fee card, its a nice one but I’ll pass.
The Jade card does offer an annual $200 travel credit. As well, it’s a $299 annual fee that’s waived for Jade members, so effectively $0 annually. You only qualify for the card by having at least $1M of investments with HSBC, so it’s not really a card you can pass on.
I wonder if they switched the benefits for HSBC Jade, the Etihad Gold status is nowhere to be found on the HSBC websites, I guess now the only real perk added to this card relative to the World Elite is the extra 100$ in travel enhancement credit, and the fact it’s free if you qualify for Jade banking.