Graduate to Premium Cards: When and How to Upgrade Your Credit Cards

Three years ago, I was thrilled to get approved for a basic $500 secured credit card. Today, I carry the American Express Platinum and Visa Infinite Privilege cards. Here’s your roadmap to make the same journey.

Know Your Card Tiers

The Credit Card Hierarchy in Canada

Tier 1: Starter Cards

Secured cards
Student cards
Basic no-fee cards
Income requirement: $0-15,000
Your starting point

Tier 2: Standard Rewards Cards

Basic cashback cards
Entry-level travel cards
Some annual fee cards
Income requirement: $12,000-25,000
Your 6-12 month target

Tier 3: Premium Cards

Visa Infinite / Mastercard World Elite
Enhanced rewards and insurance
Airport lounge access (some)
Income requirement: $60,000+ (personal) or $100,000+ (household)
Your 1-2 year target

Tier 4: Ultra-Premium Cards

Visa Infinite Privilege
Mastercard World Elite Ultra
American Express Platinum
Income requirement: $150,000-200,000+
Your 2-3 year aspiration

The Graduation Timeline

✅ Month 0-6: Foundation Phase

Your Cards: Secured, student, or basic no-fee
Your Focus: Perfect payment history
Credit Score Target: 650+

Action Steps:

Never miss a payment
Keep utilization under 30%
Don’t apply for anything new
Build banking relationships

✅ Month 7-12: Expansion Phase

Your Cards: Add 2-3 standard rewards cards
Your Focus: Building credit mix
Credit Score Target: 700+

Upgrade Opportunities:

Product change secured → unsecured
Student card → regular version
Add first rewards card

✅ Month 13-24: Premium Preparation

Your Cards: Mix of standard and entry premium
Your Focus: Increasing limits and income
Credit Score Target: 740+

Key Moves:

Request credit limit increases
Document income carefully
Build deeper bank relationships

✅ Month 25+: Premium Territory

Your Cards: Qualify for Visa Infinite/World Elite
Your Focus: Maximizing value
Credit Score Target: 760+

Now You Can Access:

Premium travel cards
High-end cashback cards
Exclusive benefits

The Two Paths to Premium Cards

Path 1: Product Change (The Smart Way)

What It Is: Upgrading existing card to premium version
Why It’s Better: Keeps account history, no credit check

How to Execute:

Log into online banking
Look for “Upgrade Offers” or “Product Change”
If nothing shows, call and ask
Specifically request product change, not new application

Success Story: My TD Cash Back → TD First Class Visa Infinite

Kept 3-year history
No hard inquiry
Instant approval
Same account number

Path 2: New Applications (When Necessary)

When to Use:

Switching banks
Want signing bonus
Product change unavailable

Application Strategy:

Check pre-qualified offers first
Ensure you exceed minimum income
Apply in-branch when possible
Have relationship with bank

Bank-by-Bank Upgrade Strategies

TD Canada Trust

Easy Upgrades:

Cash Back → First Class Infinite
Rewards → Aeroplan Infinite
Usually available online

Insider Tip: TD is most flexible with product changes

RBC Royal Bank

Common Paths:

Cash Back → Avion Infinite
Rewards+ → WestJet World Elite

Note: Often requires calling in

Scotiabank

Upgrade Options:

SCENE → Gold Amex
Momentum → Passport Infinite

Tip: In-branch often more successful

CIBC

Popular Upgrades:

Dividend → Aventura Infinite
Tim Hortons → Aeroplan Infinite

Strategy: Build relationship first

BMO

Pathways:

CashBack → World Elite
AIR MILES → Eclipse Infinite

Key: BMO values total relationship

Meeting Income Requirements

The Official Requirements

Visa Infinite / World Elite Mastercard:

Personal income: $60,000+
OR Household income: $100,000+

Visa Infinite Privilege:

Personal income: $200,000+
OR Significant assets

Documenting Your Income

What Counts:

Employment income (T4)
Self-employment income
Investment income
Spouse’s income (household)
Sometimes: Consistent savings

Pro Tips:

Recent Grads: Use offer letter showing future income
Self-Employed: Bank statements showing regular deposits
Household Income: Bring spouse to appointment
Assets: Some banks consider investments/savings

Timing Your Upgrades Perfectly

Best Times to Upgrade

✅ After Annual Review: Banks often pre-approve upgrades
✅ Income Increase: New job or raise
✅ Account Anniversary: Some banks offer anniversary upgrades
✅ Promotional Periods: Watch for reduced requirements

Worst Times to Upgrade

❌ Recent Credit Applications: Wait 3-6 months
❌ High Utilization: Pay down first
❌ Before Major Purchase: Preserve credit score
❌ Income Uncertainty: Wait for stability

Premium Card Comparison Guide

Best First Premium Cards

TD First Class Visa Infinite

Why: Great travel insurance
Annual Fee: $139
Upgrade From: Any TD card

RBC Avion Visa Infinite

Why: Flexible points program
Annual Fee: $120
Upgrade From: RBC Rewards+

Scotia Momentum Visa Infinite

Why: 4% cashback groceries
Annual Fee: $120
Upgrade From: Scotia basic cards

When You’re Ready for Ultra-Premium

Amex Platinum

Annual Fee: $699
Requirements: $100,000+ income
Benefits: Unmatched lounge access
Best For: Frequent travelers

TD Visa Infinite Privilege

Annual Fee: $400
Requirements: $200,000+ income
Benefits: Concierge, exclusive perks
Best For: High earners

Avoiding Common Upgrade Mistakes

❌ Mistake 1: Closing Old Cards

Why It Hurts: Reduces average account age
Instead: Keep as no-fee backup

❌ Mistake 2: Upgrading Too Early

The Problem: Rejection hurts credit score
Solution: Wait until you exceed requirements

❌ Mistake 3: Chasing Prestige

Reality Check: $700 annual fees need justification
Better Approach: Calculate actual value

❌ Mistake 4: Ignoring Product Changes

Missed Opportunity: New application = hard inquiry
Smart Move: Always try product change first

My Personal Upgrade Journey

Year 1:

Started: BMO SPC Cashback (student)
Upgraded: BMO Cashback Regular
Method: Automatic upon graduation

Year 2:

Added: TD Aeroplan Visa Infinite
Strategy: New application with income docs
Result: Approved with $10K limit

Year 3:

Upgraded: Amex Gold → Platinum
Method: Called in, negotiated
Bonus: First year fee waived

Today:

Portfolio: 5 premium cards
Strategy: Maximize category bonuses
Annual Value: $4,000+ in rewards

Your Upgrade Action Plan

Step 1: Assess Current Position

List all current cards
Check credit score
Calculate total income
Review spending patterns

Step 2: Set Target Cards

Research benefits you’d use
Calculate annual fee value
Check income requirements
Identify upgrade paths

Step 3: Prepare for Upgrade

Reduce utilization below 10%
Gather income documents
Check for pre-approvals
Build bank relationship

Step 4: Execute Strategy

Try product change first
Apply strategically if needed
Negotiate annual fees
Maximize welcome bonuses

The Long Game

Remember: Premium cards aren’t about status—they’re about value. My Amex Platinum pays for itself through lounge access alone (I travel monthly). Your premium card should match your lifestyle.

Start with cards that make sense for your spending. Upgrade gradually. Build relationships with banks. Most importantly, never pay interest—no rewards justify carrying a balance.

Three years from now, you could be deciding between the Visa Infinite Privilege and Amex Platinum. But first, nail the basics. Perfect payments. Low utilization. Strategic applications.

Your premium card journey starts with your next statement date. Pay it in full, keep utilization low, and start planning your upgrade path.

The metal cards are nice, but the journey to earn them is what builds real financial strength.