Learn all about the best travel credit cards available across Canada. Compare their benefits, rewards, and get tips on how to choose the right one.
Travel credit cards can really add a lot of value to your journeys in terms of reward points, travel insurance, and special privileges. With so many credit cards on the market, the right travel credit card in Canada might be overwhelming to decide on. Thus, in this guide, we have tried to make things easier for you while selecting the best travel credit cards, their benefits, and tips to opt for the best suited ones in accordance with your needs.
Why Choose a Travel Credit Card?
Advantages of Travel Credit Cards
Reward Points: Obviously, the earning of reward points on day-to-day purchases redeemable against flights, hotel stays, and other travel expenses.
Travel Insurance: Most of the travel credit cards come with complimentary travel insurance on trip cancellation, medical emergencies, and lost baggage.
Airport Lounge Access: Access to the airport lounges that are usually restricted and offer a comfortable place to spend time before your flight.
No Foreign Transaction Fees: Save on fees typically charged for transactions made in a foreign currency.
Considerations for Choosing a Travel Credit Card
Annual Fees: Know when the card’s annual fee outweighs the benefits it gives you. Premium cards often charge a higher fee but will also provide more rewards and perks.
Interest Rates: Keep in mind that if you intend to carry a balance, high interest rates will offset the benefit of earning rewards.
Reward Flexibility: Ensure the rewards can be redeemed flexibly for different airlines, hotel chains, and travel booking platforms.
Top Travel Credit Cards in Canada
Annual Fee: $12.99/month
Rewards: 5 points for every $1 spent on qualified eats and drinks, 2 points for travel, and 1 for every other purchase.
Travel Insurance: Travel accident and car rental theft and damage insurance is covered.
Perks: Get perks with American Express Experiences, which offers access exclusively to ticket presales and offers to events.
Scotiabank Gold American Express Card
Annual Fee: $120
Rewards: 5 points per $1 on dining, entertainment, and grocery purchases, and 1 point per $1 on all other purchases.
Travel Insurance: Comprehensive insurance coverage, including travel emergency medical, trip cancellation, car rental collision, etc.
Perks: No foreign transaction fees, and 1.25 points per $1 for all purchases redeemed for any travel-related expense.
TD Aeroplan Visa Infinite Card
Annual Fee: $120
Rewards: 1.5 Aeroplan points per $1 on eligible groceries, gas, and transit purchases, and 1 point per $1 on all other purchases.
Travel Insurance: Covers travel medical, trip interruption, and flight delay insurance.
Perks: First checked bag free of charge on Air Canada flights, preferential boarding, and access to Air Canada lounges.
Annual Fee: $150
Rewards: 3 points per $1 spent on travel, dining and entertainment; 1.5 points per $1 on other purchases.
Travel Insurance: Travel emergency medical, trip cancellation, rental car collision coverage.
Perks: Airport lounge access, no foreign transaction fees, concierge service.
Annual Fee: $120
Rewards: 1 RBC Rewards point per $1 on everyday purchases; 1.25 per $1 spent on travel.
Travel Insurance: You have complete travel insurance including emergency medical, trip cancellation, and trip interruption.
Benefits: Entitles one to over 1,000 airport lounges across the world and allows redeeming points for travel through RBC’s travel agency.
Travel Credit Card Comparison
Points and Rewards
Rewards Rate: Pay as much attention to how many points you’re earning per dollar spent as how easy it is to actually redeem your points.
Flexibility: The rewards program should be such that redemption of points is flexible to account for many different travel expenses, not just flights or hotels.
Insurance Coverage
Types of Coverage: Types of travel insurance include emergency medical, trip cancellation, and baggage insurance.
Coverage Limits: Check coverage limits and exclusions against your travel needs.
Perks and Benefits
Airport Lounge Access: Whether you are inside an airport lounge using the card for this purpose, and whether this benefit is available in the first place.
No Foreign Transaction Fees: Avoid foreign transaction fees by seeking cards that do not charge them if you are going to make frequent purchases abroad.
How to Maximize Your Travel Credit Card
Knowing the Rewards Program
Sign-Up Bonus: Collect your sign-up bonuses by completing the minimum spend within the required timeframe.
Rewards Redemption: How to redeem rewards efficiently against flights, hotel stays, or any other travel-related expenses.
Manage Your Card Wisely
Pay in Full: Pay off the balance in full every month to avoid interest charges.
Track Spending: Monitor your spending so that you rack up rewards in areas with the highest returns.
Review Annual Fees
Fee vs. Benefits: Consider whether the annual fee is worth the benefits and rewards provided to you. Waiving of Fee: Some of the cards carry an option to waive off the annual fees in case of spending thresholds or as a part of promotional offer.
Conclusion
The best travel credit card in Canada would depend on your traveling habits, redemption preferences, and benefits that matter the most to you. Be it reward points, comprehensive travel insurance, or premium perks such as lounge access at an airport—knowing what your needs are is the way toward picking a credit card. Comparing top options and making informed decisions about your travel credit card can make a difference in your travel experience and add more value for money.
