Best Travel Credit Cards in Canada 2024
According to recent surveys, over half of all Canadians are planning to travel this year! If you’re one of them, a travel credit card can help you cut travel costs and keep you covered in case of illness or injury while you’re away from home.
Million Dollar Journey has been reviewing, comparing, and rating Canada’s best travel credit cards since 2006.
Each year we take a look at old standbys and new arrivals to the travel rewards cards scene in Canada and update our list of recommendations. That means you can easily keep on top of industry changes and top competitors and get the best travel credit card to help make your vacation dreams a reality.
Best Canadian Travel Credit Cards: Top 5 Compared
4.9 / 5$155.88
20.99% / 21.99%
4.7 / 5139$
20.99% / 22.99%
4.2 / 5$120
20.99% / 23.99%
3.8 / 5$0
19.99% / 24.99%
3.6 / 5$150
20.99% / 22.99%
What to Consider When Comparing Travel Credit Cards
When you compare travel credit cards, it’s important to keep your specific needs in mind:
- Do you have a preferred airline? Aeroplan is Air Canada’s signature points program.
- Do you prefer more flexibility? Air Miles or a credit card reward points system may work better for you.
- What’s your financial situation? Many rewards cards come with minimum income requirements and annual fees.
- Have you had bad luck with trips in the past? You may want to make sure you’re covered by a robust travel insurance package. If you’re 65+, this can be tricky (but we’ve found a solid option—keep reading to learn more)
- What’s most important to you when you think about travelling?
Obviously, we can’t answer these questions for your specific situation, so you’ll have to fill in the blanks using the information below before signing up with any credit card on our Best Travel Credit Card in Canada list.
Is a Travel Credit Card Right for Me?
Travel credit cards are worth considering if you use the card often and travel multiple times a year. Using the card for everyday spending and then paying it off in full each month is one tactic you can use to rack up points quickly.
Travellers can also make use of travel credit card perks (free checked bags, lounge access, discounts on auto rentals, etc.). These savings add up over multiple trips and can offset the cost of the card if you travel frequently. One word of warning: travel credit cards are primarily designed for people who fly, so if you prefer to travel by train, you might want to consider a rewards card that gives you cash back or other discounts.
Our best travel credit card list will highlight those credit cards that offer the highest earn rate, with the greatest degree of flexibility, combined with perks such as excellent built-in travel insurance and other useful underutilized features.
Best Travel Credit Card in Canada: American Express Cobalt
The American Express Cobalt is an excellent travel rewards card and it has the awards to prove it! The Amex Cobalt tops several best-of lists, including this one. It’s got an excellent earn rate and a sizable welcome bonus that doesn’t require as much spending as some of the other cards do (just $500 per month in the first year.
However, the thing that truly sets the Cobalt apart (and has earned the undying loyalty of many MDJ team members) is the fact that you can transfer points to other rewards programs at a 1:1 ratio. And in many cases, the Cobalt’s earn rate is much, much higher. It’s an irresistible combination.
Annual Fee: $155.88 (12.99 per month).
Minimum Income Requirements: None
Interest: 20.99% on purchases, 21.99% on balance transfers and cash advances
Earn Rate: 5 points for every $1 spent at restaurants and grocery stores in Canada, as well as food and grocery delivery. 3 points for every $1 spent on streaming and subscription services at select providers. 2 points for every $1 spent at gas stations in Canada, or for travel or local commuting.
There’s a combined maximum of $30,000 on these categories annually. Once the maximum is reached, earn 1 point for every $1.
Welcome Bonus: Up to 30,000 points (2,500 points for each month where you spend $500 on your card in the first year).
Insurance Coverage:
- Travel medical insurance
- Trip cancellation/interruption insurance
- Flight/Trip delay insurance
- Delayed and lost baggage insurance
- Common carrier travel accident insurance
- Hotel/motel burglary insurance
- Auto rental collision/loss damage insurance.
Other perks:
Periodic Perks including bonus rewards and access to great events. Up to $100 USD hotel credit to use on amenities like dining, spa or other leisure facilities when charged to the room. A one-category room upgrade at check-in, when available. Extended warranty protection (up to 1 additional year), mobile device insurance, and 90-day purchase protection.
A good earn rate, generous welcome bonus, unbeatable points transfer program, and great insurance coverage make the American Express Cobalt card the best travel credit cards in Canada this year. Read our detailed Amex Cobalt review, or sign up by clicking the button below:
Best Travel Credit Card For Aeroplan Points: TD Aeroplan Visa Infinite
With accelerated points earning on food, gas, and Air Canada travel, plus additional perks like a free checked bag and travel insurance, the TD Aeroplan Visa Infinite tops our list of Aeroplan credit cards.
While the fee is a hefty $139/year, the welcome bonus and the fact that the first year’s fee is waived (if you apply by May 28, 2023) make this card well worth trying out.
Annual Fee: $139 ($75 per additional card)
Minimum Income Requirements: $60,000 annual personal income, or $100,000 combined household income.
Interest: 20.99% on purchases, 22.99% on cash advances
Earn Rate: Earn up to 55,000 Aeroplan points and an annual fee rebate for the first year, if you apply by May 28, 2023 (must spend $7,500 in the first year to qualify for the full bonus).
Welcome Bonus: Earn up to 25,000 Aeroplan points, an annual fee rebate for the first year, and a bonus Buddy Pass if you apply by March 6, 2022.
Insurance Coverage:
- Travel medical insurance
- Trip cancellation/interruption insurance
- Flight/Trip delay insurance
- Delayed and lost baggage insurance
- Common carrier travel accident insurance
- Hotel/motel burglary insurance
- Auto rental collision/loss damage insurance.
Other perks: First checked bag is free, 1.5 bonus Aeroplan points on Starbucks purchases, NEXUS fee rebate every 4 years, emergency travel assistance services, savings on Avis and Budget car rentals, mobile device coverage, purchase security and extended warranty insurance.
The TD Aeroplan Visa Infinite is a solid Aeroplan option with excellent perks. The current welcome bonus is enough to cover a round-trip flight from Toronto to Hawaii and back (Note: points values for flights vary depending on a variety of factors). Every Air Canada seat is available to purchase on points, with no restrictions or blackout periods. The TD Aeroplan Visa Infinite also has you covered for travel insurance.
If you’re a frequent Air Canada passenger and you want a card that will help you get further for less, the TD Aeroplan Visa Infinite is the card for you! You can read our full review of TD Aeroplan here.
Best Travel Credit Card For Air Miles: BMO Air Miles World Elite Mastercard
We’ve checked our sources and it’s official: the BMO Air Miles World Elite Mastercard is Canada’s best travel credit card for Air Miles. The minimum income requirements may put this card out of reach for some, but if you meet the criteria, you’ll reap the rewards.
We selected the BMO Air Miles World Elite Mastercard because it combines solid earning with excellent perks and features like full insurance coverage. We also appreciate the generous welcome bonus.
Annual Fee: $120
Minimum Income Requirements: $80,000 annual personal income, or $150,000 combined household income.
Interest: 20.99% on purchases, 23.99% on cash advances
Earn Rate: Earn 3 Miles for every $12 spent at Air Miles partner stores. Earn 2 miles for every $12 spent at eligible grocery stores. Earn 1 Mile for every $12 spent everywhere else.
Welcome Bonus: 2,000 bonus miles when you spend at least $3,000 + $120 fee waived for the first year – offer valid until July 31, 2023.
Insurance Coverage:
- Travel emergency medical insurance
- Trip cancellation/interruption insurance
- Flight delay insurance
- Delayed and lost baggage insurance
- Auto rental collision/loss damage insurance.
Other perks: Exclusive annual discount: 25% off one worldwide Air Miles flight redemption per calendar year, WiFi hotspot access, Mastercard Travel Pass membership by DragonPass with lounge access for $32 USD (per person, per visit). Extended warranty protection and 90-day purchase protection.
The BMO Air Miles World Elite Mastercard combines a consistent rate of earning with travel insurance coverage and a selection of other perks. We appreciate a card that’s well-rounded, which is why it’s our pick for best Air Miles credit card.
Best Travel Credit Card With No Annual Fee: MBNA Rewards Platinum Plus Mastercard
If you’re looking for a card that gives you travel rewards without charging you fees, we recommend the MBNA Rewards Platinum Plus Mastercard. With no fees and no minimum income requirement, this card is ideal if you want to earn points towards your travel plans but may not meet the requirements of some of the other cards on the list.
The welcome bonus is generous without requiring the same level of spending as some other options on this list (for example, you get 5,000 extra bonus points if you enroll in online banking and opt for electronic statements). We always appreciate a card that gives us great value while also asking less of us.
Annual Fee: None
Minimum Income Requirements: None
Interest: 19.99% on purchases, 24.99% on cash advances, 22.99% on balance transfers
Earn Rate: 2 points for every $1 spent on eligible grocery, digital media, membership, household utility, and restaurant purchases ($10,000 annual cap on each category) and 1 point for every $1 spent on all other eligible purchases.
Welcome Bonus: Up to 10,000 points: 5,000 if you spend $500 on eligible purchases within the first 90 days, plus a “Paperless Bonus” of 5,000 bonus points, if you sign up for online banking and paperless statements within the first 90 days.
You also earn 4 extra points for every $1 spent on eligible grocery, digital media, membership, household utility, and restaurant purchases during the first 90 days.
Insurance Coverage: None listed
Other perks: Birthday bonus (10% of the total points earned in the 12 months preceding the cardholder’s birthday month, to a maximum of 10,000 points). Savings on Avis and Budget car rentals. Extended warranty protection (up to 1 additional year) and 90-day purchase protection.
The MBNA Rewards Platinum Plus Mastercard may not have as many perks as some of the other cards on the list, but it’s a great choice if you’re a student or you’re simply looking for a card that lets you earn points without charging fees. If you’re looking for more information on no-fee cards, take a look at our article on the top no-fee cards in Canada.
Best Travel Credit Card With No Foreign Transaction Fees: Scotiabank Passport Visa Infinite
Most credit card companies will charge a 2.5% transaction fee every time you make purchases in a foreign currency. If you’d like to shop abroad without worrying about additional fees, consider the Scotiabank Passport Visa Infinite.
The Scotiabank Passport Visa Infinite does not mark up foreign currency purchases, regardless of whether you make those purchases abroad or in Canada. This fact, plus a substantial collection of perks and benefits, make this card stand out.
Annual Fee: $150 (first additional card free, then $50 per subsequent card)
Minimum Income Requirements: $60,000 annual personal income, $100,000 combined household income, or $250,000 in assets under management.
Interest: 20.99% on purchases, 22.99% on cash advances
Earn Rate: 3 Scene+ points for every $1 you spend on purchases at Scene+ participating merchants (includes Sobeys, IGA, Foodland, and Rachelle Bery). Earn 2 Scene+ points for every $1 spent on eligible transit, dining and other grocery store purchases, plus eligible entertainment purchases such as movie and theatre tickets. Earn 1 Scene+ point on every $1 you spend on all other eligible purchases.
Welcome Bonus: Up to 35,000 bonus Scene+ points: 20,000 points when you make at least $1,000 in eligible purchases in the first 3 months, 15,000 bonus Scene+ points when you spend at least $40,000 in everyday eligible purchases annually.
SCENE+ points can be redeemed towards statement credits, travel, dining, tech, gift cards and more. You can learn more about the Scene+ program in our review of the Scotiabank SCENE Visa.
Insurance Coverage:
- Travel emergency medical insurance
- Trip cancellation/interruption insurance
- Flight delay insurance
- Delayed and lost baggage insurance
- Travel accident insurance
- Hotel/motel burglary insurance
- Auto rental collision/loss damage insurance.
Other perks:
No foreign currency fees, Priority Pass membership and 6 free airport lounge visits per year ($32 thereafter), complimentary Avis preferred plus membership, Visa Concierge Service and Hotel Collection (free upgrades if available, free in-room WiFi). Extended warranty protection (up to 1 additional year) and 90-day purchase protection.
Combining no foreign transaction fees with other excellent features such as lounge access, insurance, and a generous welcome bonus, the Scotiabank Passport Visa Infinite is a great choice. Our article on top credit cards with no foreign transaction fees has more information on this card as well as a runner-up option.
Travel Rewards Card With The Best Insurance Coverage: BMO Air Miles World Elite and HSBC World Elite Mastercard
After careful consideration, we’re declaring joint winners in our Best Travel Insurance category. While we appreciate the great coverage that the BMO Air Miles World Elite Mastercard offers, our editorial team felt strongly that we should also recognize a card that’s committed to providing travel insurance coverage to older travellers – and the HSBC World Elite Mastercard does just that.
For travellers under 65, the BMO Air Miles World Elite Mastercard offers the most comprehensive travel insurance package of any cards at this tier. BMO’s $2 million, 15-day emergency coverage is generous, plus the card offers personal effects theft/damage insurance along with their rental car insurance, which is rare. Here are the details:
- Travel emergency medical insurance (up to $2 million, 15 days if under 65)
- Trip cancellation insurance (up to $2,500 per insured person, to a combined maximum of $5,000 per trip)
- Trip interruption/delay insurance (up to $2,000 per insured person)
- Flight delay insurance (up to $500 per account, per trip, when your flight is delayed for more than 6 hours)
- Baggage insurance (up to $750 per insured person, to a combined maximum of $2,000 per trip)
- Common carrier accidental death or dismemberment insurance (Up to $500,000 per insured person)
- Auto rental collision/loss damage insurance on rental cars with a suggested retail price up to $65,000 for 48 days
- Rental car accidental death and dismemberment insurance (up to $200,000)
- Car rental personal effects theft/damage insurance (up to $1,000 per person to a maximum of $2,000)
Travellers aged 65+ who are looking for a card with good travel insurance will not find coverage with BMO, however. If you’re 65+, the HSBC World Elite Mastercard is by far your best choice for travel insurance coverage, with a comprehensive travel insurance package including up to $2 million in emergency medical insurance for the first 21 10 days for travellers 65 and older.
Considering that most cards will only cover travellers over 65 for 3 or 4 days, and some won’t cover you at all if you’re over 74, this kind of coverage is both rare and very much appreciated.
Frequently Asked Questions About Travel Cards in Canada
So What’s the Best Travel Rewards Card for You in 2024?
When you’re shopping for the best travel rewards credit card, it’s important to keep your specific travel priorities and spending patterns in mind. There are so many excellent offerings on the market that it really comes down to what’s best for you.
What kind of points do you collect? Where do you usually shop? Premium or no-fee? Do you want comprehensive insurance? (and how old are you?). These are all important factors to consider.
Whether you’re looking for the best Canadian travel credit card for flight upgrades within a specific airline, or looking for a card that maxes out your grocery purchases, it’s important to review what you want to prioritize, and how your monthly spending categories would be best utilized.
When it comes to our own wallets, the MDJ editorial team has all decided on the Amex Cobalt card. It has a great rate of earning, unprecedented points transfer options, and allows for business class booking. It’s a great all-rounder.
That being said, it pays to do your own homework here. Figure out what you need and then look for the best travel credit card offerings in that area. Make sure you’re getting exactly what you need.
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