Are you a frequent traveller looking for the perfect credit card to maximize your rewards and minimize your travel expenses? If so, you’re in the right place! As your trusted financial advisor, I’m here to help you navigate the world of travel credit cards in Canada and find the best options tailored to your needs for 2024. In this blog post, we’ll explore some of the top travel credit cards available in Canada, highlighting their key features, benefits, fees, and why they might be the perfect fit for your travel lifestyle.
Why Choose a Travel Credit Card?
Before diving into the best travel credit cards, let’s quickly discuss why opting for a travel-focused credit card can be a smart choice. Travel credit cards offer numerous benefits, such as:
- Reward Points or Miles: Earn points or miles for every dollar spent, which can be redeemed for flights, hotel stays, car rentals, and more.
- Travel Perks: Enjoy perks like complimentary airport lounge access, free checked bags, priority boarding, and travel insurance.
- Foreign Transaction Fee Waivers: Some travel credit cards waive the foreign transaction fees, saving you money when making purchases abroad.
- Sign-Up Bonuses: Many travel cards offer generous sign-up bonuses, allowing you to accumulate a significant amount of points or miles right from the start.
Now, let’s delve into the best travel credit cards in Canada for 2024.
1. American Express Cobalt® Card
The American Express Cobalt® Card continues to be a favourite among travellers in Canada. Its unique rewards structure makes it an excellent choice for foodies and frequent travellers alike.
- Key Features:
- Earn 5 points per $1 spent on eligible food and drink purchases, including dining and groceries.
- Earn 2 points per $1 spent on travel and transit, including flights, hotels, taxis, and public transit.
- Earn 1 point per $1 on all other purchases.
- Flexible redemption options: Use your points for flights, hotel stays, and more.
- Annual Fee: $12.99 per month ($155.88 annually)
- Sign-Up Bonus: Up to 30,000 points in the first year.
Why It’s Great: This card is ideal for those who spend a lot on dining and travel. The flexible points redemption options allow you to use your rewards in various ways, making it a versatile choice for frequent travellers.
2. Scotiabank Passport™ Visa Infinite Card
The Scotiabank Passport™ Visa Infinite Card is a top contender for those who frequently travel internationally. With no foreign transaction fees, it’s perfect for saving on overseas purchases.
- Key Features:
- No foreign transaction fees on purchases made abroad.
- Earn 2 Scotia Rewards points per $1 spent on eligible groceries, dining, entertainment, and transit.
- Earn 1 Scotia Rewards point per $1 spent on all other purchases.
- Complimentary Priority Pass membership with six free airport lounge visits per year.
- Annual Fee: $150
- Sign-Up Bonus: Up to 30,000 Scotia Rewards points.
Why It’s Great: The absence of foreign transaction fees can save you up to 2.5% on every purchase made outside Canada. Additionally, the included Priority Pass membership is a fantastic perk for frequent flyers who appreciate airport lounge access.
3. TD® Aeroplan® Visa Infinite Card
If you’re an Air Canada loyalist, the TD® Aeroplan® Visa Infinite Card is a must-have. It offers excellent earning potential and unique perks tailored for Air Canada travellers.
- Key Features:
- Earn Aeroplan points on every dollar spent, with bonus points for Air Canada purchases.
- Free first checked bag on Air Canada flights.
- Comprehensive travel insurance coverage, including trip cancellation and travel medical insurance.
- Access to Air Canada benefits, such as preferred pricing on flight rewards.
- Annual Fee: $139 (first-year fee rebate)
- Sign-Up Bonus: Up to 50,000 Aeroplan points.
Why It’s Great: This card provides numerous benefits for Air Canada travellers, including free checked bags and access to exclusive offers. It’s an excellent choice for those who frequently fly with Air Canada or its Star Alliance partners.
4. Rogers World Elite® Mastercard®
The Rogers World Elite® Mastercard® is a no-fee travel credit card that offers great cash-back rewards, making it an attractive option for budget-conscious travellers.
- Key Features:
- Earn 1.5% unlimited cash back on all eligible purchases.
- Earn 3% cash back on U.S. dollar purchases.
- No annual fee.
- Includes travel insurance, such as emergency medical insurance.
- Annual Fee: $0
- Sign-Up Bonus: Up to $25 cash back with your first purchase.
Why It’s Great: With no annual fee and competitive cash-back rates, this card is ideal for travellers who want to earn rewards without worrying about an annual fee. The 3% cash back on U.S. dollar purchases is particularly beneficial for those who frequently travel to the United States.
5. BMO Ascend World Elite® Mastercard®
The BMO World Elite® Mastercard® offers a robust rewards program and comprehensive travel insurance, making it a strong contender for frequent travellers.
- Key Features:
- Earn 5 BMO Rewards points per $1 spent on eligible travel purchases.
- Earn 3 BMO Rewards points per $1 spent on eligible dining and entertainment purchases, and recurring bill payments.
- Earn 1 BMO Rewards points per $1 spent on all other purchases.
- Complimentary membership to Mastercard Travel Pass provided by DragonPass.
- Extensive travel insurance, including trip interruption and rental car insurance.
- Annual Fee: $150 (waived for the first year)
- Sign-Up Bonus: Up to 90,000 BMO Rewards points.
Why It’s Great: This card’s generous rewards rate and comprehensive travel insurance coverage make it an excellent choice for those who spend heavily on travel and entertainment. The first-year fee waiver is a bonus for new cardholders.
6. CIBC Aventura® Visa Infinite Card
The CIBC Aventura® Visa Infinite Card is a versatile travel card with flexible points redemption options, allowing you to tailor your rewards to your travel needs.
- Key Features:
- Earn up to 2 Aventura Points for every $1 spent on eligible purchases.
- Access to over 1,200 airport lounges worldwide through Priority Pass.
- Comprehensive travel insurance, including trip cancellation and flight delay insurance.
- Flexible travel redemption options, allowing points to be used for flights, hotels, and more.
- Annual Fee: $139
- Sign-Up Bonus: Up to 40,000 Aventura Points.
Why It’s Great: The flexibility of the Aventura Points program, coupled with extensive travel insurance and lounge access, makes this card a strong choice for travellers seeking a customizable rewards experience.
7. Marriott Bonvoy® American Express® Card
For those who frequently stay at Marriott properties, the Marriott Bonvoy® American Express® Card is a great option to earn valuable hotel rewards.
- Key Features:
- Earn 5 points for every $1 spent at Marriott properties.
- Earn 2 points per $1 spent on all other eligible purchases.
- Automatic Silver Elite Status with Marriott Bonvoy, offering benefits like late checkout and room upgrades.
- Complimentary annual free night award (up to 35,000 points).
- Annual Fee: $120
- Sign-Up Bonus: Up to 50,000 Marriott Bonvoy points.
Why It’s Great: This card is a no-brainer for Marriott enthusiasts. The ability to earn points quickly on Marriott stays, coupled with elite status benefits, makes it an attractive choice for loyal customers.
8. National Bank World Elite® Mastercard®
The National Bank World Elite® Mastercard® is designed for high-spenders looking for a card with substantial travel benefits and rewards.
- Key Features:
- Earn up to 5 points per $1 on eligible purchases.
- Access to exclusive airport lounge privileges.
- Comprehensive travel insurance, including trip cancellation and travel medical insurance.
- No foreign transaction fees.
- Annual Fee: $150
- Sign-Up Bonus: Up to 30,000 points.
Why It’s Great: This card offers high earning potential and valuable travel perks, making it a great choice for frequent travellers who want premium benefits and coverage.
9. WestJet RBC World Elite Mastercard
The WestJet RBC World Elite Mastercard is a must-have for anyone who frequently flies with WestJet, offering generous WestJet dollars and valuable travel perks.
- Key Features:
- Earn WestJet dollars on everyday purchases, which can be redeemed for WestJet flights and vacation packages.
- Free first-checked bag for the primary cardholder on WestJet flights.
- Travel insurance and other travel perks.
- Annual Fee: $119
- Sign-Up Bonus: Up to 700 WestJet dollars.
Why It’s Great: This card is tailored specifically for WestJet flyers, providing valuable rewards and benefits that can significantly enhance your travel experience with the airline.
Conclusion
Choosing the right travel credit card depends on your travel habits, spending patterns, and personal preferences. Whether you’re looking for a card with no foreign transaction fees, one that offers great rewards on dining and travel, or a card with valuable airline benefits, there’s an option on this list that will suit your needs.
As your financial advisor, I recommend carefully reviewing the features and benefits of each card to determine which one aligns best with your travel goals for 2024. Happy travels!
