travel credit card

This post has been updated on February 27th, 2020 with our most recent reviews and rankings of popular credit cards offered to Canadian consumers.

The best credit cards offered by Canadian finance companies, unions, and banks feature money back, airmiles and bonus points, comprehensive insurance coverage, no or low foreign transaction fees, and plenty more.

	Credit Card	Interest Rate	Annual Fee	Type
1.	Scotia Momentum Visa Infinite	20.99 %	$120	Cashback Credit Card
2.	SimplyCash American Express	19.99 %	No annual fee	Cashback Credit Card
3.	Tangerine Money-Back Credit Card	19.95%	No annual fee	Cashback Credit Card
4.	Scotiabank Gold American Express	19.99 %	$120	Travel Credit Card
5.	BMO World Elite MasterCard	19.99 %	$150	Travel Credit Card
6.	Home Trust Preferred Visa	19.99 %	No annual fee	No Foreign Transaction Fees
7.	Rogers Platinum MasterCard	19.99 %	No annual fee	No Foreign Transaction Fees
8.	Scotiabank Platinum American Express	19.99 %	$399.00	Insurance Coverage
9.	BMO Cashback World Elite MasterCard	19.99 %	$120	Insurance Coverage
10.	Scotiabank L’earn Visa Card	19.99 %	No annual fee	Student Credit Card
11.	Scotiabank Scene Visa Card	19.99 %	No annual fee	Student Credit Card
12.	Refresh Financial Secured Card	17.99 %	$48.95	Secured Card

Best Canadian Cashback Credit Cards

There are credit cards that feature extra cash back during the promotional period as well as no annual fee, generous welcome bonuses, and no categories or limits.

1. Scotia Momentum^® Visa Infinite Card

Offered by the Bank of Nova Scotia, the Scotia Momentum Visa Infinite Card, for example, goes with 4 percent cash back on groceries and gas. The card also features concierge service, travel accident insurance, flight delay insurance, car rental discounts, and a lot more. Optional protection is also offered in case of critical illness, lockout, strike, job loss, or disability. Customers with no credit history are welcome to apply. However, there is a minimum income requirement of $60,000 a year. Supplementary cards are available to earn more cash back.

There are plenty of added benefits for holders. They are offered discounts on wine, vineyard tours, wine tastings, access to exclusive and premier events, hotel room upgrades, and more.

New Offer: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). A welcome offer value of $350*.
Purchase interest rate: 20.99 percent
Balance transfer and cash advance rate: 22.99 percent
Annual fee: *$120 waived for the first year, including on supplementary cards. For accounts opened by November 1, 2020
Credit limit: $5,000 or higher

2. SimplyCash^TM American Express

The SimplyCash American Express Card is also a great choice to earn cash rewards and goes with supplementary cards, no annual fee, and entertainment and travel benefits. Customers earn 5 percent back during the 6-month promotional period and 1.25 percent back afterwards. Additional benefits include car rental theft and damage coverage, promotional balance transfer rate, shopping discounts, weekend gateway deals, and access to exclusive events such as theater performances and concerts.

Funds advance rate: 22.99 percent
Purchase rate: 19.99 percent
Annual Fee: No

3. Tangerine Money-Back Credit Card

Another option to look into, the Tangerine Money-Back Credit Card goes with no annual fee, 0.5 back on regular purchases, and 2 percent back on select purchases (categories of your choice). Customers earn unlimited rewards and can either redeem them into their savings accounts or add them to their card balance.

Best Travel Credit Cards

Canadian travel rewards cards feature travel benefits and opportunities, rewards programs, welcome bonuses, double or extra points on travel expenses and gas, and so on. Some cards feature deals and saving opportunities as well as VIP lounge access, travel upgrades, free baggage, and airfare discounts. There are added incentives such as access to luxury airport lounges, car rental and hotel discounts, and comprehensive insurance, including car rental collision, flight delay, and trip delay. Most issuers advertise cards with no blackout dates and other restrictions and limitations.

4. Scotiabank^® Gold American Express^®

The Scotiabank Gold American Express Card is the perfect choice for customers with no credit history and for newcomers to Canada. The card features add-ons and perks such as special offers, access to airport lounges, concierge service, and travel insurance. Concierge services cover things like show and concert ticket reservations, restaurant reservations, and more. The comprehensive insurance coverage includes lost and delayed baggage, flight delay, trip cancellation, travel accident insurance, etc. The best part is that there are no travel restrictions, and points can be redeemed at any time.

New Offer: Earn 20,000 bonus Scotia Rewards points with your first $1,000 in everyday purchases in first 3 months. (For accounts opened by March 1, 2020)
Balance transfer rate: 22.99 percent
Cash advance rate: 22.99 percent
Purchase rate: 19.99 percent
Annual fee: $120

5. BMO^® World Elite^TM MasterCard^®

Offered by the Bank of Montreal, the BMO World Elite MasterCard is also a great choice to earn rewards points and take advantage of a host of added benefits. The list of perks includes complimentary lounge access, medical and travel coverage, roadside assistance, and a generous welcome bonus of 35,000 points on purchases over $3,000 during the first 3-month period. Holders earn 2 points on all purchases and 3 points on entertainment and restaurant and travel purchases.

Annual fee: $150
Purchase rate: 19.99 percent
Cash advance rate: 22.99 percent

Best Credit Card with Low/No Foreign Transaction Fees

No foreign transaction fee cards come handy when making purchases abroad or overseas. This is because conversion and foreign transaction fees hike up your card bill. Banks and finance companies offer cards with added incentives such as travel points, complimentary one-time bonuses, no annual fee, money back, and complimentary travel insurance. Some cards also feature cash statement credit, roadside assistance, cash sign-up bonuses, and supplementary cards. There are plenty of perks to look into, including discounts on hotel bookings, extended travel insurance, travel enhancement credit, and a lot more.

6. Home Trust Preferred Visa

The Home Trust Preferred Visa card is one option to consider to avoid foreign transaction fees. In addition to no conversion surcharges, the card goes with guaranteed hotel bookings, complimentary roadside assistance, 1 percent money back, and auto rental loss and collision coverage. There are no cashback limits and restrictions and no annual fee. Emergency cash is also available for peace of mind and so is emergency card replacement. To apply for the Home Trust Preferred Visa customers are asked to provide details such as address and name of current employer, annual income, previous address, etc.

Cash advance rate: 19.99 percent
Purchase rate: 19.99 percent
Grace period: 21 days or more

7. Rogers^TM Platinum MasterCard^®

Another great card with a low foreign transaction fee, the Rogers Platinum MasterCard is offered by the Rogers Bank and goes with a complimentary bonus, money back rewards, and an annual fee waiver. Cash back can be redeemed at different locations, including Fido and Rogers as well as for merchandise, tickets, subscriptions, and more. Points can be redeemed for pre-payed services as well (like Chatr). The Pay with Rewards app by Rogers is a convenient way to redeem money back rewards.

Foreign transaction fee: 2.5 percent of the amount/
Balance transfer and cash advance rate: 21.5 percent
Purchase rate: 19.99 percent
Annual fee: none

Best Credit Cards with Insurance Coverage

Insurance credit cards feature comprehensive coverage, including medical, emergency travel, baggage loss, trip cancellation, and other types of coverage. Providers offer a host of added benefits such as free travel, money back, exclusive shopping and travel offers, and no or low annual fees. Customers gain access to tickets for music and theatre performances, fine dining experiences, perks at resorts and luxury hotels, concierge, and more.

8. Scotiabank Platinum American Express^®

This credit card by the Bank of Nova Scotia allows users to collect rewards points for select and everyday purchases. They earn 1 point for each dollar on regular purchases and 4 points per dollar on entertainment and dining, grocery purchases, and gas. There are no travel restrictions, and points can be redeemed at anytime and anywhere. The card also goes with a large minimum credit limit of $10,000. Users are offered 7 types of insurance coverage, including trip interruption and cancellation, emergency medical, lost and delayed baggage, flight delay, etc. Added benefits include premium concierge, VIP pass for exclusive events, complimentary lounge, and a lot more. Customers also enjoy access to special events and experiences, including dining, theatre shows, films, music, and shopping.

Purchase rate: 19.99 percent
Balance transfers/cash advances: 22.99 percent
Annual fee: $399.00

9. BMO^® Cashback^® World Elite^® MasterCard^®

Also a great card with comprehensive coverage, the BMO Cashback World Elite MasterCard goes with a host of benefits and incentives, including cash back, supplementary cards to earn more. Customers are offered insurance coverage, including extended warranty and purchase protection, collision damage waiver on car rentals, as well as out of country and out of province emergency medical coverage. In addition, holders earn 1.5 percent back on all purchases charged on the card. Cash can be used in the form of credit or held in an investment or savings or checking account. The minimum income requirement is $80,000 for individual cardholders and $150,000 for households.

Interest rate on purchases: 19.99 percent
Interest rate on cash advances: 22.99 percent
Annual fee: $120

Best Student Credit Cards

Many banks in Canada offer student credit cards, including Scotiabank, TD Canada Trust, RBC, and others. Student cards feature multiple benefits such as competitive interest rates, no annual fee, and rewards points. Users earn points on pharmacy and grocery purchases, gas, bills, and more. Some cards offer extra points on entertainment, restaurant, and travel purchases. The best part is that banks have lenient requirements when it comes to credit rating.

10. Scotiabank L’earn^TM Visa Card

Scotiabank offers a student Visa that allows customers to build credit with responsible use and timely payments. Applicants with little credit exposure and no credit history qualify and so do newcomers to Canada. The card goes with no annual fee, money back, car rental discounts, and other benefits. Optional protection for unexpected events is available, including death, critical illness, loss of employment, and others. Students also earn cash back at a rate of 1 percent. The minimum credit limit is $500, and the grace or interest-free period is 21 days or longer. Applicants are asked to provide personal and school information such as expected graduation date, start date, and name of college, university, or another institution.

Cash advance rate: 22.99 percent
Purchase rate: 19.99 percent

11. Scotiabank Scene^® Visa Card

Also a great card by the Bank of Nova Scotia, the Scotiabank Scene Visa Card allows customers to earn rewards points on select and regular purchases. Users earn 5 points per dollar at Cineplex, both online and at Cineplex theatres, and 1 point on regular purchases such as clothing, transportation, groceries, meals, and so on. Thus, customers who spend $200 on movies a month will earn a total of 1,000 points. During the first 3 months, the first $500 spent on regular purchases earn a bonus of 2,500 points. Points can be redeemed in different ways – for meals, movies, and more. There is a minimum annual income requirement – $12,000.

Annual fee: none
Cash advances: 22.99 percent
Purchase rate: 19.99 percent

Best Secured Credit Cards and Credit Cards for Bad Credit

Secured cards allow customers with poor and tarnished credit to rebuild their history and rating. This is good news for customers with missed and late payments and a history of delinquencies, foreclosures, and other negative events. Making regular and timely payments over a certain period of time allows borrowers to rebuild credit and apply for loans and cards with beneficial terms. Some secured cards go with higher interest rates, but this is not always the case. The credit limit varies and is usually equal to or lower than the deposit made. The deposit acts as a guarantee of timely payment. This is the reason why customers are approved without credit check. What is more, some providers offer the option to add an authorized user free of charge. Other benefits include Visa and MasterCard benefits, no annual fee, low rate options for authorized and primary cardholders, and more.

12. Refresh Secured Card

This secured Visa by Refresh Financial helps customers to improve their credit score and goes with a competitive interest rate and low annual fee. Virtually everyone gets approved, regardless of their rating. In addition to fast and easy approval, there are added benefits for users, among which free financial education and the opportunity to build savings. The financial intelligence training program offers short educational movies to teach customers how to set financial goals, build personal wealth, save for the future, and use credit cards responsibly. Responsible use is obviously the key to building or rebuilding credit. Wise money management is also essential to stay away from debt in the long run and build a financial safety net. Users also learn how credit works and how to create a personal brand.

Interest rate: 17.99 percent
Annual fee: $48.95

Credit cards with travel perks are truly the best. You can benefit from these if you enjoy traveling, are a frequent flyer, love getting a bargain on something, bonus hunter, or all of the above. Subscribing to one of the best credit cards in Canada will save you a lot of money on airplane tickets, travel insurance, luggage claims, and many other similar things.

Consumers often evaluate credit cards rewards programs based on value offered per point. A good way to measure is to check how may air miles or associated perks each dollar you spend on the card gets you. While value points are important, it’s also important to consider other factors. For example, the annual fee should not cancel out the rewards you earn per point.

The cost per reward should also match the rewards on offer. Once all the fees have been considered, the credit card should offer a number of perks such as insurance coverage, low foreign transaction fees, travel opportunities, and so on. Travel credit cards that combine the best cost per reward with an increased number of perks are the best to subscribe to.

Here is a list of five of travel credit cards in Canada that offer the best value as described above:

1. American Express^® Gold Rewards Card

Amex Gold is really the gold standard for travel credit cards in Canada. Points earned can be used for any travel-related purchase either online or offline. In some cases, you can convert points to frequent flyer programs. The welcome bonus is 25,000. For purchases made for $1,500 or above during the first three months, members get rewards points that can convert to close to $550. The annual fee for the first year is automatically waived, which will save you $150.

The biggest advantage with this card is that you can double your points easily by spending money at gas stations, grocery stores, and pharmacies. Plus, travel-related expenses incurred for road, air, rail, or water transport also counts. In some cases, lodging and tour operator charges paid with the card can earn you points.

An Amex point is equivalent to one cent. That makes the base rewards rate 1% and the bonus rate 2%. These rates can be increased by transferring points to Aeroplan. You will earn points for booking a flight, renting a hotel room, or hiring a rental car. Then, these earned points can be redeemed at full value to pay off any travel expense that shows up on the statement plus taxes and service charges. No extra charges incur when you transfer points for Aeroplan or British Airways AVIOS program.

2. TD^® Aeroplan^® Visa Infinite Card

This is an excellent card to start collecting Air Miles with. You don’t have to pay any annual fees for the first year of use and you will receive a welcome bonus of 30,000 miles. You will earn 15,000 miles with the first purchase you make using the card. If you keep the card active for 90 days following approval, you receive 10,000 miles more. You can receive 5,000 miles per authorized card user you add. For the first year, the primary cardholder can get an annual rebate of $120. This is a lot of incentive just for signing up.

Stack up 25,000 points on the TD card and that will be enough to fly from Canada to any city in the United States or Mexico. Each air mile you receive using this card will amount to roughly 1.28 cents per mile for economy tickets. For business class, it would amount to about 2.2 cents per mile. This is definitely a bargain. Earning mile points is not that difficult. The card offers an extra 1.5 points per dollar spent buying gas, groceries, or pharmaceutical items. At this amount, your earn rate will be at about 3.3%.

There are many other cherries on top of this cake, including coverage for travel insurance, trip cancellations, baggage rental, car rental, and flight interruptions, among others.

3. MBNA Rewards World Elite MasterCard^®

There are many incentives offered for signing up, including a sign in bonus of up to $100 and a waiver for first year annual fee. This card does not have a minimum spending requirement. Everything earns a 2% reward rate. This card allows users to redeem cash credit points for anything, which includes your travel-related expenses.

MBNA offers 2 points per dollar spend on all purchases, which is a solid advantage this card has over the others. There are no cap limits on how many points you can earn either. If you are a frequent flyer, you can redeem points for anything travel related. Keep in mind that points can be redeemed against any purchase regardless of whether it’s travel related. So, if you only fly periodically or once every two or three years, this is the best travel credit card to have.

4. Rogers™ Platinum MasterCard^®

Most travel credit cards have a downside: hefty foreign transaction fees. Rogers is actually one of the few travel credit cards to subsidize transaction fees incurred overseas. You can earn a whopping 4% cash back on any foreign purchase. The rewards rate for all other purchases is 1.75%. Points can be redeemed regardless of the type of expense.

There’s no annual fee during the first year, and you will receive a $25 welcoming bonus. Cash rewards can be redeemed once annually, which will include travel expenses. It’s possible to not pay any annual fee at all by pre-authorizing payments. Also keep in mind that Rogers offers one of the best travel insurance policies in Canada with this card.

5. Desjardins Visa Odyssey Gold

The travel credit cards mentioned above on this list require hefty monthly income levels. Desjardins travel credit card is one of the most egalitarian offered in Canada. You can get approval without earning a six-figure salary.

This card comes with a solid travel medical insurance policy that will cover you and your family for 60 days straight when out of your province. This is a significantly longer coverage period than the industry average. Also, the policy covers up to $5 million in claims in comparison to others that offer only one or two million. In addition to insurance, there’s car rental, lost baggage, baggage rental, trip delay, flight cancellation, purchase protection, and accident coverage as well.

So, if you are on the hunt for a really good travel credit card, choose one from the above list for the best perks and consumer options.

Top 12 Best Credit Cards in Canada for 2020