Canada’s best travel credit cards 2020

Getting two Points per dollar spent on travel is no joke, either. Travel typically refers to just flights, hotels and vacation packages, but with this card, it also covers gas, public transportation, taxis and Ubers. For frequent flyers always on the move, this reward is twice as much as what you’d earn from the Scotiabank Gold American Express (below) on flights and hotel stays.

Other benefits include access to the Fixed Points Travel Program (which lets you maximize your Points on round-trip flights), hotel transfer partners, American Express Invites and a good travel insurance package—but note that it doesn’t include trip cancellation insurance. Plus, you can add additional authorized cardholders for free.

• Annual fee: $120 ($10 monthly)
• Welcome bonus: 30,000 Points (2,500 per month, for 12 months when you charge a minimum of $500 to your card each month)
• Earn rate: 5 Points per dollar spent on food and drinks; 2 Points per dollar spent on travel; 1 Point per dollar spent on all other purchases
• Our favourite features: Big Points bonuses on dining and groceries; access to the Amex Fixed Points program; free secondary cardholders
• Additional benefits: American Express Invites and special offers

Click here for more details about the American Express Cobalt*

Scotiabank Gold American Express

This card makes it easy to earn a ton of Points on your everyday purchases. In the top tier, groceries, entertainment and dining earn 5 Scotia Rewards Points per dollar. Gas, public transit and streaming services earn 3 Points per dollar; and everything else earns 1 Point. This card works in the Scotia Rewards environment, a flexible program that allows cardholders to collect Points towards travel, merchandise or even a cash credit on their account. While all these choices are terrific, this card is best known for how it helps Canadians travel. Cardholders can book their travel on any airline either through the Scotia Rewards Travel portal or on a different site where applied Points will result in a statement credit. In both cases, 100 Points are worth $1 in travel. And there’s no foreign currency conversion fee—this will automatically save you the 2.5% to 3% that most cards automatically charge on purchases abroad. 

The Scotiabank Gold American Express offers travel insurance that covers you for up to 25 days per trip (3 days for seniors), and the card entitles you to access presale concert tickets with American Express Front Of The Line.

• Annual fee: $120
• Welcome bonus: 20,000 Scotia Rewards Points when you charge $1,000 to your card in the first 3 months
• Earn rate: 5 Points per dollar on dining, groceries and entertainment; 3 Points on public transit, gas and selected streaming services; and 1 Point on all other purchases
• Income requirement: $12,000
• Our favourite features: Big points bonuses on dining and groceries; no foreign transaction fees; a flexible points program
• Additional benefits: No foreign transaction fees; American Express Invites; discount on Priority Pass Lounge Access 
• Travel insurance: Coverage includes travel emergency medical trip cancellation/trip interruption; flight delay; delayed and lost baggage; travel accident and more

Best Visa travel card

TD First Class Travel Visa Infinite Card*

If you’re a regular traveller who’s looking for a card that will help you save on your next vacation, the TD First Class Travel Visa Infinite Card makes it easy to earn and redeem Points. You’ll get 3 TD Rewards Points for every $1 you spend. Even better, you get 9 Points when booking your travel on the Expedia For TD platform online, which works out to a 4.5% return in Points, and 6 Points when booking on Expedia for TD by phone for a 3% return.

With the current welcome bonus, you’ll get 20,000 Points. Plus, the annual fee of $120 is rebated for the first year as part of the current promotion. Note that TD clients with an All-Inclusive account may also get their annual fee waived for this card on an ongoing basis.

• Annual fee: $120—rebated for the first year
• Welcome bonus: Get 20,000 Points when you make your first purchase
• Earn rate: 9 TD Points per dollar for flights booked online through Expedia; 6 TD Points per dollar for flights booked on the phone through Expedia; and 3 Points per dollar spent on all other purchases
• Our favourite features: Big points bonus on travel spending; flexible travel rewards powered by Expedia
• Income requirement: $60,000 (personal) or $100,000 (household)

Click here for more details about the TD First Class Travel Visa Infinite Card*

Best Mastercard

BMO World Elite Mastercard*

Right now, this card comes with a sign-up bonus of 35,000 Points when you charge $3,000 to your card in the first three months of card membership. Those Points have a value of $250, which is quite generous.

Another appealing aspect of the BMO World Elite Mastercard* is that the annual fee is waived for the first year. Normally, you would pay $150 for that fee so in essence, your sign-up bonus in the first year is worth up to $400.

The four free annual airport lounge passes are good at any over 1,000 lounges that part of the Mastercard Airport Experiences by LoungeKey network which is basically the same as Priority Pass. Furthermore, Mastercard is more widely accepted than some of the other card providers; you can use it to shop at stores like No Frills and Costco. 

• Annual fee: $150 (first year free)
• Welcome bonus: 35,000 Points when you charge $3,000 to you card in the first 3 months
• Earn rate: 3 Points per dollar spent on travel, dining and entertainment; 2 Points per dollar spent on all other purchases
• Income requirement:$80,000 (personal) or $150,000 (household)
• Our favourite features: Airport lounge access with 4 free annual passes; earn at least 1.4% in travel rewards on every purchase
• Travel insurance: BMO World Elite total travel and medical protection, which includes car rental collision damage and out-of-country medical expenses up to $2 million for trips up to 21 days in length.
• Additional benefits: Purchase protection and extended warranty; discount on admission to Cirque du Soleil shows

Click here for more details about the BMO World Elite*

Best points card with no foreign transaction fees

Scotiabank Passport Visa Infinite Card

Instead of focusing on the best sign-up bonus or the highest earn rate, some travellers prefer a credit card they can think of as a kind of partner on their journeys. That’s where the Scotiabank Passport Visa Infinite Card comes into play: It was clearly designed for world travellers.

The card comes with no foreign transaction fees, so you’re saving money whenever you make a purchase in a foreign currency. You also get six free airport lounge passes each year, travel insurance and a sign-up bonus currently worth $300. This card is a great option for people who want just one credit card they can use at home and abroad without many worries, while taking advantage of the variety of travel benefits included. Another bonus: Visa card users can be assured of wide acceptance, wherever they are in the world.

• Annual fee: $139
• Welcome bonus: 30,000 Points when you charge $1,000 to you card in the first 3 months
• Earn rate: 2 Points per dollar spent on grocery stores, dining, entertainment and transit purchases; 1 Point per dollar spent on all other purchases
• Income requirement:$60,000 (personal) or $100,000 (household)
• Our favourite features: No foreign transaction fees; airport lounge access with 6 free annual passes
• Travel insurance: Travel emergency medical insurance (under age 65 for up to 25 consecutive days, and for eligible persons age 65 and older for up to 10 days); trip cancellation/trip interruption; flight delay; delayed and lost baggage; travel accident; rental car collision loss/damage; and hotel/motel burglary insurance

Best flat rate travel card

MBNA Rewards World Elite Mastercard*

For those who want reliable, flexible rewards from their travel card, but crave simplicity, too, the MBNA Rewards World Elite is worth a look. You’ll earn 2 points per dollar on everything—no need to be strategic with your spending or think about bonus categories. And because it’s a Mastercard that earns twice the reward points of most other travel cards, and earns them across the board, it’s arguably one of the best options for Costco shoppers. New cardholders get a kickstart to the tune of 20,000 bonus points if you spend at least $2,000 within the first 90 days; that’s a value of up to $200, depending on how you choose to redeem, and if you’re saving up for something big, you can relax knowing that points don’t expire. (You can boost your points-earning potential by adding up to nine authorized card users in your household or family at no additional cost.)

Redemption is flexible, too: 1,000 points equals $1 in travel rewards (or 1% return). You can also choose to trade your reward points for a wide variety of gift card options (including some e-gift cards that allow you to avoid the shipping costs associated with receiving a physical card). Here, too, the rate of return is impressive at 0.9 cents per point; most other travel cards don’t offer such great value on gift-card redemptions.

So, what’s not to like? Compared to competitors’ offerings, this card under-delivers on its provided travel insurance. You’ll get lost document and ticket replacement, lost luggage and legal assistance, but there’s no travel medical insurance included. 

• Annual fee: $120
• Welcome bonus: Receive 20,000 points by spending $2,000 with the card within the first 90 days  
• Earn rate: 2 points per $1 spent on eligible purchases 
• Our favourite features: Earn points at a simple, but generous, flat rate; flexible redemption, with better-than-average value on gift card redemptions
• Additional benefits: Car rental insurance, and discounts at Avis Rent A Car and Budget Rent A Car; cardholders enjoy double the written warranty coverage on most purchases

Click here for more details about the MBNA Rewards World Elite*

Best hotel credit card

Marriott Bonvoy American Express

When Marriott merged their loyalty program with Starwood Preferred Guest (SPG) and Ritz-Carlton Rewards, consumers had a lot of questions and concerns. The good news is the deal is done and the resulting program—and the attached credit card—easily earns a spot in this best-of travel list. It’s tough to know just where to start with the benefits of the Marriott Bonvoy American Express. For many, it’s the massive 50,000-Point welcome bonus—a gift large enough to get you three nights at eligible hotels, and that’s in addition to the one free hotel stay each year every member receives. 

While the welcome bonuses and free nights are strong incentives in and of themselves, the Marriott Bonvoy American Express offers a multiplier of up to 5x the Points per dollar on spends at Marriott Bonvoy properties, and 1 Point per dollar on everything else. Frequent travellers will find it’s easy to earn, and the Points themselves are spectacularly flexible. As the world’s largest hotel conglomerate, Marriott Points can be redeemed for free hotel stays at more than 7,000 hotels worldwide including at Marriott, Delta, Ritz-Carlton, Courtyard properties and more. Additionally, you can transfer your Points to more than 40 airline programs, including Aeroplan. 

The card’s insurance package is quite strong, including $500,000 in travel accident coverage, car rental theft and damage protection and hotel/motel burglary insurance—but do be aware that it lacks travel emergency medical coverage. Overall, this is a very strong card for frequent travellers looking to maximize loyalty perks on their hotel stays. 

• Annual fee: $120
• Welcome bonus: 50,000 Points—enough for 3 free nights at eligible hotels
• Earn rate: Earn up to 5x the Points per $1 when you spend at Marriott Properties; 1 Point per dollar on everything else
• Income requirement: None specified
• Our favourite features: Marriott Bonvoy is the world’s largest hotel program and covers 7,000 hotel properties worldwide; cardholders have the ability to transfer points to over 40 airlines
• Travel insurance: $500,000 in travel accident coverage; flight and baggage delay protection; car rental theft and damage protection; hotel/motel burglary insurance

Best card for travel insurance

National Bank World Elite Mastercard*

As one of the most valuable—and potentially life-saving—perks in a travel credit card, insurance is a highly competitive part of any package. The National Bank World Elite Mastercard gets our nod for two main reasons: they offer a higher than average coverage amount and they offer an excellent package for people over 65 years. 

Cardholders of the National Bank World Elite Mastercard have included trip cancellation (up to $2,500 per person), trip interruption (up to $5,000 per person), flight delay (up to $500 per person over 4 hours), and insurance against baggage theft, loss or delay. Additionally, there’s up to $5,000,000 in out-of-province-of-residence medical or hospital insurance—for 60 days for folks under 54 years old, 31 days for those between 55 and 64, and 15 days for travellers aged 65 to 75. 

This insurance package is outstanding on its own, but coupled with extra perks like VIP lounge access at the Montreal airport, travel rebates and overall travel assistance, the National Bank World Elite Mastercard is setting itself up to be an excellent all-around travel card.

• Annual fee: $150
• Earn rate: $0 to $40,000 in purchases earn 1.5 Points per dollars; $40,001 to $80,000 earn 2 Points per dollar; and $80,001 and above earns 1.5 Points per dollar
• Income requirement:$80,000 (personal) or $150,000 (household)
• Additional benefits: In addition to the insurance coverage outlined above, VIP access at the National Bank Lounge at Montréal-Trudeau Airport; refund of up to $250 per year on seat selection, airport parking and baggage fees; vehicle rental insurance; medical, general and legal assistance
• Travel Insurance: Travel, trip cancellation/interruption coverage; baggage loss and car rental insurance; out-of-province medical coverage up to $5 million

Click here for more details about the National Bank World Elite Mastercard*

More about credit cards

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• Best rewards credit cards
• Best cash back credit cards
• Best no fee credit cards
• Best low interest credit cards
• Best balance transfer credit cards
• Best student credit cards

Our methodology

For the best travel credit cards of 2020 ranking, MoneySense tapped into Ratehub.ca’s‡ credit card tool and ran the numbers for travel point cards based on $2,000 in monthly spending. We used the following scenario: $500 on groceries, $200 on gas, $200 on restaurants, $125 on bill payments, $175 on travel, $225 on entertainment, $75 on pharmacy purchases and $500 on everything else.

The annual net reward in dollar terms was then used to identify the top travel cards for each type of spender, as well as an honorary mention. Our methodology also took into consideration other factors, including welcome offers, the range of spending bonus categories, annual fee waivers, loyalty program flexibility and travel insurance perks.

‡MoneySense.ca and Ratehub.ca are both owned by parent company Ratehub Inc. We may be partnered with some financial institutions, but this does not influence the “Canada’s Best Credit Card” rankings. You can read more about this in our Editorial Code of Conduct.