Each of these cards offers a suite of features to help you worry less on your next trip, from emergency medical coverage to compensation for flight delays.
Photo by Ian Schneider on Unsplash
These days, nearly all credit cards include some kind of travel insurance. Like purchase protection, it’s an easy add-on to entice customers, but savvy Canadians know that not all insurance is created equal. Most travellers really only need to consider a few kinds of coverage: emergency medical, trip cancellation or interruption, and theft or baggage loss. As to which travel credit card offers the right combination of features for you—that will depend largely on the type of traveller you are and the perks you’re most likely to use.
Flight delays are a fact of travel—an inconvenient and often expensive cost of being in transit. This card offers an attractive flight delay insurance package that lets you claim up to $500 in costs for accommodations, food, and even personal items after a delay of as little as four hours. If your delay is shorter, you’ll spend it in style and comfort with the card’s free airport lounge access. And, with no foreign transaction fees, the Passport Visa Infinite can save you even more on out-of-currency purchases. As part of the Scotiabank family, the Passport Visa Infinite allows you to earn Scotia Rewards, which you can redeem for travel or merchandise without blackout periods or other restrictions. And if you spend $1,000 in the first three months of card membership, you’ll receive 30,000 points which works out to $300 towards travel.
Canadians are privileged when it comes to healthcare, so it’s no surprise that we want to travel with the most robust medical insurance available. While many credit cards offer medical coverage of up to $1 million, the World Elite Mastercard doubles that. Coverage for you and your family to the tune of $2 million provides a lot of peace of mind, while your complimentary membership in Mastercard Airport Experiences will ensure comfort. You’ll receive VIP lounge access through LoungeKey, plus four annual complimentary passes.
Cardholders earn BMO Rewards points, which can be applied to travel, or to merchandise, cash redemption, or even a contribution to a BMO investment account.
Canadians work hard all their lives, often with the idea that they’ll travel once in retirement or semi-retirement. The thing is, many insurance companies radically increase premiums or even refuse coverage to older applicants. Travellers with the National Bank World Elite Mastercard in their wallet have 15 days of emergency travel insurance included, even if they’re over 65 years old. The card’s inventive travel fee reimbursements system can cover you for travel-related costs like airport parking, seat selection, and checked baggage fees.
This card’s rewards program lets you earn points on purchases that can be redeemed for travel or merchandise, or used for financial products like RRSP or TFSA contributions, or mortgage or line-of-credit payments.
Interest rates: purchases 20.99%, cash advances 22.49%, balance transfers 22.49%
If you’re looking for a no-fee card option that still offers protection, President’s Choice Financial World Elite Mastercard is an option to consider. While you can’t get liability insurance on any credit card (you must buy this at the counter), this one offers a robust policy for car rental loss and damage—31 days of coverage and a maximum value of $65,000. Additionally, cardholders earn PC Optimum points that can be redeemed for groceries, drugstore items, or even clothes at Joe Fresh. From campfire goodies to bug spray to swimming suits, this card will help get you out on the open road.
If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It's important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
These cards have no annual fee and still boast...
What is car insurance, how much does it cost,...
Everything you need to know about comprehensive insurance, including...
With options to buy now and pay later (PayBright,...
Each of these cards offers a suite of features...
Loaning money to someone who is house rich and...
Everything you need to know about BMO Ascend World...
The federal government will launch the FHSA as part...
For the BMO World Elite MasterCard that you recommended for travel insurance for retirees, that credit card terms and conditions state that travel medical insurance is only for those under 65. Am I missing something?
https://go.bmo.com/2-rewards-offers/exclusive/?ecid=af-US33262CC4-SJBMO15&utm_source=BMOMastercard-AffiliateTracking&utm_medium=Ratehub&utm_campaign=Ratehub_1x1_EN_CPA_PROS_IN-MARKETSEGMENT_ROS_FINANCEANDINVESTMENTS_ALL_WE_40000-POINTS/FeeWaiver_March2021&utm_content=CC_WE_1x1_150AnnualFee_EN_40000-POINTS/FeeWaiver_APPLYNOW&affcid=8491534590729377197
“10. Subject to terms and conditions, including limitations, exclusions and other important information contained in the BMO World Elite Total Travel and Medical Protection Certificate of Insurance, which is sent to new cardholders.Out-of-Province/Out-of-Country Emergency Medical benefits are to cardholders under the age of 65. Insurance benefits provided by Allianz Global Risks US Insurance Company (Canadian Branch) except Common Carrier Accidental Death and Dismemberment Insurance provided by Chubb Insurance Company of Canada.”