Travel credit cards can be a game-changer for Canadians looking to maximize their travel experiences and benefits. With the right card, you can earn points, enjoy exclusive perks, and even save on travel expenses. In this guide, we’ll explore the three best travel credit cards available in Canada today. We’ll compare their features, benefits, and why they stand out in the crowded marketplace.
American Express Cobalt™ Card
Overview
The American Express Cobalt™ Card is often regarded as one of the best travel credit cards in Canada. This is due to its generous rewards program and flexible points system. It’s particularly appealing to millennials and frequent travelers who enjoy dining out and exploring new experiences.
Key Features
- Welcome Bonus: Up to 30,000 Membership Rewards points in the first year.
- Rewards Structure:
- 5x points on eligible eats and drinks in Canada.
- 3x points on eligible streaming subscriptions in Canada.
- 2x points on eligible travel and transit purchases in Canada.
- 1x point on all other purchases.
- Annual Fee: $12.99 per month ($155.88 annually).
- Insurance: Comprehensive travel insurance, including emergency medical, trip interruption, and car rental insurance.
- Flexibility: Points can be transferred to several frequent flyer and hotel loyalty programs.
Why It Stands Out
The American Express Cobalt™ Card’s strength lies in its high earn rates for everyday spending categories, such as dining and grocery purchases. This makes it easy for cardholders to accumulate points quickly. Additionally, the flexibility in redeeming points for travel through various partners or directly through the Amex travel portal adds significant value.
Ideal For
- Frequent travelers who spend a lot on dining and entertainment.
- Millennials and young professionals who value flexible rewards and premium travel perks.
Scotiabank Passport™ Visa Infinite* Card
Overview
The Scotiabank Passport™ Visa Infinite* Card is a top contender for those looking for a travel credit card with no foreign transaction fees. It also offers a solid rewards program. This card is particularly beneficial for international travelers.
Key Features
- Welcome Bonus: Up to 30,000 Scotia Rewards points in the first year.
- Rewards Structure:
- 2x points on grocery stores, dining, entertainment, and daily transit purchases.
- 1x point on all other purchases.
- Annual Fee: $150.
- No Foreign Transaction Fees: Save on purchases made in foreign currencies.
- Insurance: Extensive travel insurance, including emergency medical, trip cancellation, and lost baggage insurance.
- Airport Lounge Access: Six free visits per year to Priority Pass lounges worldwide.
Why It Stands Out
One of the standout features of the Scotiabank Passport™ Visa Infinite* Card is the absence of foreign transaction fees. This can save cardholders a significant amount on international purchases. Additionally, the complimentary airport lounge access and comprehensive travel insurance make it an excellent choice for frequent international travelers.
Ideal For
- International travelers who want to avoid foreign transaction fees.
- Cardholders who value airport lounge access and comprehensive travel insurance.
TD® Aeroplan® Visa Infinite* Card
Overview
The TD® Aeroplan® Visa Infinite* Card is a must-have for Aeroplan members who want to earn miles quickly. It also offers exclusive travel benefits. This card provides a robust earn rate on Air Canada purchases and access to a range of travel perks.
Key Features
- Welcome Bonus: Up to 50,000 Aeroplan points in the first year.
- Rewards Structure:
- 1.5x points on eligible grocery, gas, and Air Canada purchases.
- 1x point on all other purchases.
- Annual Fee: $139 (first year fee rebate often available).
- Aeroplan Benefits: Priority boarding, free checked bags on Air Canada flights, and access to exclusive Air Canada benefits.
- Insurance: Comprehensive travel insurance, including travel medical, trip cancellation/interruption, and travel accident insurance.
Why It Stands Out
The TD® Aeroplan® Visa Infinite* Card offers exceptional value for Aeroplan members. It has high earn rates on Air Canada purchases and exclusive travel benefits that enhance the overall travel experience. The ability to earn Aeroplan points quickly and redeem them for flights, upgrades, and other travel-related rewards makes this card a top choice for loyal Air Canada travelers.
Ideal For
- Aeroplan members who frequently fly with Air Canada.
- Travelers looking for a card that offers exclusive airline benefits and high earning potential on travel purchases.
Comparing the Top Three Travel Credit Cards
When choosing the best travel credit card, it’s essential to consider your travel habits, spending patterns, and the specific benefits that each card offers. Here’s a quick comparison of the three highlighted cards:
| Feature | American Express Cobalt™ Card | Scotiabank Passport™ Visa Infinite* Card | TD® Aeroplan® Visa Infinite* Card |
|---|---|---|---|
| Annual Fee | $155.88 | $150 | $139 |
| Welcome Bonus | Up to 30,000 points | Up to 30,000 points | Up to 50,000 points |
| Rewards Structure | 5x eats & drinks, 3x streaming, 2x travel, 1x other | 2x groceries, dining, entertainment, transit; 1x other | 1.5x groceries, gas, Air Canada; 1x other |
| Foreign Transaction Fees | 2.5% | None | 2.5% |
| Airport Lounge Access | No | Yes, six free visits per year | No |
| Travel Insurance | Comprehensive | Comprehensive | Comprehensive |
| Additional Benefits | Flexible point transfers | No foreign transaction fees, Priority Pass | Aeroplan benefits, free checked bags |
Making the Right Choice
Selecting the right travel credit card depends on your specific needs and preferences. Here are a few tips to help you decide:
- Evaluate Your Spending Habits:
- If you frequently spend on dining and entertainment, the American Express Cobalt™ Card’s high earn rates in these categories may be beneficial.
- For those who spend a lot on groceries, dining, and entertainment, the Scotiabank Passport™ Visa Infinite* Card’s rewards structure might be more advantageous.
- Consider Foreign Transaction Fees:
- If you often travel internationally, avoiding foreign transaction fees can save you a significant amount. The Scotiabank Passport™ Visa Infinite* Card is the best choice in this scenario.
- Look at Airline and Travel Perks:
- If you are an Aeroplan member and frequently fly with Air Canada, the TD® Aeroplan® Visa Infinite* Card’s benefits like priority boarding and free checked bags can enhance your travel experience.
- Analyze the Welcome Bonus:
- Consider the value of the welcome bonus and how quickly you can earn and redeem points. The TD® Aeroplan® Visa Infinite* Card offers a substantial bonus that can kickstart your points accumulation.
Conclusion
Travel credit cards can significantly enhance your travel experiences, offering rewards, perks, and savings that make every trip more enjoyable. The American Express Cobalt™ Card, Scotiabank Passport™ Visa Infinite* Card, and TD® Aeroplan® Visa Infinite* Card each offer unique benefits tailored to different types of travelers.
By understanding the features and advantages of each card, you can make an informed decision that aligns with your travel goals and lifestyle. Whether you prioritize earning points on everyday purchases, saving on foreign transaction fees, or enjoying exclusive airline perks, there’s a travel credit card in Canada that’s perfect for you.