Best Credit Cards For Travel Insurance In Canada 2023
TD® Aeroplan® Visa Infinite Privilege* Card
The TD Aeroplan Visa Infinite Privilege Card is designed for high income earners who can max out returns on Aeroplan Points.
Rewards: Earn 2 Aeroplan Points for every dollar spent on Air Canada purchases, including Air Canada Vacations. Cardholders also earn 1.5 points for every dollar spent on gas, groceries, travel and dining purchases, as well as 1.25 points on every dollar for other purchases made with your card.
Welcome Offer: Earn a welcome bonus of 20,000 Aeroplan points when you make your first purchase with your new card. Earn an additional 60,000 Aeroplan points when you spend $7,500 within 180 days of account opening. Plus, earn an anniversary bonus of 35,000 Aeroplan points when you spend $12,000 within 12 months of account opening.
Annual Fee: $599
Other Benefits and Drawbacks: Extensive travel insurance is matched with priority airport privileges and additional travel perks. High income requirements and annual fees put this card out of reach for a lot of consumers.
CIBC Aventura Visa Infinite Privilege Card
The CIBC Aventura Visa Infinite Privilege Card is best suited for active Aventura Points collectors.
Rewards: 3 points per dollar on CIBC Reward Centre travel purchases, 2 points per dollar on gas, groceries, dining, transportation, entertainment and electric vehicle charging and 1.25 on all other purchases.
Welcome Offer: 80,000 Aventura Points in the first year.
Annual Fee: $499
Other Benefits and Drawbacks: Members receive an annual travel voucher, airport lounge passes and NEXUS application credits on top of the welcome bonus. Partial annual fee rebates are only available for primary cardholders with CIBC Smart Plus Accounts.
CIBC Aeroplan Visa Infinite Privilege Card
The CIBC Aeroplan Visa Infinite Privilege Card is a good fit for families or groups who regularly travel together.
Rewards: 2 points per dollar on Aeroplan purchases, 1.5 points per dollar on gas, groceries, electric car charging, travel and dining and 1.25 per dollar on other card charges.
Welcome Offer: 90,000 Aeroplan Points in the first year.
Annual Fee: $599
Other Benefits and Drawbacks: Priority services and preferred pricing on flights booked with points help stretch the value of this card. Members will have to use all of the available benefits to offset high annual fees and income requirements.
Scotiabank Platinum Amex Card
The Scotiabank Platinum Amex Card can benefit frequent travellers who spend a lot of money overseas.
Rewards: 2 points per dollar on all purchases.
Welcome Offer: 60,000 Scene Points in the first 14 months.
Annual Fee: $399
Other Benefits and Drawbacks: This card cuts a few travel benefits for extra airport lounge passes and no foreign transaction fees. Some travel insurance categories only offer a combined maximum instead of coverage for each person.
BMO Air Miles World Elite Mastercard
The BMO Air Miles World Elite Mastercard offers accelerated earn rates for Air Miles collectors.
Rewards: Every $12 spent earns 3 Miles on purchases from Air Miles partner locations, 2 Miles on groceries and 1 Mile on all other eligible charges.
Welcome Offer: 2,000 Air Miles in the first 14 months.
Annual Fee: $120
Other Benefits and Drawbacks: Cardholders can save 25% on Miles used to book one flight per year without blackout periods. Travel insurance includes the basics, but it’s only available under strict conditions and doesn’t cover anyone over the age of 65.
Scotiabank Gold Amex
The Scotiabank Gold Amex Card is ideal for smaller households that spend less than $50,000 on essentials per year.
Rewards: 6 points per dollar on groceries from select locations, 5 points per dollar on entertainment, dining, food delivery and other grocery purchases, 3 points per dollar on gas, daily transit and streaming subscriptions and 1 point per dollar on all other purchases.
Welcome Offer: 40,000 Scene Points in the first year.
Annual Fee: $120
Other Benefits and Drawbacks: Higher earn rates cover multiple categories that account for most major living expenses. Returns remain competitive until spending hits the $50,000 annual limit, which drops earn rates on all purchases to 1 point per dollar.
National Bank World Elite Mastercard
The National Bank World Elite Mastercard extends medical insurance coverage for travellers over the age of 65.
Rewards: 5 points per dollar on groceries and restaurants, 2 points per dollar on gas, electric vehicle charging, recurring bills and Á la carte travel and 1 point per dollar on everyday essentials.
Welcome Offer: None.
Annual Fee: $150
Other Benefits and Drawbacks: Insurance coverage dips in a few categories but wins overall on emergency medical benefits up to the age of 75. It’s worth noting that rewards carry less value across the board than comparable cards.
National Bank World Mastercard
The National Bank World Mastercard can be useful for senior travellers who spend less than $30,000 annually.
Rewards: 2 points per dollar when net annual spending is over $20,000 and 1.25 points per dollar when net annual spending is under $20,000 or over $30,000.
Welcome Offer: None.
Annual Fee: $115
Other Benefits and Drawbacks: Travel insurance on this card offers the same premium coverage as its World Elite counterpart. Earn rates are based on net annual spending instead of a straightforward rewards structure on most competitor cards.
American Express Cobalt Card
The American Express Cobalt Card is targeted toward travellers who spend a lot on food and drinks.
Rewards: 5 points per dollar on dining, drinks, food delivery and groceries, 3 points per dollar on streaming services, 2 points per dollar on transit and travel and 1 point on everyday purchases.
Welcome Offer: 30,000 Membership Points in the first year.
Annual Fee: $155.88
Other Benefits and Drawbacks: Membership points can be transferred at a 1:1 ratio to other loyalty programs, such as Aeroplan and Marriot Bonvoy. Travel insurance for trip cancellations or interruptions will have to be purchased separately.
SimplyCash Preferred from American Express
The SimplyCash Preferred Card from American Express is a viable option for travellers who prefer cash-back rewards over points.
Rewards: 4% cash back on gas and groceries and 2% on all other purchases.
Welcome Offer: $40 statement credit for 10 months ($400 in total).
Annual Fee: $119.88
Other Benefits and Drawbacks: Even though the 4% earn rate is capped at $1,200 in annual cash back, there’s no limit on the 2% base rate. Cardholders also gain exclusive access to concert tickets, restaurant specials, movie theatre packages, and other offers.
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