If you travel frequently, you’ll definitely benefit from the best travel credit cards Canada has to offer.
Travelling the world is an expensive hobby. Thankfully, rewards programs on credit cards can help you plan your next trip without emptying your wallet.
Rewards Canada revealed Canada’s best travel rewards credit cards for 2024, and there are plenty of options for jet-setters to take advantage of.
“You may be asking yourself, how can I make my travel cheaper and more luxurious or even be able to budget for multiple vacations? Part of that answer lies in having the best credit card or cards in your wallet to help fund those travels,” said the online source for loyalty rewards and credit card rewards in a news release.
From flights to accommodations to tourist attractions, globe-trotting can quickly drain your bank account, so here are the five best travel rewards credit cards you might consider using.
How travel credit cards work
Travel rewards cards work just like any other credit card. After being approved for the card, you’ll be given a spending credit limit.
As you spend money on the card, you’ll have the opportunity to earn cash back, points, or air miles that can be redeemed for their cash value or applied to travel expenses like plane tickets, Uber rides, and more.
What makes a travel rewards card different from other rewards credit cards is that they typically offer greater rewards for travel-specific categories, such as:
- Dining out
- Transit expenses (cabs, trains, rental vehicles, etc.)
- Plane tickets
- Fuel
- Streaming services (for those long overseas flights)
Generally, using your card for these categories will allow you to earn more cashback or rewards points than other everyday expenses, such as groceries or retail shopping.
Now that you know a little bit more about how these cards work, here are the five best travel rewards credit cards Rewards Canada recommends.
Annual fee: $155.88 ($12.99 per month)
If you’re looking for a great travel rewards credit card, the AMEX Cobalt card is worth considering.
While it comes with a $12.99 monthly fee, it offers several perks and benefits, including mobile device coverage, 1:1 points exchange with most global frequent flyer programs, shopping coverage, and even complimentary room service/amenities at select hotels.
The Cobalt card also features considerable cashback rewards:
- 5x points on dining out
- 3x points on streaming services
- 2x points on travel and transit
- 1x points on all other categories
A thousand points is equivalent to a cash value of $10. If you’re using the card frequently to dine out, the monthly fee should pay for itself. Technically, you’d only need to spend about $260 on dining out to earn $13 worth of cashback points.
Annual fee: $139
Air Canada created the Aeroplan loyalty program in 1984. It allows members to earn points and rewards every time they fly with Air Canada or its affiliated network of airlines. Aeroplan is also a member of the global Star Alliance network, and members can earn and redeem points on all 26 of Star Alliance’s airlines.
The TD Aeroplan Visa Infinite Card allows cardholders to take advantage of Air Canada benefits, such as checking their first bag for free and the ability to fast-track their progress to achieving Aeroplan Elite status.
The card offers 1.5x points on eligible gas and grocery purchases, 2x points with Aeroplan’s 150+ partner brands, and 1x points on all other purchases. If you link your TD Aeroplan card with your Starbucks app, you can earn 50% more points when you buy coffee through the app, which helps with those late-night red-eye flights.
Annual fee: $250
The Amex Gold Rewards Card may have a higher annual fee than its sister, the Amex Cobalt Card, but its premium perks make up for it.
You get an annual travel credit of $100 to redeem on bookings through Amex Travel. It also gives travellers four free visits per year to the airport lounge.
The Gold Rewards Card also features cashback rewards:
- 2x points on travel
- 2x points on everyday purchases
- 1x points on all other categories
Annual fee: $120
If you want a credit card that won’t rack up fees abroad, this one is for you. With the Scotiabank Gold Amex Card, you won’t have to pay the 2.5% foreign transaction fees on foreign currency purchases, including online shopping and travel abroad.
You won’t receive cashback rewards, but if you’re a jet-setter and a movie buff, you can earn Scene+ points:
- 6x points on Sobeys, Safeway, FreshCo, and Foodland purchases, and more
- 5x points on dining out
- 5x points on movie, theatre and concert tickets
- 3x points on gas and transit
- 3x points on streaming
Annual fee: $120
Earn travel rewards on all of your purchases with this credit card. You’ll earn five points for every $1 spent on groceries, restaurants, memberships, and household utility purchases. You’ll get one point for every $1 spent on other eligible purchases.
You can capitalize on this card’s flexibility through travel and merchandise redemptions, cash back, and electronic gift cards.
On top of that, you’ll get a little birthday present each year equal to 10% of the total number of points the account earned in the 12 months before the month of the primary cardholder’s birthday, to a maximum Birthday Bonus each year of 15,000 points.
What’s best for you?
Although the Amex Cobalt Card has taken the top prize for the seventh straight year, Rewards Canada says that doesn’t necessarily mean it’s the best for everyone.
“The fact remains the card that is best for John may not be the best for Jane and vice versa, so that is why we present the five best cards across multiple categories to help you decide which one can be best for you,” shared the site.
With files from Christopher Liew
This article was originally published on January 5, 2024. It has since been updated.