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Travelling is a life-changing experience, but it can also be expensive. Fortunately, there are credit cards designed specifically for travelers that can help you save money while you explore the world. In Canada, the market is full of options, but it can be difficult to choose the right one. In this article, we will explore the best Canadian credit cards for travel and give you tips on how to pick the right one for your needs.
What to Look for in a Travel Credit Card
Before we dive into our top recommendations, let’s take a look at what features you should look for in a travel credit card. Here are some important things to consider:
- Travel rewards: Look for a credit card that offers rewards such as points, miles, or cashback that you can redeem for travel.
- No foreign transaction fees: Avoid credit cards that charge extra fees for purchases made in foreign currencies.
- Travel insurance: Some credit cards offer travel insurance that can cover things like trip cancellations, lost luggage, and rental car accidents.
- Bonuses and perks: Some credit cards offer sign-up bonuses, airport lounge access, and other perks that can enhance your travel experience.
- Annual fees: Some travel credit cards charge annual fees, so make sure you understand the costs involved.
Top Canadian Credit Cards for Travel
Now that you know what to look for in a travel credit card, let’s take a look at our top recommendations:
| Credit Card | Annual Fee | Travel Rewards | Foreign Transaction Fees | Travel Insurance | Bonuses and Perks |
|---|---|---|---|---|---|
| American Express Cobalt | $120 | 5 points per dollar on restaurants, groceries, and travel purchases | No | Emergency medical insurance, flight delay and baggage insurance, car rental theft and damage insurance, and more. | 30,000 bonus points when you spend $3,000 in the first three months, access to Amex Experiences, hotel perks, and more. |
| BMO World Elite Mastercard | $150 | 2 points per dollar on all purchases | No | Travel medical insurance, trip cancellation and interruption insurance, car rental theft and damage insurance, and more. | 35,000 bonus points when you spend $3,000 in the first three months, access to VIP airport lounges, concierge service, and more. |
| Tangerine World Mastercard | $0 | 2% cashback on up to three categories of your choice, including travel | No | Travel medical insurance, rental car collision/loss damage insurance, and more. | No annual fee, no limit on cashback rewards, and the ability to choose your own rewards categories. |
These are just a few examples of the best Canadian credit cards for travel. Each one offers unique features and benefits, so it’s important to choose the one that best fits your needs and travel style. Remember to consider the annual fees, rewards rates, and other factors when making your decision.
Frequently Asked Questions
Can I use my Canadian credit card abroad?
Yes, you can use your Canadian credit card abroad, but you may be charged foreign transaction fees. Look for a credit card that offers no foreign transaction fees to avoid extra charges.
What is a sign-up bonus?
A sign-up bonus is a one-time reward that credit card companies offer to new customers who meet certain spending requirements. For example, a credit card may offer 30,000 bonus points when you spend $3,000 in the first three months of opening the account.
Can I redeem my travel rewards for cash?
It depends on the credit card. Some travel credit cards only allow you to redeem your rewards for travel-related expenses such as flights, hotels, and rental cars. Others may offer cashback options or the ability to redeem points for merchandise.
Conclusion
Choosing the best Canadian credit card for travel can be overwhelming, but with the right information, you can make an informed decision. Consider the rewards, fees, and other factors before making your choice, and remember to always use your credit card responsibly. Happy travels!