So which travel credit card is best? Narcity asked Barry Choi, personal finance and travel expert at Money We Have, to weigh in on which are the best travel rewards credit cards available to Canadians and if you're looking to level up your travel experience, you may just want to check these cards out.
Comparing Two Of The Best Travel Credit Cards In Canadawww.youtube.com
American Express Cobalt Card
According to Choi, if you're looking for a good all-rounder for travel rewards credit card, the American Express Cobalt Card is one of the best places to start.
"This card has one of the best earn rates in Canada. You'll earn five points per $1 spent on eats and drink, three points on streaming subscriptions, two points on travel and transit, and one point on everything else," he said.
Your points don't just apply to travel rewards either as American Express points can be redeemed on any eligible purchase charged to your card, with 1,000 points equalling $10.
It's basically a hybrid travel and cash back card so even if you don't have upcoming travel plans, you can still use your points.
Choi added you can also transfer your points to Aeroplan to help pay for flights or to Marriot Bonvoy for hotel accommodation.
In your first year as an American Express Cobalt cardholder, you'll earn 2,500 points for every month where you spend $500 or more in purchases on your card, which could rack up to a tidy 30,000 in a year.
With a monthly fee of $12.99 (or around $155.88 annually), it's also pretty affordable.
American Express Cobalt Credit Card website
EQ Bank Card
If you travel a lot and you're sick of the sting of having to pay for foreign transaction fees, Choi recommends getting an EQ Bank Card.
This prepaid card is available to anyone who has an EQ Bank account and it's just as handy to have in Canada as it is when you travel abroad.
"You don't get charged foreign transaction fees on any purchases not made in Canadian dollars," Choi said.
He added that you also won't be changed foreign transaction fees by EQ Bank if you withdraw from ATMs while you're travelling too, though some local ATMs may charge you a fee.
In Canada, if you use an ATM that charges you, EQ Bank will refund you the money within 10 days which is super handy if you're frustrated with having to pay every time you need to withdraw cash.
The card can be used anywhere in the world that accepts Mastercard which is around 210 countries.
EQ Bank Card website
American Express Platinum Card
For premium travel benefits and big purchases, Choi recommends looking at the American Express Platinum Card.
Compared to other travel credit cards, the Platinum card does have a high annual fee of $699 (which is increasing to $799 in September 2023), but according to Choi, the card comes with a lot of benefits.
When you sign up for the card, you'll receive a generous welcome bonus of 80,000 points – the equivalent of $800 – if you charge $7,500 in the first three months of your card membership so if you have any big purchases coming up, this will be the time to make them.
The card also offers $200 in annual travel credit and from September 26, 2023, card holders will also get $200 in annual dining credit too which can be redeemed at eligible restaurants.
The American Express Platinum Card comes with a ton of additional travel perks too from $100 NEXUS credit, unlimited lounge access for you and a guest at the American Express Global Lounge Collection, a fast track to Gold status on hotel loyalty programs like Marriott Bonvoy and Hilton Honors, and travel insurance.
If you're travelling through Pearson Airport a lot, you can also get access to the priority security lane, complimentary valet at Terminal 1 and discounts on parking.
American Express Platinum Credit Card website
TD Aeroplan Visa Infinite Card
If you fly Air Canada a lot and you don't want to pay a high annual fee for your travel credit card, Choi recommends the TD Aeroplan Visa Infinite credit card.
With an annual fee of $139, this card will give you the opportunity to rack up Aeroplan points with every purchase that you can use to make your travel way more affordable.
With this card, you'll earn 1.5 points per dollar on all eligible grocery, gas and Air Canada purchases and one point per dollar for all other purchases. You'll also get double the points for any purchases made with Aeroplan partner brands.
You're able to share some of your perks with the people you're travelling with as the primary card holder and companions (up to eight people) on the same itinerary get their first checked bag for free.
If you enroll for NEXUS, you'll get an application rebate every 48 months of up to $100 to go towards the application fee.
However if you're open to paying a higher fee for more premium rewards such as Maple Leaf Lounge access, Choi also highlighted the TD Aeroplan Visa Infinite Privilege Card.
TD Aeroplan Visa Infinite Credit Card website
Scotiabank Passport Visa Infinite Card
According to Choi, the Scotiabank Passport Visa Infinite Card is well worth getting if you don't want to have multiple credit cards on the go.
"It earns you travel rewards and doesn't charge you foreign transaction fees," Choi said.
The card, which has an annual fee of $150, allows you to collect Scene+ points which can be redeemed on your future travel plans.
You'll be able to earn three Scene+ points for every dollar spent on groceries at Sobeys, Safeway, IGA, Foodland and participating Co-ops. You can also earn two points per dollar on dining and on eligible entertainment purchases such as going to the movies and the theatre.
With the Scotiabank Passport Visa Infinite Card, you will also be able to benefit from airport lounge access, with six free passes every year. These include over 1,200 airport lounges globally, including some participating Plaza Premium Lounges.
Scotiabank Passport Visa Infinite Credit Card website
Marriott Bonvoy American Express Card
If hotel stays are more important to you than flights, Choi recommends looking into the Marriott Bonvoy American Express Card.
While you will need to pay a $120 annual fee, you'll get a free night certificate on your card anniversary which is worth up to 35,000 Marriott Bonvoy points.
"The free night certificate is easily worth more than the annual fee," Choi said.
When you sign up, you'll also get a welcome bonus of 50,000 points provided you charge $1,500 in your first three months of having the card.
You can earn five times the points on eligible purchases at hotels participating in the Marriott Bonvoy program and two times the points per dollar spent on all other card purchases.
Marriott has around 8,500 properties in 138 countries so you'll be able to use those points pretty much everywhere you'd want to visit.
Marriott Bonvoy American Express Credit Card website
These prices are confirmed at the time of publishing, but they can change at any time. Taxes and fees may not be included.
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