Featured Partners
1
TD® Aeroplan® Visa Infinite Privilege* Card
On TD’s Website
Welcome Bonus
Up to 85,000 Aeroplan points†
Annual Fee
$599
Regular APR (Purchases) / Regular APR (Cash Advances)
20.99% / 22.99%
2
American Express Cobalt® Card
On American Express’s Secure Website
Welcome Bonus
Up to 15,000 Membership Rewards points
Annual Fee
$155.88 ($12.99 per month)
Regular APR
20.99%
3
MBNA True Line Mastercard
On MBNA’s Website
Welcome Bonus
0% interest for 12 months on balance transfers within 90 days of account opening, with a 3% transfer fee
Annual Fee
$0
Regular APR
12.99%-19.99%
Best Credit Cards for Travel Insurance in Canada 2024
FEATURED PARTNER OFFER
TD® Aeroplan® Visa Infinite Privilege* Card
4.9
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
Up to 85,000 Aeroplan points†
Annual Fee
$599
Regular APR (Purchases) / Regular APR (Cash Advances)
20.99% / 22.99%
On TD's Website
Welcome Bonus
Up to 85,000 Aeroplan points†
Annual Fee
$599
Regular APR (Purchases) / Regular APR (Cash Advances)
20.99% / 22.99%
Why We Picked It
True to its name, the TD Aeroplan Visa Infinite Privilege Card is exclusive and expensive, but brings to bear a broad array of perks and benefits, along with a surprisingly accessible credit score threshold.
Pros & Cons
- Extensive travel perks, insurance and consumer protections
- Low credit score threshold for such a powerful card
- The most expensive annual fee on the list
- Requires minimum personal income of $150,000 a year or $200,000 in annual household income
Card Details
- Earn up to $2,900 in value† including up to 85,000 Aeroplan points (enough for a round trip to Honolulu†) and additional travel benefits. Conditions Apply. Account must be approved by June 3, 2024.
- Earn a welcome bonus of 20,000 Aeroplan points when you make your first purchase with your new card† .
- Earn an additional 40,000 Aeroplan points when you spend $10,000 within 180 days of Account opening†.
- Plus, earn a one-time anniversary bonus of 25,000 Aeroplan points when you spend $15,000 within 12 months of Account opening†.
- Enroll for NEXUS and once every 48 months get an application fee rebate†.
- Share first free checked bags with up to 8 travel companions† and get unlimited access to Maple Leaf Lounges†, including complementary access for one guest.
- Plus, primary card holders get 6 complimentary worldwide select airport lounge visits annually through the Visa Airport Companion Program†.
- This offer is not available to residents of Quebec.
- †Terms and conditions apply.
FEATURED PARTNER OFFER
CIBC Aventura Visa Infinite Privilege Card
4.9
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
80,000 Aventura Points
Annual Fee
$499
Regular APR
20.99%
Welcome Bonus
80,000 Aventura Points
Annual Fee
$499
Regular APR
20.99%
Why We Picked It
Customers can use this travel insurance credit card to squeeze more value out of Aventura Points with exclusive business class bookings, annual travel credits and Visa Infinite benefits.
Pros & Cons
- $200 annual travel credit.
- 2 NEXUS application fee rebates ($50 each).
- Highest earn rate is limited to CIBC Rewards Centre travel purchases.
- Annual fee rebates are only available for select CIBC accounts.
Card Details
- Welcome bonus of 80,000 Aventura Points (50,000 points after spending $3,000 in the first four months and 30,000 points as an anniversary bonus).
- 3 points per dollar on travel purchased through the CIBC Rewards Centre.
- 2 points per dollar on dining, entertainment, transportation, gas, electric vehicle charging and groceries ($200,000 annual limit).
- 1.25 points per dollar on everyday purchases.
- Forbes Advisor estimates a rewards value of $671.72 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $5 million for 31 days (10 days for ages 65 and older).
- Common carrier/travel accident insurance: $500,000.
- Trip cancellation: $2,500 per person ($10,000 per account).
- Trip interruption: $5,000 per person ($25,000 per account).
- Flight delay: $500 per person ($1,000 per account).
- Lost/stolen baggage: $1,000 per person ($2,500 per account).
- Delayed baggage: $500 per person ($1,000 per account).
- Hotel/motel burglary insurance: $2,500 per occurrence.
- Car rental collision loss/damage: $85,000 for 48 days to cover rental car damage, loss or theft.
FEATURED PARTNER OFFER
CIBC Aeroplan Visa Infinite Privilege Card
4.9
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
90,000 Aeroplan Points
Annual Fee
$599
Regular APR
20.99%
Welcome Bonus
90,000 Aeroplan Points
Annual Fee
$599
Regular APR
20.99%
Why We Picked It
This card boasts lucrative Aeroplan rewards, priority airport services, free checked bags and other benefits on top of comprehensive travel insurance.
Pros & Cons
- Priority services for Air Canada flights.
- Discounts on flights booked with points.
- $149 annual fee for each additional card.
- Companion pass requires $25,000 in net annual spending.
Card Details
- Welcome bonus of 90,000 Aeroplan Points (20,000 points for the first purchase, 40,000 after four months of spending $3,000 in total purchases and 30,000 points as an anniversary bonus).
- 2 points per dollar on Aeroplan purchases.
- 1.5 points per dollar on gas, groceries, electric car charging, travel and dining ($100,000 annual limit).
- 1.25 points per dollar on other card charges.
- Forbes Advisor estimates a rewards value of $170 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $5 million for 31 days (10 days for ages 65 and older).
- Common carrier/travel accident insurance: $500,000.
- Trip cancellation: $2,500 per person ($10,000 per account).
- Trip interruption: $5,000 per person ($25,000 per account).
- Flight delay: $500 per person ($1,000 per account).
- Lost/stolen baggage: $1,000 per person ($2,500 per account).
- Delayed baggage: $500 per person ($1,000 per account).
- Hotel/motel burglary insurance: $2,500 per occurrence.
- Car rental collision loss/damage: $85,000 for 48 days to cover rental car damage, loss or theft.
FEATURED PARTNER OFFER
Scotiabank Platinum Amex Card
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
60,000 Scene Points
Annual Fee
$399
Regular APR
19.99%
On Scotiabank's Secure Website
Welcome Bonus
60,000 Scene Points
Annual Fee
$399
Regular APR
19.99%
Why We Picked It
Every purchase earns a flat rate of 2 points per dollar while saving cardholders 2.5% on foreign transactions, including online shopping when travelling abroad.
Learn more: Scotiabank Platinum American Express Card
Pros & Cons
- No foreign transaction fees.
- 10 annual airport lounge passes.
- $10,000 minimum credit limit.
- Travel redemptions must be booked through Scene+ Travel.
Card Details
- Welcome bonus of 60,000 Scene Points (50,000 points for $3,000 in eligible purchases within 90 days and 10,000 bonus points after spending $10,000 in the first 14 months).
- 2 points per dollar on all purchases.
- Forbes Advisor estimates a rewards value of $159.83 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $2 million for 31 days (10 days for ages 65 and older).
- Common carrier/travel accident insurance: $500,000.
- Trip cancellation: $2,500 per person ($10,000 per account).
- Trip interruption: $5,000 per person ($25,000 per account).
- Flight delay: $1,000 per person.
- Lost/stolen baggage: $1,000 per account.
- Delayed baggage: $1,000 per account.
- Hotel/motel burglary insurance: $1,000 per trip.
- Car rental collision loss/damage: $65,000 for 48 days to cover rental car damage, loss or theft.
FEATURED PARTNER OFFER
BMO Air Miles World Elite Mastercard
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
2,000 Air Miles
Annual Fee
$120
(waived in the first year)
Regular APR
20.99%
Welcome Bonus
2,000 Air Miles
Annual Fee
$120
(waived in the first year)
Regular APR
20.99%
Why We Picked It
Air Miles collectors can earn higher returns on everyday purchases and save 25% on Miles for one round-trip flight redemption every year, among other travel bonuses.
Learn more:Read our BMO Air Miles World Elite Mastercard Review
Pros & Cons
- Save 25% on Miles for one annual flight redemption.
- Discounts on airport lounge access.
- $500 monthly limit on grocery rewards.
- No medical insurance for cardholders older than 65.
Card Details
- Welcome bonus of 2,000 Air Miles for spending $3,000 during the first three months.
- 3 Miles for every $12 spent at participating Air Miles partners.
- 2 Miles for every $12 spent on groceries (up to $500 per month).
- 1 Mile for every $12 in eligible purchases.
- Collect points twice on purchases from Air Miles partners.
- Forbes Advisor estimates a rewards value of $188.63 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $2 million for 15 days (no coverage for ages 65 and older).
- Common carrier/travel accident insurance: $500,000.
- Trip cancellation: $2,500 per person ($5,000 per account).
- Trip interruption: $2,000 per person.
- Flight delay: $1,000 per account.
- Lost/stolen baggage: $750 per person ($2,000 per account).
- Delayed baggage: $200 per person.
- Hotel/motel burglary insurance: None.
- Car rental collision loss/damage: $65,000 for 48 days to cover rental car damage, loss or theft and $2,000 for personal effects ($1,000 per person).
FEATURED PARTNER OFFER
Scotiabank Gold American Express
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
40,000 Scene Points
Annual Fee
$120
Regular APR
20.99%
Welcome Bonus
40,000 Scene Points
Annual Fee
$120
Regular APR
20.99%
Why We Picked It
The Scotiabank Gold American Express offers just about every travel insurance coverage you could want on a trip. Plus, it even earning 6 Scene+ points per dollar at select grocery stores, which can help fund your travels before you know it.
Pros & Cons
- Preferred pricing on airport lounge membership.
- No foreign transaction fees.
- $50,000 annual limit on accelerated earn rates.
- $5,000 minimum credit limit.
Card Details
- Welcome bonus of 40,000 Scene Points (20,000 points on $1,000 in card charges within three months and 20,000 points for spending $7,500 in the first year).
- 6 points per dollar spent at eligible grocery stores.
- 5 points per dollar on entertainment, dining, food delivery and other grocery purchases.
- 3 points per dollar on gas, daily transit and streaming services.
- 1 point per dollar on all other purchases (applies to all purchases after spending $50,000).
- Forbes Advisor estimates a rewards value of $832.12 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $1 million for 25 days (3 days for ages 65 and older).
- Common carrier/travel accident insurance: $500,000.
- Trip cancellation: $1,500 per person ($10,000 per account).
- Trip interruption: $1,500 per person ($10,000 per account).
- Flight delay: $500 per person.
- Lost/stolen baggage: $1,000 per account.
- Delayed baggage: $1,000 per account.
- Hotel/motel burglary insurance: $1,000 per occurrence.
- Car rental collision loss/damage: $65,000 for 48 days to cover rental car damage, loss or theft.
FEATURED PARTNER OFFER
National Bank World Elite Mastercard
3.6
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
None
Annual Fee
$150
Regular APR
20.99%
Welcome Bonus
None
Annual Fee
$150
Regular APR
20.99%
Why We Picked It
Aside from a few holes in the travel insurance package, this card delivers a solid rewards program and unlimited access to the National Bank Lounge at Montréal-Trudeau Airport.
Learn more: Read our full National Bank World Elite Mastercard review
Pros & Cons
- Medical insurance for cardholders over age 65.
- $150 annual refund on travel expenses.
- No travel accident insurance.
- No hotel/motel burglary insurance.
Card Details
- 5 points per dollar on groceries and restaurants (2 points after $2,500 in total monthly charges).
- 2 points per dollar on gas, electric vehicle charging, recurring bill payments and travel booked with National Bank Á la carte rewards.
- 1 point per dollar on other eligible card charges.
- Forbes Advisor estimates a rewards value of up to $774.46 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $5 million for 60 days (under age 55), 31 days (age 65 -75) or 15 days (age 65-75).
- Common carrier/travel accident insurance: None.
- Trip cancellation: $2,500 per person.
- Trip interruption: $5,000 per person.
- Flight delay: $2,500 per person.
- Lost/stolen baggage: $1,000 per person.
- Delayed baggage: $500 per person.
- Hotel/motel burglary insurance: None.
- Car rental collision loss/damage: $65,000 for 48 days to cover rental car damage, loss or theft.
FEATURED PARTNER OFFER
National Bank World Mastercard
3.6
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
None
Annual Fee
$115
Regular APR
20.99%
Welcome Bonus
None
Annual Fee
$115
Regular APR
20.99%
Why We Picked It
This card offers travel insurance coverage at a World Elite level for a lower annual fee, which helps compensate for the unconventional rewards structure.
Pros & Cons
- No interest for 21 days.
- Premium medical insurance up to age 75.
- Confusing rewards structure.
- Low points value.
Card Details
- 2 points per dollar in purchases when net annual spending is between $20,001 and $30,000.
- 1.25 points per dollar in purchases when net annual spending is under $20,000 or over $30,000.
- Forbes Advisor estimates a rewards value of up to $443.83 in net annual earnings based on average Canadian spending, with the annual fee factored in.
- Emergency medical coverage: $5 million for 60 days (under age 55), 31 days (age 65 -75) or 15 days (age 65-75).
- Common carrier/travel accident insurance: None.
- Trip cancellation: $2,500 per person.
- Trip interruption: $5,000 per person.
- Flight delay: $2,500 per person.
- Lost/stolen baggage: $1,000 per person.
- Delayed baggage: $500 per person.
- Hotel/motel burglary insurance: None.
- Car rental collision loss/damage: $65,000 for 48 days to cover rental car damage, loss or theft and $2,000 for personal effects ($1,000 per person).
FEATURED PARTNER OFFER
American Express Cobalt® Card
3.8
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
Up to 15,000 Membership Points
Annual Fee
$155.88 ($12.99 per month)
Regular APR
20.99%
On American Express’s Secure Website
Welcome Bonus
Up to 15,000 Membership Points
Annual Fee
$155.88 ($12.99 per month)
Regular APR
20.99%
Why We Picked It
The American Express Cobalt features the second highest annual earnings on this list at $750.40, which translates to a net earnings value of $594.52 minus the $155.88 annual fee (billed as $12.99 monthly). Not only does it also have high earn rates in a variety of common purchase categories, but it also has a high welcome bonus in the first year and Membership Rewards carry a high value, especially since they can be transferred 1:1 to a large number of hotel and airline loyalty programs.
Pros & Cons
- High net annual earnings value at $594.52.
- High earn rate on dining, drinks and groceries.
- Transfer points 1:1 to hotel and airline loyalty programs.
- Tons of exclusive benefits and perks.
- High welcome bonus (averages a $300 value).
- Membership Rewards are high in value.
- High annual fee.
- Amex is not accepted at as many places as Visa and Mastercard.
Card Details
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3X the points on eligible streaming subscriptions in Canada
- Earn 2X the points on eligible ride shares, transit & gas in Canada
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
- Earn 1X point for every $1 in Card purchases everywhere else
- Enjoy access to hotel bookings, and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
FEATURED PARTNER OFFER
SimplyCash® Preferred Card from American Express
2.9
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Welcome Bonus
Up to $400 in statement credits
Annual Fee
$119.88 ($9.99 per month)
Regular APR
20.99%
On American Express's Secure Website
Welcome Bonus
Up to $400 in statement credits
Annual Fee
$119.88 ($9.99 per month)
Regular APR
20.99%
Why We Picked It
Unlimited 2% cash back, exclusive American Express experiences and a $750 cash-back referral bonus balance out a smaller travel insurance package.
Learn more: SimplyCash Preferred Card from American Express review
Pros & Cons
- 2% unlimited cash back.
- $750 annual cash-back referral bonus.
- $1,200 cash-back limit on 4% earn rate.
- High interest rates on missed payments.
Card Details
- In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months
- Earn accelerated earn rates on eligible gas and grocery purchases
- Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases
- Access events and special offers curated for Cardmembers with American Express® Experiences
- Extensive insurance coverage and 24/7 Customer Service
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply
Here’s a Summary of Best Travel Insurance Credit Cards
| Credit Card | Best for | Credit Score | Annual Fee | Welcome Bonus |
|---|---|---|---|---|
| TD® Aeroplan® Visa Infinite Privilege* Card | Priority airport services | Fair/Good | $599 | Up to 85,000 Aeroplan Points† (terms apply) |
| CIBC Aventura Visa Infinite Privilege Card | Aventura travel rewards | Very Good/Exceptional | $499 | 80,000 Aventura Points |
| CIBC Aeroplan Visa Infinite Privilege Card | Aeroplan travel rewards | Very Good Exceptional | $599 | 90,000 Aeroplan Points |
| Scotiabank Platinum Amex Card | No foreign transaction fees | Very Good/Exceptional | $399 | 60,000 Scene Points |
| BMO Air Miles World Elite Mastercard | Air Miles rewards | Fair/Good | $120 | 2,000 Air Miles |
| Scotiabank Gold Amex | High annual returns | Fair/Good | $120 | 40,000 Scene Points |
| National Bank World Elite Mastercard | Travellers over age 65 | Very Good/Exceptional | $150 | None |
| National Bank World Mastercard | Senior travel medical insurance | Very Good/Exceptional | $115 | None |
| American Express Cobalt | Flexible Travel Rewards | Very Good/Exceptional | $155.88 | Up to 15,000 Membership Rewards points |
| SimplyCash Preferred from American Express | Cash-back rewards | Fair/Good | $119.88 | $400 in Statement Credits |
Methodology
When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With travel insurance credit cards, the scoring model used takes into account factors such as, but not limited to, the length and amount of coverage for emergency medical, travel accident, trip cancellation/delay/interruption, lost/delayed baggage, rental car and hotel/motel burglary.
Keep in mind what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.
Best Travel Insurance Credit Cards in Canada
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 40,000 Aeroplan points† when you spend $10,000 within 180 days of Account opening. Plus, earn a one-time anniversary bonus of 25,000 Aeroplan points when you spend $15,000 within 12 months of Account opening.† Terms and conditions Apply. Not available for residents of Quebec. Account must be approved by June 3, 2024.
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: Earn 5 Membership Rewards per dollar spent on groceries (up to $30,000 annually), 3 Membership Rewards points per dollar spent on eligible streaming subscriptions in Canada, 2 Membership Rewards points per dollar spent on rideshares, transit and gas in Canada 1 Membership Rewards point per dollar spent on all other eligible purchases and 1 additional Membership Rewards point for every dollar spent on eligible hotel or car rental bookings made with American Express Travel.
Welcome Offer: In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
Other Benefits and Drawbacks: Membership points can be transferred at a 1:1 ratio to other loyalty programs, such as Aeroplan and Marriott 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.
Importance of Travel Insurance
The importance of travel insurance can’t be overstated. If you’re travelling overseas, or even just across the border in the U.S., and if you have a medical emergency, travel insurance can save you thousands of dollars in medical costs. For example, Snowbird Advisor Insurance shares the case of a 63-year-old Canadian who was thrown from bicycle while visiting California. He was found unconscious and taken by ambulance to the hospital, where he received a CT-Scan and chest X-ray. His claim for treating fractured ribs and bruising: $47,435.42.
Benefits of Credit Cards with Travel Insurance
There are many benefits to travelling insurance, but some of the central ones include:
Peace of Mind When Travelling
Knowing that you’re covered for a medical emergency, accident or for a variety of more minor inconveniences (like if your trip is delayed or cancelled, your baggage is delayed or cancelled or if something is stolen from your hotel) can ensure you have a worry-free trip.
Can Save You Hundreds of Dollars
Travel insurance can save you hundreds or more. In the event of a medical emergency, travel insurance can cover your medical expenses up to a limit (usually in the millions). On a more minor scale, it can save you hundreds in the event that, say, your baggage is lost and you need money to buy clothes on the trip.
Drawbacks of Credit Cards with Travel Insurance
There are some drawbacks to travel insurance from a credit card compared to buying it outright.
High Annual Fees
Typically cards that come with travel insurance come with annual fees. If you don’t travel often, and don’t enjoy any other benefits (like points or cash back) from your credit card, this cost should be weighted against the cost of purchasing standalone travel insurance.
Insurance Isn’t Automatic
Travel insurance from a credit card typically only works when you purchase the trip on that specific credit card.
Read the Fine Print
You’ll want to read the fine print to make sure you’re covered for your trip. When in doubt, call your credit card company to check on any conditions for coverage.
Do You Travel Frequently (To Justify High Annual Fees)
If you travel frequently, a credit card (even with a high fee) can absolutely be worth it for the travel insurance alone. Alternatively, you can comparison shop for multi-trip travel insurance to see what coverage and pricing works best for you.
Lower Coverage Amounts
Your travel credit card may only cover you for a limited number of days, or provide a lower level of coverage than you want.
Factors to Consider When Choosing a Credit Card with Travel Insurance
When choosing a credit card with travel insurance, consider the following:
Coverage Details
Each credit card offers a different selection of travel insurance coverages and has different conditions. It’s important to know what’s available and which ones are most important to you. Travel emergency medical and travel accident (common carrier) are two coverages you’ll want to make sure your card has.
Medical Coverage
Travel emergency medical coverage is arguably the most important coverage your card can have. With this, be sure to investigate the details. The term (the amount of time your card covers you for) and the amount of medical expenses it will cover are important to know. Be sure to read the insurance certificate to fully understand the terms.
Trip Cancellation and Interruption Insurance
Trip cancellation can cover you if a medical (or another kind of emergency) occurs before you leave home and you have to cancel. This coverage will reimburse you for some of your trip expenses. Trip interruption, on the other hand, covers you if similar events occur while you’re on your trip and you need to return back home. Keep in mind only specified reasons for cancellation or interruption are covered.
Lost Luggage Protection
If you arrive at your destination and your luggage is lost, lost luggage protection can reimburse you for some of the items that are lost.
Emergency Assistance Services
This is a service provided by some travel insurance that is essentially a concierge to your travel insurance needs.
Exclusions and Limitations
Travel insurance doesn’t cover everything. Check the fine print for exclusions or limitations on your coverage. For instance, people over 65 years of age may not be covered by travel insurance, or may only be covered for a shorter term than younger people.
How To Apply For a Travel Insurance Credit Card
You can apply for a travel insurance credit card the same way you’d apply for any other credit card.
Age and Residency
In order to qualify for a credit card, you must be the age of majority in your province or territory and a resident of Canada.
Credit Score
Depending on the card you’re applying for, you may need a specific credit score.
Personal or Household Income
Depending on the credit card you’re applying for, you’ll need to meet their specific income requirements.
Related: Best value credit card Canada
How to Maximize Your Travel Insurance Benefits
You can maximize your card’s insurance coverages by understanding them, first and foremost.
Understanding Policy Terms and Conditions
Read the fine print of your travel insurance insurance certificate and the policy terms and conditions will help you make the most of your travel insurance, should you have to use it.
Registering Your Travel Plans
You can register your travel plans with the Canadian government for free. This is a free service that allows the government to alert you in case or emergencies abroad or at home.
Keeping Documentation and Receipts
Keep your travel insurance certificate on you and receipts for your flights, hotels and other expenses.
Contacting the Insurance Provider in Case of Emergency
If there is an emergency, keep the contact info for the insurance provider on hand so you can contact them for guidance.
Other Considerations for Travel Insurance
When considering a travel insurance credit card, you’ll want to look at the following factors to know whether it’s worth it:
Credit Card Fees and Annual Costs
Many of the credit cards with the best travel insurance come with steep annual fees. You’ll want to examine whether these are still of value compared to how often you’ll need travel insurance.
Foreign Transaction Fees
If you’re using this credit card for travel, you’ll want to consider whether it charges a foreign transaction fee. There are cards that offer travel insurance and have no foreign transaction fee.
Card Acceptance and Accessibility
If you’re using this card for travel (or trying to rack up points to earn your next trip) you’ll want to make sure it’s a provider that’s accepted at the stores you shop at most often.
Frequently Asked Questions (FAQs)
Do credit cards automatically have travel insurance?
Not all credit cards come with travel insurance. Most travel rewards cards generally include some type of travel insurance. The two basic insurance categories are travel medical and trip protection. Policies can include several types of coverage within these categories.
How do I file a travel insurance claim with my credit card?
The process for filing an insurance claim will vary for each credit card issuer. Most claims require cardholders to submit financial or medical records (sometimes both) and other documents within a certain time frame. Credit cards with travel insurance often have a contact number on the back of the card to call for assistance with filing an insurance claim.
Does credit card travel insurance cover all passengers?
Some credit card travel insurance policies cover multiple travellers under certain conditions. Most issuers require primary cardholders to charge the full or partial cost of a trip for all passengers. Policy limits will indicate how much coverage each insurable person receives. Passengers older than 65 or anyone with preexisting health conditions may not be eligible for coverage.
Do all credit cards have travel insurance?
No, not all credit cards offer travel insurance. Most credit cards that do offer travel insurance offer a different mix of coverages, as well.
Do credit cards automatically have travel insurance?
No, credit cards do not automatically have travel insurance. Some cards that don’t offer it can allow you to purchase it.
How do I choose the best travel insurance?
For the best travel insurance, aim to get essential coverages (like emergency medical coverage) in for a long term, a high amount of coverage and make sure someone your age is accepted. Otherwise, look at the coverages you prefer and make sure the card offers those and how much coverage is offered.
Is there travel insurance on Mastercard?
Some Mastercards offer travel insurance, but it depends on the card.
Do all Visa cards have travel insurance?
Some Visas offer travel insurance, but it depends on the card.
Does my TD Visa Infinite cover trip cancellation?
Some TD Visa Infinite cards offer trip cancellation coverage. However, you have to check your specific TD Visa Infinite card to check whether you’re covered for this.
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Candice ReevesContributor
Candice Reeves is a financial writer based out of Nova Scotia. She specializes in personal finance, investing, and cryptocurrency. Her work is featured in leading publications across various industries, including Wealth Rocket, CryptoVantage, and StackCompare.
