Top travel credit cards
Offers vary, but here’s a rundown of the best options available
Avid credit card point collectors know that travel rewards can offer tremendous value, compared to a cashback or retail program.
The top travel rewards credit cards typically come with an annual fee — but they also come with generous bonus points worth hundreds of dollars in cash or travel, and/or waive annual fees in the first year, saving you big dollars.
While your mileage may vary, the best travel rewards programs provide flex- ibility when it comes to redeeming points, including the ability to book travel with any provider and use your points to cover fees and taxes.
If a trip, and earning points toward it, are in your plans for the new year, then consider these top travel rewards credit cards on the market, along with their offers (as of Nov. 21, 2018): 1) American Express Cobalt Card: This card offers the highest earn rate of any card in Canada, on groceries, bars and restaurants with five points for every dollar, plus two points for every dollar spent on travel, transit and gas. New cardholders can earn up to 30,000 points in their first year by spending a minimum $500 each month. This card comes with a monthly fee of $10 or $120 a year.
The ultimate card for flexibility, Cobalt allows you to book travel with any provider and use your points against those charges on your monthly statement. There’s also an option to transfer points to hotel partners, such as
Marriott and Hilton. 2) American Express Gold Rewards Card: This card, at a notch below its Cobalt cousin, has been a mainstay in the travel rewards landscape for several years due to its flexible Membership Rewards points.
Those points can be transferred to Aeroplan, Avios, plus other frequent flyer and hotel programs.
Membership Rewards points can also be used against travel charges on your statement.
Cardholders earn a 25,000point welcome bonus when they charge $1,500 to their card in the first three months.
Earn two points per dollar spent on groceries, gas, drugstore and travel purchases. This card comes with a $150 annual fee. 3) CIBC Aventura Visa In- finite Card: A recent overhaul of the Aventura program and its card benefits pushes the CIBC Aventura Visa Infinite Card into the conversation for top travel rewards card. It starts with a strong welcome offer of 15,000 Aventura points, plus an additional 5,000 points when you spend $1,000 in the first four months.
The current offer also includes a $120 annual fee rebate in the first year. Fly on any airline with no restrictions or blackouts when you redeem points through the CIBC Rewards Centre.
Earn 1.5 points for every dollar spent on gas, groceries and at drug stores, and one point per dollar spent everywhere else.
Additional perks include a Priority Pass membership, which gets you access to 1,200plus airport lounges, four com- plimentary lounge visits per year, and a Nexus application fee rebate. 4) Scotiabank Gold American Express Card: This card pays a generous four points for every dollar spent on gas, groceries, dining and entertainment.
Earn one point per dollar spent on everything else.
As well, this card offers 15,000 bonus points when you spend $1,000 in the first three months. It comes with a $99 annual fee.
Redeem points for travel by booking through Scotia Rewards Travel Service or charge any travel to your card and apply points against those charges once they appear on your statement. 5) BMO Air Miles World Elite MasterCard: It’s not as competitive as it once was, but the BMO Air Miles World Elite MasterCard offers too much value to ignore. New cardholders get 1,000 Air Miles after their first purchase, plus 2,000 more when they spend $3,000 in the first three months. The $120 annual fee is waived in the first year.
You’ll also get a companion flight rebate in the first year, exclusive access to LoungeKey airport lounges (with two complimentary passes annually), plus a 15 per cent discount on Air Miles flights within North America.
Cardholders earn one mile for every $10 spent.
Final thoughts: There are many factors to consider when choosing a travel rewards credit card.
Find what type of program works best for you and then select an appropriate credit card to help collect and redeem points quickly and without hassle.