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Best Travel Credit Card in Canada for 2020
Travel rewards credit cards are great for vacations, journeys back home to visit family and road trip adventures. Often cardholders can redeem their rewards for flights, car rentals, hotel stays, merchandise and more. Not only that, but travel cards generally have travel insurance coverage for peace of mind on your trip.
Some travel cards offer airport lounge access, while others have no foreign transaction fees. Credit card providers typically charge 1.5% to 3% on foreign currency purchases, which can cut into the travel budget. However, cardholders with 0% foreign transaction fees won’t have to worry about using their card overseas, over the border, or online at foreign merchants.
We compared the top travel credit cards using our Best of Finance methodology and ranked the cards that provided the highest first-year value.
These are the best travel credit cards for 2020.
| Our top pick | ||
|---|---|---|
| Credit card | Great features | Annual fee |
| 1. Scotiabank®* Gold American Express® Card |
| $120 |
| Runners-up | ||
| Credit card | Great features | Annual fee |
| 2. TD First Class Travel®Visa Infinite* Card |
| $120 (Rebated year 1) |
| 3. Scotiabank PassportTM Visa Infinite* Card |
| $139 |
1. Scotiabank®* Gold American Express® Card
Apply for the Scotiabank Gold American Express® Card and earn 25,000 bonus Scotia Rewards points when you make at least $1,000 in purchases in your first three months. That is a $250 travel value. Plus, pay no foreign transaction fees on purchases made abroad or at foreign merchants online. Although the exchange rate still applies, cardholders will not pay the foreign transaction charges, which are typically around 1.5% to 3% of the purchase price.
Scotiabank Gold American Express® Cardmembers can also take advantage of the Best Price Guarantee on airfare booked through the Scotia Rewards Travel Service and the extensive travel insurance coverage included on the card.
According to our Best of Finance methodology, the average Canadian will see $874 in Scotia Rewards points within the first year.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.
Annual fee:
$120
Limited time offer/bonus:
- New cardmembers can earn 25,000 bonus Scotia Rewards points when they spend at least $1,000 within the first three months.
Offer expiry date: February 28, 2021
Rewards:
- Earn 5X the Scotia Rewards points per dollar on eats and entertainment, including grocery, restaurant, fast food, food delivery and select food subscription purchases, as well as movies, tickets and more.
- Earn 3X the Scotia Rewards points per dollar on rides and select streaming services, including gas, public transit, taxis, rideshare, Netflix, and more.
- Earn 1X the Scotia Rewards point per dollar spent on everything else.
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 99,400 Scotia Rewards points
Monetary value= $994
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $874
You can redeem your points for:
- Travel
- Experiences
- Merchandise
- Gift cards
- A statement credit
- Converted to SCENE points
Insurance:
- Travel emergency medical insurance
- Trip cancellation/trip interruption insurance
- Flight delay insurance
- Delayed and lost baggage insurance
- Travel accident insurance
- Rental car collision loss/damage insurance
- Hotel/motel burglary insurance
- Purchase security
- Extended warranty
- Scotia Credit Card Protection (optional)
Other perks:
- Enjoy all that American Express has to offer, including exclusive access to events, tickets, and deals.
- Use the Scotia Rewards Travel Service for the Best Price Guarantee on airfare.
- Take advantage of no foreign transaction fees on purchases made online and abroad.
- Save time with the 24/7 complimentary concierge service.
- Receive a preferred discount on the Priority Pass membership and access airport lounges around the world.
Compare the best credit cards on RATESDOTCA
Find the best credit card for your lifestyle today!
2. TD First Class Travel®Visa Infinite* Card
The TD First Class Travel®Visa Infinite* Card offers cardholders up to 60,000 bonus TD Points. Get 20,000 points when you make your first purchase using the card and another 40,000 points when you spend at least $1,500 in the first 90 days. That is a $300 travel value. Plus, TD will rebate the annual fee for the primary and supplementary cardholders for the first year.
Travellers can enjoy an extensive line of insurance coverage, discounts on rental cars, and an optional TD Auto Club Membership for protection no matter where adventures take them.
According to our Best of Finance methodology, the average Canadian will see $732 in TD Points within the first year.
Credit score requirement for approval:
Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on any existing credit cards for the past three months.
Annual fee:
$120
Each supplementary card has a $50 annual fee.
Limited time offer/bonus:
- Earn up to 60,000 TD Points. Get 20,000 TD Points when you make your first purchase using the card. Get another 40,000 TD Points when you spend at least $1,500 in the first 90 days. Plus, TD will rebate the annual fee for the first year.
Offer expiry date: May 30, 2021
Rewards:
- Earn three TD Points per dollar you spend on purchases.
- Earn nine TD Points per dollar you spend on travel through Expedia for TD charged to the card.
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 146,400 TD Points
Monetary value= $732
Annual fee = $0
Total earned over the first year (rewards minus annual fee) = $732
*The $120 annual fee is waived for the first year.
You can redeem your points for:
- Travel
- Travel-related purchases
- Merchandise
- Gift cards
- Statement credit
Insurance:
- Travel medical
- Trip cancellation/trip interruption
- Common carrier travel accident
- Delayed and lost baggage
- Purchase security
- Extended warranty
Other perks:
- Take advantage of the emergency travel assistance services for help with personal emergencies while travelling.
- Get an annual discount on a Priority Pass Membership for airport lounge access around the world.
- Save on rental cars from Avis Rent A Car and Budget Rent A Car across the U.S. and Canada.
- Cardholders have the option of adding a TD Auto Club Membership for roadside assistance services.
3. Scotiabank PassportTM Visa Infinite* Card
Members of the Scotiabank PassportTM Visa Infinite* Card can earn up to 30,000 bonus Scotia Rewards points in the first year. Get 20,000 points when you spend at least $1,000 in the first three months. Get another 10,000 points when you spend at least $40,000 on the card annually.
Cardholders who enjoy travelling can save with no foreign transaction fees on purchases made overseas or online. Get six free airport lounge visits per year with the complimentary Priority Pass membership and extended travel insurance coverage.
According to our Best of Finance methodology, the average Canadian will see $415 in Scotia Rewards points in the first year.
Credit score requirement for approval:
Excellent: You’ve had a credit card or loan for at least 10 years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on your existing credit cards for the past six months.
Annual fee:
$139
One free supplementary card. Each additional card has a fee of $50 per year.
Limited time offer/bonus:
- Get 20,000 bonus Scotia Rewards points when you make at least $1,000 in purchase in the first three months.
- Get 10,000 bonus Scotia Rewards points when you spend $40,000 on the card annually.
Offer expiry date: February 28, 2021
Rewards:
- Earn two Scotia Rewards points per dollar on eligible grocery, dining, entertainment and daily transit purchases, including buses, subways, and taxis.
- Earn one Scotia Rewards point per dollar everywhere else you shop.
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period = 55,400 Scotia Rewards points
Monetary value= $554
Annual fee = $139
Total earned over the first year (rewards minus annual fee) = $415
You can redeem your points for:
- Travel
- Experiences
- Merchandise
- Gift cards
- A statement credit
- Convert to SCENE points
Insurance:
- Travel emergency medical
- Trip cancellation/trip interruption
- Flight delay
- Delayed and lost baggage
- Rental car collision loss/damage
- Hotel/motel burglary
- Travel accident
- Purchase security
- Extended warranty
- Price Protection
- Scotia Credit Card Protection (Optional)
Other perks:
- Enjoy no foreign transaction fees on purchases made abroad and at foreign merchants online.
- Get six free lounge visits per year with the complimentary Priority Pass Membership.
- Take advantage of the Best Price Guarantee on airfare when booking travel through the Scotia Rewards Travel Service.
- Save on rental cars with the complimentary Avis® Preferred Plus membership.
Rates, product information, and rewards estimates are subject to change at any time and do not constitute financial advice. Information in this article is accurate as of the date of this posting, November 9, 2020. This article was first published on August 19, 2020.
This post has been updated.
Related reads:
- Best of Finance Winners: The Best Credit Cards for 2020
- Best Rewards Credit Card in Canada for 2020
- Best No-Fee Credit Card in Canada for 2020
- Best Cash Back Credit Card in Canada for 2020
- Best Premium Perks Credit Card in Canada for 2020
- Best Credit Card for Paying Down Your Balance in Canada for 2020
- Best Credit Card for Rebuilding Credit in Canada for 2020
- Best Credit Card for Young Professionals in Canada for 2020
- Best Credit Card for Students in Canada for 2020
- Best Credit Card for Frequent Flyers in Canada for 2020
- Best Credit Card for Snowbirds or Cross-Border Shoppers in Canada for 2020
- Best Credit Card for Newcomers to Canada for 2020
- Best Credit Card for Families in Canada for 2020
Hayley Osmond, Freelance writer
Hayley Osmond is an editor and writer in the personal finance space, where she uses her eight years of media and marketing experience to bring content to life. She specializes in money products, including mortgages, home and auto insurance, and credit cards. Hayley holds a Broadcast Journalism diploma from Sheridan College and was awarded the Shaw Media Journalism and Media Award for graduating at the top of her class. Her work has appeared in Global News and diverse digital corporate training materials behind the scenes.
Hayley is passionate about making complex subjects, such as home buying and financial literacy, concise and intriguing. Her work has garnered media coverage from The Globe and Mail, blogTO, Yahoo! News, and CityNews 680 and has been syndicated across other publications.
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