Consumers are bombarded – in their inboxes, on billboards, at the mall – with invitations to apply for new credit cards. Determining whether a new credit card is better than the one already in your wallet can be a confusing process. That’s why the Globe and Mail has launched the Big Guide to Credit Cards to offer a structured approach to help readers find a card that matches their financial goals. We want to make the decision-making process clearer and more informed, by providing valuable guidance as consumers navigate options like rewards programs, interest rates, and fees.
Evaluating travel cards meant weighing various factors to reflect the preferences and typical habits of cardholders. We identified four key factors for a weighted ranking: the value of points spent on flights (50 per cent of the total score), redemption flexibility (30 per cent), travel-related perks (10 per cent), and insurance (10 per cent). You can learn more about how we evaluated each factor in our detailed methodology.
All card and promotion information was collected as of Sept. 20, 2024. Sign-up offers and terms are constantly changing and our calculations reflect the cards’ benefits at that time. Unlike many competing guides, ours wasn’t sponsored by a credit card company or bank and we don’t receive any financial compensation if you decide to apply for one of the cards on our list.
Methodology: How we ranked our Big Guide to Canadian Credit Cards
The merits of a credit card vary based on your personal goals and financial needs. Below, we’ve highlighted a number of options worth considering. But you can also tailor the rankings to your preferences using our interactive tool, which allows you to filter based on card company, individual or household income requirements, and whether there is an annual fee.
Here are three cards to consider.
Top overall
The Scotiabank Gold American Express Card offers an effective way to accumulate reward points, earning 5 points on grocery, dining, and entertainment purchases (6 points at Empire -owned grocery stores) and 3 points on gas, daily transit, and streaming services. There are also no foreign transaction fees. With Scene+, owned by Scotiabank, Cineplex, and Sobeys, you’ll enjoy a diverse range of redemption options, including booking trips through the Scene+ Expedia portal or any other provider. Redeeming your points for travel provides fair value – one cent per point – and the card, which carries a $120 annual fee, includes comprehensive travel insurance coverage, giving you peace of mind while travelling.
Best premium offering
The CIBC Aventura Visa Infinite Privilege Card features a rewarding structure that lets you earn valuable points through everyday spending on Visa’s extensive network and travel-related purchases booked via the CIBC Rewards Centre. You can earn 3 points on travel purchased through the CIBC Rewards Centre, 2 points on eligible gas, electric-vehicle charging, and groceries, and 1.25 points on all other purchases. With an annual fee of $499 and a requirement of $150,000 in individual or $200,000 in household income, this premium card enhances your travel experience with six complimentary visits to airport lounges worldwide and exclusive access to special events, concerts, and top restaurant reservations. Additionally, it provides extensive insurance coverage, including generous out-of-province emergency travel medical expenses, up to $2,500 for trip cancellation, up to $5,000 for trip interruption, and mobile device insurance that’s less commonly found with travel cards, covering up to $1,500.
A balanced choice
The American Express Gold Rewards Card is a well-rounded option that offers rewards on daily spending along with valuable travel perks and benefits that appeal to savvy travellers. You will earn 2 points on flights, hotels, car rentals, cruises, gas, grocery and drugstore purchases, and 1 point on all other purchases. For an annual fee of $250, cardholders receive a $100 Annual Travel Credit for bookings made through American Express Travel Online and enjoy four annual free visits to Plaza Premium airport lounges in Canada. Membership Rewards points can be transferred to a variety of travel partners at favorable ratios, including frequent flyer programs such as Aeroplan and Delta FlyMiles and hotel loyalty programs such as Marriott Bonvoy and Hilton Honors.
Which travel credit card is best for you? Customize the ranking to fit your criteria.
More from The Big Guide to Canadian Credit Cards
Introducing The Globe’s first ever Big Guide to Canadian Credit Cards
How to choose the right Canadian credit card for your financial needs