Best Credit Cards in Canada for Maximizing Travel Rewards
Strategic approach to turning everyday spending into premium travel experiences
Published: August 10, 2023 | Updated: August 15, 2023
Beyond the Hype: A Strategic Approach to Credit Cards
With countless banks promoting their credit cards as the "best" option, it's easy to get overwhelmed by the noise. Rather than simply comparing sign-up bonuses and flashy perks, the truly strategic approach focuses on which cards deliver the most value based on your specific spending patterns.
The real question isn't which card has the most perks, but which card actually gives you the most value for the way you spend.
This analysis focuses specifically on travel cards with the highest earn rates because if you're planning to travel this year, maximizing your everyday spending toward travel rewards can significantly reduce your vacation costs.
Top Canadian Credit Cards for Travel Rewards
American Express Cobalt Card
Widely regarded as Canada's best card for everyday spending, the Cobalt Card offers exceptional earn rates on categories where most people spend regularly.
Key Features:
- 5x points on food and drinks (groceries, restaurants, bars, food delivery)
- 3x points on streaming services
- 2x points on transit and gas
- 1x points on all other purchases
Pros
- Exceptional 12% return on food spending (based on 2.5¢ point valuation)
- Flexible point transfers to airline partners
- Welcome bonus of up to 15,000 points
- Monthly fee: $12.99 ($156 annually)
Best for: Those who want to maximize rewards on everyday spending without changing their habits.
Scotia Bank Gold American Express
This underrated card combines strong multipliers with no foreign transaction fees, making it ideal for both domestic and international use.
Key Features:
- 5x points on groceries, restaurants, and entertainment
- 3x points on gas, transit, and streaming services
- 6x points at Empire-affiliated stores (Sobeys, Safeway, FreshCo)
- No foreign transaction fees
Pros
- 5% return on food and entertainment
- 3% return on gas, transit, and streaming
- No foreign transaction fees (saves 2.5% on international purchases)
- Discounted Priority Pass lounge access
Best for: Frequent travelers who want to avoid foreign transaction fees while earning solid rewards.
American Express Platinum Card
The premium option for luxury travelers who value exceptional perks and a massive welcome bonus.
Key Features:
- Limited-time welcome offer: Up to 180,000 points (worth ~$4,000)
- 2x points on dining and travel
- 3x points on hotels and rental cars booked through Amex Travel
- Unlimited airport lounge access worldwide
Pros
- Massive welcome bonus (until August 18, 2023)
- $200 annual travel credit
- $200 annual dining credit
- Automatic elite status with Hilton and Marriott
- Premium travel insurance
Best for: High-spenders and frequent flyers who want a luxury travel experience.
BMO Eclipse Visa Infinite
A strong Visa alternative for those who prefer not to use American Express.
Key Features:
- 5x points on dining, groceries, gas, and transit
- 10% points boost when adding an authorized user
- Welcome offer: Up to 60,000 points ($400 in travel value)
- $120 annual fee (waived first year) with $50 annual lifestyle credit
Pros
- 3.35% return on bonus categories (3.7% with authorized user)
- Simple redemption process with no blackout dates
- Effective $70 annual fee after lifestyle credit
- Premium travel insurance and concierge service
Best for: Those who prefer Visa and want straightforward rewards without transfer partners.
TD Aeroplan Visa Infinite
The ideal card for frequent Air Canada flyers and those loyal to the Aeroplan program.
Key Features:
- 1.5x points on gas, groceries, EV charging, and Air Canada purchases
- Welcome offer: Up to 40,000 Aeroplan points (~$800 value)
- First checked bag free for you and up to 8 companions
- Nexus fee rebate (up to $100)
Pros
- 3% return on everyday essentials (based on 2¢ Aeroplan point valuation)
- Valuable Air Canada-specific perks
- $139 annual fee waived first year
- Access to one of Canada's most valuable loyalty programs
Best for: Regular Air Canada travelers who want to maximize Aeroplan points and enjoy practical flight benefits.
Comparison Table: Top Travel Credit Cards in Canada
| Card | Annual Fee | Best For | Top Earn Rate | Welcome Bonus |
|---|---|---|---|---|
| Amex Cobalt | $156 | Everyday spending | 5x points (food/drink) | 15,000 points |
| Scotia Gold Amex | $120 | International travel | 5x points (groceries/dining) | Varies |
| Amex Platinum | $699 | Luxury travel | 3x points (travel bookings) | 180,000 points |
| BMO Eclipse Visa | $120 (waived 1st yr) | Visa users | 5x points (multiple categories) | 60,000 points |
| TD Aeroplan Visa | $139 (waived 1st yr) | Air Canada flyers | 1.5x points (essentials) | 40,000 points |
Strategic Approach: Maximizing Your Rewards
For most people, the optimal strategy isn't choosing a single card, but rather combining multiple cards to maximize rewards across different spending categories:
- Primary card: Choose based on your largest spending category (e.g., Cobalt for foodies)
- Secondary card: Complement with a card that covers other categories (e.g., Scotia Gold for international spending)
- Specialty card: Consider a premium card if you travel frequently enough to justify the fee
Conclusion: Finding Your Perfect Card Match
The best credit card for you depends entirely on your spending habits and travel goals. The Cobalt Card remains unmatched for everyday food and drink spending, while the Scotia Gold Amex offers exceptional value for international travelers. The Amex Platinum provides luxury perks for those who can utilize them, and the BMO Eclipse Visa Infinite serves as a strong alternative for Visa loyalists. Finally, the TD Aeroplan Visa Infinite is ideal for frequent Air Canada flyers.
By understanding your spending patterns and strategically selecting cards that reward those habits, you can transform your everyday purchases into meaningful travel experiences without changing your lifestyle.
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