Taking a vacation overseas or going on holiday in a nearby province is not possible for everyone. It may take months to save enough for a family trip abroad or a solo adventure. That’s where travel rewards credit cards come in.
A travel rewards credit card is the key that unlocks memorable international trips and cultural experiences. These credit cards earn you points or miles every time you use them.
They make travel more affordable, giving you access to premium perks like airport lounge access and baggage delay insurance.
There are two kinds of travel rewards credit cards:
While every travel rewards credit card brings something unique to the table, their features often overlap. Some of the best travel rewards credit cards in Canada offer travel insurance.
This includes flight delays, trip cancellation, rental car damage, and medical emergency insurance. The condition for coverage is often that you must use your card to complete the purchase.
You can save hundreds of thousands of dollars with such a perk. That’s money you won’t have to pay out of pocket in an emergency.
Some travel rewards credit cards offer rental car discounts, hotel room upgrades, and free flight upgrades. Since benefits vary, it’s best to compare what different travel rewards credit cards offer before settling on one.
When getting a travel rewards credit card, consider the following benefits and drawbacks.
With so many travel rewards credit cards in the market, it may seem impossible to choose one. Consider these pointers when making your decision.
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Frequent travellers and anyone who plans to travel at least once a year might consider a travel rewards credit card. Every dollar you spend on your card can earn you points. So, the more you spend, the more points you can put towards a trip.
Absolutely. Travel enthusiasts will enjoy having a travel rewards credit card. You’ll get a great sign-up bonus for most cards, but you’ll also get insurance coverage. Some travel rewards credit cards also come with exclusive perks that will have you travelling in style.
Every dollar you spend earns you points or miles. Say, for instance, a card earns you 2 miles for every dollar you spend on groceries. If you spend $200, then you’ll earn 400 points.
You can then redeem your points for travel-related purchases like hotels and airfare. Some credit card providers even allow you to redeem points for non-travel-related purchases, like statement credits.
Each card company has their own requirements. However, some requirements overlap. You will often need a credit score of 660 or higher. You must also be a Canadian resident and the age of majority in your province. Also, some credit card providers set income requirements, either personal or household.
Most have an annual fee. The reason is, they provide lucrative rewards.
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