best credit cards for travel rewards<\/span><\/h3>With a large variety of travel points credit cards in Canada, you have plenty of options to discover a card that suits your travel goals and financial circumstances. You should compare the following key factors when choosing the best travel rewards credit card for you:<\/p>
- The travel credit card rewards program. <\/strong>Choosing a credit card that earns points for a specific travel program you already use will help you maximize your rewards. For example, if you exclusively fly with WestJet, you wouldn\u2019t get as much value from a card that offered British Airways points. If you don\u2019t belong to a program yet, think about which airline(s) you travel with the most and look at their loyalty program options.<\/li>
- Points earning rate.<\/strong> Check the standard rate of points you\u2019ll earn for each dollar spent on the card. Be aware that a different earn rate could apply for certain types of spending, such as overseas purchases. There are usually some transactions that won\u2019t earn points \u2013 such as cash advances and gambling transactions \u2013 and there may be a limit to the points you can earn each month or year, so make sure you check restrictions for the cards you\u2019re comparing.<\/li>
- Reward values. <\/strong>Consider the types of rewards you want to claim, the number of points you\u2019ll need and how much you\u2019d have to spend to redeem your preferred reward. Check how these values measure up between programs, so you can apply for the card that offers the greatest value based on your spending and reward goals.<\/li>
- Annual fee. <\/strong>Ideally, the card\u2019s annual fee should cost less than the rewards and any complimentary extras that you intend to use. If you don\u2019t reap these rewards, it may not be worth paying a high annual fee for the card.<\/li>
- Promotional rates and features. <\/strong>Travel rewards credit cards sometimes have promotions for new customers, such as bonus points, 0% purchase rates or no annual fee for the first year. These benefits can add value to the card that you choose, but make sure you read the terms and conditions and confirm the length of the introductory period so that these offers work for you.<\/li>
- Complimentary extras.<\/strong> Travel rewards credit cards often come with a selection of complimentary extras such as international travel insurance, extended warranties, concierge services and airline lounge access. The value of these perks can be used to offset the cost of the annual fee of the credit card, as long as you know you will actually use them.<\/li>
- Foreign transaction fee.<\/b>
The best travel credit cards may come with no foreign transaction fees. Skipping this fee means saving around 2.5% on every purchase made abroad and with foreign online merchants.<\/li>- Secured vs. unsecured.<\/b>
You\u2019ll need to put down a security deposit to open a secured card, but you might have more products to choose from. Meanwhile, you don\u2019t need a security deposit for an unsecured card, but you might have fewer options.<\/li><\/ul>Why get a travel credit card?<\/h3>
If you\u2019re interested in getting a travel rewards credit card, weigh up these pros and cons to decide if it will be worth it for you:<\/p>
Pros<\/strong><\/h4>- Redeem flights and travel upgrades faster. <\/strong>If you\u2019re earning points every time you spend with your credit card, you can maximize the number of points you\u2019re earning and reach your reward goals faster. Points can likely be used toward both domestic and international flights, as well as perks like business class upgrades, seat upgrades, dining upgrades and airport lounge access.<\/li>
- Sign-up bonus points. <\/strong>Some credit cards offer introductory bonus points as an incentive for new customers to sign up. Depending on the card, you could earn up to 100,000 bonus points (or more) when you meet the spend requirement. Not only will this give your points balance a boost, but it\u2019s also another way you can redeem rewards more quickly.<\/li>
- Large range of rewards. <\/strong>The best travel rewards credit cards let you redeem the points you earn for rewards including flights with your preferred airline and its partners, hotels, online shopping and more.<\/li>
- Travel perks. <\/strong>Designed to suit frequent flyers and travellers, these cards often come with extra features such as flight vouchers, airport lounge passes and 24\/7 concierge services.<\/li>
- Complimentary insurance. <\/strong>Many travel rewards credit cards come with complimentary travel insurance, which can help you save on stand-alone insurance costs when you\u2019re travelling.<\/li><\/ul>
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