Ten benefits that matter on a real trip
A long benefits list is not the same as value. These are the features that change what a trip costs, and the limits to check for each.
Points versus airline miles
Flexible points can go to several airlines or to your statement; airline miles usually give more value on one airline but fewer choices.
Foreign transaction fees
Most Canadian cards add a fee, commonly 2.5%, on purchases in another currency. On a $3,000 trip that is $75 you never see as a charge line.
Airport lounge access
Lounge passes are worth it only if you fly often enough to use them. Check how many visits are included and which lounges count.
Emergency medical insurance
Covers hospital and doctor costs abroad, but usually only for a set number of days and with age limits. Check both before you rely on it.
Trip cancellation and interruption
Reimburses prepaid, non-refundable costs if you cannot travel or must come home early for a covered reason. Most cards need the trip paid with the card.
Flight delay and baggage protection
Pays for meals and essentials after a long delay, or for delayed and lost bags. The delay hours and dollar limits differ by card.
Free checked baggage
Some airline cards waive the first checked bag for you and travel companions. On a family trip this can offset the annual fee quickly.
Companion vouchers
Some airline cards offer an annual companion fare. The voucher still means paying taxes and fees, and booking rules apply.
Annual fees versus actual value
A fee is worth paying only if the rewards and benefits you will really use add up to more than it. Count what you use, not what is listed.
Card acceptance abroad
Visa and Mastercard are accepted almost everywhere; American Express is accepted in fewer places in some regions, so bring a second card.
Travel insurance: what your credit card may not cover
Credit card travel insurance is included with the card but is narrower than a standalone policy. Medical cover is capped to a number of days per trip and shortens at age 65 and over, cancellation cover usually needs the trip charged to the card, and pre-existing conditions are generally excluded.
| Topic | Credit card insurance | Standalone policy |
|---|---|---|
| Who is covered | The cardholder, usually a spouse and dependants, if the card terms are met. | Anyone who buys the policy and meets its health questions. |
| Medical coverage length | Capped at a fixed number of days per trip, often much shorter for travellers 65 and over. | Set by the policy; longer trips and older travellers can be covered for a premium. |
| Age limits | Many cards cut coverage sharply at age 65 or exclude it. | Available at older ages, with age-based pricing. |
| Pre-existing conditions | Usually excluded or restricted unless stable for a period set in the terms. | Policies can be priced or underwritten around your health. |
| Payment requirement | Trip cancellation and delay cover usually need most or all of the trip paid with the card. | Cover depends on buying the policy by its deadline, not on how you paid. |
| Exclusions | Set out in the issuer's certificate of insurance; read it before you travel. | Set out in the policy wording; compare it before you buy. |
Read more in Travel credit card insurance explained.
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Explore travel insuranceFrequently asked questions
Do Canadian travel credit cards charge foreign transaction fees?
Most do. Of the cards we compare, the Amex Cobalt, Amex Platinum, TD, RBC and CIBC cards charge a 2.5% foreign currency commission or conversion fee. The Scotiabank Passport Visa Infinite+, Scotiabank Gold American Express and Home Trust Preferred Visa charge none. On $3,000 of foreign spending a 2.5% fee costs $75, so it is worth weighing against rewards.
Is travel insurance included with credit cards?
Many travel cards include some insurance, but it is usually narrower than a standalone policy. Medical cover is often limited to a set number of days per trip and drops sharply at age 65 and over, for example 21 days under 65 and 4 days at 65 and over on the TD cards. Trip cancellation and delay cover usually need most of the trip charged to the card, and pre-existing conditions are generally excluded. Read the certificate of insurance and add a separate policy if your trip is long or you are 65 or older.
Are travel credit cards worth the annual fee?
They can be, if you use the benefits that the fee pays for. Add up the points you would earn on your real spending, the checked bags, lounge visits and insurance you would use, then subtract the fee and any foreign transaction fees. Occasional travellers often come out ahead with a low or no annual fee card. A frequent traveller who uses lounges and free bags can recover a higher fee quickly.
How long does credit card medical insurance last?
Card medical insurance covers only the first part of each trip, and the limit differs by card. Among the cards we compare it ranges from 15 days under age 65 (RBC, CIBC, Amex) to 25 days under 65 (Scotiabank Gold), and it is much shorter at 65 and over, often 3 or 4 days. If your trip is longer than the limit, the rest is not covered. Check the days and the age cut-off in the certificate of insurance before you leave.
Do I still need travel insurance if my card includes it?
Often yes. Card cover is useful as a base, but it is capped by days and age, excludes many pre-existing conditions, and usually requires the trip to be charged to the card. A standalone policy can cover longer trips, older travellers and health conditions. Compare both before a long or expensive trip, or if you are 65 or older.
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Find my best travel cardTripRadr is not a lender, broker or financial adviser. This is general information, not financial advice.