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What Are The Best Travel Credit Cards in Canada?

Byron Mühlberg, writer at

Byron Mühlberg


Apr 24, 2024
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If you frequently travel abroad from Canada or often make payments in foreign currencies, you'll probably know that there are many credit cards out there which cater to your needs. But with so many options at your fingertips, it's not always easy to find out which is the best for you.

Fortunately for you, our team has compared the top credit cards in Canada for annual fees, travel rewards, FX rates, insurance and protections, and much more to select what we believe are undeniably the four best cards on the market. So, no matter whether you're taking your family on vacation to Europe or just making a simple online transaction in US dollars, our carefully-selected options will cater to your every need!

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If traveling as cheaply as possible is your goal, then a full-on credit card might not be your best bet. We recommend checking out KOHO's range of debit cards, whose Extra or Everything plans charge no FX fee.

Tangerine also offers the Money-Back Credit Card, which lets you build credit and take advantage of cashback while paying no annual fees.

Tangerine Money-Back Credit Card

Tangerine's Money-Back Credit Card is a credit card without an annual fee focusing on credit building and cash back. At 2.5% per transaction, it's not the cheapest travel credit card, but it can still be a good bet since it doesn't charge an annual fee.

  • Annual Fee: $0
  • Interest (Purchases): 19.95%
  • Interest (Cash Advance): 19.95%
  • Foreign Transaction Charge: 2.5%
  • Rewards, Insurance, and Protections: Purchase Assurance and Extended Warranty, 2% Money-Back Rewards on everyday purchases
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American Express Cobalt® Card

The American Express Cobalt® Card is an excellent choice for travel, offering benefits such as generous rewards, insurance, and no foreign transaction fees, ensuring a rewarding and cost-effective travel experience.

  • Annual Fee: $155.88
  • Interest (Purchases): 20.99%
  • Interest (Cash Advance): 21.99%
  • Foreign Transaction Charge: $0
  • Rewards, Insurance, and Protections: Amex Membership Reward points, Mobile Device Insurance, travel insurance, etc.
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TD® Aeroplan® Visa Infinite Privilege Card

The most premium credit card on this list, TD® Aeroplan® Visa Infinite Privilege Card has a high annual fee but comes packed with perks like comprehensive trip insurance, airport lounge access, travel benefits on Air Canada, and points.

  • Annual Fee: $599
  • Interest (Purchases): 20.99%
  • Interest (Cash Advance): 20.99%
  • Foreign Transaction Charge: $0
  • Rewards, Insurance, and Protections: Travel Medical Insurance, Trip Cancellation/Interruption Insurance, Flight Delay Insurance, Global Airport Lounge Access, Air Canada travel benefits, etc.
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BMO AIR MILES® MasterCard®

Another credit card without annual fees, BMO AIR MILES® MasterCard® is a good choice if you're looking for fair travel benefits without paying high annual fees, which includes rewards, miles, and basic trip insurance.

  • Annual Fee: $0
  • Interest (Purchases): 20.99%
  • Interest (Cash Advance): 22.99%
  • Foreign Transaction Charge: $0
  • Rewards, Insurance, and Protections: Car rental discounts, Miles accrual, extended warranty and purchase protection, BMO Roadside Assistance, etc.
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KOHO Debit Card: A Credit Card Alternative

If you want to save money while spending overseas, you can take advantage of low-cost foreign exchange spending with KOHO's Extra and Everything plans — a complete alternative to traditional credit cards in Canada!

With KOHO's innovative mobile finance platform, you can earn 1% or more cash back and 5% interest on balances. Plus, enjoy no foreign transaction fees if you are an Extra or Everything member. Compared to credit cards, this means that KOHO's debit card can save you money if you can afford to keep your number of transact or withdrawals to a minimum while travelling abroad.

What's more, KOHO offers instant notifications and real-time spending insights, empowering you to stay on top of your travel expenses. With KOHO as your trusted financial companion, you can embrace a seamless and secure travel experience abroad!

  • Essential Plan: $4 per month ($0 if you set up recurring direct debits or deposit $500 per month)
  • Extra Plan: $9 per month
  • Everything Plan: $19 per month
  • Foreign Transaction Charges: 1.5% (0% on Extra or Everything plan)
  • Travel Insurance and Protections: N/A
  • Travel Rewards: N/A
  • Sign-up Bonuses: N/A
  • More Info: Read our review or visit the website.

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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