The best travel insurance credit cards in Canada for 2024

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Pros

• Travellers with the National Bank World Elite Mastercard get $5 million in emergency medical coverage for trips of up to 60 days, which is three times longer than many other top-tier travel insurance cards.  
• With other cards, the coverage period for travellers aged 65 and older is typically very short, around 3 to 5 days. With this card, seniors are covered for trips of up to 15 days—more than three times as long—until they reach the age of 75. 
• The car rental insurance coverage applies to rentals of up to 48 days, which is longer than most other cards. 
• You’re covered against inconveniences during your travels, with above-average trip cancellation coverage of $2,500 and trip interruption coverage of $5,000. 
• The card’s inventive travel fee reimbursements system can cover you for up to $150 annually for travel-related costs like airport parking, seat selection, and checked baggage fees.
• Cardholders have unlimited access to the National Bank Lounge at the Pierre Elliott Trudeau airport in Montreal.

Cons

• This card doesn’t come with travel accident coverage, which means you wouldn’t be covered for injuries that occur while travelling on a common carrier, such as an airplane or train. 
• The annual fee of $150 is higher than some other cards in this category.
• The income requirements are high, at $80,000 personal or $150,000 for the household.

Pros

• Comes with complimentary Visa Airport Companion membership and six lounge passes per year, good for more than 1,200 lounges worldwide.
• You won’t be charged a foreign exchange fee on purchases made in other currencies.
• This card has a good insurance offering that includes up to 25 days of travel medical insurance for those under 65 years of age plus trip cancellation, flight delays, lost baggage, rental car collision/ damage, accident insurance and more.

Cons

• Travelers aged 65 or older are only eligible for three days of travel medical insurance.
• The rewards on offer here are lower than what’s offered with some other premium credit cards.
• The $60,000 personal or $100,000 household income requirements will be out of reach for some.

Pros

• The Ascend World Elite Mastercard offers $5 million in coverage for up to 21 days of travel—on unlimited trips per year.
• With the delayed and loss baggage insurance you’ll be reimbursed up to $500 per insured person if your bags are lost or damaged, and if your checked bags are delayed more than 6 hours, you’ll get $500 to purchase essentials, too.
• Includes membership in Mastercard Travel Pass and comes with four free passes annually.
• You can get a discount of up to seven cents per litre at Shell when you pay with this card.

Cons

• After your first four lounge passes, you’ll have to pay US$32 per visit.
• This card has an annual fee of $150, which is higher than some other cards in this category.
• The income requirements are high, at $80,000 personal or $150,000 for the household.

Pros

• Cardmembers are covered by the BMO World Elite Total Travel and Medical Protection package, which includes collision damage waiver benefits on rental cars and eight days of out-of-province and out-of-country emergency medical benefits up to $5 million. 
• Includes a free, basic membership in the Dominion Automobile Association and the benefits of its BMO Roadside Assistance Program.
• At 5%, this card has the highest cash back earn rate on groceries in Canada.
• Lets you earn cash back in frequently used categories which you can redeem on demand.

Cons

• Although this card offers extremely competitive earn rates, there are low monthly caps on bonus categories: $500 in groceries, $300 in transit, gas, and EV charging, and $500 in recurring bills. Any purchases over these monthly limits will earn at the 1% base rate.
• The income requirements are high, at $80,000 personal or $150,000 for the household.

Pros

• Cards with no annual fee usually don’t come with travel insurance, but this card comes with six types of coverage, including emergency medical for up to 10 days, and car rental theft and damage coverage for up to 31 days. 
• You can earn 1.5% cash back on all your purchases (or 2% if you’re a Rogers, Fido or Shaw customer). Plus, with 3% cash back on transactions in U.S. dollars, you’ll save on foreign transaction fees, too.
• Whereas most World Elite cards come with an annual fee, the Rogers Red gives you World Elite benefits like discounts on Booking.com and free Boingo Wi-Fi at no cost.

Cons

• To be approved, you’ll need a personal income of at least $80,000 or household income of at least $150,000.