Vacation rewards: These are the year's top credit cards with the best travel points

Facts: the jet-setting life isn’t cheap. As much as many of us would like to travel, the cost of tickets and accommodations definitely adds up. But some credit card companies offer rewards programs that put their customers that much closer to their travel goals.

Rewards Canada is an online source for loyalty rewards and credit card rewards that launched in 2001, and they’ve just released their 15th list of Canada’s Top Travel Rewards Credit Cards.

“Now that the world is back to full-blown travel, you may be asking yourself how can I make my travel cheaper, more luxurious or even be able to budget for multiple vacations?” reads the statement on the site. “Part of that answer lies in having the best credit card or cards in your wallet to help fund those travels.”

The site takes into account a variety of factors, including rewards earning and value, cost of ownership, ease of redemption, ease of use depending on the destination, reader feedback, and more. For 2023, they’ve included two new categories: Top No Foreign Transaction Fee Credit Card and Top Small Business Travel Rewards Credit Card.

Here are the top travel rewards credit cards in Canada.

American Express Cobalt Card

Top Overall Travel Rewards Credit Card

Top Hybrid Credit Card

Since 2021, the AmEx Cobalt Card has improved significantly. Customers receive a 5% return towards any travel bookings “thanks to earning 5x points on eats and drinks, which actually levels up to a 10% return if you utilize Amex’s Fixed Points for Travel program.” Make sure to charge your streaming services to the card for three times the points and use it regularly for travel, gas, transit, and ride-share apps to get twice the points.

That’s not all. You can convert your accumulated points to hotel and airline programs like Air Canada Aeroplan, Air France KLM Flying Blue, British Airways Executive Club, and Marriott Bonvoy.

Scotiabank Gold American Express Card

Top Travel Points Card with an Annual Fee

Described as a “points earning machine,” swipe away at Sobeys, Safeway, IGA, and other Empire stores and earn six points for every dollar spent. Even if you’re not shopping at those stores, you’ll still get five points per dollar at other grocery stores, restaurants, fast-food restaurants, and other food and dining locations. Use it for ride shares, buses, taxis, and subways to get three points per dollar.

“You can earn all of these accelerated earn rates on up to $50,000 of spending annually,” states the site. Not a fan of fees? Don’t worry, the $120 annual fee is lower than its competitors.

American Express Green Card

Top No Fee Travel Rewards Credit Card

Get the most out of the Membership Rewards program without the fees. With flexible travel rewards, you can use the points for travel or convert them to partners like Air France, Air Canada, Air France, KLM, British Airways, and Marriott to keep you within budget.

So how does it work? Simple: you earn one point for every dollar spent.

“That translates to a 1% return to travel you book yourself or for cash back rewards, up to a 2% return when you use the Amex Fixed Points for Travel rewards or returns of up to 6% or more when you convert to an airline partner and redeem towards a business class flight,” states the site.

TD Aeroplan Visa Infinite Card

Top Airline Credit Card

If you’re looking for an Aeroplan card, this is the ideal choice, especially for frequent travellers. It doesn’t matter if you’re travelling economy, business, or first class — the program lets you redeem points to almost any destination.

“Add in card features like first checked bag free, discounted reward flight pricing, a Nexus credit and this card is tough to compete with,” states the site.

HSBC World Elite Mastercard

Top Hybrid Credit Card

This card is the ultimate travel buddy, offering customers zero foreign transaction fees. Other benefits include strong earn rates, any travel any time rewards, and a $100 travel enhancement credit every year. Customers have the option to convert these rewards with British Airways, Cathay Pacific, and Singapore Airlines.

The Platinum Card from American Express

Top Ultra Premium Credit Card

Travel like a VIP with this credit card, which gives you access to airport lounges and gives customers hotel elite status, as well as premium class travel discounts.

Not only does it have a great earn rate for points, but the Membership Rewards program also allows you to redeem points anytime — you can even convert them to Aeroplan and other airlines.

American Express Business Edge Card

Top Small Business Travel Rewards Credit Card

Described as “the business version of the coveted Cobalt Card,” the Business Edge Card offers small business owners three times the points for office supplies, electronics, travel and gas, as well as food and drinks. You can also convert your points to Aeroplan and other airlines.