Some things you learn the hard way—like losing your baggage overseas without insurance.
For most Canadians, travel is already expensive. Add in lost luggage, flight cancellations, or a medical emergency abroad, and the cost shoots up. But here’s something many overlook: some of the best credit cards offer built-in Travel Insurance Policies and reward programs that do more than just rack up points. They can actually save you thousands.
In our years helping families and solo travellers prepare for trips, we’ve seen too many people skip insurance or overspend on standalone coverage. That’s why understanding how to pair your credit card benefits with proper travel protection can make all the difference, especially if you use tools like a Travel Insurance cost calculator or plan to buy Travel Insurance online for extra backup.
Let’s break this down, card by card—without the fluff.
Why Credit Cards and Travel Insurance Belong Together
Most people think of credit cards as tools for spending. But top-tier cards come with perks that are especially useful for travellers. We’re talking about:
- Emergency medical coverage
- Trip cancellation and interruption protection
- Lost or delayed baggage benefits
- Car rental insurance
- Flight delay assistance
These are usually triggered only if you use the card to pay for the trip, so keep that in mind.
If you were already planning to buy Travel Insurance online, your card might already offer similar protection, and sometimes better. The key is knowing which card does what.
1. Scotiabank Passport Visa Infinite Card
This is a solid choice for international travellers.
Highlights:
- No foreign transaction fees (you save 2.5% on every non-CAD purchase)
- Emergency medical insurance: up to $1 million for 25 days
- Trip cancellation: up to $1,500 per person
- Trip interruption: up to $2,000 per person
- Rental car collision/loss insurance
- Flight delay coverage and hotel accommodations
- Lost or delayed luggage: up to $1,000 total
Best for: Frequent fliers and digital nomads who travel abroad more than twice a year.
Travel Tip:
Suppose you’re planning multiple international trips, especially with family. In that case, this card can help cover common issues like baggage loss or trip interruption, without the need for an additional Travel Insurance Policy.
2. BMO World Elite Mastercard
This card is a strong all-rounder when it comes to both Travel Insurance Policies and rewards.
Highlights:
- Emergency medical coverage: $2 million for travellers under 65
- Trip cancellation: up to $2,500 per person
- Trip interruption: up to $5,000 per person
- Lost, delayed, or stolen baggage: up to $750 per person
- 3 BMO Rewards points per $1 on travel, dining, and entertainment
- Access to Mastercard Airport Experiences (including lounge access)
- Complimentary roadside assistance
Best for: Canadians looking for both strong insurance and point redemption versatility.
Why It Stands Out:
This card offers higher-than-average medical coverage, which is useful if you’re travelling with kids or seniors. The flexibility in rewards redemption is a plus, making it easier to convert everyday spending into travel savings.
3. TD Aeroplan Visa Infinite
If you fly Air Canada regularly, this card offers great value.
Highlights:
- Emergency medical: Up to $1 million for 21 days (under 65)
- Trip cancellation: $1,500 per person
- Trip interruption: $5,000 per person
- Flight delay: Up to $500
- Lost/stolen baggage: Up to $1,000
- Earn Aeroplan points on every purchase
- First checked bag is free on Air Canada flights
Best for: Loyal Air Canada travellers who want insurance and flight perks in one place.
How to Maximize:
Use this card exclusively for all Air Canada travel and related purchases. Combine it with Aeroplan’s travel deals for boosted value. Still, use a Travel Insurance cost calculator before making a comparison.
4. American Express Cobalt Card
While not the strongest on insurance, the rewards potential is unmatched for daily spending.
Highlights:
- Travel Insurance: flight delay, hotel burglary, rental car damage/loss
- 5x points on food and groceries
- 2x on transit and travel
- Flexible point redemption on flights and hotels
- Emergency medical: up to $5 million for 15 days (under 65)
- Purchase protection and extended warranty
Best for Millennial travellers or families who want to turn daily expenses into travel.
Strategy Tip:
Use this card for everyday expenses like groceries and dining to rack up points fast. Then, redeem them for flights or hotel bookings. For medical coverage gaps, consider buying supplemental Travel Insurance online.
5. RBC Avion Visa Infinite
This one’s great for those who prioritize flexible travel bookings.
Highlights:
- Emergency medical: $500,000 for 15 days (under 65)
- Trip cancellation and interruption
- Flight delay and lost baggage coverage
- Points can be redeemed with ANY airline (not just one partner)
- Hotel and rental car rewards
- Travel accident and purchase protection
Best for: Independent travellers who prefer choosing their own airline or booking site.
Bonus Benefit:
Redeem points with no blackout dates. This flexibility is invaluable when booking flights during peak travel seasons.
When a Credit Card Isn’t Enough
Even with great card benefits, there are times when buying a separate plan is smart:
- You’re over 65: Most card policies cut off around age 65.
- Trips longer than 25 days: Many credit card policies have strict time limits.
- Pre-existing conditions: These are often excluded in card coverage.
- High-risk travel: If you’re skiing in Switzerland or backpacking in remote areas, dedicated Travel Insurance Policies offer better protection.
Use a Travel Insurance Cost Calculator:
Before travelling, check the Travel Insurance cost calculator to compare the price and benefits of standalone coverage. Some online tools help you buy Travel Insurance online that specifically fills gaps in your card’s coverage.
Combining Rewards + Protection = Smart Travel
The real win? Getting maximum rewards while minimizing risk.
Here’s how to do it smart:
- Use a rewards card with strong insurance for booking trips.
- Redeem points strategically for flights or hotels.
- Supplement with a top-up travel plan if needed.
- Track your card benefits each year—they sometimes change without notice.
Additional Tips:
- Always confirm your insurance terms before booking.
- Keep a copy of your policy and emergency contact numbers with your passport.
- Let your travel companions know what your card covers in case of emergencies.
Additional Options to Watch For in 2025
Credit card companies are evolving. Expect to see these features grow more common:
- Embedded digital Travel Insurance apps that manage claims in real-time
- Bundled family plans on premium cards
- Customized trip insurance add-ons at checkout
It’s worth comparing providers each year, especially if your travel habits have changed. Even switching cards might make more financial sense if you’re planning big trips.
Final Thoughts
Travel should feel exciting, not stressful. The right credit card can give you both peace of mind and perks that stretch your travel budget further.
So, next time you’re planning a getaway, don’t just check your passport. Check your wallet, too.
Because when your credit card is working as hard as you are, every trip becomes a little easier—and a lot safer.
And when you combine Travel Insurance Policies with smart use of rewards, you create a buffer that protects both your plans and your pocket.
If you’re unsure, use a Travel Insurance cost calculator to compare coverage gaps. If needed, buy Travel Insurance online to complement what your card doesn’t offer.
Smart travellers aren’t just packing bags. They’re packing peace of mind.
Learn More: The Canadian Guide to Travel Insurance for Students