Choosing the ideal credit card with travel insurance benefits is the most important financial decision, especially for those who are planning to travel in the near future.
Today, you will see the best options for a credit card with travel insurance benefits and you will know that the effectiveness of the protection depends on medical stability clauses, age limits, and coverage ceilings. Financial institutions, from the “Big Five”.
In this article, we will look at the ten most interesting options on the market for those seeking a credit card with travel insurance benefits. This analysis goes beyond basic data, exploring the institutional health of the issuers, the real usability of the benefits, and the customer experience at the moment of truth. Prepare to discover which card offers the necessary protection for your traveler profile and how to maximize the return on your annual investment.
Main Credit Card with Travel Insurance Benefits
1. National Bank World Elite Mastercard (Credit card with travel insurance benefits)
The National Bank World Elite Mastercard has established itself as the absolute benchmark in the market for those looking for a credit card with travel insurance benefits with extended coverage periods.
While the industry standard is 21 days, this card extends medical protection to 60 days for people under 54 years old.
Even for the 65 to 75 age segment, where the risk increases, it maintains 15 days of coverage, a critical differentiator compared to competitors who reduce protection to a few days.
You will also have medical coverage of up to $5,000,000, and the card offers an annual travel credit of $150 that can be applied to incidental expenses such as airport parking and baggage fees.
Exclusive access to the National Bank Lounge in Montreal and the tripling of the manufacturer’s warranty on eligible purchases reinforce the value proposition.
2. Scotiabank Gold American Express® Card
This card is ideal between lifestyle and financial tool, standing out for the abolition of foreign exchange fees.
The 25-day medical coverage for those under 65 is above the market average, offering an additional margin of safety.
Its main advantage is the total exemption from foreign exchange fees (No FX Fees), generating a direct saving of 2.5% on all international purchases.
Furthermore, the accumulation of Scene+ points is aggressive, with 6x points at Empire network supermarkets and 5x at restaurants.
In addition, the card also includes travel cancellation and interruption insurance, as well as specific protections such as hotel burglary insurance.
3. BMO Ascend™ World Elite®* Mastercard® (Credit card with travel insurance benefits)
The BMO Ascend positions itself as the pragmatic choice for those who prioritize high financial limits in emergencies.
The Bank of Montreal, Canada’s oldest banking institution, offers 21 days of coverage for those under 65 here. Its highlight is the coverage amount: $5,000,000. And
Additional benefits include membership in the Mastercard Travel Pass with 4 annual lounge passes and a flexible rewards program that allows you to pay for any travel expense.
Please note that an individual income of $80,000 is required, and the bank performs rigorous credit checks.
4. Scotiabank Passport® Visa Infinite* Card
Revolutionizing the market by popularizing the exemption of foreign exchange fees on a Visa card, the Scotiabank Passport is a favorite among frequent travelers.
The 25-day medical coverage for people under 65 exceeds the 21-day standard, covering nearly a full month of travel.
It is noted that the coverage amount was increased to $2,000,000 in recent updates.
You will also be entitled to 6 free annual lounge passes via Visa Airport Companion, superior to the 4 passes offered by most direct competitors. It also includes flight delay insurance and Avis Preferred Plus enrollment.
5. TD First Class Travel® Visa Infinite* Card (Credit card with travel insurance benefits)
Ideal for consumers integrated into the TD ecosystem and Expedia users.
Firstly, medical coverage is 21 days for those under 65 and 4 days for those over 65, with a coverage amount of $2,000,000. Furthermore, starting in April 2025, the card will include 4 free lounge passes, correcting a historical disadvantage.
We emphasize that the $100 annual travel credit when booking on Expedia for TD effectively offsets the annual fee. In addition, cancellation insurance covers up to $1,500 per insured person.
6. CIBC Aventura® Visa Infinite* Card
An interesting option for those who cross the border frequently. CIBC, known for its technological innovation, offers the full rebate of the NEXUS fee once every 4 years on this card.
However, medical coverage is only 15 days for those under 65, which is below the average of competitors. The financial ceiling is elite, reaching $5,000,000, protecting against extreme costs.
Aventura points are flexible and the card offers fuel discounts at the Journie Rewards network.
It is noted that the reduction in medical coverage from 21 to 15 days is a critical point for those who take full two-week vacations, as the day of departure and arrival count. Moreover, this card is also considered one of the best credit cards with the highest cashback rate.
7. RBC Avion Visa Infinite
The most popular card for flight redemption, backed by the country’s largest bank.
Firstly, the Royal Bank of Canada allows the Avion program to redeem flights on any airline without date restrictions.
Furthermore, this is the only one among the “Big Five” to offer direct point transfer to programs like British Airways Avios and American Airlines.
You will also have medical coverage of 15 days for those under 65, but it stands out for being unlimited for covered hospital and medical expenses, without an explicit monetary ceiling.
8. American Express Cobalt® Card (Credit card with travel insurance benefits)
This card redefined the rewards market, offering unbeatable financial returns on food and subscriptions. American Express Canada designed the Cobalt focusing on younger generations, but its insurance coverage is surprising.
It offers 15 days of stable medical coverage for both those under and over 65 (up to 75). This maintenance of 15 days for seniors is a positive anomaly, making it excellent for short trips for this age group.
The accumulation of 5x points on “Eats & Drinks” is the highest in Canada, and the possibility of transferring to Aeroplan and Marriott Bonvoy allows for luxury travel.
Amex’s customer service reputation is stellar, leading dispute resolution. Lower acceptance in small businesses and the Loblaw network requires the user to have a backup card.
9. Meridian Visa Infinite Travel Rewards Card
The Meridian Credit Union, the largest in Ontario, focuses on member value.
With a reduced annual fee of $99, it offers exceptional medical coverage of 48 days for those under 65.
It also includes price protection, cancellation insurance, and Visa Infinite benefits.
The limited geographical availability of physical branches outside of Ontario and the digital technology considered outdated compared to large banks are points to consider.
10. Desjardins Odyssey® World Elite® Mastercard®
TheDesjardins Group offers 60 days of medical coverage for those under 54, matching the National Bank. For the 55 to 64 age group, it offers 31 days, and 15 days for seniors up to 75 years old. The coverage amount is $5,000,000.
The card includes 8 annual passes to the Desjardins Lounge in Montreal and extended car rental insurance of up to 48 days.
Furthermore, the BonusDollars program is simple and flexible. Desjardins has received international awards for the quality of its structured products. Although the brand is stronger in Quebec and Ontario, the robustness of the policy makes this card one of the best national options.
Comparative Medical Coverage of Credit Cards with Travel Insurance Benefits
| Card | Days (<65 years) | Days (65+ years) | Covered Amount |
| National Bank WE | 60 days | 15 days (up to 75) | $5,000,000 |
| Desjardins Odyssey WE | 60 days | 15 days (up to 75) | $5,000,000 |
| Meridian Visa Infinite | 48 days | 15 days | $5,000,000 |
| Scotia Passport VI | 25 days | 3 days | $2,000,000 |
| Scotia Gold Amex | 25 days | 3 days | $1,000,000 |
| TD First Class VI | 21 days | 4 days | $2,000,000 |
| BMO Ascend WE | 21 days | 4 days | $5,000,000 |
| CIBC Aventura VI | 15 days | 3 days | $5,000,000 |
| RBC Avion VI | 15 days | 3 days | Unlimited |
| Amex Cobalt | 15 days | 15 days | $5,000,000 |
Conclusion
The choice of the ideal credit card with travel insurance benefits is not universal, but depends strictly on your travel and demographic profile.
For long-term travelers or “snowbirds,” the National Bank World Elite or the Desjardins Odyssey are unsurpassed with their 60 days of coverage, generating massive savings on separate policies.
Reflecting on these options is understanding that the credit card has ceased to be a means of payment and has become a risk management tool.
Do not leave your financial security to chance. Review your wallet now, check current policies, and consider applying for the card that best protects your health and your assets. Your next trip should be memorable for the experiences, not for unexpected medical expenses.