Trip cancellation protection can help save you money should your dream vacation hit a last minute snag.
Travel enthusiasts heading out on vacation might worry about the financial repercussions of a cancelled trip. However, if you use a credit card that provides trip cancellation insurance, you’ll be protected against such losses.
Some of the cards on our best credit cards Canada list feature impressive insurance packages as part of their perks. Here’s everything you need to know about trip cancellation insurance credit cards and coronavirus coverage.
Top 3 trip cancellation cards
Card
Welcome Offer
Our picks for the best credit cards for trip cancellation insurance
There are numerous travel credit cards in Canada with excellent cancellation insurance. But here are our choices for the best credit cards with trip cancellation insurance.
🏆 Best trip cancellation card choverall: Scotiabank Passport® Visa Infinite* Card
up to 40,000 pts*
Welcome Bonus
$926
First Year Value
$0
Annual Value
Welcome Bonus: Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points*. Expires Jul 01, 2025
Get this card if you...
Annual Fee & Annual Interest Rates
$150
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Scotiabank Passport® Visa Infinite* Card is a travel rewards credit card offering elevated Scene+ points on eligible grocery store purchases, dining, entertainment, and daily transit, with a standard earn rate on all other purchases. Cardholders benefit from no foreign transaction fees, six complimentary airport lounge visits per year through the Visa Airport Companion Program, and comprehensive travel insurance.
Eligibility
Excellent (740+)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$150
Annual Fee
$0
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
Rewards Scene+
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$3
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points*.
Potential First Year Value = up to $1,345 |
Our Take
The Scotiabank Passport® Visa Infinite* Card is a travel rewards credit card offering elevated Scene+ points on eligible grocery store purchases, dining, entertainment, and daily transit, with a standard earn rate on all other purchases. Cardholders benefit from no foreign transaction fees, six complimentary airport lounge visits per year through the Visa Airport Companion Program, and comprehensive travel insurance.
Eligibility
Excellent (740+)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$150
Annual Fee
$0
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
Rewards Scene+
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$3
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points*.
Potential First Year Value = up to $1,345 |
The Scotiabank Passport® Visa Infinite* Card is a good option if you want the frills of a premium card but without paying a hefty annual fee. The trip cancellation insurance is first-rate: cardholders are automatically insured for up to $2,500 per person for eligible expenses (maximum $10,000 per trip) when you charge at least 75% of such trip expenses to your card and are forced to cancel/interrupt your trip for eligible causes. Also covered by this policy are your spouse, one travelling companion, and your eligible dependent children travelling with you.
Disclosures:
Rates, fees and other information are effective as of January 3, 2025. Subject to change.
Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
🍁 Best for Aeroplan: American Express® Aeroplan®* Reserve Card
up to 85,000 points
Welcome Bonus
$3,011
First Year Value
$1,226
Annual Value
Welcome Bonus: Earn up to 85,000 Welcome Bonus Aeroplan®* points.
Get this card if you...
Annual Fee & Annual Interest Rates
$599
Annual Fee
21.99%
Purchase
21.99%
Cash Advance
Our Take
The American Express® Aeroplan®* Reserve Card is a premium travel credit card tailored for frequent Air Canada travelers, offering elevated rewards on Air Canada purchases and dining, along with comprehensive travel benefits such as priority airport services and lounge access. Cardholders also enjoy extensive insurance coverage and an annual worldwide companion pass, enhancing both the value and convenience of their travel experiences.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
Cons
Annual Interest Rates
21.99%
Purchase
21.99%
Cash Advance
28.99%
Penalty
Fees
$599
Annual Fee
$2.5
Foreign Transaction
Rewards Aeroplan
3X
the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*
2X
the points on eligible Dining and Food Delivery purchases in Canada
1.25X
the points on everything else
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$85,000
Rental car insurance amount
Earn up to 85,000 Welcome Bonus Aeroplan®* points.
Earn 60,000 Aeroplan®* points* after spending $7,500 on your Card within the first 3 months as a new Cardmember.*
Plus, earn 25,000 Aeroplan®* points* when you spend $2,500 in month 13.*
*Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.
Our Take
The American Express® Aeroplan®* Reserve Card is a premium travel credit card tailored for frequent Air Canada travelers, offering elevated rewards on Air Canada purchases and dining, along with comprehensive travel benefits such as priority airport services and lounge access. Cardholders also enjoy extensive insurance coverage and an annual worldwide companion pass, enhancing both the value and convenience of their travel experiences.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
Cons
Annual Interest Rates
21.99%
Purchase
21.99%
Cash Advance
28.99%
Penalty
Fees
$599
Annual Fee
$2.5
Foreign Transaction
Rewards Aeroplan
3X
the points on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*
2X
the points on eligible Dining and Food Delivery purchases in Canada
1.25X
the points on everything else
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$85,000
Rental car insurance amount
Earn up to 85,000 Welcome Bonus Aeroplan®* points.
Earn 60,000 Aeroplan®* points* after spending $7,500 on your Card within the first 3 months as a new Cardmember.*
Plus, earn 25,000 Aeroplan®* points* when you spend $2,500 in month 13.*
*Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.
Along with travel insurance coverage including emergency medical, trip interruption and car rental insurance, the American Express® Aeroplan®* Reserve Card comes with trip cancellation insurance. You’ll get reimbursed for the non-refundable and non-transferable travel arrangements you paid for with your card. However, you must charge these items to your card before your departure date and your trip must be cancelled for a covered reason. The coverage extends to $1,500 per person, per trip (up to $3,000).
Perks include unlimited Air Canada Maple Leaf Lounges™ and Air Canada Café™ access, priority check-in, boarding and baggage handling. All told, the Aeroplan travel insurance package is pretty exceptional.
Disclosures:
Contact American Express for the most up-to-date referral bonus figures.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
⚪ Best for Scotiabank: Scotiabank Platinum American Express Card
up to 80,000 points
Welcome Bonus
$2,133
First Year Value
$0
Annual Value
Welcome Bonus: Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points. Expires Oct 31, 2025
Get this card if you...
Annual Fee & Annual Interest Rates
$399
Annual Fee
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Our Take
The Scotiabank Platinum American Express® Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It charges no foreign transaction fees and provides access to exclusive events.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
Cons
Annual Interest Rates
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Fees
$399
Annual Fee
$0
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
Rewards Scene+
2x
Scene+ points for every $1 spent on all other eligible purchases
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Insurance Benefits
$1,000
Mobile device insurance amount
$2,000,000
Emergency medical insurance amount
$10
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points.
To qualify for this Offer make sure to open a new Scotiabank Platinum American Express credit card account (“Account”) opened between January 3, 2025 and October 31, 2025.
To qualify for the 80,000 bonus Scene+ points:
Earn 60,000 bonus Scene+ points by making at least $3,000 in everyday eligible purchases in your first 3 months.
Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $10,000 in everyday eligible purchases in your first 14 months.
Once you qualify, your account will be credited in 2 instalments:
60,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after the qualifying $3,000 in eligible purchases being posted to your Account within the first 3 months of Account opening.
An additional 20,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after you have met the $10,000 spend threshold in your Account within the first 14 months of Account opening.
Note: For joint Accounts, the applicable bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases in the case of the 60,000 Point Bonus and the Additional 20,000 Point Bonus.
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for this offer.
*See terms and conditions for full details.
Our Take
The Scotiabank Platinum American Express® Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It charges no foreign transaction fees and provides access to exclusive events.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
Cons
Annual Interest Rates
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Fees
$399
Annual Fee
$0
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
Rewards Scene+
2x
Scene+ points for every $1 spent on all other eligible purchases
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Insurance Benefits
$1,000
Mobile device insurance amount
$2,000,000
Emergency medical insurance amount
$10
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points.
To qualify for this Offer make sure to open a new Scotiabank Platinum American Express credit card account (“Account”) opened between January 3, 2025 and October 31, 2025.
To qualify for the 80,000 bonus Scene+ points:
Earn 60,000 bonus Scene+ points by making at least $3,000 in everyday eligible purchases in your first 3 months.
Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $10,000 in everyday eligible purchases in your first 14 months.
Once you qualify, your account will be credited in 2 instalments:
60,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after the qualifying $3,000 in eligible purchases being posted to your Account within the first 3 months of Account opening.
An additional 20,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after you have met the $10,000 spend threshold in your Account within the first 14 months of Account opening.
Note: For joint Accounts, the applicable bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases in the case of the 60,000 Point Bonus and the Additional 20,000 Point Bonus.
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for this offer.
*See terms and conditions for full details.
The Scotiabank Platinum American Express Card stands out with its senior-friendly coverage, offering a rare 10-day emergency medical insurance for Canadians aged 75 and older. This card goes the extra mile by eliminating foreign transaction fees, putting more money back in your pocket when you're globe-trotting.
Plus, it doesn't skimp on protection, boasting a comprehensive insurance package that covers trip cancellation and other travel-related hiccups. Now, let's talk turkey: the $399 annual fee might make you do a double-take, but when you stack up the extensive benefits, it's like finding a loonie in your pocket every time you travel. For snowbirds and jet-setters alike, this card turns your wanderlust into a well-protected adventure.
Disclosures:
- Conditions Apply. Visit here for the Scotiabank Platinum American Express® Card to learn more.*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
🏦 Best for National Bank: National Bank World Elite® Mastercard®
$1,153
First Year Value
$0
Annual Value
Get this card if you...
Annual Fee & Annual Interest Rates
$150
Annual Fee
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Our Take
The National Bank World Elite® Mastercard® is a premium travel rewards credit card offering elevated earn rates on purchases, with the highest rates applicable within a specific annual spending range. Cardholders benefit from comprehensive travel insurance, including emergency medical coverage and trip cancellation/interruption protection, as well as access to airport lounges through the Mastercard Travel Pass provided by DragonPass.
Eligibility
Very Good (671 - 739)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$150
Annual Fee
$2.5
Foreign Transaction
Rewards NBC points
5 points
for every dollar spent at grocery stores and restaurants
2 points
for every dollar spent on gas, EV charging, recurring bill payments and A la carte travel
1 point
for every dollar spent on all other purchases
$5,000,000
Maximum for the out-of-province-of-residence emergency medical coverage for up to 60 days
Insurance Benefits
$15
Emergency medical insurance over 65 days
$65,000
Rental car insurance amount
Our Take
The National Bank World Elite® Mastercard® is a premium travel rewards credit card offering elevated earn rates on purchases, with the highest rates applicable within a specific annual spending range. Cardholders benefit from comprehensive travel insurance, including emergency medical coverage and trip cancellation/interruption protection, as well as access to airport lounges through the Mastercard Travel Pass provided by DragonPass.
Eligibility
Very Good (671 - 739)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.49%
Cash Advance
22.49%
Balance Transfer
Fees
$150
Annual Fee
$2.5
Foreign Transaction
Rewards NBC points
5 points
for every dollar spent at grocery stores and restaurants
2 points
for every dollar spent on gas, EV charging, recurring bill payments and A la carte travel
1 point
for every dollar spent on all other purchases
$5,000,000
Maximum for the out-of-province-of-residence emergency medical coverage for up to 60 days
Insurance Benefits
$15
Emergency medical insurance over 65 days
$65,000
Rental car insurance amount
When it comes to travel insurance coverage in Canada, the National Bank World Elite Mastercard is the cream of the crop. This card isn't just another piece of plastic in your wallet; it's your ticket to worry-free wanderlust. Here's why it's stealing the show:
- Extensive coverage: It's like a Swiss Army knife of insurance, packing trip cancellation, emergency medical, baggage delay, and car rental insurance all in one sleek package.
- Long emergency medical coverage: For travelers 54 and under, it offers a whopping 60 days of coverage. That's triple the length of what many other cards offer – perfect for those extended snowbird getaways or round-the-world adventures.
- Competitive annual fee: At $150, it's easier on your wallet than a Tim Hortons coffee run, especially considering the comprehensive coverage you're getting.
Now, before you rush to apply, there are a couple of things to keep in mind. This card doesn't include travel accident coverage, so if you're planning on bungee jumping off the CN Tower, you might want to look elsewhere. Also, it's got some pretty hefty income requirements – we're talking $80,000 personal or $150,000 household income. But if you meet the criteria and you're looking for top-notch travel protection, this card is a true Canadian beauty, eh?
🔴 Best for RBC: RBC Avion Visa Infinite Privilege
up to 70,000 points
Welcome Bonus
$9
First Year Value
$0
Annual Value
Welcome Bonus: Get up to 70,000 Avion points* (a travel value of up to $1,500†).
Get this card if you...
Annual Fee & Annual Interest Rates
$399
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The RBC Avion Visa Infinite Privilege Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It requires a high personal or household income for eligibility and carries a substantial annual fee.
Eligibility
Very Good (671 - 739)
Recommended Credit Score
$200,000
Required Annual Personal Income
$200,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
3.00%
Balance Transfer (Introductory)
Fees
$399
Annual Fee
$2.5
Foreign Transaction
$3.5
Cash Advance
$45
Late Payment Penalty
Rewards Avion Elite
1.25
Avion points for every $1 you spend
6
complimentary global airport lounge access passes ($375 value^).
3¢/L
savings at Petro-Canada and always earn 20% more Avion points
50
Be Well points for every $1 spent on eligible products at Rexall
20%
savings at Hertz and earn 3x the Avion points
$0
delivery fees for 12 months from DoorDash
Insurance Benefits
$1,500
Mobile device insurance amount
Get up to 70,000 Avion points* (a travel value of up to $1,500†).
70,000 Avion points* is enough for two roundtrip tickets to almost anywhere in Canada & the US (Alaska and Hawaii require more points). Taxes and fees extra.†
• 35,000 Avion Points on approval*
• 20,000 bonus points when you spend $5,000 in your first 6 months*
• 15,000 one-time anniversary bonus points after 12 months of account opening*
Our Take
The RBC Avion Visa Infinite Privilege Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It requires a high personal or household income for eligibility and carries a substantial annual fee.
Eligibility
Very Good (671 - 739)
Recommended Credit Score
$200,000
Required Annual Personal Income
$200,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
3.00%
Balance Transfer (Introductory)
Fees
$399
Annual Fee
$2.5
Foreign Transaction
$3.5
Cash Advance
$45
Late Payment Penalty
Rewards Avion Elite
1.25
Avion points for every $1 you spend
6
complimentary global airport lounge access passes ($375 value^).
3¢/L
savings at Petro-Canada and always earn 20% more Avion points
50
Be Well points for every $1 spent on eligible products at Rexall
20%
savings at Hertz and earn 3x the Avion points
$0
delivery fees for 12 months from DoorDash
Insurance Benefits
$1,500
Mobile device insurance amount
Get up to 70,000 Avion points* (a travel value of up to $1,500†).
70,000 Avion points* is enough for two roundtrip tickets to almost anywhere in Canada & the US (Alaska and Hawaii require more points). Taxes and fees extra.†
• 35,000 Avion Points on approval*
• 20,000 bonus points when you spend $5,000 in your first 6 months*
• 15,000 one-time anniversary bonus points after 12 months of account opening*
The RBC Avion Visa Infinite Privilege card stands out as a top contender in the Canadian travel insurance credit card market. This premium card offers an impressive array of travel protection features that set it apart from the competition.
Its standout benefit is the unlimited emergency medical coverage, a rare find that extends even to Canadians over 65, providing peace of mind for senior travellers. The card's comprehensive coverage doesn't stop there; it also includes travel accident, trip cancellation, rental car, and hotel burglary insurance, offering a robust safety net for various travel scenarios.
For those 64 and under, the card provides an extended emergency medical coverage period of up to 31 days, surpassing many competitors in the market. However, it's important to note that these premium features come at a cost.
The card carries a substantial annual fee of $399 and requires a steep annual income of $200,000, which may put it out of reach for some Canadian consumers. Despite these drawbacks, for those who can meet the requirements, the RBC Avion Visa Infinite Privilege card offers a comprehensive travel insurance package that's hard to beat.
Disclosures:
- Refer to RBC page for up to date offer terms and conditions.This post contains affiliate links. Please read disclaimer for more info.Disclaimer: Money.ca may engage in affiliate marketing, which is done by embedding tracking links into Money.ca. If you click on a link for an affiliate partnership, a cookie will be placed on your browser to track any sales for purposes of commissions.
✈️ Best for BMO: BMO AIR MILES®† World Elite®* Mastercard®*
2,000 AIR MILES
Welcome Bonus
$383
First Year Value
$53
Annual Value
Welcome Bonus: Get 2,000 AIR MILES Bonus Miles. Plus, get the $120 annual fee waived for your first anniversary. Expires Jun 01, 2025
Get this card if you...
Annual Fee & Annual Interest Rates
$120
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO AIR MILES®† World Elite®* Mastercard®* is a premium travel rewards credit card designed for frequent travelers, offering accelerated AIR MILES earn rates on purchases at participating AIR MILES Partners and eligible grocery stores. Cardholders benefit from perks such as a discount on one worldwide AIR MILES flight redemption annually, complimentary membership in Mastercard Travel Pass provided by DragonPass, and a comprehensive insurance package covering travel and medical emergencies.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
Rewards AIR MILES
3x
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
2x
the Miles for every $12 spent at any eligible grocery store*
1x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
25%
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$0
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Get 2,000 AIR MILES Bonus Miles! * That's enough for $210 towards purchases with AIR MILES Cash!* Plus, get the $120 annual fee waived for your first anniversary.
*when you spend $3,000 in the first 3 months.
Our Take
The BMO AIR MILES®† World Elite®* Mastercard®* is a premium travel rewards credit card designed for frequent travelers, offering accelerated AIR MILES earn rates on purchases at participating AIR MILES Partners and eligible grocery stores. Cardholders benefit from perks such as a discount on one worldwide AIR MILES flight redemption annually, complimentary membership in Mastercard Travel Pass provided by DragonPass, and a comprehensive insurance package covering travel and medical emergencies.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
Cons
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
Rewards AIR MILES
3x
Cardholders earn an accelerated 3x the Miles per $12 spent at participating AIR MILES partners*
2x
the Miles for every $12 spent at any eligible grocery store*
1x
Earn 1 Mile for every $12 in credit card purchases, everywhere you spend*
25%
Get a 25% discount on one worldwide AIR MILES flight redemption during the calendar year*
Insurance Benefits
$5,000,000
Emergency medical insurance amount
$0
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Get 2,000 AIR MILES Bonus Miles! * That's enough for $210 towards purchases with AIR MILES Cash!* Plus, get the $120 annual fee waived for your first anniversary.
*when you spend $3,000 in the first 3 months.
This card doesn't mess around when it comes to protecting your travel investments. It offers up to $1,500 per covered person for trip cancellation, with a maximum of $5,000 per account per trip.www.bmo.com That's enough to cover a fancy igloo hotel stay or a week-long adventure in the Rockies!
If your plans go sideways mid-journey, you're covered up to $2,000 per person, with a maximum of $10,000 per account per trip.
You don't need to charge the entire trip to your card to be covered. As long as you charge the full or partial cost of your travel arrangements to the card or use points earned under the credit card rewards program, you're eligible for coverage.www.bmo.com It's like having a safety net, even when you're juggling different payment methods.
Additionally, the insurance extends to your spouse and dependent children when you charge the full or partial cost of your travel arrangements to the card.www.bmo.com It's like wrapping your whole family in a warm, protective Canadian blanket!
Disclosures:
- *Terms and conditions apply
- BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Trip cancellation insurance and credit card points
Many credit card travel insurance policies require your account to be in good standing with no outstanding balance for the insurance to be valid. Additionally, a significant portion of your trip costs must typically be charged to the card. Some premium cards require only 75% of trip costs to be charged to activate coverage.
These include:
How does trip cancellation work?
Trip cancellation insurance is a policy that covers a portion or all of the non-refundable travel-related expenses in the event that you need to cancel your travel plans. It’s not the same as trip interruption insurance, which kicks in after departure. Trip cancellation insurance is only applicable before your travel actually starts.
For credit cards that include this coverage, the amount of reimbursement varies by card, though on average coverage ranges from $1,500 to $2,500 per eligible person up to a max of $5,000 to $10,000 per trip. If you consider how much travellers spend on non-refundable flights and hotels, it quickly becomes clear why credit cards with trip cancellation insurance are so popular and can potentially save you thousands of dollars.
Some trip cancellation insurance policies often cover not only the cardholder but a travel companion (usually a spouse and/or dependent children who are travelling with you). Some policies may even cover grandparents, grandkids or family-in-law members so check your policy for details.
Of course, there are some catches. You will likely have to provide an acceptable reason for cancelling, backed by documentation (more on this later). Plus, aside from having an acceptable reason to file a claim, credit cards also have different rules and loopholes about when a trip’s expenses are eligible for reimbursement. For instance, some insurers require 100% of the eligible expenses to be charged to the card, while others just require that 75% of the eligible expenses be charged.
The bottom line? Read your policy and contact your credit card provider to ensure you understand the conditions.
You can’t just cancel a trip and get reimbursed for any reason. Credit cards with trip cancellation insurance have very strict parameters about what is and what is not considered an acceptable reason to cancel a trip. Some examples of acceptable cancellation reasons may include (but are not limited to) the following:
- An unexpected death, injury, or illness of the cardholder, an immediate family member, or a travel companion. Note: you may be required to submit documentation/written confirmation from an authority figure.
- Adverse reactions to a vaccination required for travel
- Jury duty
- An official government travel advisory against travel to your destination
- A call to service
- The conference or business meeting you were scheduled to attend is cancelled
- Your travel provider goes bankrupt
- A delay causing a missed connection due to weather, an accident, natural disasters, or mechanical failure
What is not covered by trip cancellation insurance? That depends on the policy offered by your credit card. But some examples of non-acceptable cancellation reasons include:
- Pre-existing conditions
- Self-injury or suicide
- Illness or injury due to alcohol or drugs
- Acts of terrorism and war
- Participation in a dangerous sport
An important note: some credit cards may not cover the loss of redeemed rewards. So, if you used Aeroplan Miles or Air Miles to book a flight, it may not be possible to get back the value of the points that you lost. However, some loyalty programs may offer some flexibility for bookings so be sure to contact your loyalty program to confirm their policy.
If you need to cancel your trip, you'll need to file a claim with the insurance provider. This usually involves submitting documentation to prove your reason for cancellation.
Once again, each credit card has different requirements when it comes to making a claim (that’s why you really should read your credit card’s certificate of insurance carefully). Overall, most require some or all of the following:
- Official flight, hotel or travel agent receipt/invoices
- Doctor’s note or death certificate if you are cancelling for a medical reason
- Providers may request that you show some manner of proof that the costs would not be reimbursed by your flight or hotel company
Additionally, most insurance providers request that cardholders notify them immediately upon cancelling a trip. Many providers also have deadlines for submitting a completed claim, such as within 90 days of the cancellation.
Trip cancellation coverage and pre-existing conditions
The good news is that yes, you can get trip cancellation insurance with a pre-existing medical condition.
To secure coverage for pre-existing conditions, it's typically necessary to purchase your policy within 14-21 days of your initial trip deposit date. This time-sensitive aspect is crucial for travellers with ongoing medical concerns.
Trip cancellation and interruption insurance pros and cons
Pros
-
Built-in coverage: It's like finding a toonie in your winter coat pocket – a pleasant surprise that comes with your credit card. No need to shell out extra cash for a separate policy
-
Convenience: Booking your trip becomes a one-stop-shop. Swipe your card, and voila! You're covered
-
Cost-effective: For frequent travellers, this can be a real money-saver. It's like getting a bulk discount on peace of mind
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Comprehensive coverage: Many cards offer a suite of travel protections, including trip interruption, baggage delay, and travel accident insurance
Cons
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High-end card requirements: The best coverage often comes with premium cards that have steep annual fees and income requirements
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Age restrictions: Some cards reduce coverage for older travellers
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Limited covered reasons: These policies often have a stricter list of acceptable cancellation reasons than standalone policies
-
Activation requirements: You usually need to charge a significant portion of your trip to the card
Summary of picks
Card | Best for | Leanr more |
---|---|---|
Scotiabank Passport® Visa Infinite* Card | Overall | Apply Now |
American Express® Aeroplan®* Reserve Card | Aeroplan | Apply Now |
Scotiabank Platinum American Express® Card | Scene+ | Apply Now |
National Bank World Elite® Mastercard® | National Bank | Apply Now |
RBC Avion Visa Infinite Privilege | RBC | Apply Now |
BMO AIR MILES®† World Elite®* Mastercard®* | BMO | Apply Now |
Final word: Is trip cancellation insurance worth buying?
While travelling for pleasure is always a joy, the value of having trip cancellation insurance can't be understated - and it’s a good time to research the best credit cards in Canada with travel insurance (and maybe other perks like lounge access too) that work best for you.
Another good resource to consult when considering travel insurance—or any insurance for that matter— is InsuranceHotline.com. You can get online quotes from trusted Canadian insurance providers all at once through an easy-to-use search platform and a single search can save you some serious bucks.
FAQs about trip interruption and trip cancellation insurance in Canada

Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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