The best credit card perks include extensive insurance packages, companion flight vouchers, roadside assistance, and priority travel services. These perks are an excellent way for credit card companies to reward their users and entice new customers.
The best credit cards for perks and benefits cover everything from travel-related luxuries to lifestyle credits. The annual fees reflect the value of these perks, but are very often still worth the cost for many people.
Here, you'll find an overview of the best and most valuable credit card perks available for Canadians, so you know what to look for and how to make the most of what your card offers.
Key Takeaways
- There are many types of credit card perks, but the most valuable ones are usually travel-based.
- Many credit cards offer perks simply for being a new customer, like welcome bonuses and first-year fee waivers.
- Some perks are only available once, or only during the first year you have the card.
- It's important to read your credit card's terms and conditions carefully in order to understand all the details of the perks offered.
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Sign-up and basic perks
Aside from the often-expected welcome bonus for new credit cards, there are other valuable benefits for beginner cardholders, including first-year fee waivers and free supplemental cards.
These types of perks are mostly offered by premium cards, but even some basic credit cards offer a few perks, like welcome bonuses.
Welcome bonus cash or points
Credit card companies are competing for your application, and welcome bonuses are a popular way of attracting new cardholders.
Often called welcome bonuses, these perks offer the opportunity to earn bonus points or cash, typically by spending a specific amount of money within a set period of time. For example, The Platinum Card has a 100,000-point welcome bonus worth about $2,000 in flights if you convert your Amex Membership Rewards to Aeroplan points.
Or, you can use them to buy $1,000 worth of any type of travel you want.
Since each card's terms are different, take a moment to read the fine print regarding the sign-up bonus for the card you're considering.
A first-year fee waiver
Many cards offer the first year free for new cardholders. Once your first year is up, you can call your credit card issuer to see if there are any new promos or offers that might offset the second-year fee.
One of our favourite cards with a first-year annual fee waiver is the Scotia Momentum Visa Infinite Card. It offers up to 4% cash back and 11 types of insurance (another perk!).
Additional cards at no cost
Many cards charge a fee if you want to add an authorized user to your credit card account, usually in the neighbourhood of $50 – $60. Luckily, some cards allow you to add additional cardholders for free.
It's important to remember, though, that as the primary cardholder, you're responsible for the account. If your authorized user exceeds the credit limit or fails to make payments, it's on you.
A variety of redemption options
Unless you have a cash-back-only card, you'll have a few options for redeeming points – though they won't all offer great value.
The best flexible rewards credit cards provide multiple high-value ways to redeem your points. We've found that the Amex Membership Rewards program offers cardholders the best redemption options, and the American Express Cobalt Card is easily the top card to use with it.
Unique perks
Post-sign-up, there are a few other unique and exclusive perks offered by some credit cards, such as roadside assistance and concierge services.
These aren't offered by many cards, but the ones that do are well worth their annual fees.
Free roadside assistance
Before you pay for a CAA membership, check to see if your credit card gives you roadside assistance for free. There are only a handful of Canadian credit cards that offer this premium perk, which typically includes towing, flat-tire repair, fuel delivery, battery jump-starts, and more.
Our top choice for a card that comes with roadside assistance is the BMO CashBack World Elite Mastercard.
Concierge services
Many people don't realize it, but there are actually quite a few premium credit cards that offer concierge service, just like a hotel. When you call your card concierge, you can get help with booking travel, making business arrangements, buying and sending gifts, getting event or restaurant reservations, and more.
Although the service is free, you will have to pay for any items or services you order through the concierge.
Many World Elite Mastercards and Visa Infinite cards offer this perk, but our favourites that include this service are the BMO CashBack World Elite Mastercard or Scotia Momentum Visa Infinite Card.
Travel perks
Some of the best credit card perks are travel-related and can help level up your next vacation.
Free or discounted companion flights
A few premium cards offer companion flights as a travel perk. You may have to pay a fee for the companion voucher (often $99–$150), but some cards offer it for free once you meet a certain spending threshold (such as $25,000 in one year).
Companion fares often have restrictions, so be sure to read the fine print carefully.
Free or discounted airport lounge access
If you've got downtime between flights, a credit card that offers lounge access can be your best friend. You can enjoy a more private, comfortable space to get some work done or just unwind, away from the hustle and bustle of the gates. Many lounges also offer complimentary drinks, snacks, and/or even hot meals.
Individual cards offer various levels of lounge access. Some offer a free lounge membership, but payment to enter the lounge is at the cardholder's expense. Others provide unlimited free access to lounges worldwide. Some even let you bring family or travel companions with you at no extra cost.
If you want the best, you can't do better than The Platinum Card. This card will give you and one guest unlimited access to over 1,400 lounges worldwide.
Priority security privileges
Credit cards that offer priority security access allow users to jump to the front of the line, helping them avoid one of the most stressful aspects of flying. This perk is available only at select airports in Canada, but it's still a big time-saver.
Priority check-in
Fortunately, some credit cards give you access to the priority check-in lane when you fly with specific airlines – as many travellers know, anything that can make the check-in process easier is typically worth it.
With this perk, eligible cardholders can skip the check-in line, check their bags, grab their boarding pass, and be on their way to relaxing at the gate – or, if you're lucky, a comfortable airport lounge.
Priority boarding
Priority boarding means that you can board the plane and get settled while there's still plenty of space in the overhead bins.
Cards with this perk allow you to board first, with business class passengers – though you'll need more than a perks credit card to score business class seats!
Free checked bag
Saving on baggage fees is a valuable perk, one offered by several travel cards. Both WestJet and Aeroplan credit cards allow passengers to check 1 bag for free, which saves $40+ each way. If you fly a lot, the savings here can add up fast.
Alternatively, the National Bank World Elite Mastercard offers up to $150 in rebates on travel fees, such as checked baggage, airport parking, and seat selection.
An annual credit to spend on travel
Some cards – often ones with hefty annual fees and a massive list of perks – come with an annual travel credit that you can use to book any trip you want. You're technically paying for it with the annual fee, but if the other perks make the fee worthwhile for you, the travel credit is exactly what we call it: a sweet perk.
The TD First Class Travel Visa Infinite Card offers a $100 travel credit for use at Expedia For TD, but the booking must be a hotel or vacation package worth at least $500.
No foreign transaction fees
With a credit card that doesn't charge a foreign transaction fee, you'll save an average of 2.5% on foreign currency purchases. Making purchases outside of Canadian dollars can be costly, since you're on the hook for the currency exchange plus a foreign transaction (FX) fee – but a credit card with this perk can help you save.
If you frequently travel and charge foreign purchases to your card, consider selecting a card that offers this no-FX perk:
Discounts on rental cars
Car rental discounts are one of the most widespread credit card perks, with some cards offering as much as 25% off your rental.
If you have a card that offers this, be sure to read the fine print to learn which specific rental companies it applies to and whether there are any restrictions.
Elite status for travel programs
Most travel reward programs require you to climb the elite status ladder as you take trips or make purchases – but some credit cards automatically bump up your status (or at least make it easier to move up to the next tier).
Elite status usually earns you perks like free meals, free checked bags, lounge access, late check-out, discounted rates, VIP treatment, spa credits, and more.
Free stays at partnering hotels
Some hotel-affiliated cards give you a free night's stay – though there are only 2 such cards available to Canadians: the Marriott Bonvoy American Express Card, and its professional counterpart, the Marriott Bonvoy Business American Express Card. Once per year, these cards provide enough Marriott Bonvoy Rewards points to cover one night at a participating hotel.
While they're not available in Canada, other cards featuring this perk may require you spend a specific amount on the card before you're rewarded with a free hotel stay.
Still, this kind of generous perk can offset the cost of a premium card, so it's something to consider when you're deciding which card to apply for.
FAQ
What credit card has the best perks?
The credit card with the best perks is The Platinum Card – no other card comes close. From a huge welcome bonus of up to 100,000 Amex Membership Rewards points, to its 11-type insurance package, a $200 annual travel credit, and a $200 dining credit, this card's perks easily outweigh its hefty $799 annual fee.
What is the best credit card for travel perks?
The Platinum Card is also the best credit card for travel perks. Frequent flyers enjoy unlimited airport lounge access in addition to the travel and dining credits. Other best credit cards for travel perks include the RBC Avion Visa Infinite Privilege and TD Aeroplan Visa Infinite Privilege Credit Card.
What are the perks of a Costco credit card?
The CIBC Costco Mastercard doesn't offer much for perks, but it does include a respectable 3 types of insurance coverage, has no annual fee, and doubles as your Costco membership card. The best card for Costco is the Rogers Red World Elite Mastercard, which comes with standard World Elite benefits and bonus perks for Rogers, Fido, and Shaw customers.
Do any credit cards offer free hotel nights?
Yes, once per year, the Marriott Bonvoy American Express Card gives you a certificate for a free night at a Marriott property – the Marriott Bonvoy Business American Express Card offers this too. Cardholders can also choose to redeem their Marriott Bonvoy Rewards points for free hotel stays, at a value of up to 1.24 cents per point.
What credit cards offer free checked bags?
There are several credit cards that offer free checked bags as a perk, including the TD Aeroplan Visa Infinite Card and BMO VIPorter World Elite Mastercard. The best card with this perk, though, is the National Bank World Elite Mastercard, as it also provides 10 types of insurance, a $150 annual travel credit, and much more.
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