2023-07-01 09:54:43
Vacations can be expensive, but some credit cards can cut the bill, as long as you meet the eligibility criteria.
The National Bank’s Word Elite Mastercard credit card is by far the most generous on the market for travellers, according to Jean-Maximilien Voisine, founding president of Milesopedia, a site that offers different types of comparators ranging from from loyalty to insurance and credit cards. At least, until June 30, the day the promotional offer ends.
In addition to offering 30,000 points if the cardholder makes $5,000 in purchases with their card during the first three months of activation, 30,000 additional points are awarded if $12,000 in net purchases are charged to the card during the first year. These 60,000 points correspond to $600 applicable towards the purchase of a plane ticket. They can also be used to repay the mortgage or even a personal loan, specifies Jean-Maximilien Voisine. For the rest, financial rewards from National Bank (and those from most financial institutions) are obtained in increments of $100 in exchange for 12,000 points. The welcome bonus points offered are therefore equivalent to $500.
Reimbursement of annual fees of $150 for the first year as well as a credit of $150 applicable each year on travel expenses (plane ticket, parking at the airport, baggage fees, etc.) are added to the benefits of the Word Elite Mastercard. Access to the Banque Nationale lounge at Montréal-Trudeau international airport is also offered to cardholders.
In addition to these monetary benefits and generous insurance programs (including up to $5 million in coverage for travel medical insurance for stays of less than 60 days for those 54 and under and those under 31 days for 55-64 year olds), this card generates five points for every dollar spent on groceries as well as in bars, restaurants and for meals delivered to homes.
In summary, this card can generate more than $2000 in savings in the first year of ownership, and more than $1000 for each subsequent year.
Points for hotel stays
From BMO’s side, the Ascend Word Elite Mastercard bills itself as the one with “the most rewards points on travel of any premium travel card in Canada.” Every dollar spent on hotel nights, plane tickets, a cruise or car rental is worth five points. A dollar spent on dining, entertainment costs (including worldly Netflix), and recurring bills is worth three.
Combined with bonus points awarded by the issuer as part of a promotion valid until July 31 (40,000 points for $3,000 charged to the card during the first three months and 2,500 points per month for each amount of net purchases of $2,000 from the 4th to the 15th month of ownership), the generous system of this card allows you to accumulate more than 145,000 bonus points from the first year. That’s over $900 in cash rewards ($100 for every 15,000 points) or just over $1,000 in airfare. Added to these benefits are annual fees of $150 reimbursed for the first year of ownership, four free accesses per year to VIP lounges at eligible airports, and travel medical insurance with coverage of up to $2 million for each stay of 21 days or less for holders aged 64 and under.
No conversion fees
Already that the American exchange rate inflates our vacation bills by at least 35% (nearly 50% when it comes to the euro), a credit card that saves foreign currency conversion fees is welcome. Set at 2.5%, these fees generally inflate the bill by at least $30 for every $1,000 spent in foreign currency. “In that case, it’s worth opting for the American Express Gold card from Scotiabank,” suggests Patrick Sojka, president of Rewards Canada. This card, whose annual fee is $120, is proving to be a perfect ally to the new Scene + loyalty program, he pleads. Every dollar spent at IGA (or other grocery stores in the Sobeys group) is worth six points. Thanks to this partnership, several Sobeys merchants now accept Amex cards.
The reward is almost equally generous at other grocery stores, restaurants and entertainment venues with five points earned per dollar spent. Ditto for refueling, public transport and streaming services which correspond, in turn, to three points for each dollar spent. Another significant advantage is that the card comes with 40,000 points as a welcome bonus and $1 million in travel medical insurance for stays of less than 25 days for travelers aged 65 and under. Ultimately, this card offers over $1000 in savings in the first year and just over $700 in subsequent years.
HSBC’s proposal
Up to 110,000 bonus points as a welcome bonus, four to six points per dollar spent on travel, groceries and at the pump, plus free foreign currency conversion are among the main benefits HSBC Word Elite Mastercard. Present all over the world, the British bank even offers a travel credit of $100 per year to holders of this card. Along with travel medical insurance of up to $2 million covering stays of up to 31 days for those aged 64 and under (21 days for those aged 65 and over), this product also offers insurance for theft of mobile devices. All in all, membership saves more than $1000 the first year, a little less than $500 the following years.
L’option Cobalt
Since its arrival on the market five years ago, the American Express Cobalt Card has won over credit product comparators. Up to 30,000 bonus points are offered during the first year of membership, or 2,500 points each month when $500 in purchases are charged to the card, which corresponds to $300 in cash. However, it is the points-per-purchase program that is attracting attention. Every dollar spent on groceries, restaurants and meal delivery services earns the cardholder five points. The holder gets three for every dollar spent on streaming services. Eligible travel expenses and pump visits are two points for every dollar. Casually, this card, whose monthly fee is set at $12.99, allows you to save more than $1,000 year following year.
1688207464
#Holidays #cheaper #credit #card
