A common inquiry I receive is about the top travel program in Canada. The answer isn’t straightforward because it largely depends on individual preferences regarding point types, usage, and credit card selection. Furthermore, as loyalty programs frequently evolve, what might have been advantageous last year may no longer hold true.
However, certain travel rewards programs stand out in terms of the ease of earning and redeeming points. This article provides a ranked overview of Canada’s bank travel rewards programs while detailing the rationale behind the rankings.
Ranking of Canada’s Bank Travel Rewards Programs
| Program | Average Value of 1 Point | Maximum Value of 1 Point | Book Your Own Travel | Transfer Partners |
|---|---|---|---|---|
| BMO Rewards | 0.67 cents | 0.71 cents | Yes | None |
| TD Rewards | 0.5 cents | 0.5 cents | Yes, but at lesser value | None |
| HSBC Rewards | 0.5 cents | 1.2 cents+ | Yes | Avios, Asia Miles, KrisFlyer Miles |
| CIBC Rewards | 1.1 cents | 2 cents | No | None |
| Scotia Rewards | 1 cent | 1 cent | Yes | Scene |
| RBC Rewards | 1.3 cents | 3 cents+ | No | Avios, Asia Miles, American Airlines, WestJet |
| American Express Membership Rewards | Up to 2 cents | 5 cents+ | Yes | Aeroplan, Avios, Delta, Etihad, Alitalia, Marriott, Hilton |
Criteria for Ranking Bank Travel Rewards Programs
In establishing these rankings, I took numerous criteria into account, including:
- Credit Card Options – The variety of cards available for earning points and their associated perks.
- Point Earning Potential – The potential to accrue points through everyday spending, bonus categories, and introductory offers.
- Point Value – The actual value you gain from your points.
- Redemption Process – The ease of searching, booking, and applying points, as well as potential blackout dates.
- Flexibility – Whether points can be used for any travel purchase or if they must be redeemed through a specific portal.
- Transfer Partners – The presence of transfer partners and the conversion rates involved.
This ranking system isn’t flawless, as different criteria impact the scores variably. While some banks offer incredible travel credit cards, the complexities of redeeming points can negatively influence their rankings. In the detailed descriptions of each bank’s program that follows, I elaborate on their placement in the hierarchy.
#7. BMO Rewards
BMO Rewards presents a straightforward approach, where 15,000 points equate to $100 in travel. Their main credit card, the BMO Ascend World Elite Mastercard, is particularly useful for those requiring travel insurance for points and miles redemptions, allowing any charged amount to be covered.
While BMO Rewards is a commendable travel rewards program, I place it lower in the rankings due to its flagship card’s modest earn rate. Additionally, the absence of transfer partners and a fixed points flight program caps the value at 0.67 cents per point.
On the upside, BMO Rewards has recently implemented a beneficial update allowing users to utilize points for any travel expense charged to their card, enhancing their program’s flexibility.
#6. TD Rewards
In my view, TD Rewards offers a straightforward and user-friendly design. Points can be redeemed via ExpediaForTD, giving you comprehensive access to their offerings. Moreover, you can use points to settle travel-related expenses on your credit card through the Book Any Way feature, which covers various types of transactions, including Airbnb stays and meals.
Although TD Rewards is user-friendly, its ranking is impacted by some limitations. You can redeem 200 points for $1 through ExpediaForTD, but doing so with the Book Any Way feature requires 250 points for the same dollar value, effectively diminishing point value.
Similar to BMO Rewards, TD Rewards lacks transfer partners and has no fixed flight program, capping point value at 0.5 cents per point. You can earn points using the TD First Class Travel Visa Infinite Card, which offers 9 points for every $1 spent through ExpediaForTD and 3 points on other purchases. While it might excel for Expedia purchases, I maintain that the TD Aeroplan Visa Infinite Card is a superior choice among airline credit cards.
#5. HSBC Rewards
HSBC Rewards is perhaps the least recognized program on this list but offers substantial advantages such as the ability to redeem points across various travel purchases or to transfer points to select airline loyalty programs.
Points are predominantly earned through the HSBC World Elite Mastercard, which stands out due to its absence of foreign transaction fees, travel credits, and a rewarding earning scheme of 6 points per dollar spent on travel, and 3 points on all other purchases.
Redeeming 25,000 points nets a $125 travel credit, translating to a value of 0.5 cents per point when booking independently. However, the value can increase when points are transferred to one of the three partner airlines. Conversion rates allow 25,000 HSBC Rewards points to generate 10,000 British Airways Avios, 9,000 Asia Miles, or 8,000 Singapore KrisFlyer miles. Given the earning potential from the HSBC World Elite Mastercard, you could generate a standout rate of 2.4 Avios miles or 2.16 Asia Miles for every dollar spent on travel, considerably enhancing point value.
A point of note: to redeem a travel credit or transfer to airline miles, you need to have a minimum of 25,000 points.
#4. CIBC Rewards
CIBC Rewards is a reputable program in Canada, typically providing superior value compared to many other travel programs due to its extensive travel inventory and strong point value.
Points in the CIBC Rewards program can be redeemed for travel through their booking website at 1 cent per point, which is fairly standard. While booking flights is easy, there may be limitations regarding hotel or car rental availability. However, CIBC offers a full-service travel agency where points can be utilized with no additional fees for bookings found on Expedia, including hotels and attraction tickets.
CIBC Rewards points can be accrued through CIBC Aventura credit cards. The CIBC Aventura Visa Infinite card is particularly advantageous as one of the best options offering lounge access and a Nexus credit. This card earns 1.5 points per dollar spent at gas stations, grocery stores, and drugstores, with 2 points per dollar spent on travel bookings via CIBC Rewards. Although this rate is lower than some premium travel cards, the redeemable value is impressive. By utilizing their fixed points flight program, you can double your point value, with short-haul flights costing a maximum of 20,000 points while covering a base fare of up to $400 (taxes still apply). CIBC also periodically runs promotions that incentivize fewer points for certain flights.
#3. Scene+ (Formerly Scotia Rewards)
Scene+ caps point value at 1 cent, which raises the question of why it ranks in the top three. The answer lies in its earning and redemption flexibility. Recently, Scene+ expanded its earning potential by partnering with Empire-owned grocery stores. Additionally, while booking travel, users can choose to use the Scotiabank travel portal or simply pay for travel expenses with a Scotiabank credit card and then redeem points afterward. This option for redeeming points fully when booking independently enhances Scene+’s appeal over TD Rewards.
Despite the capped value, Scene+ ranks higher than CIBC Rewards due to a better selection of Scotiabank credit cards, including the Scotiabank Passport Visa Infinite and the Scotiabank Gold American Express Card, both of which rank among Canada’s top travel credit cards, featuring no foreign transaction fees and excellent earning rates on various purchases.
#2. Avion Rewards (formerly RBC Rewards)
Avion Rewards distinctly outshines other Canadian bank programs thanks to its flexibility and numerous redemption options. Similar to other bank programs, it allows points to be redeemed for travel through its rewards portal at a typical rate of 1 cent per point.
Moreover, RBC Rewards stands out by permitting point redemption for gift cards, providing near-full value for travel-related gift cards. There are occasional promotions that enhance redemption value even further. The program also features a strong fixed points flight initiative allowing for round-trip flights within or to adjacent provinces/states to be booked for 15,000 points, covering base fares up to $350, which offers superior value.
RBC Rewards is notable for its extensive list of transfer partners, enabling seamless point conversion to British Airways Avios and Cathay Pacific Asia Miles at a 1:1 ratio, among others. They occasionally provide bonuses that increase value, such as percentage bonuses when transferring to British Airways.
The RBC Avion credit cards are the method for earning RBC Rewards points. While the earning rate isn’t the highest, the inherent value of the points compensates. Users can also pair Avion credit cards with others to accelerate points accumulation, ensuring rewarding travel experiences.
#1. American Express Membership Rewards
In conclusion, American Express Membership Rewards stands alone in its excellence. The program excels across all evaluation categories, boasting an impressive array of credit card offerings and outstanding flexibility in point redemption and transfers.
American Express leads the Canadian charge with an unparalleled selection of travel credit cards which dominate my list of must-haves. The standout product among them is the American Express Platinum Card, recognized for having the most extensive benefits and lucrative sign-up bonuses available. Other cards, like the American Express Gold Rewards Card and the Cobalt card, also provide exceptional earning opportunities.
Membership Rewards points offer unmatched flexibility for travelers, usable at a value of 1 cent per point against travel expenses charged to your card, with no minimum requirement and no blackout dates when booking independently. The program also includes a Fixed Points Travel Program allowing for exceptional round-trip flight deals.
Members can significantly amplify point value by converting them to a robust roster of transfer partners, with Aeroplan being a notable exclusive partner allowing for a 1:1 transfer ratio. The potential benefits of redeeming for extraordinary experiences, such as luxury trips, can be substantial.
Lastly, American Express features the best refer-a-friend program and is famed for outstanding customer service relative to other major Canadian financial institutions, offering added rewards for referrals.
Concluding Thoughts
Each program showcases unique features, advantages, and drawbacks. While I have a strong preference for RBC Rewards and American Express Membership Rewards, it’s crucial to evaluate your personal circumstances and select the program that aligns best with your priorities. For instance, if your spending habits involve places that do not accept American Express, or if you mainly utilize Airbnb for travel, opting for a program that facilitates independent bookings would be prudent.