In this feature of Rewards Canada's Ultimate Credit Card Portfolios we look at the ultimate one for those who are 65 and over. The portfolio focuses on rewards, insurance and benefits that would appeal to a wide range of older travellers from Canada.
As we typically recommend, you should carry a Visa, a Mastercard and an American Express card in your wallet. This is standard with all of our Ultimate Wallets. The reason why is that there are benefits, promotions and earning potential unique to each brand of credit card. We don't go into detail here but we do outline one card from each brand that we feel are ideal for those who are older and still travelling the world. There are various card options that could be utilized for such a portfolio but we look at one card from each issuing family that we feel are the best fit for this mission.
What is Rewards Canada's The Ultimate Travel Credit Card Portfolio for those 65 and over? It's the following three cards:
Mastercard: HSBC World Elite Mastercard
American Express: The Platinum Card from American Express
Visa: TD Aeroplan Visa Infinite Card
Why these three?
A quick overview as to why these three cards make up this portfolio:
- HSBC World Elite Mastercard: Your card for travel insurance benefits, no foreign transaction fees and purchases in certain categories. This card has the best out of province emergency medical coverage for those 65 and over.
- The Platinum Card from American Express: Your lounge access and luxury benefits card. You'll travel better with this card in your wallet thanks to the best airport lounge access program of any Canadian card.
- TD Aeroplan Visa Infinite Card: Your card to save on baggage fees with Air Canada and to provide discounts on Aeroplan award tickets
Not only is this the Ultimate Travel Credit Card Portfolio for those 65 and over but in general this is a strong portfolio for travellers of any age. There are many reasons why this is so as each of these cards take the top spot in various categories in our Top Travel Rewards Credit Cards - so you have some of the best cards in the market making up this portfolio. You have the HSBC World Elite Mastercard which is the best No FX Fee card in Canada, the Platinum Card which is the best Ultra Premium Card in Canada and the TD Aeroplan Visa Infinite Card which is the best airline card in Canada. Combine them all and you have a very versatile and powerful card portfolio. All three cards also provide excellent insurance benefits with the stand out being the HSBC World Elite Card for having 21 day out of province emergency medical coverage for those over the age of 65.
Five Key Benefits of this portfolio
- Excellent insurance coverage for those 65 and over
- Very good points earning
- Airport lounge access and other luxury travel benefits
- No Foreign Transaction fees
- Wide range of reward redemption options
Why you want to get these cards
The first card in the portfolio is the HSBC World Elite Mastercard and is the bank's first competitive product designed that doesn't require you to bank with HSBC or hold a ton of assets. The primary reason you are getting this card is for its amazing out of province emergency medical insurance coverage. The card provides 21 days of coverage for those 65 and over with no age limit cap. No other card in Canada provides that duration of coverage for this age group. This benefit covers up to $2 million in expenses per insured person and you are covered when you travel just for having the card - no need to actually purchase the said travel on the card.
Another big reason for getting this card is that it does not charge a fee on foreign transactions. This means you'll save 2.5% on average on any purchases not made in Canadian dollars. Spend 5 months down in Palm Springs each winter and don't have a US credit card? Use this card and they'll only charge you the Mastercard exchange rate when converting the purchase to C$. That can present a really big savings over most cards in Canada that charge 2% to 3% (majority are 2.5%) on foreign transactions.
The card also has great earn rates on purchases categories that make a lot of sense for those 65+ Those categories are travel, with which it earns 6 points per dollar spent (a 3% return when redeemed for travel) and 4 points per dollar spent on groceries, gas stations and drug stores (a 2% return when redeemed for travel). For all other purchases the card earns 2 points per dollar (1% return when redeemed for travel)
Being a hybrid card, this card provides the highest level of flexibility along with the Platinum Card from American Express. You can redeem for any travel purchase you charge on the card or you can convert the points to British Airways Executive Club, Cathay Pacific Asia Miles or Singapore Airlines KrisFlyer. You also have to option to redeem for cash back statement credits at a lower value than the travel redemption options.
Finally the HSBC card also provides an annual $100 travel enhancement credit that provides some nice savings if you check bags when you pay for flights, have to pay for seat assignments etc.. It also provides membership in Mastercard TravelPass by DragonPass which is a business class lounge access program however the next card in the portfolio will be your go to lounge access card!
HSBC World Elite Mastercard Quick Facts:
- Annual Fee $149 (waived in the first year with the current welcome bonus offer) $0 supplementary cards
- Up to 80,000 points welcome bonus (Apply by May 31, 23)
- Income requirements: $80,000 personal or $150,000 household income, or minimum of $400,000 in assets under management (based on liquid, investable assets with a financial institutions in Canada).
- Apply for this card here.
- Click here to read our in-depth review of the HSBC World Elite Mastercard
What about RBC taking over HSBC?
Recently it was announced that RBC will be acquiring HSBC and they are hoping to close the deal by late 2023. If the acquisition is approved we can assume that eventually HSBC Canada will be absorbed into RBC. At that point we are not sure what will happen to HSBC credit cards. Will RBC keep them as separate products or will they move all those cardholders to existing RBC products and shut down the HSBC cards? Only time will tell what will happen but if RBC does end up discontinuing the HSBC cards we don't expect this to happen until sometime in 2024. That gives you at least a year if not more to enjoy all the benefits from this card should RBC nix it.
The second card in the portfolio is The Platinum Card from American Express. This is your go to card for business class lounge access on your travels around the world. With complimentary access for the primary cardholder and a guest to over 1,300 lounge worldwide it is a rarity for Platinum cardmembers to not be able to escape from the hustle and bustle in an airport. Travel with friends, children or grandchildren? You can add a supplementary Platinum card for $175 and get the same lounge access benefits for even more people!
On top of this it is also a hybrid card, just like the HSBC card. Want to redeem points against a travel charge on the card? You can do that. Want to convert to Aeroplan or British Airways? You can do that. Want to pay with points for a purchase on the card? You can do that. The card earns 3 points per dollar spent on dining (including food delivery), 2 points per dollar on travel and 1 point on everything else.
That's the points side of things however this card is more than that - it is your luxury travel companion. We've already discussed lounge access and there is even more to this card! You get an annual $200 travel credit that you can use via American Express travel. You get automatic elite status with Marriott Bonvoy, Hilton Hotels and Radisson Rewards. You get access to the Fine Hotels & Resorts program, a collection of over 950 luxury hotels where the Platinum Card gets you hotel/spa credits, breakfasts, upgrades, early check in, late check out and more. It has the International Airline Program that provides discounts on Premium Economy, Business and First Class flights on many of the world's best airlines (plus it provides discounts on WestJet economy class!) And finally the card also has a really strong insurance benefits package. In fact when renting a car you'll want to put it on this card as it has the best coverage out of the three cards.
Recommended reading: Ultimate Guide to the American Express International Airline Program
The Platinum Card Quick Facts:
- Annual Fee $699 primary card, $175 supplementary Platinum cards, $50 supplementary Gold Card
- Up to 80,000 points welcome bonus
- Income requirement: American Express no longer has set income requirements
- Apply for this card here.
- Click here to read our in depth review of The Platinum Card® from American Express
Rounding out this portfolio is the TD Aeroplan Visa Infinite Card. You are adding this card into the portfolio primarily for when you fly with Air Canada (which is a lot of us!). The two main reasons for having this card are to get your first checked bag free on Air Canada flights (perfect for those longer trips where a carry-on on its own won't do) and for receiving discounts when you redeem Aeroplan points for flights on Air Canada.
The first checked bag free benefit is good for the cardholder and up to eight travelling companions on the same reservation. With checked baggage fees now running $30 and up per flight this benefit alone can pay for the card each year. The card also provides a NEXUS credit once every 48 months (as does the Platinum Card, so really you are covering 2 or more people's fees with this card portfolio).
Many Canadians are Aeroplan members, and that includes a lot of the 65+ travel crowd, so this card is ideal to have in the portfolio thanks to providing preferred pricing on Aeroplan Award tickets. This preferred pricing discounts the amount of points you need to redeem for an award flight on Air Canada and that discount can range from a few percentage points to over twenty percent depending on the routing and dates of travel. Of course by having this card you'll earn Aeroplan points to use for those award flights and you can also convert points on a 1 to 1 basis to Aeroplan from the Platinum Card from American Express.
The TD Aeroplan Visa Infinite Card Quick Facts:
- Annual Fee $139 (waived in the first year with the current welcome bonus offer) $75 supplementary cards
- Up to 55,000 points welcome bonus (Apply by May 28, 23)
- Income requirements: $60,000 personal or $100,000 household income
- Apply for this card here.
- Click here to read our in-depth review of the TD® Aeroplan® Visa Infinite* Card
Insurance Overview
| HSBC World Elite Mastercard | The Platinum Card from American Express | TD Aeroplan Visa Infinite Card | |
|---|---|---|---|
| Out of Province Emergency Medical Coverage (age 65+) | 21 days |
None |
4 days |
| Out of Province Emergency Medical Coverage (up to 64) | 31 days |
15 days |
21 days |
| Common Carrier Travel Accident Insurance | $500,000 |
$500,000 |
$500,000 |
| Flight Delay Insurance | 6 hours, up to $500 total |
4 hours, up to $1,000 total |
4 hours, up to $500 per person |
| Delayed Baggage Insurance | 6 hours, up to $1,000 per person |
6 hours, up to $1,000 total |
6 hours, up to $1,000 per person |
| Lost / Stolen Baggage Insurance | Up to $1,000 per person |
Up to $1,000 total |
Up to $1,000 per person |
| Damaged Baggage Insurance | Up to $1,000 per person |
Up to $1,000 total |
None |
| Trip Cancellation Insurance | $2,000 per person up to $5,000 maximum combined |
$2,500 per person up to $5,000 maximum combined |
$1,500 per person up to $5,000 maximum combined |
| Trip Interruption Insurance | $2,000 per person up to $5,000 maximum combined |
$2,500 per person up to $6,000 maximum combined |
$2,500 per person up to $25,000 maximum combined |
| Auto Rental/Loss Damage Insurance | 31 Days, Up to $65,000 MSRP |
48 Days, Up to $85,000 MSRP |
48 Days, Up to $65,000 MSRP |
| Hotel / Motel Burglary Insurance | Up to $1,000 per occurrence |
Up to $1,000 per occurrence |
Up to $2,500 per occurrence |
| Purchase Protection | 90 Days Max $60,000 in a lifetime |
120 days Up to $1,000 per occurrence, no lifetime max |
90 Days Max $60,000 in a lifetime |
| Price Protection | Up to $500 per item, max $1,000 per year |
None |
None |
| Extended Warranty Plan | Up to 1 year |
Up to 1 year Max $10,000 per item / $25,000 per year |
Up to 1 year Max $60,000 in a lifetime |
| Mobile Device Insurance | Up to $1,000 less deductible and depreciation |
None |
Up to $1,000 less deductible and depreciation |
Spending with this portfolio
The card that you pull out of your wallet for a purchase will depend on each individual and their primary reward goals. Below are some suggestions as to the best card for each specified category. You will want to take into consideration your overall total expenditures (credit card spending) as you don't want to spread yourself too thin across three reward programs and not have enough points for meaningful travel redemptions in any one of them. This is especially the case with the HSBC card as you need to have 25,000 points to redeem towards travel and then redeem in 10,000 point increments after that.
- Drug Store purchases: HSBC World Elite Mastercard
- Dining and Food delivery purchases: The Platinum Card from American Express (unless the merchant doesn't accept Amex - then use either one of the other cards)
- Costco Purchases: HSBC World Elite Mastercard
- Grocery and Gas Purchases (if Aeroplan is not your primary rewards program): HSBC World Elite Mastercard
- Grocery and Gas Purchases (if Aeroplan is your primary program): TD Aeroplan Visa Infinite Card
- Travel purchases (if Aeroplan is not your primary rewards program): HSBC World Elite Mastercard
- Travel purchases (if Aeroplan is your primary program): The Platinum Card from American Express
- All other purchases (if Aeroplan is not your primary rewards program): HSBC World Elite Mastercard or The Platinum Card from American Express
- All other purchases (if Aeroplan is your primary program): TD Aeroplan Visa Infinite Card
There you go. With these three cards you are pretty much ensuring that you, as someone who is 65 or older have a great travel rewards credit card portfolio covering all three major card issuers and the flexibility of multiple reward programs!
Learn more about the cards here:
HSBC World Elite® Mastercard®
Top No Foreign Transaction Fee Credit Card for 2023
Earn up to 80,000 Points* PLUS a full annual fee rebate for the Primary Cardholder for the first year*
Primary Cardholder Annual Fee: $149 (1st year annual fee rebate*) | Authorized User Annual Fee: $0 Per Card | Annual interest rate: 20.99% on purchases and 22.99% on cash advances and balance transfers. | $80,000 personal or $150,000 household annual income
Special offer: Earn up to 80,000 points* ($400 travel value) PLUS a full annual fee rebate for the primary cardholder for the first year* ($149 value) and receive a $100 annual travel enhancement credit*. Must apply by August 31, 2023. Conditions apply.
• Welcome bonus of 20,000 points* ($100 travel value)
• Earn 10,000 points* each month when you spend at least $1,000 each month for the first 6 months of account opening (up to $300 travel value)
• First year annual fee rebate for the primary cardholder* ($149)
• Receive a $100 annual travel enhancement credit*
• With the HSBC World Elite Mastercard you earn 6 points for $1 in Net Purchases which are Travel Purchases, 4 Points for $1 in Net Purchases that are Gas, Grocery and Drugstore Purchases and 2 Points for $1 in Net Purchases, other than Travel, Gas, Grocery and Drugstore Purchases.
• Save on all your foreign currency purchases (even online) with no additional foreign currency conversion charges.
• Enjoy maximum flexibility and redeem your Points on your terms for:
• Travel
• Gift cards and valuable merchandise
• Financial rewards
• Rewards for miles
*Terms and Conditions apply
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to licence
This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer)
The Platinum Card®
2023 Top Ultra Premium Credit Card
Earn 80,000 Membership Rewards® points - that’s $800 towards a weekend away
New Platinum® Cardmembers, earn 80,000 Welcome Bonus points after you charge $7,500 in net purchases to your Card in your first 3 months of Cardmembership
Annual Fee: $699 | Additional Card Fee: $175 for Platinum, $50 for Gold
- Earn 3 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases
- You will have access to a $200 CAD Annual Travel Credit to use towards any single travel booking of $200 or more charged to your Platinum Card and made on www.americanexpress.ca/travel or through Platinum Card Travel Service
- Take full advantage of The American Express Global Lounge CollectionTM which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Enjoy complimentary benefits that offer an average value of $550 USD at over 1,000 extraordinary properties worldwide when you book Fine Hotels + Resorts
- Platinum Cardmembers can enjoy access to special events and unique opportunities
- Enjoy premium benefits at the Toronto Pearson Airport such as discount on parking
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Radisson Hotel Group Americas, Hertz and Avis
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement
- 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. Conditions apply
- Click here to apply for The Platinum Card from American Express
TD® Aeroplan® Visa Infinite* Card
2023 Top Airline Credit Card
Earn up to $1,600 in value† including up to 70,000 Aeroplan points†.
Conditions Apply. Must apply by September 5, 2023
Annual Fee $139 | Additional Cards: $75 † | Annual interest rate 20.99% on purchases and 22.99% on funds advances | $60,000 personal or $100,000 household annual income
Earn up to $1,600 in value†, including up to 70,000 Aeroplan points† and additional travel benefits. Must apply by September 5, 2023
- Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card†
- Earn 40,000 Aeroplan points when you spend $5,000 within 180 days of Account opening†
- Plus, earn an anniversary bonus of 20,000 Aeroplan points when you spend $7,500 within 12 months of Account opening†
- Enroll for NEXUS and once every 48 months get an application fee rebate†
- Plus, share free first checked bags with up to 8 travel companions†
- Earn 1.5 points† for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card
- Earn 1 point† for every $1 spent on all other Purchases made with your Card
- Earn points twice when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore).
- Your Aeroplan Points do not expire as long as you are a TD® Aeroplan® Visa Infinite* Cardholder in good standing
- Earn big rewards on the little things: Earn 50% more Aeroplan Points and 50% more Stars at participating Starbucks® stores. Simply link your TD Aeroplan Visa Infinite Card to your Starbucks® Rewards account. Conditions apply. Learn more.
- Travel lightly through the airport and save on baggage fees† : Primary Cardholders, Additional Cardholders, and travel companions (up to eight) travelling on the same reservation will all enjoy their first checked bag free (up to 23kg/50lbs) when your travel originates on an Air Canada flight.
- Complimentary Visa Infinite Concierge† : On-call 24 hours a day, seven days a week, the Visa Infinite Concierge can help with any Cardholder request — big or small, to help you get the most out of life whenever you travel, shop and use your Card.
- Visa Infinite Luxury Hotel Collection†: Receive seven exclusive benefits when you book your stay through the Visa Infinite Luxury Hotel Collection featuring over 900 of the world’s most intriguing properties.
- Click here to apply for TD Aeroplan Visa Infinite Card
This offer is not available for residents of Quebec. For Quebec residents, please click here.
† Terms and Conditions apply.
Sponsored advertising. The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
Other card options you could consider:
You do have several other card options you could look at in this portfolio. Firstly though you wouldn't want to switch out the Mastercard as you'll lose out on out of province medical coverage as the next best card only provides 15 days of coverage to age 75. If you don't travel enough to justify all the extras that the Platinum Card provides, you could get the American Express Cobalt Card as your main points earning card (even for Aeroplan) and then get the Scotiabank Passport Visa Infinite Card as your lounge access card since it has six annual lounge visits included with it. In general there are a lot of options for the Visa side of things. While we recommended the Aeroplan Visa Infinite Card, if you don't fly Air Canada or collect Aeroplan points you can look at cards like the CIBC Aventura Visa Infinite Card, RBC Avion Visa Infinite Card, Scotiabank Passport Visa Infinite Card and TD First Class Visa Infinite Card.
This article was first posted on February 22, 2023 and is updated on a regular basis