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:
A quick overview as to why these three cards make up this portfolio:
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.
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!
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
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.
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 |
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.
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!
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)
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
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
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.
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