The 2026 Travel Rewards Power List
Which Canadian card actually earns you a flight — and which one just earns you an annual fee?
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Frequent flyer, meet frequent math
Airline-branded cards are seductive. They come with lounge access, priority boarding, and the intoxicating promise of a free flight to Lisbon.
The truth: for most Canadians, a flexible-points card beats a co-branded The pattern we keep seeing: for most Canadians a flexible-points card beats a co-branded airline card, because the earn rates are similar but flexible points aren't locked to one airline's award chart. Co-branded cards win when you're loyal enough to one carrier to use the status and lounge perks.
Our picks
For heavy travellers
- American Express Aeroplan Reserve — worth it if you fly Air Canada 4+ times a year and use Maple Leaf Lounges.
- TD Aeroplan Visa Infinite Privilege — the best Aeroplan alternative to Amex.
For flexible travellers
- American Express Cobalt — 5x on eats + groceries, points transfer to multiple airline partners.
- Scotiabank Gold Amex — no foreign transaction fee, elevated earn on groceries, restaurants and entertainment.
The break-even math
Compare against the free card you'd otherwise carry, not against zero. If a $139 fee card returns 2% and your no-fee alternative returns 1%, the gap is 1% — so you need about $13,900/year on that card before the fee pays for itself. Anything under that and you're paying to have the plastic.
Ask the Adviser to run the numbers on your actual spending.