When we’re considering new credit cards, most of the time we are attracted to things like a large welcome offer, airline/hotel elite status, companion certificates, or free night awards. I’ll be the first to admit that I do this all the time. At the end of the day, we’re Frugal Flyers, and this is what draws us into our next credit card.
However, that is not all the credit cards have to offer. There are plenty of underrated perks and benefits attached to cards that you may or may not know about. Let’s take a look at some of the most underrated credit card benefits that may move the needle for you on the next “weapon” in your credit card arsenal.
Travel Insurance When Redeeming For Reward Flights
I will be the first to admit that travel insurance isn’t at the top of my mind when booking a trip. It’s probably because it’s the least glamorous. However, you can argue it is one of the most important as it can help us get out of a tricky situation if some unforeseen circumstances come our way.
Most credit card travel insurance policies require you to charge the full cost of the ticket to the card to activate any policy that may be applicable. This ends up being a problem when we end up only paying $50 in taxes and fees on a reward flight redemption.
The National Bank World Elite Mastercard stands above the rest for this use case scenario. They explicitly provide coverage even if you only charge the taxes and fees of a reward ticket to the card.
If you are making an Air Canada Aeroplan redemption, core and premium Aeroplan co-branded credit cards will activate their travel insurance coverage for your trip if you pay the taxes with the card. Here are several of the eligible Aeroplan co-branded credit cards that provide travel insurance coverage this way:
- TD Aeroplan Visa Infinite Card
- TD Aeroplan Visa Infinite Privilege Card
- CIBC Aeroplan Visa Infinite Card
- CIBC Aeroplan Visa Infinite Privilege Card
NEXUS & TSA PreCheck Credits
Have you ever gotten to the airport only to be met with what seems like the world’s longest line to get through security? Maybe you cut your arrival time to the airport a bit too close and need to get to your gate as quickly as possible. Luckily for you, NEXUS and the Verified Traveller program can get you to the front of the line and streamline your security process.
Many credit cards come with statement credits that cover the application or renewal fee for NEXUS (which includes TSA PreCheck and Global Entry benefits).
To trigger the credit, all you have to do is apply online for NEXUS and charge your eligible credit card at checkout. Once the fee is posted, your bank will automatically apply the statement credit. In practice, this means you can get most (if not all) of a NEXUS application fee rebated every 4 years. For a comprehensive list of which credit cards offer NEXUS rebates, check out our definitive guide on NEXUS for Canadians.
No Foreign Transaction (FX) Fees
I think I speak for all of us when I say that the whole point of getting into this points and miles hobby is to travel the world and get some amazing experiences. Inevitably, this means that we will be in a variety of places that take different currencies.
I still remember the days when my parents would take me to the bank, and they would go up to the teller and ask for foreign currencies and pay an arm and a leg in fees while doing so. However, those days are long gone.
While most Canadian credit cards charge a 2.5% fee on transactions made in a foreign currency, some credit cards come with a no foreign transaction fee benefit! The Scotiabank Passport Visa Infinite and Scotiabank Gold American Express are the top contenders for a slot in your wallet as a no FX fee credit card.
| Credit Card | ||
|---|---|---|
 |
45,000 Scene+ points and $150 FlyerFunds Estimated value: $600 Ends Jul 1, 2026 |
|
 |
60,000 Scene+ points and $150 FlyerFunds Estimated value: $750 Ends Jul 1, 2026 |
|
If you’re looking for a no-annual-fee option, the new Wealthsimple Mastercards may be an option worth considering if you maintain a minimum of $4,000 in monthly direct deposits or have at least $100,000 in assets with Wealthsimple. For a truly no-cost option, you can look into Wealthsimple’s prepaid Mastercard or debit options like EQ Bank or the KOHO Everything Mastercard.
Purchase Protection Insurance & Mobile Device Insurance
Most of us will routinely charge our day-to-day purchases and large purchases on our credit cards. Thus, it is extremely valuable to have strong purchase protection and mobile device insurance on our credit cards. While not the flashiest thing to pay attention to, some credit cards come with stronger insurance and protection policies than others, which can be very valuable.
Purchase protection covers eligible items you buy against theft, loss, or damage for a specific period after purchase. For example, if you buy a new pair of headphones and you accidentally leave them on the train a week later, this coverage can reimburse you.
The strongest credit card for purchase protection in Canada is likely the National Bank World Elite Mastercard, which offers 180 days of loss, damage, or theft coverage and doubles the manufacturer’s warranty (for up to 2 years). This underrated perk can come in super handy and valuable when you need it, and it comes standard with this card.
The National Bank World Elite Mastercard offers benefits that include an annual $150 travel credit and access to the National Bank VIP airport lounge in the Montreal Airport International terminal.
Check out our National Bank World Elite Mastercard review for more details.
35,000 À la carte Rewards
$20,000
$350+
$150
Yes
Jun 29, 2026
With the rising cost of smartphones (can you believe it costs $1600+ for an iPhone 17 Pro), mobile device insurance becomes essential. In the event your phone gets lost, stolen, or damaged (like a damaged screen), you can get coverage from your credit card to repair or replace it. To qualify, you need to pay the full price of the phone on your credit card or, if you are on a subsidized plan to pay off your phone with your service provider, you will need to charge your monthly wireless bill to the card.
The RBC Avion Visa Infinite Card has the strongest insurance policy on the market right now that covers up to $1,500 for 2 years after the phone’s purchase. The American Express Cobalt Card, our fan favourite card, covers up to $1,000 for 2 years after the phone’s purchase, which is also extremely strong. This underrated protection is an amazing perk for cards we would be holding anyway!
| Credit Card | ||
|---|---|---|
 |
15,000 Membership Rewards points Estimated value: $300 |
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55,000 Avion points Estimated value: $1,045 Ends Jun 15, 2026 |
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Luxury Perks
Experiences
Beyond more practical perks like insurance, some cards offer some luxury experiences and perks that offer a taste of the high life and enhance your lifestyle at home and abroad.
The Visa Infinite Dining Series offers exclusive access to gourmet dining events and chef collaborations that you can access by holding a Visa Infinite credit card. Similarly, the Visa Infinite Wine Country program gets you benefits at wineries across Canada, such as complimentary tastings, tours, and discounts on wine purchases.
Mastercard World Elite and American Express both have similar luxury experience programs, so make sure you learn about those and try to take advantage.
Concierge
American Express Platinum cardholders have access to their world-famous 24/7 Platinum concierges. You can think of this as a hot line for you to call to get you out of a pinch, whether that be trying to get a last-minute restaurant reservation or if you forgot to send your mom flowers on Mother’s Day. Personally, I’ve used the Platinum Concierge to get me a reservation at a restaurant where the staff spoke limited English, which was amazing!
The American Express Platinum Card is a premium card that offers benefits including a $200 travel credit, a $200 dining credit, airport lounge access, instant elite status with Marriott Bonvoy and Hilton Honors, and more.
Check out our American Express Platinum card review for more details.
100,000 Membership Rewards points
$10,000
$2,000+
$799
Yes
–
The Scotiabank Gold American Express Card, Visa Infinite cards, and Mastercard World Elite cards also come with 24/7 concierge services. However, I can’t speak to them as confidently as the Amex Platinum concierges, as I have never used them. If you have, make sure you let us know your experiences!
The Scotiabank Gold American Express Card earns up to 6x Scene+ points at Empire grocery stores and charges no foreign exchange fees on purchases made in foreign currencies.
Check out our Scotiabank Gold American Express card review for more details.
Earn when you apply through Frugal Flyer.
45,000 Scene+ points
$7,500
$600+
$120
No
Jul 1, 2026
Canadian Tire Triangle World Elite Mastercard
This last one isn’t so much an underrated credit card benefit, but rather an underrated and underappreciated credit card that everyone needs in their wallet because of its perks and benefits. The Canadian Tire Triangle World Elite Mastercard is a Mastercard with no annual fee that has 3 perks that make it absolutely overpowered.
The Canadian Tire Triangle World Elite Mastercard includes valuable benefits such as complimentary gold membership to the Canadian Tire roadside assistance program.
Check out our Canadian Tire Triangle World Elite Mastercard review for more details.
0 CT Money
$0
$0+
$0
Yes
–
Roadside Assistance
The roadside assistance benefit is hands-down the single best perk on a no-annual-fee credit card. Actually, you could argue it’s one of the best perks on any credit card, full stop.
Cardholders receive a free membership to the Canadian Tire Roadside Assistance Gold plan. This covers you for towing, battery boosts, flat tire changes, and lockout service year after year as long as you hold the card. This would cost over $100 if you were to buy the membership with Canadian Tire or buy the equivalent with CAA.
Fee-Free Bill Pay
The Canadian Tire World Elite Mastercard also has a unique bill pay feature that is free of charge to use. Just like how you would pay your utilities, taxes, cell phone, and other bills online with your bank, you can do the same with this card. As an added bonus, you also earn 1% cash back (in the form of Canadian Tire Money) on all your bills paid. This is the ONLY way I pay my bills now, even my medical school tuition!
Annual Oil Change Coupon
Every year on your cardholder anniversary date, Canadian Tire will mail you coupons that save you $40 on an oil change at Canadian Tire Auto Service centers.
Conclusion
It’s easy to get tunnel vision on big welcome bonuses, but the long-term value of a credit card often lies in the perks and benefits that it comes with. Whether it’s saving $100+ per year on an annual roadside assistance membership, fast-tracking through security with NEXUS, or not having to pay a foreign transaction fee, these perks can justify an annual fee many times over.
If you’re debating on what credit cards to keep or get rid of, check out our guide on how to decide which credit cards to keep long-term.
Quentin Tsang
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