Hotel and airfare prices are on the rise, and travellers are always on the lookout for ways to save money. There are about 80 different credit cards available through Canadian financial institutions that offer rewards programs, and choosing the right one can be a daunting task. That's why each year ranks the best credit cards in Canada for travel rewards.

In 2015, the BMO World Elite MasterCard took the No. 1 spot, pushing last year's winner, the Capital One Aspire Travel World Elite MasterCard, to second place. This may come as a surprise to some, considering that BMO recently decided to cut its transaction fees, which led many to believe the loyalty program would be negatively affected. However, the rewards program didn't falter, and cardholders still receive 2 percent back in rewards points on all purchases. So, for every $50 in purchases, cardholders receive $1 that can be spent through the BMO Rewards program.

The downside: You must have a household income over $120,000 or a personal income of $70,000 to qualify for the World Elite MasterCard. Those with lower incomes may want to look toward cards with no annual fees. ranked the best of these rewards programs as well, finding that the American Express Blue Sky was the top option. It provides 1.25 points for every dollar spent, with 10,000 points equating to a $100 value. Review the full lists of top travel points credit cards below:

Best travel points credit cards with annual fees

  1. BMO World Elite MasterCard
  2. Capital One Aspire Travel World Elite MasterCard
  3. Scotiabank Gold American Express Card
  4. TD First Class Travel Visa Infinite Card
  5. CIBC Aventura Visa Infinite Card

Best travel points credit cards without annual fees

  1. American Express Blue Sky Credit Card
  2. Capital One Aspire Travel Platinum MasterCard
  3. American Express Air Miles Credit Card
  4. BMO Air Miles MasterCard
  5. CAA Rewards MasterCard