Canada’s best credit cards for gas
Whether you’re looking for points or cash back, these cards will help you earn benefits from your fuel expenses.
Whether you’re looking for points or cash back, these cards will help you earn benefits from your fuel expenses.
Photo by Jenny Ueberberg on Unsplash
Gas costs can be a hefty line item, especially for Canadians with a daily commute—and it’s one that is largely out of our individual control. Using the right credit card when you fill up will earn you a return on your fuel expenses. But which card should you pick? We break down the options in our list of the best credit cards for gas.
With the Dividend Visa Infinite, CIBC offers a strong contender in the cash back credit card category, especially for drivers, and even more so if you add your grocery bill to this card. With a return of 4% on gas and groceries, this card is designed to put money back in your pocket. There are a few other bonus categories through which to earn cash back, including 2% on daily transit (including rideshares and public transit), so it’ll get you rewards on all modes of transit, as well as 2% on dining and recurring payments.
Interest rates: Purchases 20.99%, cash advances 22.99%, balance transfers 22.99% (21.99% on cash advances for Quebec residents).
The Tangerine Money-Back Mastercard has no annual fee and it offers straight cash rewards, which gives it strong appeal to a large number of Canadians. Credit cardholders are rewarded with 2% cash back on unlimited purchases in two categories that include gas, groceries, restaurants and drug stores. Opt to have your cash automatically deposited into a Tangerine savings account and receive 2% cash back in a third category. (You’ll earn 0.5% on everything else.) The current welcome bonus will put $250 into your account if you spend at least $5,000 in your first three months. Plus, you can transfer balances from higher-interest cards at a low promotional interest rate of 1.95% for six months. For those who want to monetize their fuel purchases without paying for the privilege, this no-frills card is a winner.
Get more details about the Tangerine Money-Back Credit Card*
On face value, the TD Cash Back Visa Infinite is a strong money back card offering a 3% return on gas, grocery and recurring bill payments (and 1% back on everything else). The return rate on gas would be enough for the card to place on our list, but it’s actually the roadside assistance (among other perks) that make it a standout card for drivers. Cardholders have complimentary emergency road services through an included Deluxe membership with TD Auto Club. This package includes 24-hour emergency assistance calls, towing, lockout and winching services, traffic accident emergency transportation, meals, accommodations and necessities, and even reimbursement options for issues TD Auto Club was unable to assist with. Plus, cardholders have auto rental loss and collision insurance and discounts at Avis and Budget. For frequent commuters or road-trippers, these perks can easily cover the card’s annual fee.
Interest rates: Purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
Get more details about the TD Cash Back Visa Infinite*
If you’re looking to turn your fuel purchases into points, look no further than the Scotiabank Gold American Express credit card. This card operates within the Scotia Rewards program, which allows collectors to redeem their points for travel rewards, merchandise, gift cards and even credit to put against your card balance.
Cardholders earn 3 Scotia Rewards points on every $1 spent on eligible purchases including gas, public transit and streaming services, and 5 points per $1 on groceries, restaurants and entertainment. Double-dip with the gas points program of your choice and earn even more.
If you’re a Canadian Tire shopper, you’re probably already familiar with Canadian Tire money, the storied rewards program that dates back to the 1950s. Nowadays the program is digital and lets you earn CTM (Canadian Tire Money) but the exchange rate remains the same: $1 CTM is equal to $1 CAD. With the no-fee Triangle Mastercard you’ll earn 4% back on purchases at Canadian Tire and partner stores like Sport Chek and Mark’s/L’Equipeur, as well as 1.5% back on groceries (except at Walmart and Costco). Plus, you have access to other perks like the no-fee, no-interest financing program which lets you pay off larger purchases in installments.
The Rogers World Elite Mastercard is a strong choice for Canadian Costco shoppers looking to earn cash back on their purchases without paying an annual fee. The flat earn rate of 1.5% cash back on purchases made in Canadian dollars and 3% back for those made in U.S. funds is generous–and keeps things simple. Included travel insurance and benefits like trip interruption/cancellation coverage, free Wi-Fi, and access to more than 1,000 LoungeKey airport lounges in over 100 countries round out the package. Newcomers get a welcome boost of $25 in cash back when they make their first purchase.
The PC Optimum program is one of the most popular rewards programs in Canada, due in part to its flexibility and ease of use that lets you redeem at the till. The no-fee PC Financial World Elite Mastercard offers accelerated earn opportunities at Shoppers Drug Mart and Loblaw-family groceries stores like No-Frills, Real Canadian Superstore and Fortino’s, and at more than 4,500 Esso and Mobil gas stations across Canada, where you’ll get at least 30 points per litre (rates vary by location). PC Optimum points can be redeemed at a rate of 10,000 points for $10 by simply showing your card at the till of a participating retailer. At Esso, you can redeem points for gas and car washes.
Income required: $80,000 annual personal income or $150,000 annual household income.
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