For many of us, a vehicle is a necessity.
We need it to get around ‒ to get to school, to work, to appointments and to run errands.
And although there are not many things more freeing than being out on the open road listening to our favorite tunes…
Cars can also be a pretty big burden.
Pricey insurance, unexpected roadside assistance calls, and ever-rising gas prices are enough for anyone to consider hanging up their car keys and buying a bus pass. But for many of us, owning a car is just a normal part of life.
But for many of us, owning a car is just a normal part of life.
However, just because we need gas, doesn’t mean we shouldn’t be looking for ways to cut our gas costs, or at least be rewarded for it.
While many gas stations have loyalty programs or ways to save a few cents per liter, there are some credit cards that will allow you to earn some major rewards on top of that as well.
Our pick for the best gas credit card in Canada
For us, the clear winner is the
And while it seems like it may be an average card that only earn 2 points per $1 spent on gas, each point carries great value.
You can transfer your points to Aeroplan at a 1:1 ratio. With an Aeroplan mile worth 2.5 cents when redeemed for flights, that gives you an up to 5% return on your gas spending.
You’ll also get a great return on all of your other spending as well:
- 2 points per $1 on groceries, drugstores and eligible travel, and
- 1 point per $1 on all other purchases.
It does come with a slightly higher annual fee of $150, but in exchange you’re not only getting great, high value rewards but multiple ways you can use them.
Thanks to the Amex Membership Rewards program, you can also transfer points to 5 other airlines, Marriott Bonvoy, redeem for flights using the Fixed Points Travel program, or use points to book any travel you like.
There’s no shortage of ways to use your points to get your travel on.
Throw in some great insurance, and you’ve got the complete package when it comes to travel rewards cards.
Other credit cards that give you 4% back on gas purchases
If you’re looking for 4% cash back on your gas purchases then the
This card requires a 60K personal income and has a $99 annual fee.
With the Dividend Visa Infinite, cardholders are given:
- 4% cash back on gas and groceries,
- 2% cash back on Tim Hortons and TELUS purchases, and
- 1% cash back on all other purchases.
Where this card doesn’t stack up, however, is that there is a cap on the amount of rewards you can earn at 2% and 4%.
Anything charged to your card over $80K annually will only earn 1% cash back. So, if you are a big spender, this card is not the card for you.
Our pick for best no fee cash back gas credit card
If you’re looking for a gas credit card that has no annual fee, the
Not only will it give you up to 2% cash back, but it will allow you to choose 2 (or 3) categories you want to earn your 2% in.
Also, feel free to change your categories as your spending habits change. You get to be in the driver’s seat.
Pssst. You can have the bonus third category, if you have your Money-Back rewards deposited into a Tangerine Savings account.
Which categories would you choose?
- Recurring Bill Payments
- Drug Store
- Home Improvement
- Public Transportation and Parking
Keep in mind: Any purchases you make outside of your spending categories will only earn you 0.5% cash back, no limit or cap on the amount of cash back you can earn.
It also comes with purchase insurance, a promotional balance transfer interest rate of only 1.95% for 6 months ‒ and the flexibility to change your spending categories if the ones you pick aren’t working for you.
Read our full review here:
No fee World version
If you meet the higher income requirements of either $60,000 personal or $100,000 household, you could opt for the
You’ll get the same earn rates, pay no annual fee, but gain 2 insurance coverages:
- mobile device insurance, and
- car rental theft and damage.
They’re great little extras for no extra cost.
Our pick for best no fee travel gas credit card
If you prefer to collect travel rewards over cash back, then consider the
What’s more, you’ll also gain 2 points per dollar spent on the following categories, up to $5,000 per year in annual spend:
- Groceries, and
All while still earning 1 point on all of your other purchases. You’ll even get up to a 10,000 point sign up bonus worth $100.
And even though this is a no fee card, it still includes seven different type of insurance, including travel accident (up to $1,000,000 coverage), trip interruption and rental car damage and theft. Not bad for a no annual fee card.
Honorable mention: The TD Cash Back Visa Infinite* Card
Although you might not get an earn rate as high as 4% cash back with this card, the
To make this card even more impressive, you’ll get complimentary roadside assistance through a TD Deluxe Auto Club Membership, as well as discounts at Avis and Budget car rentals.
If you spend a lot of time in your car, or you have to get rentals frequently, this TD card would be a good one to consider.
Plus, if you have an all-inclusive bank account with TD, this card qualifies for an annual fee rebate for the primary cardholder and one authorized user.
The perfect combo every wallet needs
One great way to maximize your rewards is to add the
Where Amex is accepted, this card could boost your non-category specific spending by at least 0.25%. Use your premium card on category-specific spending where you earn the most points/cash back, and use the SimplyCash card for everything else.
And with no annual fee or income requirement, it’s a win-win.
Top 6 gas credit cards in Canada
However, if you wanted a quick place to start, these are the 4 cards that come out on top if you’re looking for a card that will reward you for your gas purchases:
|Credit Card||Annual Fee||Rewards Earned on Gas||Learn More|
|American Express Gold Rewards Card||$150||2 Amex Membership Rewards points per $1 spent on gas|
|CIBC Dividend Visa Infinite Card||$99 – First year free||4% cash back on gas|
|Tangerine Money-Back Mastercard||$0||2% cash back on gas if picked as a spending category|
|Tangerine World Mastercard||$0||2% cash back on gas if picked as a spending category|
|MBNA Rewards Platinum Plus Mastercard||$0||2 points per dollar spent|
|TD Cash Back Visa Infinite||$120, first year free||3% cash back on gas|
What do you think?
Do you have a gas credit card in your wallet that you don’t see on the list?
Or, are one of these 6 cards your go-to when it comes to making gas purchases?
Let us know in the comments below.