To save money on your next vacation or business trip, consider using a credit card that offers discounts on car rentals with partnering car rental agencies. The best credit card option for this is the BMO CashBack World Elite Mastercard, though most BMO cards offer the same discount opportunities.
This article explains how discounts on rental vehicles work, which credit card issuers offer them, other ways to save on rentals, and more.
Key Takeaways
- The best cash back credit card with a rental discount is the BMO CashBack World Elite Mastercard.
- Many other credit card issuers offer no annual fees and flexible rewards.
- Other ways to save on car rentals include comparing sites, booking ahead, and avoiding the airport.
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How credit card car rental discounts work
Taking advantage of the car rental discounts offered by your credit card isn't difficult, but you do need to make sure you're working with the correct partner agency/agencies – for the most part, any credit card discounts only apply to 1 or maybe 2 rental car agencies.
To use your discount, simply proceed through the online car booking process as usual, apply the discount code provided by your card, and pay for your rental with your credit card.
If you're unsure of where to find the information you need, visit the issuer's page for your credit card. You should be able to find the discount details here.
One member of Team Genius has a credit card that offers a discount on car rentals, the Scotia Momentum Visa Infinite+ Card. He confirmed that the information about rental discounts is fairly easy to find:
- Go to Scotiabank's page for the Momentum Visa Infinite
- Clink and expand the "Save on car rentals" section, located under the benefits section
- Either copy the appropriate discount number or click on one of the links
For some cards, it's that easy. For others, the information isn't readily available, and you might have to review their benefits guide for full details.
Note: Always check your card benefits guide to get the right codes for your particular credit card.
A step-by-step example with Avis
Our Team Genius member used his Scotia Momentum Visa Infinite+ Card to book a rental car through Avis for a 2-day visit to Monteal. He booked it a few months ahead of time.
The search page highlighteds one key point in partitular: that he need to use the "Pay Now Rate" to get the discount.
After searching "Montreal International Airport," he found the cost summary on the next page. From there, he added a few extras, including various vehicle features he wanted, before checking out.
Note: This is the phase where you can opt out of the required insurance if you already have rental car coverage through your credit card.
While Avis informed our team member that he could save up to 25% on the base rate, in this situation, he was only saving about 10%. However, since he was paying less for the rental, he also paid lower taxes.
In the end, this wasn't the full 30% discount possible with his Scotia card, but was still easy savings.
How much can you save on a car rental?
Here's a summary of common credit card issuers and rental companies, along with the disscounts offered:
| Bank/issuer | Rental companies | Discount |
|---|---|---|
| Scotiabank | * Avis * Budget | * Up to 25% |
| BMO | * National * Alamo * Enterprise | * Up to 20% * Up to 20% * Up to 5% |
| MBNA | * Avis * Budget | * Minimum 10% Canada & U.S. * Minimum 5% internationally |
| TD | * Avis * Budget | * Minimum 10% Canada & U.S. * Minimum 5% internationally |
| CIBC | * Avis * Budget | * Up to 35% * Up to 30% |
We can't list the discount codes, as some issuers have separate codes for each card they offer, so you'll have to check your own benefits guide for access.
And not all credit cards from these issuers offer the discount, so be sure to check your own issuer's page to see what's available for your card.
Credit card issuers with rental car discounts
Now for the details on each major issuer that offers car rental discounts and the cards that offer them.
Scotiabank car rental discount
Scotiabank offers discounts at both Avis and Budget. The maximum you can save is 25% off the base rental cost.
Some of Scotia's cards have special links to make things easier. For example, if you have the Scotia Momentum Visa Infinite+ Card, you can check Avis and Budget.
Here are some of the top Scotiabank credit cards that offer car rental discounts:
- Scotiabank Scene+ Visa Card
- Scotia Momentum No-Fee Visa Card
- Scotia Momentum Visa Infinite+ Card
- Scotiabank Passport Visa Infinite+ Card
- Scotiabank Value Visa Card
BMO credit card rental car discount
BMO offers rental car discounts of up to 20% off with National and Alamo. You can also save up to 5% at Enterprise.
Here are some of the best BMO credit cards that offer these discounts:
- BMO CashBack Mastercard
- BMO CashBack World Elite Mastercard
- BMO Ascend World Elite Mastercard
- BMO eclipse Visa Infinite Card
MBNA credit card rental car discounts
MBNA offers a twist on rental car discounts. They offer a minimum amount you can save on the base rate at both Avis and Budget.
It'ss 10% on the base rate on rentals in Canada and the U.S. and 5% anywhere else. We checked this discount to see if there were any differences between what we got with Scotiabank, but the prices were exactly the same.
MBNA uses a single code for all its credit cards. You can visit the Avis or Budget pages.
Here are some of the best MBNA credit cards that offer rental car discounts:
- MBNA Rewards Platinum Plus Mastercard
- MBNA Rewards World Elite Mastercard
- MBNA Smart Cash Platinum Plus Mastercard
TD credit card rental car discount
TD has a rental car discount program with Avis and Budget, and it works the same as MBNA's. Instead of a maximum amount you can save, they state a minimum amount, which is 10% in Canada and the U.S.
TD doesn't make the discount codes you need on their website – you'll have to find the benefits guide for your credit card to find what you need (here's where to start).
Here are some top TD credit cards with rental car discounts:
- TD First Class Travel Visa Infinite Card
- TD Cash Back Visa Infinite Card
- TD Aeroplan Visa Infinite Card
CIBC credit card car rental discounts
Finally, CIBC also offers credit card rental discounts. You can save up to 30% or 35% on rentals from Budget and Avis.
The offers are available on most of their travel credit cards, but not on cash-back cards. Here are a few examples of top CIBC cards offering rental discounts:
Best credit cards for discount car rentals
| Credit card | Annual fee | Earn rates | Welcome bonus | Learn more |
|---|---|---|---|---|
| BMO CashBack World Elite Mastercard | $120 | * 5% cash back on groceries, up to $500 in monthly spend * 4% cash back on transit, up to $300 in monthly spend * 3% cash back on gas, up to $300 in monthly spend * 2% cash back on recurring bills, up to $500 in monthly spend * 1% cash back on all other purchases |  $150 GeniusCash + Up to $480 cash back in the first year, first year free (terms) | Learn more |
| MBNA Smart Cash Platinum Plus Mastercard | $0 | * 2% cash back on gas and groceries, up to $500 in combined spend monthly * 0.5% cash back on all other purchases | 5% cash back on gas and groceries for the first 6 months, up to $500 spent per month (terms) | Learn more |
| MBNA Rewards World Elite Mastercard | $120 | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases | $40 GeniusCash + 30,000 bonus points (terms) | Learn more |
1. Best cash back credit card with a rental car discount: BMO CashBack World Elite Mastercard
×1 Award winner 
GC: $150
1x Award winner If you want a cash back card with a 20% rental car discount, the BMO CashBack World Elite Mastercard is a top choice. It's packed with value, including high cash back rates, free roadside assistance, and a long list of discounts and perks through the Mastercard Travel Pass program.
Cardholders are also eligible for a valuable promo balance transfer offer that provides 0% interest for 12 months.
Pros:
- 20% discount on car rentals
- Up to 5% cash back
- 13 types of insurance
- Free roadside assistance
- Mastercard Travel Pass membership
- Valuable balance transfer offer
Cons:
- Low monthly spend caps on bonus categories
- High income requirements
2. Best no annual fee credit card with a rental car discount: MBNA Smart Cash Platinum Plus Mastercard
Not only does the MBNA Smart Cash Platinum Plus Mastercard offer a minimum 10% rental car discount at Avis and Budget, it also provides 3 types of rental car insurance coverages. You're covered for rental car accidents, damage, and any theft or loss of personal effects.
Of course, this isn't the card's main highlight. Check out its sweet earn rates:
- 2% cash back on gas and groceries, up to $500 in combined spend monthly
- 0.5% cash back on all other purchases
Pros:
- Minimum 10% discount on car rentals
- No annual fee
- Up to 2% cash back
- 7 types of insurance
- Free 6-month Instacart+ membership
- Excellent welcome bonus
Cons:
- Low monthly spend cap
- Low base earn rate
3. Best flexible rewards credit card with a rental car discount: MBNA Rewards World Elite Mastercard
×7 Award winner GC: $40
7x Award winner Part of why its named the best cash back card in Canada is that the MBNA Rewards World Elite Mastercard earns flexible MBNA rewards. This program's redemption options include travel, statement credits, gift cards, and charitable donations – the surprising part is that travel redemptions are essential worth the same as gift cards. This is both impressive and refreshing.
It also comes with a long list of World Mastercard perks, like a Dragonpass lounge membership, exclusive event invites, and much more – and, of course, a minimum of 10% off rentals at Avis and/or Budget.
Pros:
- Minimum 10% discount on car rentals
- 2.86% average earn rate
- 12 types of insurance
- Annual birthday bonus points
- Multiple high-value points redemption options
- Exclusive World Mastercard benefits
Cons:
- $120 annual fee
- High income requirements
Other ways to save money on your next car rental
Other ways to get discount car rentals and/or lower your costs even further include booking your car as far in advance as you can, avoiding airport pickups, and shopping around for the best price.
Here's a comprehensive list of money saving tips for car rentals:
- Shop around: Compare booking directly through a provider with third-party discount sites like Expedia or Hotwire – the best deal is sometimes where you least expect it.
- Book a refundable rate in advance: Book as far ahead as possible, then set a reminder to check at least 1 – 2 times weekly to see if the rate's gone down. (If so, cancel and rebook the reservation.)
- Sign up for newsletters: These can be newsletters directly from car rental companies and/or third-party booking or coupon sites – they might offer subscriber-exclusive discounts.
- Avoid the airport: Unfortunately, car rentals are often more expensive at airports than at other locations, even after you factor in the cost of getting there.
- Choose only one driver: Adding more drivers can quickly increase your total cost.
FAQ
Do credit cards offer rental car discounts?
Yes, credit cards from banks like BMO, Scotiabank, MBNA, TD, and CIBC offer valuable rental card discounts with various agencies. Multiple cards from these banks offer rental car discounts, various types of insurance coverage, welcome bonuses, cash-back benefits, and much more.
Which credit card is best to use when renting a car?
The BMO CashBack World Elite Mastercard is the best credit card that offers discount car rentals, providing users with up to 20% off at National and/or Alamo, or 5% at Enterprise rental agencies. To help even furtner, cardholders enjoy free roadside assistance and have 3 types of rental car insurance to cover those rental road trips.
Do Costco members get discounts on car rentals?
Yes, Costco members are eligible for discounts on car rentals. Costco Travel partners with various car rental agencies and waives one additional driver fee and cancellation fees. Those with Executive memberships also earn 2% back in cash back rewards, as they do when shopping at Costco warehouses.
Do rental car companies offer discounts?
Yes, most rental car companies offer occasional discounts as well as other types of money saving promotions. You can check for these promos directly on the rental company websites and compare them with discounts offered on third-party sites, like Expedia, to get the best deal.
What are the best gas credit cards in Canada?
The CIBC Dividend Visa Infinite Card is the best gas credit card in Canada, earning users up to 4% back at the pumps along with a 10-cent per litre discount with a linked Journie Rewards account. The More Rewards RBC Visa Infinite and American Express Cobalt Card are two other top Canadian gas cards.
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