If you’ve fuelled up lately, you know that gas prices are still very expensive. That said, finding the right credit card can help you earn rewards and even discounts at the pumps. Thankfully, this Forbes Advisor list compares the best gas credit cards in Canada to help you turn this routine expense into cash back or rewards.
When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With gas cards, the scoring model used takes into account factors such as, but not limited to, the gas earn rate, fee, welcome bonus and other rewards and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.
The BMO eclipse Visa Infinite Card offers the highest points conversion on four major spending categories.
Rewards: Every dollar spent earns 5 points on gas, groceries, dining and transit and 1 point on everything else.
Welcome Offer: 60,000 BMO Rewards Points during the first year. (30,000 points for spending $3,000 in the first 90 days and 2,500 points for each statement with $2,000 in purchases for 12 months) Conditions apply. Card must be approved by May 31, 2024.
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: Most rewards cards only offer high returns on one or two categories. This card covers four bonus categories and a 10% increase in earn rates for adding more users.
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The CIBC Aeroplan Visa Infinite card is best suited for travellers who frequently fly with Air Canada.
Rewards: Every dollar in card charges earns 1.5 points on gas, groceries and Air Canada purchases and 1 point per dollar on all other purchases.
Welcome Offer: 50,000 Aeroplan Points in the first four months.
Annual Fee: $139 (waived in the first year)
Other Benefits and Drawbacks: The extra travel perks and fuel savings really stretch the value of this card. Insurance coverage even applies to flights booked with Aeroplan points.
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The CIBC Dividend Visa Infinite Card offers an easy way to earn cash back on common living expenses.
Rewards: 4% cash back on gas and groceries, 2% on transportation, dining and recurring bills and 1% on every other purchase.
Welcome Offer: None
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: This gas card stacks cash back and fuel savings in the same bonus category. Larger households may find the $80,000 spending cap on higher earn rates somewhat limiting.
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The CIBC Aventura Visa Infinite Privilege Card is designed for frequent flyers who can maximize travel rewards.
Rewards: Every dollar spent will earn 3 points on travel purchases from the CIBC Rewards Centre, 2 points on dining, entertainment, gas, groceries and transportation and 1.25 points on all other purchases.
Welcome Offer: 80,000 Aeroplan Points in the first year.
Annual Fee: $499
Other Benefits and Drawbacks: Cardholders must earn at least $150,000 annually to qualify for this card. However, the steep annual fee pays for all the premium travel bells and whistles.
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The TD Cash Back Visa Infinite Card is ideal for customers using cash-back rewards to pay down credit card balances.
Rewards: Earn 3% cash back on groceries and gas, as well as on recurring bill payments. Dining, entertainment, travel and online purchases all earn just 1% cash back.
Welcome Offer: Earn up to $500 in value†, including 10% in Cash Back Dollars in the first three months on Bonus Eligible Purchases up to a total spend of $3,500†. Conditions apply. Account must be approved by June 3, 2024. Not available for residents of Quebec.
Annual Fee: $139 (rebated in the first year, account must approved by June 3, 2024)
Other Benefits and Drawbacks: Returns on gas, groceries and bills are decent for a basic cash back card. Consider another card if you spend over $15,000 annually in these categories.
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The BMO eclipse Visa Infinite Privilege Card is a good fit for high-income earners who frequently travel throughout the year.
Rewards: Every dollar spent accumulates 5 points on groceries, gas, dining, travel and drugstore purchases and 1 point on everything else.
Welcome Offer: 90,000 BMO Rewards Points in the first year.
Annual Fee: $499
Other Benefits and Drawbacks: Travellers will benefit from priority airport services and complimentary lounge access. Points drop in value if they aren’t redeemed for travel.
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The CIBC Costco Mastercard can be useful for Costco members who regularly purchase gas and online orders from
Costco.
Rewards: 3% cash back at restaurants and Costco gas stations, 2% at other gas stations and Costco.ca and 1% on all other purchases.
Welcome Offer: $30 statement credit upon approval.
Annual Fee: $0
Other Benefits and Drawbacks: This card extends the value of Costco memberships with cash-back rewards. However, the cash-back returns quickly fall to 1% because the spending caps are so low.
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The SimplyCash Preferred from American Express has a simple rewards structure that earns at least 2% on every purchase.
Rewards: 4% cash back on gas and groceries and 2% on all other purchases.
Welcome Offer: $40 statement credit for ten months.
Annual Fee: $119.88 ($9.99 Monthly)
Other Benefits and Drawbacks: Finding a base rate above 1% is rare, especially with no cash-back limits. The annual fee is standard, but it’s broken into easy monthly payments of $9.99.
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The BMO CashBack World Elite Mastercard offers excellent value for customers with lower monthly expenses.
Rewards: 5% cash back on groceries, 4% on transit, 3% on gas, 2% on recurring bills and 1% on all other purchases.
Welcome Offer: 10% cash back in the first three months.
Annual Fee: $120 (waived in the first year)
Other Benefits and Drawbacks: The spending caps are low for a premium cash back card. Although, there is a lot of value in free roadside assistance for auto issues that usually cost an arm and a leg.
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The CIBC Dividend Platinum Visa Card is worth considering for cash-back rewards if your annual income is lower than what most cards require.
Rewards: 3% cash back on gas and groceries, 2% on dining, transportation and monthly bills and 1% on every other purchase.
Welcome Offer: 10% cash back for the first four months.
Annual Fee: $99 (waived in the first year)
Other Benefits and Drawbacks: This card only requires a minimum annual income of $15,000. Cash-back rewards can be redeemed at any time instead of waiting for an annual statement credit.
Credit card data research and analysis by Debra Toews, Jack Choros and Tia Duncombe.
A gas credit card offers its cardholders rewards, benefits, discounts or other perks related to the purchase of gasoline using the card. Though gas credit cards may be co-branded with gas station or fuel provider brands and offer specific rewards connected to those brands’ loyalty programs, gas credit cards may also include non-co-branded cards with high-yield rewards for purchases made on gas. In other words, a gas credit card may refer to cards not associated with a fuel brand.
Gas credit cards are different from fleet cards, which may act similarly to business credit cards for gas but are unlikely to offer the extra benefits fleet cards do, such as wholesale pricing and fleet-management or tracking tools.
Gas credit cards work the same way any other credit card may work at the pump: You simply swipe, insert or tap your card, enter your card number (this includes gas stations that collect Aeroplan points or Air Miles) wait for authorization and pump your gas. The other terms associated with the account are typically the same as any other card: You’ll need to pay your bill on time before the due date. We recommend always paying in full to avoid interest charges.
Gas credit cards typically offer users either rewards or savings on gas generally or rewards on gas purchased from a specific station chain or brand. Some cards offer rewards as part of a rewards program, where a redemption of some sort is required or made automatically each month or year. You may also receive points or miles for your gas purchases that can be redeemed at any time. Other gas credit cards may simply discount the purchase of gas at the pump or show rebates on the card account’s statement.
Related: Find the Best Credit Card in Canada
There are two types of gas credit cards: Those that only work for a specific chain of gas stations and those that are on a major payment network (Visa, Mastercard and American Express) and provide rewards for gas purchases regardless of the specific gas station.
Gas station credit cards are only accepted at the stations affiliated with the company co-branding the card. They may also provide rewards or discounts on your gas or convenience store purchases. Credit cards on a payment network are accepted virtually anywhere and offer rewards on bonus categories, including gas.
General-Purpose gas credit cards are those that offer cash back, points or miles on gas purchases, but are unaffiliated with any particular gas station brand, which is why they are called general-purpose in the first place. Their advantage is you can earn rewards wherever you purchase gas and don’t have to get gas at a specifically branded gas station. For example, the BMO eclipse Visa Infinite Card offers 5 points per dollar on fuel purchases, up to $50,000 annually. The CIBC Aeroplan Visa Infinite Card offers 1.5 Aeroplan points per dollar spent on gas. These points can be redeemed for flights on Air Canada as well as merchandise and experiences.
Loyalty gas credit cards earn points, rewards, miles or cash back when you buy gas from a particular gas station brand. For example, the CIBC Costco Mastercard gives you 3% cash back at Costco gas stations and only 2% cash back at all other gas stations (both up to a $5,000 limit). Another example is the CIBC Dividend Platinum Visa Card, which gives you up to $0.10 off per litre at specific gas stations like Ultramar, Pioneer, Fas Gas and Chevron when you link the credit card with a Journie Rewards Card.
While gas credit cards certainly offer benefits, they often come with a cost.
With so many choices, finding the best combo of credit cards for your needs can be overwhelming. Before applying, consider your options. Here are some questions to ask:
Finding the best gas credit card for your individual needs is step one, but once you’ve figured out which card you want, you’ll need to collect your personal (or business) credit and financial information and either proceed to the issuer’s website to apply for the card or give the customer service center a call. Some issuers may offer pre-approval tools to help you determine if you’re likely to qualify, but remember a pre-approval is not a guarantee of approval.
Once you submit an application, you can expect a hard credit inquiry, which may take a few points off your credit score. Be sure to narrow down your options before sending out applications, as too many applications within a short period of time may reduce your chances for approval. For more about applying for a credit card, check out our comprehensive guide.
Gas credit cards can offer better returns and benefits on fuel costs. The best gas cards earn cash back or rewards points every time you fill up. Some cards offer additional fuel savings of up to $0.10 per litre.
The best credit card for gas depends on your spending habits and financial goals. The BMO eclipse Visa Infinite and CIBC Aeroplan Visa Infinite are both solid rewards cards. If you prefer cash back over points, consider the CIBC Dividend Visa Infinite or TD Cash Back Visa Infinite.
Most gas credit cards have an online application form. Consider the eligibility requirements, annual fees and overall rewards value before applying. Lastly, keep an eye out for high interest rates and hidden fees.
The card that earns the most points for gas on this list is the CIBC Aventura Visa Infinite Privilege Card. We estimate this card earns 6,720 points on gas per year, based on an average annual gas spend of $3,360. That’s roughly $134.40 worth of points on gas spending alone.
Any of the cards on this list will earn cash back or points on gas spending. The BMO eclipse Visa Infinite Card takes our top spot, but the best card for you may depend on what other features you need in a credit card.
The CIBC Dividend Visa Infinite Card and the SimplyCash Preferred from American Express both earn 4% cash back on gas.
The no-annual-fee CIBC Dividend Visa Card and the CIBC Dividend Visa for Students Card offers 1% cash back on gas purchases, while the MBNA Smart Cash Platinum Plus Mastercard offers 5% cash back on gas for the first six month, and 2% cash back after that (both offers with a $500 grocery and gas monthly spend cap. The HSBC Cash Rewards Mastercard currently offers 1% cash back on gas, as does the Meridian Visa Cash Back card.
In addition to offering roadside assistance, the TD Cash Back Visa Infinite* Card and BMO CashBack World Elite Mastercard both offer 3% cash back on gas.
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