Best Credit Cards for Gas in Canada
What You Should Know
- Credit cards offer up to 4% back in cash or rewards on your everyday gas purchases.
- Gas purchases can earn you rewards in the form of rewards points, cashback, and discounts on each liter of gas.
- Some credit cards earn you extra points when you link your fuel rewards card.
- Most gas credit cards offer rewards for other categories like grocery or travel.
About Best Gas Credit Cards
An average Canadian spends about $2,000 on gas annually. Even though it is almost impossible to avoid this expense, you can save some money or get credit card rewards every time you fuel up. Some of the best credit cards in Canada offer cash-back rewards, savings per liter, or reward points on fuel purchases.
Some credit cards also offer extra points or benefits when you link the credit card with gas reward cards such as Petro-Points or Journie. Credit cards also offer redemption flexibility that allows you to use your credit card rewards points toward gas and other purchases. You can find some of the best credit cards for gas in Canada below.
Rewards for gas spending is important to look for when choosing a credit card, but you should also consider other perks and drawbacks. Many credit cards that offer high rewards for gas also have a high annual fee. You may find no-fee credit cards with gas discounts, but they usually focus on gas rewards only.
Best Credit Cards for Gas in Canada
The sorting algorithm of the credit cards below assumes that your annual spending for gas is $2,100.00.are also estimated based on your salary and CPI basket provided by the Statistics Canada.
$119.88
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Cash Back
- 4% Cashback for each $1 spent on: gas and grocery.
- 2% Cashback for each $1 spent on: everything else.
$99.00
Purchase: 19.50%
Cash: 21.99%
Household: $100,000
Individual: $60,000
580
or More
Cash Back
- 4% Cashback for each $1 spent on: gas and grocery.
- 2% Cashback for each $1 spent on: utility and drugstores.
- 1% Cashback for each $1 spent on: everything else.
$120.00
Purchase: 20.99%
Cash: 22.99%
Household: $100,000
Individual: $60,000
580
or More
Cash Back
- 4% Cashback for each $1 spent on: gas and grocery.
- 2% Cashback for each $1 spent on: transit, restaurants and recurring bills.
- 1% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 21.99%
Cash: 22.97%
Household: $100,000
Individual: $60,000
580
or More
Rewards: PC Points
1 PC Point ≈ ¢0.1
- 35 PC Points for each $1 spent on: drugstores.
- 30 PC Points for each $1 spent on: gas.
- 20 PC Points for each $1 spent on: grocery.
- 10 PC Points for each $1 spent on: everything else.
Types of Gas Credit Cards
Gas credit cards are usually split into two types: general gas credit cards and branded gas credit cards. Both types of credit cards offer rewards for gas purchases as well as other perks, but usually, a person with a car will require only one credit card, depending on their gas purchasing habits.
Gas Credit Card Types Comparison
| General Gas Credit Cards | Branded Gas Credit Cards |
|---|---|
| Usually Has a High Annual Fee | Usually Has No Annual Fee |
| Consistent Rewards for All Gas Stations | High Rewards for Select Gas Stations |
| Usually Has Other Rewards Categories | Main Focus on Gas Rewards |
Depending on whether you use a specific chain of gas stations or choose to fill up as you go, you may be better off with a certain card.
- General Gas Credit Cards: These credit cards have good rewards for gas purchases, but gas rewards are not their main goal. General-purpose gas credit cards usually have a bundle of rewards categories that may fit a particular lifestyle. For example, there are cash-back credit cards that offer cashback on gas as well as some other categories. A lot of credit cards for groceries also offer certain gas rewards as a bundle. These cards usually have a high annual fee, but the rewards and other perks usually outweigh the fee. Gas rewards on these credit cards usually apply to all gas stations.
- Branded Gas Credit Cards: These credit cards are offered by banks, but their rewards are tied to specific gas stations. You can see these credit cards being advertised at the gas pumps. Some store credit cards also offer great deals on gas. Branded Gas Credit Cards usually have low or no annual fees, but their rewards are low for categories that are not related to gas. This type of card can benefit loyal gas station customers who do not want to worry about the high costs of the card.
Credit Cards With Gas Discounts
CIBC Dividend Visa Infinite CT Triangle Mastercard CT Gas Advantage CT Triangle World Elite Mastercard RBC ION+ Visa up to 10¢/Lup to 10¢/Lup to 10¢/Lup to 7¢/Lup to 3¢/L
How to Choose the Best Gas Credit Card
Many credit cards offer rewards for gas, so you may need to choose one credit card out of many to use for gas. The following guide can help you decide which gas credit card may be best for you.
- Look for the Highest Rewards: Different credit cards have different rewards for gas. The credit cards with the highest rewards for gas purchases usually offer around 4% in dollar value on every gas purchase.
- Consider the Discounts on Gas: Some credit cards also offer a discount on certain gas stations. If you can save 10¢ on every liter of gas that costs $1.50, then you are saving almost 7%.
- Account for Annual Fee: The best credit cards for gas are usually expensive. An annual fee may easily outpace your rewards if you do not use your gas credit card enough. To better understand your net gain from the card, estimate how much dollar value you get in rewards and subtract the annual fee.
- Check for Other Rewards: Many gas credit cards have other reward categories such as groceries, travel, pharmaceuticals, etc. Even though a credit card may not offer the best rewards in the gas rewards category, it may make sense to get it if the combination of other reward categories makes sense.
Gas Credit Card Calculator
The following calculator allows you to estimate how much net gain you can get with your credit card based on the amount of gas you buy monthly. It is important to note that the result assumes no interest cost. If you hold a balance on your credit card, you should estimate your interest costs because they may cancel out gas rewards. If you are planning to hold a balance on the credit card, you should consider low-interest credit cards to avoid excessive interest charges.
Purchase Rate: 20.99%. Cash Rate: 21.99%.
Gas Rewards: AMEX points per $ spent.
| Annual Dollar Value of Your Gas Rewards: | $42.00 |
| Annual Dollar Value of Other Rewards: | $0.00 |
| Annual Fee: | $155.88 |
| Annual Net Dollar Loss: | $113.88 |
Note: 1 AMEX Point ≈ ¢1
How to Get a Gas Credit Card
Getting a gas credit card is relatively simple because it can easily be done online.
- Go to the website of the credit card provider and find the application for the credit card.
- Input the required information in the application. It is usually basic information such as your name, your date of birth, your address, your phone number, and your SIN (optional).
- Wait for the approval. Once you submit your application, the approval process will start. Nowadays, a lot of lenders offer instant approval credit cards that allow you to get a response within minutes.
- Receive the card on delivery. Once approved, your card will be on its way. It usually takes up to a week for your card to arrive, but some lenders provide you with a virtual credit card that can be loaded on your phone to start using it right away.
Bottom Line
It is impossible to control gas prices, but you can control the savings and discounts you get at your local gas station. If you are someone who spends a lot of time on the road, the best credit cards for gas in Canada can help you offset at least some of your monthly fuel expenses. If you are loyal to a particular gas station and already have a gas card, you can get a credit card that can maximize the benefits for you when you link the two.