It's hard not to cringe at the cost of gasoline these days. With inflation hitting Canadians hard, the price per liter at the pump broke the $2 barrier earlier this spring and continues to rise to the despair of our wallets.
While the economy doesn't look like it's going to let up anytime soon, some financial institutions are offering credit cards to make the trip to the pump a little easier. Here's our list of the best gas credit cards in Canada to save money.
BMO CashBack World Elite Mastercard
Annual fee: $120
Interest rate: 20.99% on purchases, 23.99% on advances (21.99% in Quebec)
Cash back on $100 spent on gas: $3
The BMO World Elite CashBack credit card offers a 3% discount rate on gas, but also on electric car recharges. You get this rate on the first $300 spent per billing cycle, after which you get 1% back. You also get 5% off groceries, 4% off transportation including carpooling, taxis, and public transit, 2% off recurring payments, and 1% off all other purchases making it one of the best gas credit card.
In addition, by signing up by December 6, 2022, you can earn up to 10% cash back on all eligible purchases for the first three months, up to $2,600 in purchases. The $120 annual fee is also waived the first year.
When can I use my cash back rewards?
Cash back can be redeemed as soon as you earn $1 and can not only be used to reduce your credit card balance, but can also be deposited into your chequing, savings or Investorline account. The BMO World Elite CashBack card comes with a host of other benefits, including access to airport lounges and Wi-Fi points around the world, free roadside assistance, and travel health insurance.
Of course, all of these benefits come with certain requirements, and this card is only available to those with a minimum personal annual income of $80,000 or a household income of $150,000 per year.
TD Cash Back Visa Infinite*
Annual fee: $120
Interest rate: 20.99%
Cash advance rate: 22.99% (20.99% in Quebec)
†Conditions apply.
Cash back per $100 spent on gas: $3
The TD CashBack Visa Infinite* Credit Card offers 3% cash back on gas and gas station purchases. This rate also applies to grocery store purchases and recurring bills. All other purchases receive 1% cash back. The TD CashBack Visa Infinite* Card also comes with a particularly generous Welcome Offer.
By September 5, 2022, when you open an account, you'll get 10% back on all purchases for the first three months, up to $2,000 spent. And even after you exceed that limit, you'll still get 6% back on gas, groceries and recurring bills up to a limit of $3,500 in the first three months making it one of the best gas credit cards!
Plus, the annual fee is waived for the first year. †Conditions apply. See TD's website for full terms and conditions.
What are the other benefits of this card?
Other benefits with the TD Cash Back Visa Infinite* Credit Card include Visa Infinite Concierge Service, exclusive benefits of the Visa Infinite Luxury Hotel Collection, or complimentary membership in the TD Luxury Auto Club, which offers day and night roadside assistance.
You're also entitled to $2,000,000 in travel medical insurance for 10 days and baggage insurance. And if you're planning to hit the road this summer, you can get up to 10% off car rentals at Avis and Budget.
To qualify for this card, you must have a personal income of at least $60,000 per year or a household income of at least $100,000 per year.
National Bank ECHO Cashback Mastercard
Annual fee: $30
Interest rate: 20.99% on purchases and 22.49% on cash advances and balance transfers
Rebates per $100 spent on gas: $1.50
The National Bank ECHO Cashback Mastercard is an affordable card for those who want to save money on gas. It requires no minimum income and only charges a $30 annual fee. You'll earn 1.5% cash back on gas, groceries and online purchases up to $25,000 spent. After that, the rebate rate drops to 1%, which is the rate for all other purchase categories. Cashback is applied to your credit card balance and can be applied as soon as you earn $10 in cash back.
Scotiabank Platinum American Express
Annual fee: $399
Interest rate: 19.99% on purchases, 22.99% on cash advances
Rebates per $100 spent on gas: $4.40
The Scotiabank American Express Platinum card is the most expensive on our list, but the savings you could get on gas might justify the $399 annual fee. It offers four Scene+ points for every dollar spent at gas stations, as well as grocery stores, restaurants, and select entertainment venues, up to $100,000 in purchases per year.
Thereafter, for all other purchases, you will earn one Scene+ point per dollar. You can redeem your Scene+ points for movies, dining out, travel, gift items and balance credits. On average, one Scene+ point is worth 1.1 cents, so you'll earn about $4.40 for every $100 you spend on gas. By signing up by July 4, 2022, you'll receive 30,000 bonus Scene+ points.
In addition to the benefits of the Scene+ program, you'll also receive offers from American Express. These include access to concierge services, airport lounges, exclusive experiences and comprehensive travel insurance.
Please note, as of July 1, 2022, Scotiabank will be making changes to the rates, fees, rewards, and perks of this card.
CIBC Dividend Platinum Visa
Annual fee: $99, waived the first year
Interest rate: 20.99% for purchases, 22.99% for cash advances (21.99% in Quebec)
Rebates for every $100 spent on gas: $3
The CIBC Dividend Platinum Visa Credit Card offers a 3% cash back rate on gas station purchases up to $20,000 per year. This rate is also applied to grocery store purchases. You also earn 2% on transportation-related fees, restaurant purchases, and recurring payments as well as 1% on everything else.
You can also save even more on gas by linking your card to the Journie Rewards program, which will give you up to 10¢ off at Pioneer, Fas Gas, Ultramar and Chevron gas stations. This card is relatively affordable, as the minimum annual income requirement is $15,000 per household.
CIBC Costco Mastercard
Annual fee: None
Interest rate: 19.75% on purchases, 21.49% on cash advances
Rebates per $100 spent on gas: $3
If you live near a Costco, the CIBC Costco Mastercard is definitely an option to consider. Not only is gas at Costco stations generally a little cheaper than elsewhere, with this card you get 3% cash back on your gas, up to $5,000 ranking it up in this list of the best gas credit cards you can have.
And even if you fill up somewhere other than Costco, you can still get 2% back. For other categories of purchases, you get 3% back at restaurants, 2% back at Costco.ca, and 1% back on all other purchases including at Costco. Plus, if you sign up by August 31, 2022, you'll get a $20 statement credit, so you can save even more money!
Canadian Tire Gas Advantage Mastercard
Annual fee: None
Interest rate: 19.99% on purchases, 22.99% on cash advances (21.99% in Quebec)
Rebates per $100 spent on gas: $2.09*
Unlike the other best gas credit cards on this list, the Canadian Tire Gas Advantage Mastercard saves you money right at the pump. When you use your card at a Canadian Tire gas bar, you get a discount between 2¢ to 10¢ per liter.
The discount is calculated based on the total amount of your purchases on your previous month's statement: for example, if you spend $2,000 or more, you'll get 10¢ off. You can take advantage of this rebate up to a maximum of $500 per month, after which you will be entitled to 2¢ per liter until the following month.
By our calculations, if you buy 250 liters of gasoline per month from Canadian Tire at a price of $2.24 per liter, you would receive a discount of approximately $2.09 per $100 of gasoline.
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About The Author: Louis Angot
Louis Angot is a French writer at Hardbacon where he is in charge of informing readers of the best practices in personal finance. After graduating from Concordia University with a degree in journalism and art history, he studied fashion marketing and journalism in Paris for two years. An ardent writer, he has written for several media, including Carenews, a company specialized in social and solidarity economy.
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