Top 6 Best Gas Credit Cards In Canada 2023: Reviews & Rankings
Reviewed by Kristina Knight, Journalist , BA
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When it comes to finding the best travel card in Canada, it is important to consider factors such as the rewards rate, sign-up bonuses, annual fees, and any additional perks or benefits. Using the appropriate credit card when you fill up can earn you a return and several rewards on your fuel expenses. Here are some of the top gas credit cards in Canada and a review of their features:
Top 6 Best Gas Credit Cards In Canada 2023
- American Express Cobalt Credit Card: Best overall
- RBC Avion Visa Infinite Card: Most affordable
- Scotiabank Gold American Express Card: Best for gas and travel
- Tangerine Money-Back Credit Card: Best no-fee cash back credit card for gas
- BMO eclipse Visa Infinite Card: Best for original perks and rewards
- TD Cash Back Visa Infinite Card: Best for roadside assistance
Benefits Of Having A Gas Credit Card
If you’re a frequent driver in Canada, a travel card can be a convenient and rewarding way to pay for fuel. Before going any further, we need to mention that these cards generally have higher interest rates than other types of credit cards, so it’s important to pay your credit card balance in full each month to avoid paying interest charges. With careful planning and use, they can be a valuable tool for managing your fuel expenses and earning rewards on the road. Here are some of the top benefits of having a travel card in Canada:
- Convenience: The cards allow you to pay for gas directly at the pump, rather than having to go inside to pay. This can save time and hassle, especially when you’re in a hurry or don’t want to leave your car.
- Rewards and discounts: Many gas credit cards offer rewards or points for every dollar you spend on gas starting at account opening. You can redeem these rewards for discounts at eligible gas stations, eligible grocery purchases, as a statement credit, or for travel and gift cards. Some also offer discounts that can range from a few cents per liter to several dollars off each fill-up.
- Credit building: Using a travel card responsibly can help you build credit by demonstrating that you can make regular payments on time. This can be especially beneficial for young adults or those who are new to credit.
- Security: The cards often offer purchase protection, fraud protection and other security features to protect you from unauthorized charges. Purchase assurance gives you peace of mind when paying for gas, especially if you’re using your card at unfamiliar or busy stations.
- Budgeting: They can help you track your gas spending and budget more effectively. Many credit card companies offer online tools or apps that allow you to view your gas spending, credit card balance, and set alerts to help you stay on track.
- Road trips: These cards can be especially useful for road trips, as they allow you to pay for gas easily and earn rewards on long-distance travel.
- Additional perks: Some gas credit cards offer discounts on fuel purchases, which can add up to significant savings over time. Some also offer additional perks such as discounts on car rentals, roadside assistance, and other travel-related services.
Drawbacks Of Getting A Gas Credit Card You Should Consider
While gas credit cards can offer convenience and rewards to drivers in Canada, they also come with some potential drawbacks that you should consider before applying. Here are some of the main drawbacks of having a travel credit card in Canada:
- Higher interest rates: These cards generally have higher interest rates than other types of credit cards. This means that if you carry a balance from month to month, you’ll pay more interest charges. To avoid paying interest, ensure you pay your balance in full each month.
- Limited spending: They are designed specifically for gas station purchases, so you may not be able to use them for other purchases. This can be inconvenient if you need to make a non-fuel purchase and don’t have another form of payment available.
- Station restrictions: Some of these cards are only accepted at certain stations, which can limit your options when filling up. For example, a Chevron card may only be eligible when used at Chevron gas stations. Always check the participating station list before applying for a travel card to make sure it aligns with your driving habits.
- Fees: Some good credit cards for gas purchases charge an annual fee to use the card. This fee can range from a few dollars to several hundred dollars, depending on the card. If you don’t plan to use the card frequently, or if the rewards and discounts offered don’t outweigh the annual fee, it may not be worth the hassle to get one.
- Complex rewards programs: Some of these cards have complex rewards programs that can be difficult to understand or use. Be sure to read the fine print and understand the terms and conditions of any rewards program before applying for one.
- Fraud risk: As with any credit card, there is a risk of fraud when using a travel card. Protect your card information and watch for unauthorized charges to minimize this risk.
Top 6 Best Gas Credit Cards In Canada June 2023
American Express Cobalt card
The American Express Cobalt® Card is a great option for those seeking for a flexible rewards credit card for everyday expenses including grocery store purchases, food & drink, transportation, and travel. Points using this card are convenient to utilize as statement credits for regular or travel-related expenditures. Additionally, this card offers top-notch insurance protection against rental vehicle theft and damage, lost or stolen baggage, flight delays, travel accidents up to $250,000, hotel or motel burglaries, mobile device theft, and purchase security and protection insurance.
- High rewards on gas purchases
- Sign-up bonus of 30,000 points
- Insurance coverage
- Annual fee
- Higher minimum personal income requirement
The American Express Cobalt Credit Card is a good choice for those who dine out frequently and want to earn rewards on their dining and transit purchases. Apart from getting high rewards on gas purchases, you also get to pay no foreign transaction fees on foreign currency purchases made. However, it may not be the best choice for those who do not dine out, travel often, or want to pay an annual fee.
RBC Avion Visa Infinite Card
The RBC Cash Back Mastercard is a straightforward travel card that offers 1.5% cash back on all purchases, including gas. It has no annual fee and a sign-up bonus of up to $100 in cash back on gas. This card also comes with additional benefits such as extended warranty protection, cash advances, and purchase protection.
- High rewards rate on travel purchases
- Flexible redemption options
- Insurance coverage
- Extended warranty
- Annual fee of $120
- Limited rewards on non-travel purchases
The RBC Avion Visa is a good choice for those who travel frequently and want to earn credit card rewards on their travel purchases. However, it may not be the best choice for those who do not travel often or don’t want to pay an annual fee.
Scotiabank Gold American Express Card
The Scotiabank Gold credit card is part of the Scotia rewards program, which enables users to exchange their points for products, gift cards, travel rewards, and even credit that may be applied to their card balance. For qualified expenditures including gas, public transportation, and streaming services, cardholders receive 3 Scotia rewards points for every $1 spent, and 5 points for every $1 spent on restaurant purchases, grocery purchases, dining out, and entertainment. Earn even more by using the gas points program of your choosing twice.
- Up to 6 points per dollar on everyday purchases
- Impressive welcome bonus
- Comprehensive travel insurance
- Points are not as flexible as cashback
- $120 annual fee
The Scotiabank Gold Card is the best option if you use your credit card for the majority of your purchases including recurring bills, pay off your amount in full each month, and often use it to make travel reservations. If you travel a lot, it can also be the best card for you. Additionally beneficial are the extensive travel insurance package and 0% foreign transaction cost.
Tangerine Money-Back Credit Card
A lot of Canadians find the Tangerine Money-Back Mastercard to be quite appealing because it is a no annual fee credit card and delivers only direct cash returns. Credit card users receive 2% cash back on a limitless number of transactions in two categories of their choosing, such as petrol, grocery, dining, and retail outlets. You can choose to get 2% cash back in a third category by choosing to have your money deposited automatically into a Tangerine savings account. Additionally, during a promotional period of six months, you can transfer balances from cards with higher interest rates at a low rate of 1.95%.
- No annual fees
- Unlimited cashback paid out monthly
- Special welcome offer
- Select the spending categories where you want to earn more
- Limited extra perks beyond cashback
- Relatively lower cashback rates
Among credit cards with no annual charge, the Tangerine Money-Back Credit Card is by far the most flexible. Although you may select the categories with the highest earnings to fit your lifestyle and receive cash back on all transactions, the earn rates still fall short of those offered by the best cash-back cards, which often have annual fees in the $100+ level. If you make a high annual income, then it might be worth it to go for a credit card with higher cash-back rewards and other perks.
BMO Eclipse Visa Infinite Card
The BMO eclipse Visa is an appealing option for Canadians due to the automatic $50 lifestyle credit and the four accelerated categories it offers. This card is best suited for people who value convenience in the redemption process and want to get the most out of their money spent on things like groceries, transportation, and restaurants to earn rewards they can put to good use.
- Generous welcome bonus
- 4 accelerated earn categories
- Easy redemption of cash back
- Insurance and other Visa infinite perks
- $50,000 annual limit for earnings
- High minimum personal income requirements
The BMO eclipse Visa is a premium rewards card with original perks and accelerated earn categories; it is similar to the BMO Cashback World Elite Mastercard. You can earn up to 70,000 BMO Rewards points and the first year’s $120 annual fee is waived. Also, you get 40,000 points after spending $3,000 in the first three months.
Additionally, you will receive a $50 yearly lifestyle credit that you may use as you choose. The BMO eclipse Visa offers 5 BMO Rewards points per 1 spent on meals and groceries delivery, Gas, and Transit. Also, you can earn one BMO Rewards point for each dollar spent on all other purchases. In addition, primary and additional cardholders can earn 10% extra points for being authorized users.
TD Cash Back Visa Infinite Card
Generally, with a credit card, you should try to get more than you give. The yearly fee for the TD Cash Back Visa Infinite is $139. This means you would need to spend at least $4,633 on food or gas in a year to cover your expenditures. That is around $386 each month. Any additional money you spend on groceries or petrol will result in money back that you can keep. Hence, you need to weigh your options well to see if getting the TD Visa is worth it.
- Accelerated earn rates on eligible purchases, pre authorized payments and recurring bill payments
- Roadside assistance
- Travel and vehicle insurance coverage
- Concierge support
- Annual fee of $139
- $15,000 cap on the accelerated earn rate of 3% cash back
A reliable cash-back card, the TD Cash Back Visa Infinite offers 3% cash back on eligible gas, groceries, and recurring bill payments and 1% cash back on all other purchases. Even while the card’s gas return rate would be reason enough to include it on our list, roadside assistance is what sets it apart for drivers. Through a complimentary Deluxe membership with TD Auto Club, cardholders get free emergency road services. This plan comes with 24-hour emergency support calls, towing, lockout and winching services, transportation in the event of a traffic accident, food, lodging, and needs. These benefits readily offset the card’s yearly charge for regular travelers or commuters.
Final Thoughts
There are several excellent gas credit cards available in Canada that offer points per 1 spent rewards and benefits to help you save on fuel. When choosing credit cards for gas to suit your needs, it’s important to consider factors such as the rewards rate, sign-up bonuses, annual fees, and any additional perks or benefits. Some of the top gas credit cards have been reviewed in this article.
Each of these cards offers a competitive rewards rate on eligible gas purchases and comes with additional benefits. By carefully comparing the different options and choosing the card that best meets your needs and spending, you can save money on gas and maximize your rewards.
Frequently Asked Questions (FAQs)
A travel card is a credit card that is linked to a merchant, such as Petro-Canada or Shell, and only works at their gas station to accrue points or incentives when making gas, electric vehicle charging, and other purchases. Some credit cards are linked to points systems, such as Scotia Incentives, Air Miles, and PC Optimum, which let you accumulate points and redeem them for rewards other than petrol.
The best credit card for petrol relies on several variables, including your spending patterns, participation in reward programs, and the gas stations nearest to you. The CIBC Dividend Visa Infinite has one of the greatest earning rates if you desire cash back. Other cards, like the Scotiabank Gold American Express and TD Cash Back Visa Infinite, include benefits that are excellent for long-distance drivers and regular travelers.
The value of a travel card depends on your spending habits and financial situation. A travel card can be an excellent choice for people that frequently fill up their cars and want to earn rewards or discounts on their fuel and grocery stores purchases. However, it’s important to carefully compare the different options and consider any foreign transaction fees or restrictions that may apply.
Yes, using a travel card responsibly can help you build credit. Credit cards can be a useful tool for building credit because they allow you to demonstrate your ability to borrow money and make timely payments. When you use a credit card, the issuer reports your payment activity to the credit bureaus, which can have a positive impact on your credit score.
Your personal income will factor in to the amount of credit received from a lender. They will take into account how much you bring home, any other bills including rent or mortgages, and how you made regularly recurring bill payments in the past.
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- American Express Cobalt® Card | Amex CA. www.americanexpress.com. Accessed January 16, 2023. https://www.americanexpress.com/ca/en/credit-cards/cobalt-card/
- RBC Avion Visa Infinite. Rbcroyalbank.com. Published 2019. Accessed January 16, 2023. https://www.rbcroyalbank.com/credit-cards/travel/rbc-avion-visa-infinite.html
- Scotiabank Gold American Express Card | Scotiabank Canada. www.scotiabank.com. Accessed January 16, 2023. https://www.scotiabank.com/ca/en/personal/credit-cards/american-express/gold-card.html
- Credit Card | Tangerine. www.tangerine.ca. Accessed January 16, 2023. https://www.tangerine.ca/en/products/spending/creditcard/money-back/
- BMO eclipse Visa Infinite Card – Visa Rewards Card – BMO. www.bmo.com. Accessed January 16, 2023. https://www.bmo.com/main/personal/credit-cards/bmo-eclipse-visa-infinite/
- TD Cash Back Visa Infinite* Card | TD Canada Trust. www.td.com. Accessed January 16, 2023. https://www.td.com/ca/en/personal-banking/products/credit-cards/cash-back/cash-back-visa-infinite-card/