Best Gas Credit Cards In Canada For December 2024

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.

BMO eclipse Visa Infinite* Card

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: Earn up to 60,000 points. Earn 30,000 bonus points after spending $3,000 within the first three months, then earn an additional 2,500 bonus points for each subsequent 30 day period in which $2,000 is spent.

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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CIBC Aeroplan® Visa Infinite* Card

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: Up to 40,000 Aeroplan Points. Earn 10,000 Aeroplan points after making the first purchase, 10,000 Aeroplan points after spending $5,000 or more during the first 4 monthly statement periods and 20,000 Aeroplan points as an additional anniversary bonus when you have at least $10,000 in net purchases posted to the account during the first 12 monthly statement periods.

Annual Fee: $139 (rebated 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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CIBC Dividend® Visa Infinite* Card

The CIBC Dividend® Visa Infinite* Card offers an easy way to earn cash back on common living expenses.

Rewards: Earn 4% cash back on gas, EV charging, and groceries, 2% on dining, transportation and recurring bills and 1% on all other purchases.

Welcome Offer: Earn a 10% cash back welcome bonus of up to $300 for the first 4 statements.†
This offer does not apply to residents of Quebec. †Terms and conditions apply.

Annual Fee: $120 (rebated in the first year)†. (Purchase Interest Rate†:20.99%; Cash Interest Rate†:22.99%)

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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CIBC Aventura® Visa Infinite Privilege* Card

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: Up to 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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TD Cash Back Visa Infinite* Card

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 3 months on Bonus Eligible Purchases up to a total spend of $3,500†.
Conditions apply. Account must be approved by January 6, 2025. Not available for residents of Quebec.

Annual Fee: $139 (Get a first-year annual fee rebate; account must be approved by January 6, 2025)

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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BMO eclipse Visa Infinite Privilege* Card

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: Earn up to 120,000 points. Earn 50,000 points after spending $6,000 within the first 3 months, 30,000 points after spending $30,000 within the first 6 months, and 40,000 points after spending $75,000 within the first 12 months of opening the account.

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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CIBC Costco Mastercard

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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SimplyCash® Preferred Card from American Express

The SimplyCash® Preferred Card from American Express has a simple rewards structure that earns at least 2% on every purchase.

Rewards: Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.

Welcome Offer: Earn a bonus 10% cash back on all purchases for the first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit after making a purchase in month 13. This could add up to $250 in bonus value in the first 13 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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BMO CashBack® World Elite®* Mastercard®*

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: Earn up to 10% cash back for the first three months on qualified purchases (up to $2,600).

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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CIBC Dividend Platinum Visa Card

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.

The information for the CIBC Aeroplan® Visa Infinite* Card has been collected independently by Forbes Advisor. The card details on this page have not been reviewed or provided by the card issuer.

The information for the CIBC Aventura Visa Infinite Privilege Card has been collected independently by Forbes Advisor. The card details on this page have not been reviewed or provided by the card issuer.

The information for the CIBC Costco Mastercard has been collected independently by Forbes Advisor. The card details on this page have not been reviewed or provided by the card issuer.

The information for the CIBC Dividend Platinum Visa Card has been collected independently by Forbes Advisor. The card details on this page have not been reviewed or provided by the card issuer.

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.

Related: How The Right Credit Card And Loyalty Card Can Save You Big On Gas

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

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

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.

Pros

• Discounts on purchases: Besides earning rewards on gas purchases, such as cash back, some of these cards offer discounts on gas purchases at participating stations. Several also offer sizable car rental discounts.
• Rewards programs: The most obvious benefit of credit cards for gas are the rewards and discounts offered to cardholders for charging gas purchases to the card. Whether in the form of reward points or discounts on fuel, these rewards often stack up over time and can earn consumers major savings at the pump.
• Welcome bonuses: Several credit cards for gas on our list offer enticing sign-up bonuses, such as points or statement credits.
• Protection from fraud: With $0 fraud protection benefits offered by most gas credit cards and federal laws restricting the amount of fraud a cardholder may be liable for, a credit card can keep your finances safe if you are the victim of a skimming device or other fraud at the pump.

Cons

• Higher interest rates: High-reward gas credit cards often come with high interest rates. For those at risk of carrying a balance—something we never recommend anyone do if it can be avoided—a higher purchase APR can easily wipe out any rewards earned using the card and cost account holders dearly.
• Earning caps: With many gas stations or brand-specific reward and loyalty programs, reward redemptions are often extremely limited or come with earning caps. Not all gas credit cards are created equal, and most of the time we expect you’ll find a general-purpose gas credit card will be more rewarding because it will provide you more options when it comes to redemption.
• Consumer cards offer limited discounts: Those using a credit card to purchase fuel often for business—especially those operating a business primarily involving transportation—may gain more from fleet cards. Fleet cards’ deep discounts on fuel can often well-outpace rewards on gas offered by consumer and business gas credit cards.

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:

• Are you trying to maximize earnings or redeem rewards? Some cards offer generous sign-up bonuses but are not the best for actual category bonuses.
• Will your benefits offset the annual fees? Annual fees eat into your rewards. Think about your annual spending to make sure you will earn enough rewards or cash back to offset the fee. If you won’t, it makes more sense to get a card with a lower or no annual fee.
• Will you use the card’s benefits? Some cards come with benefits such as an annual travel credit or airport lounge membership. Before applying for a new card, think about your actual usage patterns. Does this benefit actually have value to you?
• Is it easy to use the rewards? Some cards have sign-up bonuses or great earnings rates, but when it comes to redeeming the points, they fall flat. If you don’t have the time to research individual programs, you might prefer a cash-back or flexible rewards card.
• Do you have a preferred gas retailer? If your credit card offers a blanket reward for gas purchases, the gas stations you frequent may not be that important. But if you want to maximize your credit card benefits, you’ll want to ensure the participating gas retailers are accessible to you. For example, the CIBC Dividend Visa Infinite Card offers a savings of 10 cents per litre on gas with Journie Rewards that is affiliated with Pioneer, Fas Gas, Ultramar and Chevron stations, while the CIBC Costco Mastercard offers 3% cash back at Costco gas stations and 2% everywhere else.

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.

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