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Gas credit cards

Reap the rewards every time you fill up at the gas station.

Gas purchases can make up a massive part of your personal and business’ everyday expenses, so many of us are constantly on the lookout for discounts and ways to simplify how we manage these costs. If you find yourself constantly filling up your vehicle, perhaps it’s time to consider a gas card.

How do gas cards work?

There are usually two types of gas credit cards on the market in Canada:

  • Cards that provide you with perks like cash back when you fill up your tank at almost any gas station across the country.
  • Gas stations that have a partnership with a bank, meaning you can only reap rewards when you fill up your tank at that brand of stations (for example Petro-Canada only).

Gas cards work the same way as a regular credit card, where you swipe your card at the pump or inside the service station to pay for gas and/or other available products and services.

Comparison of gas credit cards for 2021

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
Tangerine World Mastercard
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until November 30, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
Neo Financial Credit Card
N/A
Average 4% cash back
19.99% - 24.99%
$0
Min. recommended credit score: 600
Earn an average cash back of 4% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 1% cash back on all spend at non-partners.
American Express Cobalt Card
50,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 50,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). Plus, earn a Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership.
Tangerine Money-Back Credit Card
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 680
Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until November 30, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
BMO eclipse Visa Infinite
40,000 points
Up to 5 points per $1 spent
20.99%
$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 760
Get up to 40,000 points and the $120 annual fee waived in the first year.
American Express Business Edge Card
57,000 points
Up to 3 points per $1 spent
19.99%
$99
Min. recommended credit score: 700
Earn up to 57,000 Membership Rewards points in your first year.
American Express AIR MILES Platinum Credit Card
2,000 Miles
Up to 1 Air Mile per $5 - $10 spent
20.99%
$120
Min. recommended credit score: 700
Earn a Welcome Bonus of 2,000 AIR MILES within the first three months. That’s enough to redeem for $200 towards your purchases with AIR MILES Cash.
BMO eclipse Visa Infinite Privilege
50,000 points
5 points per $1 spent
20.99%
$499
Min. recommended credit score: 760
Get up to 50,000 welcome points in your first year.
BMO Rewards Business Mastercard
50,000 points
Up to 3 points per $1 spent
14.99%
$0 annual fee for the first year ($120 thereafter)
Min. recommended credit score: 650
Get 50,000 points and the $120 annual fee waived in the first year.
BMO Cashback Business Mastercard
10% cash back
Up to 1.75% cash back
19.99%
$0
Min. recommended credit score: 650
Get 10% cash back on gas, office supplies, cell phone bills and internet bills for 3 months.
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Compare up to 4 providers

How to compare gas cards

Here are some of the factors to consider when comparing gas credit cards:

  • The brand. Where do you usually buy your gas? If you’re loyal to a specific brand, it’s wise to see if you can reap the rewards from that specific chain of stations. For example, RBC and Petro-Canada have a linking program, where you can receive more Petro Points and three cents off per litre once you link your credit card to your Petro Points card.
  • Single brand vs multi-brand. If you have no brand preference and would rather shop for the lowest-priced gas at any time, you’d likely fare better with a cashback card that gives you 1-5% cashback on any eligible gas purchase.
  • Rewards. Choose a loyalty program with attractive rewards that you’d actually use. For instance, if you collect Aeroplan Miles or Air Miles, you could shop around for a card that gives you more points per dollar spent when you purchase gas.
  • Fees. Different cards come with different fees. While it’s possible to find a no annual fee gas card, many of these cards charge an annual fee. If you end up paying an annual fee, make sure the benefits and rewards are worth it.
  • Interest rate. If you carry a balance from month-to-month, you’ll want to make sure that the interest rate on the card is competitive. Interest rates for these types of cards usually sit around 19.99%.

couple riding a top down car

Gas card rewards

Depending on the type of credit card you have and the provider you choose, you can usually receive some (or all) of the following rewards with a gas credit card:

  • Cashback on gas purchases. You can usually expect to receive 1-4% cashback, depending on the card. Many times, you will also receive cashback when you use the card at a gas station for other items, such as food and beverages.
  • Gas discounts. Some banks in Canada have partnered with gas stations to give customers a discount per litre. All you have to do is link your credit card with the points card offered by the gas station and you’ll receive a few cents off each litre.
  • Gas station points. If you receive points from your gas spending, they will likely need to be used at a specific brand of gas stations. You can usually redeem the points for gas, merchandise and other eligible items.
  • Points per dollar spent. Sometimes gas purchases can help you receive other types of points such as Aeroplan Miles or Air Miles.

Benefits and drawbacks of using a gas card

Benefits

  • Rewards. If you consistently use the same gas station chain, you can reap many benefits, including receiving points per dollar spent, cashback or a discount on gas.
  • Savings. The discounts you’ll receive on an everyday expense can amount to significant savings over time.
  • Control and budgeting. Gas cards can be very helpful for reducing costs and helping you stay within your budget.
  • Convenient. If you have a credit card that you can link to a gas station card, you don’t have to worry about doing anything else: You simply earn rewards from paying for gas as usual.

Drawbacks

  • Brand confinement. Getting a brand-specific card may limit you to only using that chain of gas stations, instead of shopping for the lowest-priced fuel.
  • Fees. The cost of your card should not outweigh its benefits and rewards.
  • Missing out on other rewards. Exclusively using a gas card for your vehicle expenses means sacrificing other reward points that you could be earning on a higher-earning rewards credit card. But if you spend big on gas, a card like this could be beneficial.

How to apply

Once you’ve compared different credit cards and decided on the one you’d like to apply for, click the “Go to site” in our comparison table above. You will be redirected to the application form, where you will need to provide your personal, financial and employment information. Before applying, make sure you are eligible for the credit card in question.

Eligibility criteria

While eligibility requirements can vary between lenders and credit cards, you will usually need to meet the following criteria:

  • Be at least 18 years of age, or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Meet any minimum income requirements
  • Meet any credit score requirements

Required documents

You will usually need the following documents on hand to apply for a credit card:

  • Your personal information, including proof of ID, full name, address, email and phone number
  • Your financial information, such as your current debts
  • Your employment and income information, such as pay stubs, tax returns and investment income

Gas cards can be an attractive option if you spend a lot on fuel or own a company with a large fleet of vehicles. There is no one “best” gas card, so when considering which credit card to choose, make sure to research and compare all available options before deciding on the right one for your needs.

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