Gas rewards – hot air or hard cold cash?! Gas station spends on gas, snack bars and washer fluid may not be the biggest expenditures for Canadians but they are some of the most regular. Use the right credit card and you can make a handsome return on your gas spends and save even more on your car rental in Toronto.
Great gas credit cards do exist and in this article we are listing some of the best (and most accessible cards). The best thing, most of these cards also offer great cash back or rewards on other spends too.
Two types of gas cards
There are two types of cards you can get:
Standard credit cards – Issued by banks like Scotiabank or financial institutions like American Express, you earn on gas purchases irrespective of which station you buy from.
Loyalty credit cards – Usually issued by a specific gas retailer, like Shell or Canadian Tire, these offer points on purchases from their gas stations and redemption at brand-affiliated retail.
7 best cards in Canada for gas station spends
Loyalty programs change and so do credit card offers, which is why some of the offers here may change over time. Regardless, many of the cards on this list have remained top performers over the years. And since we are talking about the best rewards credit cards, it is no surprise Amex makes such a strong impression.
- American Express Gold Rewards Card – The American Express Gold card has long been the benchmark for affordable, accessible and incredible return on spending. If you are looking for 5% return on every dollar you spend on gas (at any gas station!), this is the card for you. It comes with great earning potential on other spends, a very strong insurance package and an enormous 25,000 point welcome bonus!
- TD Aeropan Visa Infinite – If you are big on Aeroplan, TD’s Aeroplan Visa Infinite is hard to beat. Earn 1.5 Aeroplan miles for every dollar you spend on gas and 2X Aeroplan miles if you present your Aeroplan membership card (varies by retailer). Best of all, your miles don’t expire. Comprehensive insurance perks can also save your downtown car rental bill.
- American Express Cobalt Card – Called the Amex card for the millennial and Gen-Y, the American Express Cobalt Card, thankfully, lets you earn like the ‘good old days’. 5X rewards for day-to-day spends and 2X on gas make this a fantastic option for daily spends. Regular gas and grocery shopping also makes getting the 30,000 Bonus Points really easy too.
- TD Cash Back Visa Infinite Card – The TD Cash Back Visa Infinite Card is one of the best cash back cards for gas station spends. For the first three months you receive 10% on all transactions (including gas) up to $2000. After that, it offers a very generous 3% cash back on all gas purchases.
- Scotia Momentum Visa Infinite – Another great grocery and gas card that’s perfect for families. Gas (and Uber) purchases get 2% cash back, which is slightly lower than the TD card. But the 4% cash back on grocery and subscription spends is a boon for bigger families. Want even more savings? Talk to the best car rental in Toronto and we will tell you how you can save on daily insurance.
- Tangerine Money-Back Credit Card – Tangerine is aiming at a younger audience with its credit cards, offering achievable rewards and customizability. The Tangerine Money-Back Credit Card lets you choose which three categories you want to earn 2% cash back on, of which gas is one. Couple that with no annual fees and no limit on cash back, it shapes up to be a solid choice for a younger generation.
- CIBC Aventura Visa Infinite – Earning 1.5 points on every dollar spent on gas may not sound like much in present company, but the CIBC Aventura Visa Infinite comes out swinging when it comes time to redeem. Each point is worth twice as much when it comes time to redeem on travel!
What credit card has the best gas rewards?
Which Canadian credit card has the best rewards? The American Express Gold Rewards remains the best card in Canada for gas spends in 2020. An astronomical return (5%), generous welcome bonus, plethora of perks, travel vouchers and strong insurance package make it an unbeatable choice. If you are an Aeroplan member, you’ll get one of the best earning rates too.
Car rental in Toronto
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