Top Credit Cards for Purchasing Gas (updated April 14, 2023)
It was good while it latest I guess. Looks like gas prices have started to spike again in the month of April after a few months of stability prior to that. Starting with new carbon tax, supply issues, etc. This is probably as good as time as any to list some of the best credit cards to use for gas purchases.
The better strategy is still to purchase gas using a credit card to meet minimum spend requirements for new promotional sign up bonuses. Since we might not spend enough on gas to meet spend requirements, the other strategy would be to buy gas gift cards ahead of time (to meet minimum spend requirements), to be used at a later date.
Today’s post lists the top daily credit cards to use on gas spending, ranked by annual fees (lowest first). Only credit cards that offer at least a 4% or equivalent return specifically on gas purchases will be listed. That being said, you will notice that all of the cards below still have a limit on spending to attain higher than a 4% return. Which means, once that limit is reached, a good strategy is to move onto another card.
- No annual fee
- Earn 5¢ per litre cash back on all fuel types at Canadian Tire Gas+ and Essence+ locations
Triangle World Elite Mastercard
- No annual fee
- Earn 7¢ per litre cash back on premium fuel at Canadian Tire Gas+ and Essence+ locations
- Earn 5¢ per litre cash back on all other fuel types at Canadian Tire Gas+ and Essence+ locations
MBNA Smart Cash Platinum Plus MasterCard
- No annual fee
- Earn 5% cash back on gas purchases (for the first 6 months or up to $150 cash back whichever comes first, then earn 2% cash back for every $1 spent up to a maximum of $500 in monthly spending, then earn 1% cash back for every $1 thereafter)
Meridian Visa Infinite Cash Back Card
- $99 annual fee (first year fee waived)
- $30 annual fee for supplementary cardholders
- Earn 4% cash back on gas purchases (on the first $25,000 in annual spending, combined with grocery purchases, then earn 1% for every $1 spent thereafter)
BMO eclipse Visa Infinite Card
- $120 annual fee (first year fee waived) (apply before July 31, 2023)
- Earn 5 points for every $1 spent on gas purchases (on the first $50,000 in annual spending, combined with groceries, dining in and out and transit purchases, then earn 1 point for every $1 spent thereafter)
CIBC Dividend Visa Infinite Card
- $120 annual fee for first time cardholders (first year fee waived)
- $30 annual fee for a supplementary cardholder (maximum 3 cards)
- Earn 4% cash back on gas purchases (on the first $20,000 in annual spending, then earn 1% for every $1 spent thereafter)
- Earn an additional 3 cents off for linking Journie Rewards account
BMO eclipse Visa Infinite Privilege Card
- $499 annual fee
- Earn 5 points for every $1 spent on gas purchases (on the first $100,000 in annual spending, combined with groceries, dining in and out, drugstore purchases, and travel purchases, then earn 1 point for every $1 spent thereafter)
Did I miss any credit cards? Please let us know in the comment section below!
I think all the CIBC cards are the best option in Canada followed by some of the RBC cards.
Yes, CIBC have been doing great with their bonuses lately!