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Credit Card Canada - Canadian Credit Card Reviews and Applications Auto and Gas Credit Cards
Auto and Gas credit cards, Auto and Gas credit card reviews and credit card application details.
Auto & gas credit cards have become popular given today’s high gas prices. Auto credit cards are featured with rewards points, and cardholders can use them toward the purchase of a new car. These cards are affiliated with different car companies and can help reduce the down payment. Clients are given a choice as to the rewards they wish to receive. However, most often, rewards points are to be used for purchases at dealerships. These include the purchase of parts and services, leasing, new and used car purchases, etc.
Gas credit cards offer rebates on the purchase of gas and can be sought from banks and fuel companies. Two types of gas credit cards are offered. The first type is available at fuel stations and does not carry a MasterCard or Visa logo. Cardholders can use the credit card for purchases everywhere, but rebates will be available only at the gas station that has issued the card. Customers who refuel at a particular station often may opt for such credit card. The second type is issued by credit card companies that are not affiliated with a particular gas station. Rebates will be offered at more than one gas station, usually in the range of 3 – 5 percent.
Those who wonder if gas credit cards are a good deal should consider the following issues. First, the client may get a 5 – 6 percent rebate only within an introductory period. Thereafter, the rebate drops to 2 – 3 percent. Obviously, reading the fine print is important. And even if the offered rebate is set at 6 percent, the issuer is free to change the terms and conditions with little prior notice. If the issuer has changed the terms, it is a good idea to ask whether you will be offered other enticing alternatives.
Another important point is that gas credit cards come with a high interest rate. It can be over 20 percent on unpaid balances. Saving a few dollars on gas by accruing debt makes little sense. In addition, some credit card issuers will not automatically deposit money in the client’s account. One has to request it and failing to do so may result in the rebate disappearing.
Gas cards issued by gas stations earn higher rebates than those that earn rebates at all stations. Another beneficial feature is that even clients with poor or no credit history can get approved. Thus, the card can be used as a tool for building or rebuilding one’s credit score. No credit credit cards are an alternative for persons with poor credit rating.
In Canada, one option for a gas credit card is the Petro-Canada Personal Credit Card. Cardholders can pay in-store or at the pump and charge any purchase, from fuel to car wash and convenience store items. The card is accepted at over 1,400 retail locations of Petro-Canada and Certigard Car Repair Centres. Clients earn a welcome bonus of 10,000 points with the first ten purchases charged to the card. Each purchase earns 1,000 bonus points and these can be redeemed at the Petro-Canada gas stations. Points can be redeemed for gift cards, car washes, flights, and even vacations. The gas card is offered with an interest rate of 28.8 percent, no annual fee, and grace period of 25 days. It is easy to join by applying at a gas station, over the phone, or online. Clients of Petro-Canada should fill in an application form, providing personal and employment information, such as length of employment, name of employer, gross monthly income, etc.
The BMO CashBack MasterCard is another gas credit card. The card goes with no annual fee and interest rate of 19.5 percent or annual fee of $35 and low interest rate of 12.9 percent. Cardholders earn 0.5 percent cash back on all card purchases and 1.5 percent cash back on purchases at Alamo Rent A Car, National Car Rental, and Shell. Rental discounts (up to 25 percent) are offered at Alamo and National Car Rental. The card is featured with chip technology, zero dollar liability, purchase protection, extended warranty, and other beneficial features.
| Name | Type | Interest Rate | Annual Fee |
| Esso Visa Classic card | Visa | 19.99% | $0 |
| Citi PETRO-POINTS MasterCard | MasterCard | 19.99% | $0 |
| Petro-Canada Personal Credit Card | Store | 24% | $0 |
| Pre-Paid Petro Canada Card | Store | 0% | $0 |
| BMO CashBack MasterCard | MasterCard | 19.5% | $0 |
| Gas Advantage MasterCard | MasterCard | 18.9% | $0 |
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