Aghast at gas prices? These credit and debit cards help you punch back

The killer app for defeating excessive gasoline costs is to purchase an electrical car.

Wait – they’re costly and briefly provide proper now. You’ll want another methods for limiting the harm to your funds brought on by the hovering value of fuel.

Shopping for power shares is one. They’re having a run for the ages this yr and present no indicators of slowing down. There are additionally numerous day-to-day driving ideas that may assist lower fuel consumption – correctly inflate your tires, change your oil on schedule, coast to purple lights and scale back freeway speeds.

Your subsequent line of defence: Try the financial savings and points-earning energy of the numerous credit score and debit playing cards that provide rewards geared particularly for spending on fuel.

A CAA membership card may prevent cash. Swipe your CAA card when paying for a fill-up at Shell stations and also you save three cents a litre.

When you’ve got a debit or bank card issued by Royal Financial institution of Canada, it can save you three cents a litre on fuel at Petro-Canada stations and earn an additional 20 per cent on the Petro-Factors loyalty program. Simply hyperlink your card to Petro-Factors through RBC’s on-line or cell banking platform.

Oil costs are rising due to provide issues associated to Russia’s invasion of Ukraine, mixed with robust demand for gasoline because the financial system bounces again from pandemic lockdowns. One other downside is that capability to refine oil hasn’t stored up with demand – a current Globe and Mail story defined how this has pushed up gasoline costs larger than we would have anticipated, given the decline in oil costs.

The CAA says the national average price of gas at midweek was $2 a litre, up from $1.27 a yr in the past. In the event you use 50 litres of fuel per week, your month-to-month fuel prices have jumped to about $433 from about $275, – an increase of 57 per cent.

Right here’s easy methods to squeeze at the very least a small profit from that further spending: Discover a reward bank card that gives a premium degree of factors for spending on fuel. You’re spending extra on fuel – why not earn extra factors as effectively?

Within the no-fee class, the Tangerine Cash-Again Credit score Card is noteworthy as a result of you will get 2-per-cent money again on fuel. This card has 10 spending classes, together with fuel. You select two of them to get 2-per-cent money, whereas the others earn you 0.5 per cent. Money you get again can be utilized in your card steadiness.

CIBC Dividend Visa Infinite is a reward card with an annual price that gives 4-per-cent money again on fuel and groceries and lesser factors on different purchases. You get 3-per-cent money again from TD Money Again Visa Infinite on fuel, groceries and recurring invoice funds and 1 per cent on all the pieces else.

In order for you your fuel spending to construct journey and life-style rewards, Scotiabank Gold American Specific presents three factors per greenback spent on fuel and transit corresponding to rideshares, taxis and transit. 5 factors per greenback can be found for groceries, eating places, bars and quick meals, and there are not any transaction charges on overseas forex transactions.

One other card to think about is American Specific Cobalt, which presents two factors per greenback spent on fuel and journey normally, and 5 factors per buck spent on meals and drinks.

In the event you typically purchase fuel and different stuff at Canadian Tire, check out the no-fee Triangle Mastercard. You get 5 cents in Canadian Tire cash per litre of fuel, which can be utilized to assist pay for future fill-ups at Canadian Tire. You may as well earn Triangle rewards at Husky fuel stations.

Yet one more gas-saver from Canadian Tire is the no-fee Fuel Benefit card, which supplies you a reduction on the pump of as much as 10 cents a litre. The extra you spend on the cardboard every month, the upper your low cost. For instance, spending per thirty days of as much as $499.99 will get you two cents off per litre and $2,000 or extra per thirty days will get you a 10-cent low cost.

We’re driving from Ottawa to Prince Edward Island this summer season and I’m beginning to consider methods for managing fuel prices. Avoiding Montreal’s quicksand site visitors is a part of the plan, as is keeping track of tire stress and liberal use of cruise management on highways. I’m additionally our portfolio of credit score and debit playing cards to search out those that punch again in opposition to hovering gasoline prices.

Are you a younger Canadian with cash in your thoughts? To set your self up for fulfillment and keep away from pricey errors, take heed to our award-winning Stress Check podcast.