How to Save Even More With an Electric Vehicle

How to Save Even More With an Electric Car

With the popularity of electric vehicles, financial institutions have started to offer an incentive to their credit card customers.

I got my first electric car in 2014. Since then, I’ve seen many changes in this wonderful universe. But also, cash back or extra points for the category of public electric charging have become available.

I have also conducted an in-depth analysis of the rewards category for purchases of charging at electric stations.

Example of Savings at a Charging Station

Cash Back with a CIBC Dividend Card

CIBC also stands out in the electric vehicle charging category. Actually, CIBC credit cards are among the most generous when it comes to paying for electric vehicle recharging!

For example, the CIBC Dividend^® Visa Infinite* Card 4% cash back on the cost of eligible electric vehicle charging on the road.

Recently, I used different charging station networks, and the cost was:

So, with the CIBC Dividend^® Visa Infinite* Card‘s 4% cash back, I earned $4.64. So, it’s as if my cashback allows me to drive several kilometers “for free”.

CIBC Dividend^® Visa Infinite* Card

The CIBC Dividend^® Visa Infinite* Card is one of the best cash back Visa credit cards in Canada.

With this offer, get a value of up to $400:

• A 10% cash back welcome bonus of up to $250 (first 4 statements)
• A $50 cash back bonus when you set up a pre-authorized payment (first 4 months)
• A rebate of the annual fee for the first year ($120 value)

With this CIBC cash back credit card, you get:

• 4% cash back on eligible gas, electric vehicle charging and grocery purchases^†
• 2% cash back on eligible transportation and dining purchases and eligible recurring payments^†
• 1% cash back on all other purchases^†

For example, if you spend $1,000 per month on groceries and/or gas and/or electric vehicle charging, you’ll earn $40 in cash back per month, or $480 in cash back per year with this card for this purchase category!

This CIBC cash back credit card offers extensive insurance coverage:

• Car rental collision/loss damage insurance
• $500,000 common carrier accident insurance
• Out-of-province emergency travel medical insurance
• Purchase protection and extended warranty

New: Earn Aeroplan Points with Your Electric Vehicle Charging

Starting April 30, 2025, TD will add new reward categories, including electric vehicle charging!

In this way, you will earn these Aeroplan points:

On the same date, TD will be adding new reward categories to its cash back cards:

How to Pay for an Electric Vehicle Charge with a Credit Card

Electric vehicle charging is paid for with a credit card through the charging network’s mobile app. You simply need to add your credit card number to your profile in the mobile app or on the website.

Here’s an example with the Electric Circuit app:

Or the IVY electric recharging network:

And here’s where to enter your credit card information to pay the cost of a charge with Electrify Canada:

Bottom Line

Across the whole range of credit cards on the market at the moment, CIBC Visa credit cards are among the best for paying for electric vehicle charging at public charging stations. But TD credit cards are not far behind!

They offer the best return in points or cash back, thanks to their higher accumulation rates for top-ups. But the one that earns the most is the CIBC Dividend^® Visa Infinite* Card, with its 4% cash back.

Above all, it’s very important to pay your credit card balances in full every month. Otherwise, all your savings will be wiped out by interest charges.