Meridian Visa Cash Back Card Review

4.37

$0

Annual Fee

$240

Annual Rewards

N/A

Intro Offer

$0

Annual fee

$240

Annual rewards

N/A

Intro offer


Pros


  • Competitive cashback rate: Offers 2% cashback on gas and grocery spendings
  • Everyday spending rewards: 1% cashback on all other eligible purchases
  • No limit on earning: Unlimited cashback potential with no cap
  • No annual fee: There’s zero cost to maintain the card
  • Travel benefits: Provides complimentary travel accident insurance
  • Additional perks: Extended warranty and purchase protection

Cons


  • Limited cashback categories: Higher cashback restricted to gas and groceries
  • Not available nationwide: Meridian is mainly focused in Ontario and requires credit union membership
  • Foreign transaction fee: 2.5% fee on purchases made in foreign currencies
  • Cashback redemption: Available only in $50 increments once a year
  • Limited travel perks: Fewer benefits compared to dedicated travel credit cards

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The Meridian Visa Cash Back Card has earned a 4.37 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the Meridian Visa Cash Back Card are fees and insurance.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the Meridian Visa Cash Back Card the most important factors for scoring this card are its fees and insurance.

Rewards

With the Meridian Visa Cash Back Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills1%
Pharmacy1%
Gas1%
Groceries1%
Restaurants1%
Specific Stores1%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the Meridian Visa Cash Back Card would earn $240 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Bills$42
Pharmacy$6
Gas$24
Groceries$60
All Other Spend$108

Our study investigating the value found that each dollar spent on the Meridian Visa Cash Back Card is worth up to $0.01, depending on how you redeem.

This $240 in rewards value puts the Meridian Visa Cash Back Card in the bottom 40% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Meridian Visa Cash Back Card earns $240 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Bills1.00%1.25%
Pharmacy1.00%1.17%
Gas1.00%1.48%
Groceries1.00%1.71%
Restaurant1.00%1.53%
Store1.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the Meridian Visa Cash Back Card for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Apply to statement credit$178
Gift cards$178
Merchandise$178
Movie rewards$178

For an annual spend of $24,000, we estimated annual rewards value at up to $240.

That’s equivalent to a 1.00% return on spending.

The Meridian Visa Cash Back Card has an annual fee of $0. After deducting this, we predicted net annual rewards of $240.

This puts it in the bottom 50% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The Meridian Visa Cash Back Card has a $0 annual fee.

The average card charges $85. So, the Meridian Visa Cash Back Card is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The Meridian Visa Cash Back Card scored a 1.2 out of 5 for perks, putting it in the bottom 50% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase19.5%
Cash Advance21.99%
Balance Transfer21.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the Meridian Visa Cash Back Card charges 0.49% less than the average.

For cash advances it costs 21.99% compared to the average of 19.96%.

Testing the Meridian Visa Cash Back Card with a $2,000 starting balance, you can see in the graph how the 0.49% less in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Travel Accident$100,000$500,000
Mobile Phone Insurance$1,000$1,000
Price Protection InsuranceYes90 days

We scored it 2.9 out of 5 for insurance.

It offers 5 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$0
Household Income$0
Fees
Annual Fee$0
Extra Card Fee$0
Card typeVisa

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the Meridian Visa Cash Back Card, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The Meridian Visa Cash Back Card is a popular Canadian credit card known for its attractive cash back rewards and additional cardholder benefits. This review will discuss the earning potential of the card, its main advantages and drawbacks, and any other relevant information that may help Canadians make an informed decision.

Earning potential 

The Meridian Visa Cash Back Card allows cardholders to earn unlimited cash back rewards on their purchases. The current reward rates for different categories are as follows:

  • 2% cash back on gas and groceries
  • 1% cash back on all other purchases

Benefits

  1. Competitive Cash Back Rates: The first major advantage of the Meridian Visa Cash Back Card is the competitive cash back rates. The ability to earn 2% cash back on essential expenses such as gas and groceries is a significant advantage over many other cards with lower rates.
  2. No Annual Fee: The second major advantage of this card is the absence of an annual fee. This makes it suitable for those who aren’t looking for a high commitment credit card, and helps cardholders maximize their earnings even more.
  3. Unlimited Earning Potential: The third major advantage of the Meridian Visa Cash Back Card is its unlimited earning potential. There is no cap on the amount of cash back a cardholder can accumulate, making it ideal for high spenders who wish to earn rewards continually.
  4. Purchase Protection, Warranty Coverage, Merchant Discounts: The fourth major advantage of this card is the additional benefits provided to cardholders such as purchase protection, extended warranty coverage, and access to merchant discounts through Visa Perks+. These features add even more value to the card beyond its cash back rewards.

Drawbacks

  1. Drawback: A significant drawback of the Meridian Visa Cash Back Card is that it doesn’t offer travel-related rewards or insurances. Cardholders looking to earn travel-specific rewards or seeking coverage for trips may not find this card suitable for their needs.
  2. Drawback: Another significant drawback of this card is its relatively high interest rate at 19.50% on purchases. Cardholders who tend to carry a balance on their card would find it less suitable due to the accrued interest negating the benefits of cash back rewards.

Additional information

Meridian is known for its exceptional customer service, catering to individual needs, and offering various financial products aside from credit cards. Potential cardholders may also be interested in exploring their other options and financial solutions if they plan on choosing the Meridian Visa Cash Back Card as their main credit card.

Interested in other credit cards? Canadians that like the Meridian Visa Cash Back Card credit card also like the Meridian Visa US Dollar Card. If you’re looking for other options you should consider the Meridian Visa Platinum Cash Back Card, and the Meridian Visa Platinum Travel Rewards Card.

FAQ

The Meridian Visa Cash Back Card rewards cardholders with cash back on every purchase made using the credit card. There are no direct points redemption options available, as the cash back earned is automatically credited to the cardholder’s account.

This simplifies the redemption process and allows cardholders to benefit from their rewards by paying down their balance or spending the cash back at their discretion.

The Meridian Visa Cash Back Card does charge foreign transaction fees. When using this credit card for transactions in foreign currencies, a fee of 2.5% is applied on top of the converted amount.

This fee covers the costs associated with currency conversion and helps to address the risks involved with exchanging currencies. It is essential to consider this cost if you plan to use the Meridian Visa Cash Back Card for international purchases, as the additional fees can add up.

The Meridian Visa Cash Back Card does not have a minimum income requirement, making it accessible to a wider range of individuals who may be interested in the benefits of a cash back credit card. This feature allows more potential cardholders the opportunity to apply for and obtain this credit card.

Key benefits

  • Accelerated 2% cashback on gas and grocery transactions
  • All-inclusive 1% cashback on supplementary qualifying purchases
  • Unfettered earning potential with cashback ceiling nonexistent
  • Yearly card maintenance fee conspicuously absent
  • Included travel mishap indemnity alleviates apprehension
  • Augmented consumer coverage: merchandise guarantees and procurement safeguards
  • Circumscribed categories for elevated cashback remuneration
  • Geographically restricted availability: Ontario-centric with credit union affiliation prerequisite
  • Imposed surcharge of 2.5% for foreign currency exchanges
  • Monetary rewards redemption: bi-annual disbursement in $50 allotments
  • Travel incentives comparatively deficient vis-à-vis specialized travel-oriented cards

About The Author