Meridian Visa Cash Back Card Review

3.00

$0.00

Annual Fee

$240.00

Annual Rewards

N/A

Intro Offer

$0.00

Annual fee

$240.00

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

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Meridian Visa Cash Back Card, here’s how you earn rewards:

Bills1%
Pharmacy1%
Gas1%
Groceries1%
All Other Spend1%

How much your rewards are worth

The dollar value of your rewards depends on the specific Meridian rewards program and what you choose to redeem your points for.

For Meridian Visa Cash Back Card in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Apply to statement credit$1.78
Gift cards$1.78
Merchandise$1.78
Movie rewards$1.78

Calculating your annual rewards

$24,000.00 annual spending x $1.00% return on spending = $240.00 annual rewards

$240.00 annual rewards – $0.00 annual fee = $$240.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score760 – 900
Interest Rates
Purchase19.5%
Cash Advance21.9%
Balance Transfer21.9%
Fees
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Travel Accident100000
Mobile Phone Insurance1000
Price Protection InsuranceYes

Meridian Visa Cash Back Card Review

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

Benefit 1: 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.

Benefit 2: 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.

Benefit 3: 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.

Benefit 4: 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.

Drawback 1: 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.

Drawback 2: 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

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