Meridian Visa Platinum Cash Back Card Review

3.00

$49.00

Annual Fee

$354.00

Annual Rewards

N/A

Intro Offer

$49.00

Annual fee

$354.00

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Earn up to 2% cashback on eligible purchases
  • No cashback limit
  • Zero liability protection
  • Purchase protection and extended warranty
  • Mobile device insurance
  • Discounts via Visa Perks
  • Foreign exchange rate is 2.5%

Cons


  • Limited rewards redemption options
  • Convenient only for Meridian members
  • Lack of travel benefits
  • Limited insurance coverage compared to other cards
  • Not ideal for users who prioritize travel rewards

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 Platinum Cash Back Card, here’s how you earn rewards:

Bills2%
Pharmacy2%
Gas2%
Groceries2%
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 Platinum 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$5.24
Gift cards$5.24
Merchandise$5.24
Movie rewards$5.24

Calculating your annual rewards

$24,000.00 annual spending x $1.48% return on spending = $354.00 annual rewards

$354.00 annual rewards – $49.00 annual fee = $$305.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score760 – 900
Interest Rates
Purchase19.5%
Cash Advance21.9%
Balance Transfer21.9%
Fees
Annual Fee$49.00
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Travel Accident500000
Baggage Delay500
Lost or Stolen Baggage1000
Rental Car Theft & DamageYes
Mobile Phone Insurance1000
Price Protection InsuranceYes

Meridian Visa Platinum Cash Back Card Review

The Meridian Visa Platinum Cash Back Card is a popular choice among Canadians due to its strong earning potential and various benefits. This review will analyze the card’s earning structure, its major advantages, and potential drawbacks to help you evaluate if it is the right card for you.

1. Earning potential with the card:

The Meridian Visa Platinum Cash Back Card offers a cash back rewards structure, providing exceptional opportunities to earn money on everyday purchases. Cardholders earn 4% cash back on gas and grocery purchases, 2% cash back on pharmacy purchases and utility bill payments, and 1% cash back on all other eligible transactions. This tiered system allows you to maximize rewards in high-spend categories.

2. Benefit 1:

One of the primary advantages of this card is the $0 annual fee. This feature enables cardholders to enjoy all the benefits of the Meridian Visa Platinum Cash Back Card without any additional costs, making the rewards earned even more valuable.

3. Benefit 2:

The card’s comprehensive insurance package, including travel accident insurance, purchase protection, and extended warranty, adds a layer of security to your purchases and travel experiences, providing assurance and peace of mind.

4. Benefit 3:

The Meridian Visa Platinum Cash Back Card provides users with access to Visa payWave. This contactless payment feature allows for quick and secure transactions at participating merchants, offering a convenient payment experience.

5. Benefit 4:

Cardholders receive a personal touch with exceptional customer service from Meridian, a leading Canadian credit union. Meridian provides financial advice, account support, and resources to help users make the most of their card rewards and overall financial planning.

6. Drawback 1:

For individuals who spend large amounts in non-gas and grocery categories, the 1% cash back rate might not be as appealing as cards with higher rewards rates in broader categories. In this case, evaluating alternative cash back cards catering to your specific spending habits will benefit you more.

7. Drawback 2:

While this card offers an insurance package, the coverage notably lacks trip cancellation, interruption, and baggage loss protection. If these travel-related coverages are essential to you, it may be worth considering a different credit card with more comprehensive travel insurance.

8. Additional Information:

The Meridian Visa Platinum Cash Back Card is only available to residents of Ontario, British Columbia, Alberta, and Saskatchewan. Additionally, it requires a minimum personal income of $35,000 or a minimum household income of $50,000 to be eligible for the card.

In conclusion, the Meridian Visa Platinum Cash Back Card is an excellent option for Canadians who want to earn great cash back rewards, particularly on gas and groceries, and enjoy various perks without the burden of an annual fee. Understanding your spending habits and assessing the potential drawbacks will help you decide if this card suits your needs.

Not the right fit? You could consider the Meridian Visa Infinite Cash Back Card. Or, if you’re looking for other options check out the Meridian Visa US Dollar Card, and the Meridian Visa Platinum Travel Rewards Card.

FAQ

The Meridian Visa Platinum Cash Back Card offers cash back rewards, which means your points are automatically redeemed as a cash rebate applied directly to your account. This cash back can then be used to offset your credit card balance; however, it should be noted that cash back rewards cannot be redeemed for specific items or experiences like travel or merchandise purchases, common to some other reward points programs.

The Meridian Visa Platinum Cash Back Card charges a foreign transaction fee of 2.5% on all transactions made outside of Canada. This fee applies to both online purchases made from international vendors and in-store purchases while traveling abroad.

The Meridian Visa Platinum Cash Back Card does not have a specific minimum income requirement. Therefore, Canadians with various income levels can apply for and benefit from this credit card.

Key benefits

  • Cashback rates: 2% on gas, groceries, and pharmacy; 1% on other purchases
  • Cashback redemption: cashback applied as a credit on cardholder’s account annually
  • Credit limit: customizable, based on applicant’s credit history and income
  • Interest rates: 19.50% for purchases; 21.99% for cash advances
  • Grace period: 21 days from the statement date
  • Card network: Visa
  • Available to Canadian residents
  • Card type: unsecured
  • Foreign transactions: 2.5% conversion fee

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