Meridian Visa Platinum Cash Back Card Review

3.49

$49

Annual Fee

$372

Annual Rewards

N/A

Intro Offer

$49

Annual fee

$372

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

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 Platinum Cash Back Card has earned a 3.49 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 Platinum Cash Back Card are insurance and rewards.

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 Platinum Cash Back Card the most important factors for scoring this card are its insurance and rewards.

Rewards

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

Bills2%
Pharmacy2%
Gas2%
Groceries2%
Restaurants1%
Specific Stores1%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the Meridian Visa Platinum Cash Back Card would earn $372 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$84
Pharmacy$12
Gas$48
Groceries$120
All Other Spend$108

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

This $372 in rewards value puts the Meridian Visa Platinum Cash Back Card in the top 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 Platinum Cash Back Card earns $372 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
Bills2.00%1.25%
Pharmacy2.00%1.17%
Gas2.00%1.48%
Groceries2.00%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 Platinum 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$551
Gift cards$551
Merchandise$551
Movie rewards$551

For an annual spend of $24,000, we estimated annual rewards value at up to $372.

That’s equivalent to a 1.55% return on spending.

The Meridian Visa Platinum Cash Back Card has an annual fee of $49. After deducting this, we predicted net annual rewards of $323.

This puts it in the top 40% of credit cards for net rewards after fees.

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

Fees

The Meridian Visa Platinum Cash Back Card has a $49 annual fee.

The average card charges $85. So, the Meridian Visa Platinum Cash Back Card is in the top 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 Platinum Cash Back Card scored a 1.8 out of 5 for perks, putting it in the top 40% 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 Platinum 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 Platinum 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$500,000$500,000
Baggage Delay$500$500
Lost or Stolen Baggage$1,000$1,000
Rental Car Theft & DamageYesNo
Mobile Phone Insurance$1,000$1,000
Price Protection InsuranceYes90 days

We scored it 3.7 out of 5 for insurance.

It offers 8 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$49
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 Platinum 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 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.

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.

Benefits

  1. No Annual Fee: 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.
  2. Comprehensive Insurance Package: 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.
  3. Visa payWave: 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.
  4. Customer Service: 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.

Drawbacks

  1. Drawback: 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.
  2. Drawback: 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.

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 does not have a specific minimum income requirement. Therefore, Canadians with various income levels can apply for and benefit from this credit card.

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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