Sometimes you just need a little incentive to make full use of a credit card. In this Laurentian Bank Visa Black Reward Me review, we’ll be discussing a card that does things a little differently and incorporates just such an incentive into its pricing model.
Earn high-value points at a steady rate while circumventing costly fees.
|You Are Interested If||You want a rewards card that you won’t just slip into your wallet and forget to ever use.|
|Brief Description||The Laurentian Bank Visa Black Reward Me card is a pretty typical rewards card with a little twist added in concerning the annual fee.|
|Main Requirements||This is a basic card that almost anyone can get with a little income and some sort of credit history.|
|Card Type||This is a rewards card.|
Fees and Interest
|Purchase Interest Rate||A 19.99% interest rate applies to your standard monthly purchases.|
|Cash Advance||You’ll pay 21.99% far cash advances instead.|
|Balance Transfer||You’ll also pay 21.99% for balance transfers.|
|Income Requirements||You don’t need any specific level of income to get this card.|
|Household Income Requirements||You also don’t need a particular level of household income for this card.|
|Annual Fee||The usual fee for this card is $3.50 a month ($42 a year), but as we’ll talk about later in this Laurentian Bank Visa Black Reward Me review, you don’t necessarily have to end up paying it.|
|Welcome Bonus||If you get this card, you can get 2,500 points right away with your first purchase.|
|How To Earn Points||The points system is extremely simple for this card: every dollar you spend is worth one reward point, period.|
|Benefits||This card only includes basic extended warranty coverage and purchase protection.|
About Laurentian Bank Visa Black Reward Me
Since the main thing to cover in this Laurentian Bank Visa Black Reward Me review is the rewards, that’s what we’ll start with. The rewards system for this card is extremely simple and easy to remember: every dollar you spend gets you 1 reward point. While you might miss the different ways to get more points that you would find on most other rewards cards, there’s something appealing about keeping things so straightforward. You can spend your money on whatever you would usually buy and let the points add up, not worrying about whether or not you’re taking advantage of all your extra earning opportunities.
In this case, it’s extremely easy to figure out how many points you’ll get just by looking at what you’re spending: $500 a month means 500 points, $1,000 a month means 1,000 points, and so on. It’s a direct correlation to your budget without any real math needed, and it’s on par with what many other cards in this segment of the market might get you. These points can be redeemed for investment products, merchandise, and gift cards, although the gift cards will probably be the most accessible to people considering that they are unlikely to have massive amounts of points stored up at any one time.
As we alluded to above, there’s something special about this card as compared to others like it: it charges an annual fee, but you can actually get out of paying it just by remembering to consistently use it. The $3.50 you’d normally be paying per month will be waived if you charge at least $350’s worth of purchases to your card in that month’s billing period. This means that in order to make this card free for you all year round, you need to stay vigilant about using this card to make your purchases. If you miss the spending threshold for one month, you’ll be charged the fee for that month even if you successfully avoid it on every other month that year. Granted, you won’t pay much in that case, but it’s worth noting all the same.
While some might take issue with the fee arrangement, there’s one last thing that almost everyone will dislike about this card, and that’s the barren set of benefits it gives you. You’ll only get the very most basic two benefit options that come with all cards, purchase protection and extended warranties. Anyone wanting more than that will have to look elsewhere for it.
As we’ve already mentioned in this Laurentian Bank Visa Black Reward Me review, a lot of what this card offers is also available on other similar ones on the market. The main thing that differentiates it from those is the ability to obviate the monthly fees, but given that most of those competitor cars don’t have fees in the first place, that feature is more useful in terms of encouraging you to keep up with your spending than anything else. If you struggle with remembering to use your card and end up with low points yields as a result, this card could be a good solution.
About Laurentian Bank
Laurentian Bank is a fundamental part of Canada’s banking sector with almost 175 years of history behind them. At this point in their existence, they produce nearly a billion dollars in revenue each year and hold spots on both the Montreal and Toronto stock exchanges. They also run B2B Bank as a subsidiary company, and that institution is an industry leader in its own right.
What We Think
The main thing we want to communicate to you in this Laurentian Bank Visa Black Reward Me review is that while this is a good card, it isn’t necessarily so good that you can’t afford to pass it up. If you think the spending requirements will be too hard for you to meet or too stressful for you to worry about, though, you can safely choose another rewards card without worrying about losing out on much in the process.