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Meridian Visa Platinum Cash Back Card Review
8 Feb 2019

Meridian Visa Platinum Cash Back Card | Credit Card Review

Who couldn’t use a little more cash in their pocket? If you want a credit card that makes earning cash back rewards a breeze, you should consider the Meridian Visa Platinum Cash Back Card.

Get 2% cash back on all your most common household expenses each month.

 

General Information

You Are Interested If You want a cash back card that will pay off generously with little hassle to you.
Brief Description The Meridian Visa Platinum Cash Back Card targets its rewards squarely at middle-class folks looking to stretch their budget a little further, offering extra cash back on standard expenses that make up most of many people’s budgets.
Main Requirements This card isn’t hard to get, so as long as you have some level of steady income and credit that isn’t terrible, you have a chance.

Card Details

Network Visa.
Provider Meridian.
Card Type This is a cash back credit card.

Fees and Interest

Purchase Interest Rate The standard purchase charges you’ll see on each statement will cost you 19.50% in interest with this card.
Cash Advance Cash advances will cost you 21.99% in interest over a year if not paid down.
Balance Transfer Balance transfers are charged interest at the same 19.50% yearly rate that purchases are.

Eligibility

Income Requirements There are no income requirements to meet in order to get this card.
Household Income Requirements The same as above goes for household income, too.
Annual Fee While you would usually pay $49 yearly to have this card, your first year will currently be free.

Rewards

Welcome Bonus There is no welcome bonus to be aware of here, unless you count the waived annual fee for the first year.
How To Earn Points You’ll receive cash back with this card at a rate of 2% on all grocery, gas, pharmacy and drug store purchases, and even utility bill payments for the first $25,000 in eligible spending. After that and on every other kind of purchase, you’ll receive 1% cash back instead.
Benefits This card gets you access to extended warranties and purchase protection coverage, as well as auto rental loss and collision insurance, baggage insurance, common carrier accident protection, price protection service, and perhaps most enticingly, $1,000 in mobile device insurance.

About Meridian Visa Platinum Cash Back Card

Main Features

The Meridian Visa Platinum Cash Back Card is easy to get, which is one initial point in its favour. You don’t need to be a high- or even mid-level earner to be approved, nor do you need an impressive credit score; the only strike against it in this respect is that it does charge an annual fee. Anyone who uses the card with any consistency at all will more than make up for this fee in rewards, though, and you won’t even have to worry about that during your first free year.

Speaking of rewards, this card relatively generous with them, but still makes the reward rate breakdown fairly easy to understand. You’ll get 2% of the total charge back when you use this card to buy anything from a pharmacy or drug store, pick up any gas or groceries, or pay any of your monthly utility bills. This will happen until you’ve reached $25,000 in eligible purchases for the year. Past that point, you’ll earn the same 1% cash back on those purchases as you would have been getting on all your other purchases the entire time.

As you may have noticed, the Meridian Visa Platinum Cash Back Card’s bonus categories align very nicely with the needs of virtually all middle-class households. The only major exclusion from the typical Canadian’s standard budget is their housing expenses, but it’s rare for cards to make that a bonus category anyway, even indirectly by allowing bonus points to be earned on any recurring bill payments. Aside from that one very small letdown, this card otherwise offers excellent rewards rates on pretty much everything that you would expect to be purchasing in any given month. This means that the bulk of your spending will automatically be eligible for the 2% rate without you having to even think about it. The $25,000 cut-off point is a bit of shame, to be sure, but the vast majority of cardholders will never reach that prospective rewards ceiling; those who have the income you would need to do so will rarely want to choose this card, great though it is, over the other exclusive options that virtually all providers make available to high earners. Many might come close, but most will sit comfortably under that limit and never have to worry about a sudden drop in their rewards earnings. Even if you do happen to surpass it, the 1% rate isn’t too much of a downgrade regardless.

Don’t believe us? We’ll prove it in this Meridian Visa Platinum Cash Back Card review. Take for instance a budget of $1,500 a month, fairly typical for a couple or even a small family. If you’re spending $400 of that on gas, $600 on groceries, $250 on utilities, $50 on various drug stores expenses, that gets you to $1,300 a month in spending eligible for the bonus 2% rate. That alone will get you $26 a month, plus another $2 for the other $200 in spending accounted for in this budget. Over just one year, that adds up to $336 in total. You haven’t even come close to hitting the $25,000 cap, but you’ve still made a lot of money in rewards, even if you subtract the $49 annual fee. It’s also worth noting that there’s some unexpected flexibility to these rewards. Even though they are technically classed as cash back, Meridian does allow you to redeem them for gift cards, merchandise, event tickets and other things besides the statement credit option that is implicitly intended. Use them as it suits you – some people might actually prefer not to get them in cash because it gives them the freedom to spend them in ways they want to rather than just how they think they should.

The benefits attached to the Meridian Visa Platinum Cash Back Card are also fairly impressive. It includes car rental collision and loss insurance, common carrier accident insurance, baggage insurance to help you keep hold of your belongings while on trips, price protection to make sure you never overpay for something you bought, and mobile device insurance to boot. This is a pretty good benefits package overall, even if it certainly possible to find better ones elsewhere. Most like that will only be available at the higher levels, though, and many people will not be able to qualify for those or will be reluctant to pay the annual fee. The mobile device insurance is what most people will probably appreciate the most in this set, given its rarity and overall usefulness. Everyone has a phone or a tablet, after all, and they are usually more prone to damage or theft than most items because of their fragility, value and small size. Having this card ensures that you’ll be able to financially weather any unexpected issues with yours without ever having to go without. Be careful, though – this only applies to devices that were purchased or financed with the card itself, so any device you already own when you get it will not be eligible for a payout if anything happens to it.

Conclusions

The Meridian Visa Platinum Cash Back Card offers one of the higher cash back rates you’ll see on a mid-market card like this, at least with regards to its boosted bonus rate. Since you’ll be earning that rate on most things you buy, too, it may as well as be the standard one. While the imposition of a limit on those rewards is not ideal, the limit in place here is more than generous enough to allow virtually all cardholders not to worry about it. With good benefits also rounding out this card’s profile, there’s little here that’s not to like.

About Meridian

Meridian Credit Union is a fairly new addition to the Canadian financial market (they first got their start back in 2005), but that doesn’t mean they can’t compete with our many established institutions. They currently boast 90 branches across the country and are always looking to grow. They are available to help you by phone 24/7 and are committed to never leaving you without their help and guidance when you need it.

What We Think

It’s pretty easy to see the value in the Meridian Visa Platinum Cash Back Card just by looking at the potential reward calculations above, but if those weren’t enough to convince you, the benefits are quite noteworthy too. The only instance in which we would potentially discourage you from using this card is if you knew you would easily surpass the $25,000 bonus spending mark, but that isn’t likely to be a concern for many. For everyone else, this is a card worth considering for sure.