Laurentian Bank Visa Infinite Card review

How the Laurentian Visa Infinite earns points

The card keeps its structure simple. Groceries, gas, travel, transportation and recurring payments all earn 2 points per dollar, and everything else earns 1 point. Because the 2x rate covers five broad categories, a large share of many household budgets earns the higher rate.

For example, a household spending $500 a month on groceries, $200 on gas, $100 on transportation, $200 on recurring payments and $600 on everything else would earn 2,000 points on the first $1,000 and 600 on the rest. That’s 2,600 points a month, or 31,200 a year.

The welcome offer

New cardholders can earn up to 12,000 points by spending $1,500 in the first 3 months, which averages $500 a month. In the example budget above, that target is reached in under a month of normal spending, so the bonus is easy to collect even though it’s on the smaller side.

Redeeming points and extra perks

Redemption is straightforward: points can be applied as a statement credit against any purchase at a fixed rate. There’s no travel booking or partner chart to work through, and no need to save up for a particular reward before you use them.

You can also earn up to 30% extra points by shopping through Laurentian’s eShop portal, and the card carries Visa Infinite Concierge, Luxury Hotel Collection and Troon golf benefits. The card runs on the Brim Financial platform, so you get an instant virtual card on approval, and the fee for your first additional card is rebated in year one.

Fees, interest and the fine print

The annual fee is $130, about $10.83 a month. Purchases are charged 20.99% interest and cash advances 22.99%.

Foreign currency purchases carry a 2.5% fee, adding about $25 to every $1,000 spent abroad. Since travel is one of the 2x categories, you may use this card on trips, so keep the fee in mind for purchases made in other currencies. Pay the full statement balance by the due date to avoid purchase interest.

Insurance coverage

The insurance package is solid for a card at this price, and the travel medical coverage continues past age 65, though with a shorter trip length. Read the certificate for the full terms, limits and exclusions.

• Travel emergency medical up to $5,000,000, for trips up to 31 days (15 days if you’re 65 or older)
• Trip cancellation up to $2,000 and trip interruption up to $5,000
• Common carrier travel accident up to $500,000
• Baggage delay coverage
• Auto rental collision and loss damage insurance
• Purchase protection for 90 days and extended warranty for 1 year

Who it suits, and who should look elsewhere

The card suits households whose spending lands mostly on groceries, gas, transportation and bills, who want points they can apply to any purchase, and older travellers who want travel medical coverage that continues past 65.

If you want airline or hotel points, or a bigger welcome bonus, other cards will fit better. Heavy restaurant spenders may also prefer a card with a dining bonus, since this one treats dining as everyday spending at 1x.

How it compares

The CIBC Dividend Visa Infinite Card costs $120 a year and pays 4% cash back on groceries, with a welcome offer of up to $350 cash back. It’s more focused on groceries, while the Laurentian card spreads its 2x rate across five categories.

The Brim World Elite Mastercard, from the company behind the platform Laurentian’s card runs on, costs $89 after a free first year and charges a lower 1.5% foreign transaction fee, but earns 1 point per dollar on all purchases.

Before you apply

The recommended credit score is 720 or higher, and Laurentian Bank makes the final decision based on your full credit profile. Confirm the welcome offer, insurance details and fees on Laurentian Bank’s website before you apply.