Meridian Visa Infinite Cash Back Card review

How the Meridian Visa Infinite earns cash back

Groceries and gas earn 4% cash back, pharmacy purchases and utility bill payments earn 2%, and everything else earns 1%. The higher rates share a single $25,000 annual cap; once your combined spending in those categories passes that amount, they earn 1%.

As an example, a family spending $700 a month on groceries and $250 on gas earns $38 a month. Add $50 at the pharmacy and $150 in utility bills at 2%, which earns $4, and $800 of other spending at 1%, which earns $8. That’s $50 a month, or $600 a year.

That family puts $13,800 a year through the capped categories, well under the $25,000 limit, which works out to about $2,083 a month.

The welcome offer

New cardholders can earn up to $70 cash back by making a first purchase on the card, so there’s no large spending target to meet. The welcome offer is limited to Ontario, so check eligibility if you live elsewhere.

Combined with the first-year fee waiver, that means you start earning the full 4% on groceries and gas with nothing to pay in year one, plus a small bonus on top.

Redeeming rewards and perks

Rewards are earned as points-based cash back, which can be redeemed as cash back or put toward travel, gift cards or an account credit. Some redemption options may need a phone call rather than a few taps online, so check how you’d prefer to redeem before you apply.

As a Visa Infinite card, it also includes Visa Infinite Concierge and access to the Visa Infinite Luxury Hotel Collection.

Fees, interest and the fine print

The $99 annual fee is waived in the first year, and additional cards cost $30 each, also waived in year one. In the example above, $600 a year of cash back covers the $99 fee about six times over.

Foreign currency purchases carry a 2.5% fee, about $25 per $1,000 spent. Purchases are charged 19.5% interest and cash advances 21.99%. Paying in full each month avoids purchase interest.

Insurance coverage

The card includes the Visa Infinite travel insurance package plus purchase coverage. Specific benefits and limits are set out in the insurance certificate, so review it before you travel or make a claim.

• Comprehensive Visa Infinite travel insurance package
• Purchase protection and extended warranty

Who it suits, and who should look elsewhere

The Meridian Visa Infinite suits Ontario families with large grocery and gas bills who already bank with Meridian or are happy to become members of the credit union. Drivers with long commutes get particular value from the 4% gas rate.

If you don’t want a Meridian membership, or most of your spending goes to travel or dining, a card from a larger bank may be more convenient.

How it compares

The CIBC Dividend Visa Infinite Card costs $120 a year, earns up to 4% on groceries and offers up to $350 cash back. It’s a close match from a big bank, with a $21 higher fee and a larger welcome offer.

If you’d rather pay nothing, the Tangerine Money-Back World Mastercard has no annual fee and earns 2% in categories you choose, with up to $100 cash back as a welcome offer. If you chose groceries and gas as your two categories, $950 a month would earn $228 a year at 2%, compared with $456 at 4% here.

Before you apply

The recommended credit score is 720 or higher, and you’ll need to be a Meridian member. Meridian makes the final decision based on your full credit profile. Confirm current rates, caps and the welcome offer on Meridian’s website before you apply.