The Laurentian Bank Visa Cashback is a cash back credit card offered by Laurentian Bank that gives you up to 2% on your purchases for an affordable $65 annual fee.

You'll also have basic insurance (with optional benefits for a small fee) and installment plans that can break big purchases into manageable chunks.

Here's our full review.

Pros of the Laurentian Bank Visa Cashback

Here are 5 places where the Laurentian Bank Visa Cashback can flex its muscles.

1. Gigantic welcome bonus that rivals the big banks

Not many challenger banks have welcome bonuses on their credit cards, but Laurentian does.

With the Laurentian Bank Visa Cashback, you'll get up to $400 in cash back when you spend $4,000 in the first 6 months. That works out to a cool 10% – on par or better than what some of the big 5 banks can offer.

You'll also get the annual fee waived for the first year if you make your first purchase within 3 months of getting the card.

2. Good earn rates at a fair annual fee

For a palatable annual fee of $65, you'll get cash back earn rates as follows:

• 2% cash back on gas, groceries, and recurring bills
• 1% cash back on everything else

This compares well to other big 5 bank cash back cards, where annual fees are usually double but earn rates are comparable (or only slightly higher).

And with gas, groceries, and recurring bills being some of the more common spending categories, you've got a versatile and rewarding cash back card.

3. Earn even more cash back with referrals

If you get a friend or family member to sign up using your referral code, you'll get $20 in cash back right away. The person you refer will get a nice bonus of $10, so you'll both come out on top.

4. Break big purchases into manageable chunks

The Laurentian Bank Visa Cashback offers a buy now pay later installment plan that can make big purchases manageable. If your purchase is $100 or more, you can break it into monthly payments over the course of 3, 6, 12, or 24 months – giving you ample time to pay at a reduced interest rate of 5.99%.

Compared to the normal purchase interest rate of 20.99%, you'll be saving more than 3x the interest if you used another card without the plan.

5. Free additional cardholders

The Laurentian Bank Visa Cashback gives you up to 4 additional cardholders for free. This is ideal for your spouse or family members and saves them from paying multiple annual fees.

Cons of the Laurentian Bank Visa Cashback

There are a couple areas where the Laurentian Bank Visa Cashback could use a boost.

1. $65 annual fee

Even though the annual fee is lower than average at $65, you'll still need to pay one. This is a turn-off for a lot of people who prefer to save money by having a credit card with no annual fee.

On the bright side, your fee will be waived for the first year after you make a purchase with the card.

2. Included insurance is less than stellar

The insurance coverage is a weak point for this card – especially considering that you have to pay an annual fee. You'll get only 2 types of insurance, both of which are included with almost any credit card.

Other cash back cards with annual fees almost always have a little bit of travel insurance or coverage in case of flight delays, lost luggage, or broken phones. This card has none of that.

That said, you can pay for coverage in case of accidents, death, dismembership, and disability. Assur-Payment is an optional add-on that gives you some coverage, plus legal, psychological, and budgeting help. This will cost you $0.97 for every $100 in your monthly balance, so whether it’s worthwhile depends how much you spend.

Comparison to a popular cash back card

One of the most popular cash back cards in Canada is the BMO CashBack World Elite Mastercard. Let's see how our Laurentian Bank Visa Cashback stacks up against it.

	Laurentian Bank Visa Cashback	BMO CashBack World Elite Mastercard
Earn rates	* 2% cash back on gas, groceries, and recurring bills * 1% cash back on everything else	* 5% cash back on groceries, up to $500 in monthly spend * 4% cash back on transit, up to $300 in monthly spend * 3% cash back on gas, up to $300 in monthly spend * 2% cash back on recurring bills, up to $500 in monthly spend * 1% cash back on all other purchases
Welcome bonus		$150 GeniusCash + Up to $480 cash back in the first year, first year free (terms)
Annual fee	$65	$120
Number of free insurance coverage types	2	13
Other perks	* Referral program that earns 2,000 points per person referred * Installment plans available * Free additional cardholders	* Complimentary roadside assistance * Save up to 7 cents per litre at Shell when you link your card and an AIR MILES account * World Elite Mastercard benefits

BMO absolutely dominates Laurentian in every single category except one: annual fee. It costs nearly twice as much every year to hold onto the card than if you went with the smaller bank.

If you're concerned about not spending enough to justify the annual fee, go with Laurentian.

And remember, using the perks is also part of recouping the cost. If you buy your gas from Shell, want to relax in an airport lounge (the membership is covered, but the visits are still US$32 each), or suffer an unfortunate mechanical breakdown on the road, you can recover BMO’s annual fee pretty quickly.

Is Laurentian an appealing option for you?

The Laurentian Bank Visa Cashback is pretty decent when it comes to rewards, especially considering its lower annual fee. Do you have this card? Let us know your thoughts by leaving a review below.

FAQ

Does the Laurentian Bank Visa Cashback have a welcome bonus?

Yes, there's a welcome bonus of up to $400 in cash back when you spend $4,000 in the first 6 months.

Does the Laurentian Bank Visa Cashback have an annual fee?

Yes, there is an annual fee of $65 per year – but if you make a purchase within 3 months of getting approved for the card, it will be waived for the first year.

What perks does the Laurentian Bank Visa Cashback come with?

The Laurentian Bank Visa Cashback comes with a referral program that earns you cash for any friend or family member you refer, plus an installment plan that can break up large purchases. It also comes with some rudimentary insurance coverage that can be upgraded for a variable monthly fee.