The Laurentian Bank Visa Reward Me is a rewards credit card offered by Laurentian Bank that earns points that can be redeemed towards your statement balance.

You'll also get access to installment plans, basic insurance, and optional health and wellness coverage through Laurentian’s Assur-Payment program.

Here's how this challenger bank's offer works for you and how it stacks up to its competition

Pros of the Laurentian Bank Visa Reward Me

1. Sizeable welcome bonus

Laurentian comes through in a big way, offering a welcome bonus of up to 10,000 points when you spend $4,000 in the first 6 months.

You can earn an additional 10,000 points by taking a few actions, such as setting up a pre-authorized payment within the first 6 months.

Most smaller banks don't offer welcome bonuses so it's a really nice incentive to those on the fence about which challenger bank credit card to get.

One last thing to point out about this bonus: it's easy to earn. With typical monthly spending, you should be able to earn the entire bank of points before the bonus period ends.

2. Earn extra cash back with the referral program

Referral programs are an excellent way to earn money – and as with most of Laurentian's credit cards, you can earn a bonus if you get a friend or family member to sign up.

In this case, you'll get 2,000 points for everyone who is approved using your referral code. The person who was referred will also be credited with 1,000 points. Win-win!

3. Save money with the Laurentian installment plan

The Laurentian Bank Visa Reward Me unlocks access to a buy now pay later plan that can break up purchases into manageable chunks. As long as the total is over $100, you can turn it into monthly payments. There are no credit checks required and the interest rate is only 5.99% (compared to the normal purchase interest rate of 20.99%).

You can choose from the following payment periods:

• 3 months
• 6 months
• 12 months
• 24 months

Best of all, you'll get 4,000 points (a $40 value) if you set up 2 installment payment plans in the first 6 months.

4. Free additional cardholder

If you want an additional card for your spouse or child, you can add one at no cost. While you’ll be able to add up to 4 additional cardholders, only the first one is free.

5. No annual fee or income requirements

This is considered a basic card due to its lower earn rates and basic offerings, so there are no annual fee or income requirements associated with it.

This means it's accessible to more people and can act as a nice supplementary credit card.

Cons of the Laurentian Bank Visa Reward Me

Here are some places where the Laurentian Bank Visa Reward Me is lacking compared to its competition.

1. Poor rewards earn rate

Because it's a no fee credit card, the Laurentian Bank Visa Reward Me doesn't earn too much in terms of rewards. Here are the details:

• 1 point per $1 spent on gas, groceries, and recurring bills
• 0.5 points per $1 spent on everything else

There's a subpar earn rate of 0.5% on anything other than gas or grocery purchases. Other no fee cards can have up to 1% back on these purchases, leaving this card behind in terms of rewards.

2. Bare minimum insurance

The insurance coverage for this card is nothing to brag about. It boasts only 2 types of insurance, which are included with almost any credit card. There is no travel insurance to speak of, nor mobile device coverage.

Assur-Payment

If the insurance coverage isn't to your liking, you can get additional coverage through Assur-Payment, an optional plan offered by Laurentian.

This covers:

• Life, death, and accidental dismemberment
• Disability and job loss insurance
• Your minimum credit card payment if you lose your job or become disabled
• Settlement of your credit card balance in the event of death or accidental dismemberment
• Legal advice
• Psychological support
• Personal budgeting advice

The cost of this plan depends on your credit card balance. You'll pay a monthly fee of $0.97 for every $100 in your monthly balance.

Comparison to a popular no fee cash back card

Because this rewards card is essentially a cash back credit card, let's pit it against a popular no fee cash back card, the BMO CashBack Mastercard.

	Laurentian Bank Visa Reward Me	BMO CashBack Mastercard
Earn rates	* 1 point per $1 spent on gas, groceries, and recurring bills * 0.5 points per $1 spent on everything else	* 3% cash back on groceries (up to $500 per month) * 1% cash back on recurring bill payments (up to $500 per month) * 0.5% cash back on all other purchases
Welcome bonus		$20 GeniusCash + 5% cash back for the first 3 months (terms)
Number of free insurance coverage types	2	2
Other perks	* Referral program that earns 2,000 points per person referred * Installment plans available	* Save up to 7 cents per litre at Shell when you link your card and an AIR MILES account * Balance transfer promo of 0.99% for 9 months (2% transfer fee) * 25% off at National Car Rental and Alamo Rent a Car

In most categories, BMO comes out on top. Laurentian can offer good rewards if you buy more gas, but that's pretty much it. Even with the $500 cap, it would take a lot of spending to have Laurentian catch up due to its lower earn rate.

The biggest area where the BMO CashBack Mastercard wins out, though, is perks. It absolutely dominates Laurentian in every category with things like a balance transfer promo, bonus gas savings, and discounts on car rentals.

Do you have Laurentian's no fee cash back credit card?

The Laurentian Bank Visa Reward Me isn't a bad card but there are better options out there.

Do you have this card? Let us know your thoughts by leaving a review below.

FAQ

Does the Laurentian Bank Visa Reward Me have an annual fee?

No, you won’t have to pay an annual fee for the Laurentian Bank Visa Reward Me.

Does the Laurentian Bank Visa Reward Me have a welcome bonus?

Yes, there's welcome bonus worth up to 10,000 points, plus you can earn up to an additional 10,000 points by taking some specific actions.

What perks does the Laurentian Bank Visa Reward Me come with?

Aside from some basic insurance that can be upgraded, the Laurentian Bank Visa Reward Me has a referral program that earns you points for each friend or family member you refer, plus an installment plan that can break up large purchases into manageable monthly payments.