The Meridian Visa Cash Back Card is a no fee cash back credit card that can earn you up to up to 2% back on your purchases. It also includes basic insurance, with the added bonus of the uber-useful price protection service.

Here's a deep dive into the Meridian Visa Cash Back Card, including all the pros and cons you'll want to be aware of, as well as a comparison to one of the better known no fee cash back cards in Canada.

Pros of the Meridian Visa Cash Back Card

First, we'll look at some of the reasons you'll want this card.

1. Basic insurance coverage is included (with a big bonus)

Usually, credit cards with no annual fee have nearly non-existent insurance coverage, or just give the minimum of purchase protection and extended warranty.

This card, on the other hand, comes with a little bit more insurance, as well as the star of the show: price protection insurance.

With this coverage, you'll be reimbursed the difference if something falls in price within 60 days of buying it. This coverage is good to a maximum of $100 per claim and $500 total per year.

2. No annual fee or eligibility requirements

With no annual fees to speak of, this card will let you earn your rewards easily and quickly without having to do any math to determine whether or not the card is "worth it." This makes it good to have as a complementary card or for those who don't spend much money.

Also of note: Unlike its big brother, the Meridian Visa Infinite Cash Back Card, this card doesn’t have any income requirements, making it accessible to students and those just starting their careers.

Cons of the Meridian Visa Cash Back Card

Here are some less-than-stellar things to keep an eye on before applying to this card.

1. Average earn rates

The earn rates for this card are nothing to write home about:

• 1% cash back on gas, groceries, pharmacies and utility bills
• 0.5% cash back on all other purchases

And the way the earn rates are written on the website can be tricky to decipher. If you read it carefully, it's 2 rewards points per $2 spent on the boosted categories (instead of the standard $1 spent) and 1 reward point per $2 spent on everything else.

Those rewards points can be easily converted to cash, but if you do the math, most of your purchases will result in 0.5% back. This is low even for no fee credit cards.

The best no fee credit cards in Canada can net you up to 2% back on everything with better overall benefits and welcome bonuses.

2. Requires residency in Ontario

Meridian credit cards are only available to residents of Ontario. If you live elsewhere in the country, you won’t qualify for this card.

Comparison to the Meridian Visa Infinite Cash Back Card

Meridian has a few cards, including several cash back options. Here's how the Meridian Visa Cash Back Card looks compared to Meridian’s premium cash back card, the Meridian Visa Infinite Cash Back Card.

Truth be told, for almost everyone with the Meridian Visa Infinite Cash Back Card you're going to earn enough rewards to offset the 99 annual fee.

Using our typical spending breakdown, you only need to spend around $640 to break even with the fee. And as you spend more on gas and groceries, that number will be less than that.

So if you're a low spender, or just prefer a card with no fee, then the Meridian Visa Cash Back Card is still an excellent option, but for many you may want to consider getting the Meridian Visa Infinite Cash Back Card instead.

FAQ

Does the Meridian Visa Cash Back Card have an annual fee?

No, the Meridian Visa Cash Back Card does not have an annual fee, nor does it have any income requirements.

What insurance coverages are included with the Meridian Visa Cash Back Card?

As it's a basic card, the Meridian Visa Cash Back Card has only 5 types of travel and purchase insurance, but it does include price protection and mobile device insurance.

Does the Meridian Visa Cash Back Card have a welcome bonus?

The Meridian Visa Cash Back Card currently has no welcome bonus.