The Meridian Visa Platinum Cash Back Card is a mid-tier cash back credit card with earn rates as high as 2%. This, combined with its palatable $49 annual fee, makes it a nice card to have in your pocket.

It also comes with decent travel insurance and the extremely valuable price protection insurance, which makes sure that you're not caught with your pants down when something you buy suddenly goes on sale right after you buy it.

Here's a full breakdown of the card so you can decide whether it’s right for you.

Pros of the Meridian Visa Platinum Cash Back Card

Here are some platinum perks that will make you want to get your hands on the Meridian Visa Platinum Cash Back Card.

1. Earn rates aren't too shabby

With the Meridian Visa Platinum Cash Back Card, you'll get earn rates of up to 2% in cash back. Here's how it breaks down:

• 2% cash back on gas, groceries, pharmacies and utility bills
• 1% cash back on all other purchases

These earn rates are pretty good, especially as there are no caps to your spending. Gas and groceries are also 2 of the most popular/useful categories, so you're very likely to be able to make the most out of the boosted earn rates.

2. Comprehensive insurance coverage

For the digestible annual fee, this card sure comes with good insurance. With 8 types of coverage available, that alone is something to brag about, but there is one really useful coverage type that deserves even more attention.

The Meridian Visa Platinum Cash Back Card comes with price protection insurance, meaning that you'll be refunded the difference between prices if something you buy goes on sale and drops in price. Just note that you'll be limited to $100 every time you invoke the coverage, and there is a hard limit of $500 per year.

3. No eligibility requirements

Often, credit cards with no annual fee have no eligibility requirements – and this holds true for the Meridian Visa Platinum Cash Back Card. Regardless of your income, you should qualify for this card.

4. First year free

If you aren't a fan of spending money on an annual fee, this card is a perfect match (at least for the first year). The $49 annual fee is waived for both primary and additional cards.

Cons of the Meridian Visa Platinum Cash Back Card

Now that we have some of the pros to the Meridian Visa Platinum Cash Back Card out of the way, here are some things that aren't the best when it comes to applying for the card.

1. Annual fee

In the end, the $49 annual fee isn't all too bad, but the fact that there is one may irk some people who are interested in all the benefits this card has. If you don't spend much money or want this as a complementary card, there are plenty of no fee cards available, including Meridian's no fee cash back credit card option, the Meridian Visa Cash Back Card.

2. Only available to residents of Ontario

While some credit union credit cards are available across the country, you must be a resident of Ontario to be eligible for a Meridian credit card.

Comparison to the Meridian Visa Infinite Cash Back Card

We all know that this card beats the pants off the Meridian Visa Cash Back Card since its annual fee pays for major upgrades like better earn rates and insurance. But if you wanted to pay more and get more on another level, the next level of comparison for this card is the Meridian Visa Infinite Cash Back Card.

The biggest difference is the annual fee. Here, you'll save $50 if you opt for the Platinum version.

The cost is a drop in earn rates and insurance coverage. Essentially whether you want to upgrade to the Visa Infinite card comes down to your spending habits and whether you'll be able to make the most out of the increased insurance. For instance, you'll have 48 days of emergency medical with the "better" version of the card, as well as 15 days of coverage if you're over the age of 65.

FAQ

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

Yes, the Meridian Visa Platinum Cash Back Card has an annual fee of $49, but it does not have any income requirements. One thing to note is that the fee is waived for the first year.

Does the Meridian Visa Platinum Cash Back Card have travel insurance coverage?

Yes, there is a total of 8 types of insurance coverage. This includes a decent amount of travel insurance, as well as price protection insurance, a rare and valuable type of coverage.

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

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