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The Meridian Cash Back Card is a no-annual-fee credit card that offers a straightforward rewards program. 

With the Meridian Cash Back Card, you get a consistent cashback rate on all your eligible purchases. It’s like having a little savings account that grows with every transaction you make.

With the Meridian Cash Back Card easy-to-earn benefits and features, it could become your go-to card for everyday spending.

Meridian Cash Back Card features

The Meridian Cash Back Card offers several features that are helpful if you use it for everyday spending. So let’s take a look at what this card has.

• Cash Back Rewards: Here’s how the Meridian Cash Back Card reward program works:

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

This tiered structure is designed to reward you more on common everyday expenses like gas and groceries, which significantly makeup monthly costs, so earning extra on these categories can lead to noticeable savings over time.

• No Annual Fee: One of the standout features of the Meridian Cash Back Card is that it comes with no annual fee. This means you can start earning rewards from your very first purchase without worrying about whether you’re spending enough to offset a yearly charge.
• Flexible Redemption Options: Your cash back rewards come in the form of Meridian Rewards Points, which offer flexibility in how you redeem them. You can use your points for: statement credits, gift cards, merchandise, and travel rewards.

This versatility means you can choose to either offset your credit card bill directly or treat yourself to something special with your earnings.

• Basic Insurance Coverage: While not as comprehensive as some premium cards, the Meridian Cash Back Card does offer some basic insurance protections:
  • Purchase protection for 90 days
  • Double the original manufacturer’s warranty up to one year more.
  • Mobile device insurance up to $1,000
  • Travel accident insurance up to $100,000

They offer some peace of mind and a safety net for your purchases and when travelling.

• Price Protection Service: A unique feature of this card is its price protection service. If you find a lower advertised price on an item you’ve purchased within 60 days, you can be reimbursed the difference up to $100 per item and $500 per year. 
• Low Barrier to Entry: Unlike some rewards credit cards that require high income thresholds, the Meridian Cash Back Card is more accessible. There are no specific income requirements mentioned in the product details, making it a good option for a wide range of consumers, including students and those just starting their careers.
• Supplementary Cards at No Extra Cost: You can add authorized users to your account at no additional cost. This allows family members to earn rewards on their purchases while keeping all the spending under one account.
• Online Account Management: The Meridian Cash Back Card comes with access to online banking features, allowing you to track your spending, view your rewards balance, and manage your account from your computer or smartphone.

Pros and cons of the Meridian Cash Back Card

When considering the Meridian Cash Back Card, it’s important to weigh its advantages and disadvantages. Here’s a balanced look at what this card offers:

Pros of the Meridian Cash Back Card

• No Annual Fee
• Cash Back on Everyday Purchases
• Flexible Redemption Options
• Price Protection
• Basic Insurance Coverage
• No Income Requirements

Cons of the Meridian Cash Back Card

• Low Base Earn Rate
• Limited Bonus Categories
• Potential for Higher Rewards Elsewhere
• No Sign-up Bonus
• Limited Availability to only residents of Ontario
• Foreign Transaction Fees

How to use the Meridian Cash Back Card

Getting started with the Meridian Cash Back Card involves a straightforward application process. Here’s a step-by-step guide to help you sign up:

• Check your eligibility: Before applying, ensure you meet the basic requirements. You must be:
  • A resident of Ontario (as Meridian credit cards are only available to Ontario residents)
  • At least the age of majority in Ontario (18 years old)
  • A Canadian resident
• Gather necessary information: Have the following details ready:
  • Your full name, date of birth, and Social Insurance Number (SIN)
  • Current address and contact information
  • Employment details and income information
• Apply for the card on Meridian’s website via their online application form.
• Wait for approval: Meridian will review your application. It can take a few minutes or several days.
• Receive your card: Your new Meridian Cash Back Card will be mailed to you if approved. You can usually get it within 7-10 business days.
• Activate your card: After you get your card, it will let you activate it according to the instructions you receive. Usually, you must press an assigned phone number or log into your online account.
• Set up online account access: Create your online banking credentials to manage your account, view statements, and track your rewards.

Remember, there’s no annual fee for this card, so you can start using it and earning rewards as soon as it’s activated. Keep in mind that while there are no specific income requirements mentioned for this card, your credit score and overall financial situation will be factors in the approval process.

Meridian Cash Back Card alternatives

While the Meridian Cash Back Card offers a solid no-fee option for cash back rewards, it’s always wise to consider alternatives to ensure you’re choosing the best card for your needs. Here are some comparable cards and how they stand out:

Tangerine Money-Back Credit Card vs Meridian Cash Back Card

This no-fee card offers a unique proposition, which includes a 2% cash back in up to three categories of your choice and a 0.5% cash back on all other purchases.

Pros:

• Higher earn rate in chosen categories
• Flexibility to choose your bonus categories
• No annual fee

Cons:

• Lower base rate on non-category purchases
• Fewer additional perks and insurance benefits

The Tangerine card might be better if you want to customize your rewards to your spending habits.

SimplyCash Card from American Express vs Meridian Cash Back Card

This is another no-fee option with a straightforward rewards structure of 1.25% cash back on all purchases. They also offer a welcome bonus of 2.5% cash back for the first 3 months (up to $150 cash back)

Pros:

• Higher flat rate on all purchases
• Attractive welcome bonus
• Some insurance coverage

Cons:

• American Express isn’t as widely accepted as Visa
• Foreign transaction fees apply

This card could be preferable if you want a higher flat rate on all purchases without category restrictions.

BMO CashBack Mastercard vs Meridian Cash Back Card

This is a no-fee card with a tiered rewards structure offering 3% cash back on groceries, 1% on recurring bill payments, and 0.5% on all other purchases.

Pros:

• Higher earn rate on groceries
• No annual fee
• Some travel and shopping protection

Cons:

• Lower base rate on most purchases
• Caps on bonus category earnings

The BMO card might be better if groceries are your highest spending category.

CIBC Dividend Visa Card vs Meridian Cash Back Card

This no-fee card offers 2% cash back on groceries, 1% on gas, transportation, dining, and recurring payments, and 0.5% on all other purchases

Pros:

• Higher earn rate on groceries
• Broader 1% categories
• No annual fee

Cons:

• Lower base rate on non-category purchases
• Limited insurance coverage

The CIBC card could be a good choice if you spend heavily on groceries and appreciate the broader 1% categories.

PC Financial World Elite Mastercard vs Meridian Cash Back Card

While not strictly a cash back card, it offers points on purchases. This includes 30 PC Optimum points per $1 at Shoppers Drug Mart, 30 points per litre at Esso and 10 points per $1 everywhere else.

Pros:

• No annual fee
• High earn rate at PC-affiliated stores
• Points can be redeemed for groceries and other items

Cons:

• The points system may be less flexible than cash back
• Best value when shopping at Loblaws banner stores

This card might be preferable if you frequently shop at Loblaws banner stores or Shoppers Drug Mart.

Irrespective of these alternatives, the Meridian card stands out with its price protection feature and mobile device insurance, which are uncommon for no-fee cards. However, if you’re looking for higher earn rates in specific categories, then you need to consider either of these options.

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