[REVIEW] Laurentian Bank Visa Infinite

Another Visa Infinite credit card was introduced to the Canadian market earlier this year, this time it is the Laurentian Bank Visa Infinite. Check out the highlights first:

• $130 annual fee (waived the first year if you apply before October 31, 2017 and spend $1,000 in the first 50 days)
• $50 annual fee for each supplementary cardholder
• Earn 3 points for every $1 spent on recurring bill payments (e.g. telephone, cable TV, Internet, newspaper, etc.)
• Earn 2 points for every $1 spent on grocery, gas, transportation, travel and foreign currency purchases
• Earn 1 point for every $1 spent on all other purchases

Annual fee

Because there is a current annual fee waived promotion, aside from a credit card, this credit card is worth a look if you can take advantage of the 3x multiplier bonus. If you are a Laurentian Banking client already, then I would definitely get this card and at least keep it the first year to give it a try.

Multiplier Bonuses

The 3x bonus on recurring bills is what makes this credit card very attractive. Furthermore, there does not seem to be an annual maximum. Even so, chances are you may not have that many reoccurring bills in a month. If even if had $1,000 per month, you are earning $30 back per month. In a year, that would be $360 ($30 x 12).

It will be difficult to justify retaining this credit card beyond the first year when you need to pay the $120 annual fee.

Redeeming Points

Redeem your points in the form of cash back towards you account. You can also use your points towards a travel credit, it will be worth the same amount. The minimum redemption is:

• 10,000 points = $100

You can also redeem for merchandise starting at 1,600 points. If you are not earning more than 1 cent per point, then I would redeem for cash instead.

Insurance

As it is an Infinite card, it does offer competitive insurance coverage:

• Hospital, Medical and Paremedical Insurance (up to $5,000,000 for you and your family, for any trip outside the province) (Maximum 15 days for cardholders over 65 years of age; Maximum 31 days for cardholders 65 years of age or under)
• Trip cancellation (up to $2,000 per person in the case of cancellation and up to $5,000 per person in the case of interruption)
• Delayed baggage (up to $2,500 per family)
• Public Transport Vehicle Accident (up to $500,000 per person)
• Auto Rental Collision/Loss Damage Insurance (up to 48 consecutive days of coverage)
• Purchase Insurance and Extended Warrant (90-day protection against theft and accidental damage)
• Extended Warranty (extended manufacturer’s warranty up to a maximum of one year)

Conclusion

I think that this credit card offers enough benefits to warrant giving it a try the first year, especially with the first year fee waived!