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Meridian Credit Union
Written by Lauren Brown
Last updated on June 25, 2026
Fact Checked
FinlyWealth rating
🏅
3.9
Products they offer:
Best for:
Ontario residents who want branch access without choosing a major bank
Overview
Meridian Credit Union is the largest credit union in Ontario, describing itself as number three in size out of credit unions in Canada. The institution operates as a not-for-profit with 100% member ownership. Given its size, Meridian has a larger range of products compared to many other credit unions in the country. It does, however, lack some higher end services like private banking and a full insurance offering with universal life coverage. Both of which you can find through a major Canadian bank.
Meridian has a credit card selection with cashback, travel rewards, and USD cards. They exclusively offer Visa, with no option for Mastercard or American Express. Monthly banking fees come in below those of the biggest banks in Canada, with its most basic account about a dollar less per month in comparison. Digital banks, however, tend to have an edge with account fees. As is the same with interest rates. Meridian’s high-interest savings rates can be more competitive than some traditional bank savings accounts, though they fall behind some other Canadian credit unions and digital institutions.
Members of Meridian have access to investment accounts through the credit union and through Qtrade Direct Investing. The financial institution does not have its own full-service brokerage. They do provide financial planning, which isn’t always the case with credit unions.
Pros
- Part of THE EXCHANGE® Network providing access to more than 40,000 ATMs with no additional charges
- More competitive account fees than the Big Six Canadian banks
- Lower minimum balance waiver requirements compared to the major banks
- Full service banking lineup with basic investment and financial planning
- Deposit insurance from the Financial Services Regulatory Authority (FSRA)
Cons
- Premium offerings (private banking, universal life insurance, etc) are not available
- Branch access concentrated in Ontario, making the credit union less appealing to customers outside the province
- Product lineup is not as broad as the Big Six Canadian banks especially for insurance and premium wealth management services
- Savings rate may still fall behind digital institutions
- Credit card selection is limited comparatively
- Mixed customer reviews
Product Reviews
Credit Cards
APPLY NOW
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$0
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
300Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
2.8/5
The Meridian Visa Cash Back Card is a solid choice for anyone looking for a simple, no-fee card with straightforward rewards. While its cash back rates are not the highest, especially on non-boosted categories, it still offers decent value with 1% back on gas, groceries, and utility bills. The inclusion of basic insurance coverage, especially price protection, adds a nice bonus. However, its appeal is mainly for low to moderate spenders, as the rewards rate for other purchases is quite low, and the card is only available to Ontario residents. Overall, it’s a practical option for those who don’t want to pay an annual fee and prefer basic perks without complexity.
Pros
- Decent cashback
- No annual fee
- Decent insurance
- Simple eligibility
- Flexible rewards
Cons
- Low base earn rate
- Limited to Ontario residents
Rewards
- Earn 1 reward point for every $1 spent (1% cash back) on gas, groceries, pharmacy and utility bill payments
- Earn 0.5 reward point for every $1 spent (0.5% cash back) on other eligible purchases
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Up to 1 year
Mobile Device Insurance
Up to $1,000 per occurrence
Common Carrier Travel Accident Insurance
$100k per insured person per trip
Price Protection
$100 per item, $500 per year
Eligibility
Credit Score
FairAnnual Income
N/A
APPLY NOW
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$99 $0
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.2/5
The Meridian Visa Infinite Travel Rewards Card stands out primarily for its flexible reward options and considerable insurance coverage. With the ability to earn 1.5 points per $1 spent on all purchases and double points on foreign currency transactions, it offers a competitive edge for frequent travelers. Its extensive insurance benefits, including rare price protection, further bolster its appeal, making it a strong contender for those who meet the income requirements and reside in Ontario.
Pros
- Versatile Rewards
- Impressive insurance coverage
- First-year fee waiver
Cons
- Restricted to Ontario residents
- High income requirements
Rewards
- Earn 3 reward points for every $1 spent (3% cash back) on purchases made outside Canada in foreign currencies
- Earn 1.5 reward points for every $1 spent (1.5% cash back) on other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to 1 yearMobile Device Insurance
Up to $1,000 per occurrenceCommon Carrier Travel Accident Insurance
$1M per insured person per trip
Travel Medical Insurance (64 & under)
48 daysTravel Medical Insurance (65 to 75)
15 days
Trip Cancellation
$2,000
Trip Interruption
$2,000
Baggage Delay
$500
Lost or Stolen Baggage
$1,000.svg?dpl=dpl_2ffHSTvJo1hojctS14hRkmXzJzsG)
Car Rental Damage & Theft
Max car value of $65k, up to 48 daysPrice Protection
$100 per item, $500 per year
Benefits
Details
Visa Infinite Exclusive Benefits
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
APPLY NOW
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$99 $0
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.1/5
The Meridian Visa Infinite Cash Back Card offers solid cash back rewards, particularly with up to 4% on groceries and gas, and a competitive annual fee of $99 (waived in the first year). It stands out with comprehensive travel insurance, including price protection, which is a rarity in this category. However, the card does come with some drawbacks, such as high income requirements and limited availability to Ontario residents. Overall, this card provides excellent value for those who spend heavily on groceries, gas, and utilities, and for those who value strong insurance coverage and a low annual fee.
Pros
- High grocery optimization
- High gas optimization
- Comprehensive insurance
- Flexible redemptions
- Lower annual fee
Cons
- High income requirements
- Restricted to Ontario residents
Rewards
- Earn 4 reward points for every $1 spent (4% cash back) on gas and groceries˄ (up to $25,000 in spending annually)
- Earn 2 reward points for every $1 spent (2% cash back) on pharmacy and utility bill payments˄ (up to $25,000 in spending annually)
- Earn 1 reward point for every $1 spent on other eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to 1 yearMobile Device Insurance
Up to $1,000 per occurrenceCommon Carrier Travel Accident Insurance
$1M per insured person per tripTravel Medical Insurance (64 & under)
Up to $5M for 48 daysTravel Medical Insurance (65 to 75)
15 daysTrip Cancellation
$2,000Trip Interruption
$2,000Baggage Delay
$500Lost or Stolen Baggage
$1,000Car Rental Damage & Theft
Max car value of $65k, up to 48 daysPrice Protection
$100 per item, $500 per year
Benefits
Details
Visa Infinite Exclusive Benefits
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
APPLY NOW
on Meridian's website
This card is only available to residents of Ontario.
Welcome Bonus
Earn 7,000 reward points‡ on first purchase (up to $70 value)
Annual Fee
$65 USD $0 USD
Interest Rates
19.50% / 21.99%
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
3.5/5
The Meridian Visa U.S. Dollar Card is designed for Canadians who frequently make purchases in U.S. dollars, offering a practical way to save on foreign transaction fees. With a simple rewards structure that grants 1 point per $1 spent on all purchases and a modest annual fee, this card is particularly appealing for those who have U.S. dollar expenses. Its additional perk of 8 types of insurance coverage makes it even more valuable for travelers. However, it's essential to have access to U.S. dollars to maximize the card's benefits, as all transactions and payments are in USD.
Pros
- No currency conversion fees
- Straightforward rewards program
- Comprehensive insurance
Cons
- Annual fee in USD
- Requires USD bank account
- Restricted to Ontario residents
Rewards
- Earn 1 reward point for every $1 spent (1% cash back) on all eligible purchases
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to 1 yearCommon Carrier Travel Accident Insurance
$100k per insured person per tripTrip Cancellation
$2,000Trip Interruption
$2,000Baggage Delay
$500Lost or Stolen Baggage
$1,000Car Rental Damage & Theft
Max car value of $65k, up to 48 days
Eligibility
Credit Score
GoodAnnual Income
N/A
Customer Experience
3.4/5
Like many financial institutions in Canada, Meridian has a variety of reviews online. For the most part, they skew negative, though not quite as badly as the larger banks. We can see this reflected in the credit union’s Trustpilot score of 1.6 out of five stars. Though this rating is quite low, it outranks each of the major banks. But it also comes with a small sample size of just under 100 customer reviews.
Common complaints about the institution seem to be about their customer service. One person wrote, “they don't have a clue what they are doing and/or they are not given the necessary tools to answer very simple questions.” In a completely polarizing review, though, another said “meridian credit union is absolutely fabulous.”
Rating Methodology
How We Rate Meridian Credit Union
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes. Eligible deposits at Meridian have deposit protection through the Financial Services Regulatory Authority of Ontario (FSRA). This means Meridian members receive provincial deposit protection instead of federal bank deposit insurance.
One of Meridian’s biggest drawbacks is also one of its strengths: its Ontario-based branch network. This is positive for those who live in the province, though anyone outside of Ontario may struggle to receive in-person service. The credit union also doesn’t appear to have a full offering with private banking and universal life insurance.
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