At the start of March Laurentian Bank came out with a new offer for their Visa Infinite Card. The offer provides new approved cardholders with 8 points per dollar spent on gas, groceries, transportation and travel purchases for the first three months from account opening. The 8 points per dollar will be awarded on the first $2,000 in spending in those categories. On top of this they will provide a $130 credit which covers the first year annual fee on the card.
With simple cash back redemption rates of 10,000 points to $100 that 8 points per dollar spent on the categories listed above equates to an 8% return. This is a pretty good introductory earn rate for the card but it doesn't match the 10% on all spending we see on cards like the SimplyCash™ Preferred Card from American Express, CIBC Dividend® Visa Infinite* Card, Scotia Momentum® VISA* Infinite card or the BMO CashBack® World Elite®* MasterCard®*. So really this offer is best suited for those who want to keep their banking with Laurentian and don't have a credit card with them yet.
Once the introductory 8 points per dollar rate is over this card earns 3 points per dollar on pre-authorized debits (3% return), 2 points per dollar on grocery, gas, travel, transportation and foreign currency transactions (2% return) and 1 point per dollar on everything else (1% return). The card also a pretty good suite of insurance benefits including 31 day out of province medical insurance for those to the age of 65 (15 days for those 66-75) plus trip cancellation and interruption coverage.
This welcome offer of 8 points per dollar plus the annual fee credit is available for new applicants until June 30, 21.
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