Best Desjardins credit cards in Canada

Proclaiming itself as ‘the must-have card for frequent flyers,’ this Desjardins credit card is ideal for cardholders who want a comprehensive free travel insurance program along with travel-related perks and rewards:

• Get 3% cash back on your groceries in BONUSDOLLARS (up to $10,000).
• Get 2% cash back on restaurants, entertainment, and alternative transportation in BONUSDOLLARS (up to $6,000).
• Get 1.5% cash back on all other purchases in BONUSDOLLARS.

Impressive travel insurance protections

When compared to free travel insurance programs offered by other premium travel credit cards, the Desjardins Odyssey® World Elite® Mastercard holds its own.

Cardholders benefit from travel medical insurance coverage of up to $5,000,000, trip cancellation coverage of $2,500 per person, travel accident coverage up to $1,000,000, and unlimited trip interruption coverage—more than the amounts offered by some Canadian cards with far higher annual fees.

The best part of the Desjardins Odyssey® World Elite® Mastercard’s travel insurance program is the length of the trips that it will cover. If you’re under 60 when you travel, you can get coverage for a full 60 days, and those aged 60-65 get 31 days coverage, compared to a standard 15 days from most credit card travel insurance plans.

It’s also a great choice for older cardholders, who are excluded entirely from coverage by most credit card plans. With Desjardins Odyssey® World Elite® Mastercard, travellers over 65 still get up to 15 days of free travel insurance at the same terms as everyone else.

Desjardins Odyssey airport lounges access

Alongside the excellent free travel insurance plans, Odyssey World Elite cardholders get access to the Desjardins Odyssey airport lounges at Montréal-Trudeau International Airport (YUL) , free identity theft assistance, free concierge services, and the opportunity to access exclusive events and experiences through the Priceless Cities program.

Desjardins Odyssey lounge at YUL/ Image courtesy of Desjardins

The main perk for Desjardins Cashback World Elite Mastercard holders is its cash back program. Cardholders earn up to 4% back on grocery store purchases, with a base rate of 1% on anything not in a bonus category. But don’t sleep on those bonus categories, which are lucrative and ideal for everyday earning. 

Unfortunately, there’s a cap on the grocery and dining purchases. Fortunately, the limit is fairly generous, so most people won’t even notice it. 

Along with cash back, cardholders get the very useful perk of free mobile device insurance—ideal if they happen to lose their cell phone or it gets damaged. There’s also free travel insurance for up to 3 days when travelling outside a home province, which saves cardholders from needing to bother with getting travel insurance for every short trip they take. A 10% discount on Hertz rental cars adds to the travel perks.

On top of this, the Desjardins Cashback World Elite Mastercard offers free additional cards, contactless payment capabilities, and standard extended warranty and purchase protection. Cardholders can also apply for financing for special or unexpected purchases through the Desjardins Accord D financing program. 

It’s rare to find a credit card in Canada that’s available as either a Visa or Mastercard, but that’s exactly what Desjardins offers in its Desjardins Cashback Visa/Mastercard. You can choose which type of card you prefer and get the same benefits, rewards, and standard interest rates.

The main perk for Desjardins Cashback Visa/Mastercard holders is its cashback program. Cardholders earn 2% back on dining, entertainment, transit and recurring bills. Unfortunately, that earn rate is capped at $3,600 per year, however.

It’s a shame that there’s only 0.5% cash back on all other purchases, which does limit a cardholder’s earning power. There are certainly other credit cards out there that offer a better cashback rate, but this Desjardins Cashback Visa/Mastercard has no minimum income level and requires ‘only’ a Good credit score, making it accessible to more borrowers. It’s worth remembering that there’s also no annual fee, so all earned cash back is essentially entirely free.

Along with cash back, cardholders get the very useful perk of free mobile device insurance—ideal if they happen to lose their cell phone or it gets damaged. There’s also free travel insurance for up to 3 days when travelling outside a home province, which saves cardholders from needing to bother with getting travel insurance for every short trip they take. A 10% discount on Hertz rental cars adds to the travel perks.

Desjardins provides a full range of financial products that include many types of auto, home and travel insurance, various credit cards, and brokerage services. Because Desjardins is a credit union rather than a standard bank, members with lower credit scores are often able to access insurance, credit sources, and other financial products that would otherwise be very expensive or out of their reach. 

Desjardins credit cards are notable because they come with very useful insurance. Particularly useful is the addition of mobile phone insurance to its cards, something you typically don’t see from banks (though TD Bank provides phone protection with many of its card offers). Additionally, many cards come with some basic travel insurance, including 3 days of complimentary travel insurance. 

When it comes to credit cards, Desjardins offers a range of options that can provide value to different types of customers. Here's who might benefit most from a Desjardins credit card:

• Frequent travelers: Desjardins offers travel rewards credit cards, such as those in the Odyssey range. These cards come with comprehensive travel insurance for up to 60 consecutive days at no additional cost, which can be extremely valuable for frequent travellers.
• Cash back seekers: If you're looking to earn money back on your everyday purchases, Desjardins offers cash back credit cards that can help you maximize your returns.
• Quebec residents: Given Desjardins' strong presence in Quebec, residents of this province may find additional benefits and tailored services that suit their specific needs.
• Members of Desjardins: As a cooperative, Desjardins often provides special benefits to its members. If you're already a member or considering becoming one, a Desjardins credit card could offer you enhanced value.
• Tech-savvy users: Desjardins has been investing in financial innovation, including implementing new online loan origination solutionswww.ncino.com. 
• Those seeking balance transfer options: If you're looking to consolidate debt, Desjardins offers balance transfer cards that could help you save on interest charges.

Earning BONUSDOLLARS is simple: use your eligible Desjardins credit card and rack up points. Here’s how the Desjardins BONUSDOLLARS cards stack up across everyday categories:

Yes. Desjardins BONUSDOLLARS will expire after one year if not used. 

BONUSDOLLARS are by far the most valuable rewards currency in Canada. Desjardins BONUSDOLLARS are worth one dollar per point ($1/pt.), which makes sense when you remember it’s BONUSDOLLARS and not BONUSCENTS.

Like other reward programs, DEsjardins BONUSDOLLARS count towards several redemption options:

• Pay off purchases in the following categories: dining, entertainment, travel, alternative travel (transit, taxis and rideshares) or donations.
• Pay off insurance premiums (including home, auto, travel, accident and life insurance), deposits into eligible Desjardins deposit accounts (including RRSPs, RESPs or TFSAs) or loans (personal, auto and mortgage).
• Gift cards from leading brands (in increments of $25, $50 or $100).

Strangely, you can use points to pay down your Desjardins credit card bill, but only if you have the Odyssey Visa Infinite Privilege. Instead, you’ll need to pay yourself back with points feature. 

• Strong presence in Quebec: If you're a Quebec resident, Desjardins offers tailored services and a wide network of branches and ATMs.
• Diverse card options: Desjardins provides a range of credit cards to suit different needs, from cash back to travel rewards.
• Competitive rewards: Many Desjardins cards offer attractive earn rates on everyday purchases like groceries and gas.
• Comprehensive travel insurance: Cards like the Odyssey World Elite Mastercard offer extensive travel coverage, which can be valuable for frequent travelers.
• Unique perks: Some cards provide access to the Desjardins Odyssey Lounge at Montreal-Trudeau airport, a nice touch for Quebec-based travelers.

• Income requirements: Higher-tier cards like the Odyssey World Elite Mastercard have substantial income requirements ($80,000 individual or $150,000 household).
• Annual fees: While some cards have no annual fee, premium options can cost $130 or more annually.
• Interest rates: Compare the interest rates with other cards in the market to ensure they're competitive for your needs.
• Your spending patterns: Ensure the rewards structure aligns with where you spend most frequently.
• Membership requirements: Some perks may be enhanced for Desjardins members, so consider if you're willing to switch your banking relationship.

A Desjardins credit card could be a great choice if you're a Quebec resident, frequently travel through Montreal, or can maximize the rewards on everyday spending categories. However, always compare with other options in the market to ensure it's the best fit for your specific needs.