Quick overview of the Desjardins Odyssey World Elite Mastercard
The Desjardins Odyssey® World Elite® Mastercard is a great travel rewards credit card with comprehensive travel insurance and lounge access.
The card has an annual fee of $130. However, the fee for supplementary cards is waived for Desjardins clients, and said clients will also benefit from further perks (read below for more details). The card may not come with a generous sign-up bonus—the carrot typically dangled by most high-end travel card issuers—but its core benefits will justify the annual fee for many Canadian travellers.
Who's it for?
If you’re already a Desjardins client, if you’re an active traveller, or if you’re looking for a comprehensive travel insurance package, the Desjardins Odyssey® World Elite® Mastercard might be a particularly good fit for you.
Pros and cons
Pros
-
Get 3% cash back on groceries in BONUSDOLLARS, 2% cash back on restaurants, entertainment and alternative transportation in BONUSDOLLARS and 1.5% cash back on all other purchases in BONUSDOLLARS
-
20% BONUSDOLLARS® bonus for Desjardins members
-
Mobile device insurance included
-
No foreign transaction fees
Cons
-
High annual fee
-
Supplementary card fee
-
No sign-up bonus
-
Limited lounge access
How to earn rewards with Desjardins Odyssey® World Elite® Mastercard
One thing that makes the Desjardins Odyssey® World Elite® Mastercard appealing is the fact that its rewards structure is easy to understand. Cardholders earn the following on all purchases:
- 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.
If you’re a Desjardin Credit Union member, you get a special additional perk of 20% BONUSDOLLARS® (up to $200) on any annual BONUSDOLLARS® you’ve earned for the year. To qualify, you must pay at least the minimum payment listed on your credit card statement every month.
How to redeem rewards with Desjardins Odyssey® World Elite® Mastercard
BONUSDOLLARS® act like cash back and can be used to redeem travel, show tickets, financial products, and merchandise. If you’re redeeming for travel, you don’t need to go through a specific portal. That means you can simply charge any travel purchases to your Desjardins Odyssey® World Elite® Mastercard and then have the points applied to your credit card statement. There are no blackout dates and you can even use your BONUSDOLLARS® to pay for public transportation passes.
What’s also unique about BONUSDOLLARS® is that you can use them to purchase a variety of financial products or services as long as they’re with Desjardins. That means you can use your BONUSDOLLARS® to top up your RRSP, RESP, or TFSA, pay for any home or auto insurance, or even pay down your mortgage.
The Desjardins Odyssey World Elite Mastercard insurance benefits
The Desjardins Odyssey® World Elite® Mastercard easily ranks as one of the best travel insurance credit cards in Canada.
- Emergency medical: This insurance provides up to $5 million in coverage for 60 days if you're 64 and under.
- Trip cancellation insurance: You have up to $2,500 in coverage, per person.
- Trip interruption insurance: You have up to $2,500 per person if the trip is cancelled before departure and unlimited coverage if the trip is cancelled after the departure date.
- Common carrier accident: You have up to $1 million in coverage.
- Baggage insurance: You can get up to $1,000 per person for theft or damage or delays.
- Purchase protection and extended warranty: This covers the loss or damage of items for 90 days from the purchase date.
- Auto rental collision/loss damage insurance: This coverage is for up $65,000.
Other credit card perks
Besides its comprehensive travel insurance, the Desjardins Odyssey® World Elite® Mastercard has a few additional benefits that further justify its annual fee for some Canadians:
- Airport lounge access: Access to Desjardins Odyssey Lounges.
- Wifi perks: Stay connected with over 1 million Boingo Wi-Fi hotspots worldwide. Sign up on the Mastercard website for complimentary access to this network.
- Special experiences: Discover exclusive experiences near you, worldwide, and online through Mastercard's Priceless.com. Create unforgettable memories that last a lifetime.
What people say
"I had 3 BMO ccs too much hassle, so I moved to Desjardins cashback WE and never look back, every other month I got $100 cash back."
virtual007
RedFlagDeals user virtual007 explains they consistently receive cash back rewards with the Desjardins Odyssey World Elite Mastercard, easily offsetting the card's annual fee and saving money in the process. This exemplifies the financial advantages of owning a high-quality cash back credit card.
How the Desjardins Odyssey World Elite Mastercard compares
Tangerine Money-Back Credit Card
4.0
10% back
Welcome offerGood
Suggested credit scoreGet 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
Expires
Nov 1, 2024
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Desjardins Odyssey World Elite Mastercard vs Tangerine Money-Back Visa
If you'd like to avoid paying an annual fee on your credit card and still enjoy cash back rewards, you can consider the Tangerine Money-Back Visa card. With this card, you enjoy 2% back on two categories of your choice and 0.5% cash back on all other purchases. Best of all, there's no spending cap!
But it's important to note that the Tangerine Money-Back Visa card just comes with basic insurance coverage like extended warranty and purchase protection. If you'd like more comprehensive insurance benefits and airport lounge access, the Desjardins Odyssey World Elite Mastercard is a winner.
Scotiabank Passport® Visa Infinite* CardÂ
4.3
up to 35K pts
Welcome offerExcellent
Suggested credit scoreEarn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points
Expires
Nov 1, 2024
Pros
-
No FX fees means the card saves you significant expenses on foreign transaction fees
-
Earn up to 3x Scene+ points per $1 spent on eligible purchases
-
Flexible and straightforward redemption program
-
Visa acceptance globally compared to American Express, especially outside major cities.
-
Enjoy six annual visits to airport lounges
-
Robust insurance offerings, including extended travel emergency medical coverage
-
Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
-
High annual fee
-
Limited rewards categories for earning reward max rate on purchases
-
Primarily best for travel within Canada
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
3x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$150
Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$150
Foreign Transaction Fee
0%
Pros
-
No FX fees means the card saves you significant expenses on foreign transaction fees
-
Earn up to 3x Scene+ points per $1 spent on eligible purchases
-
Flexible and straightforward redemption program
-
Visa acceptance globally compared to American Express, especially outside major cities.
-
Enjoy six annual visits to airport lounges
-
Robust insurance offerings, including extended travel emergency medical coverage
-
Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
-
High annual fee
-
Limited rewards categories for earning reward max rate on purchases
-
Primarily best for travel within Canada
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
3x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$150
Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$150
Foreign Transaction Fee
0%
Desjardins Odyssey World Elite Mastercard vs Scotiabank Passport® Visa Infinite* Card
The Scotiabank Passport® Visa Infinite* Card is a great travel rewards credit card. This card allows you to earn 3x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating co-ops and 2x Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options. As well as, 1x Scene+ points for every $1 spent on all other eligible everyday purchases. Actual offers, savings and rewards earned will depend on individual card usage and eligibility for applicable offers. Conditions apply*.
The Scotiabank Passport Visa Infinite card also comes with airport lounge access, giving you 6 annual passes through the Visa Airport Companion. The insurance coverage is pretty similar to the Desjardins Odyssey World Elite Mastercard, but the Scotiabank card also includes hotel/motel burglary insurance. If you love watching movies at Cineplex, you can also use your Scotia SCENE rewards for free movie tickets.
Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Desjardins Odyssey World Elite Mastercard vs American Express Cobalt Card
| Card | Desjardins Odyssey World Elite Mastercard | American Express Cobalt Card |
|---|---|---|
| Annual fee | $130 | $155.88 (12.99/month) |
| Benefits | Get 3% cash back on your groceries in BONUSDOLLARS, 2% cash back on restaurants, entertainment, and alternative transportation in BONUSDOLLARS and 1.5% cash back on all other purchases in BONUSDOLLARS | Earn 5x points per $1 spent on food and groceries, 3x points on eligible streaming subscriptions, 2x the points on eligible ride shares, transit & gas in Canada. Plus, 1 additional point on eligible hotel and car rental bookings via American Express Travel Online. |
| Insurance | Out of province/emergency medical, trip cancellation insurance, trip interruption insurance, common carrier accident, baggage insurance | Out of province/country emergency medical insurance, travel accident, flight delay, lost luggage, hotel burglary, rental car insurance, mobile device insurance |
| Review | You are already reading it! | Amex Cobalt Card Review |
| Apply Now | Apply Now | Apply Now |
The American Express Cobalt Card is a great all-rounder! It comes with comprehensive travel insurance and a great rewards earn rate. The rewards reception is also very flexible as you can transfer your Amex Membership reward points to your other travel loyalty programs like Aeroplan and Flying Blue. The annual of is also broken up monthly which makes it a bit affordable. It's important to note that some Canadian retailers in Canada do not accept Amex cards. Here's where Amex is accepted in Canada.
Is it worth it?
If you value travel insurance or you’re already a Desjardins client, you may want to seriously consider the Desjardins Odyssey® World Elite® Mastercard. The annual fee of $130 is easily off-set by the combined value of the card’s rewards accrual rates, lounge access, comprehensive travel insurance package and mobile device insurance.
Barry Choi is a Toronto-based personal finance and travel expert who makes frequent media appearances. When he's not educating people on how to be smarter with money, he's earning and burning miles and points for luxury travel.
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