Desjardins Bonus Visa Review
Pros
- No annual fee
- Bonus rewards on everyday purchases
- Automatic enrollment in Desjardins BONUSDOLLARS program
- Purchase Protection and Extended Warranty
- Mobile Device Insurance coverage
- Desjardins Visa e-Deposit Alerts
Cons
- Lower rewards rate compared to some competitors
- Limited travel benefits
- BONUSDOLLARS cannot be redeemed for cash
- Rewards redemption may be less flexible for non-Desjardins members
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Desjardins Bonus Visa, here’s how you earn rewards:
| Bills | 2% |
| Restaurants / Delivery | 2% |
| All Other Spend | 1% |
How much your rewards are worth
The dollar value of your rewards depends on the specific Desjardins Group rewards program and what you choose to redeem your points for.
For Desjardins Bonus Visa in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $2.94 |
| Charity | $2.94 |
| Gift cards | $2.82 |
| Merchandise | $2.70 |
| Movie rewards | $2.94 |
| Desjardins financial products | $2.94 |
Calculating your annual rewards
$24,000.00 annual spending x $1.23% return on spending = $294.00 annual rewards
$294.00 annual rewards – $0.00 annual fee = $$294.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 660 – 724 |
| Interest Rates | |
|---|---|
| Purchase | 19.9% |
| Cash Advance | 19.9% |
| Balance Transfer | 19.9% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Emergency Medical Term | 3 days |
| Trip Cancellation | 500 |
| Trip Interruption | 1000 |
| Baggage Delay | 500 |
| Mobile Phone Insurance | 1000 |
Desjardins Bonus Visa Review
The Desjardins Bonus Visa credit card is a rewards-oriented card option that allows cardholders to take advantage of an array of benefits. In this review, we will discuss the card’s earning potential, outline its four main advantages, detail two significant drawbacks, and provide any other relevant information for those considering this card.
Earning Potential: With the Desjardins Bonus Visa credit card, cardholders earn points known as BONUSDOLLARS on their purchases. For every dollar spent, cardholders earn 1% back in BONUSDOLLARS. This simple earning structure applies to all spending categories, which means there are no specific rates for dining, travel, groceries, or other categories.
Benefit 1: The first major advantage of the Desjardins Bonus Visa card is its welcome bonus. New cardholders can enjoy a promotion that currently offers up to 3% cashback in BONUSDOLLARS for the first three months (up to the first $2,000 spent). This promotional rate allows users to accumulate BONUSDOLLARS even faster during the introductory period.
Benefit 2: The second major advantage of this card is the comprehensive travel insurance coverage. Cardholders receive coverage for travel medical emergencies, trip interruption/cancellation, baggage theft or delay, rental car collisions or damages, and more. This can save users significant money and provide peace of mind when traveling.
Benefit 3: The third major advantage of the Desjardins Bonus Visa card is the access to exclusive discounts and privileges through the Visa Benefits platform. Users can enjoy various offers, such as discounts on car rentals, dining, and leisure activities. These perks can help cardholders save money and enhance their overall experiences.
Benefit 4: The fourth major advantage of this card is its compatibility with mobile payment platforms. Cardholders can use the Desjardins Bonus Visa credit card with most major mobile payment systems, including Apple Pay, Google Pay, and Samsung Pay. This compatibility offers convenience and flexibility for making purchases on the go.
Drawback 1: A significant drawback of the Desjardins Bonus Visa credit card is the lack of bonus categories for earning rewards. While its 1% back on all purchases is straightforward, it doesn’t provide extra incentive for users to spend in specific categories, such as dining or travel, which some other reward-based credit cards offer.
Drawback 2: Another significant drawback of this card is the $50 annual fee. While not exorbitant, users who are looking for a no-fee rewards card may find the annual fee a deterrent. It’s essential for potential cardholders to weigh the benefits and rewards against this cost to determine if it’s the right fit for them.
In conclusion, the Desjardins Bonus Visa credit card provides a straightforward rewards structure and several appealing benefits, particularly for those who travel frequently or enjoy the convenience of mobile payment options. However, the card may not be the best fit for those seeking higher or category-specific earning rates or those who want to avoid an annual fee. As always, potential users should carefully evaluate their spending habits and preferences to determine if this card aligns with their needs.
Interested in other credit cards? Canadians that like the Desjardins Bonus Visa credit card also like the Desjardins Flexi Visa. If you’re looking for other options you should consider the Desjardins Cash Back Mastercard, and the Desjardins Odyssey World Elite Mastercard.
FAQ
Key benefits
- Interest Rate: 19.9% for purchases, cash advances, and balance transfers
- Foreign Currency Conversion: 2.5% fee on transactions made in a foreign currency
- Cash Advance Fee: $5 or 1% of transaction value, whichever is higher
- BONUSDOLLARS rewards: Earn 1% on eligible purchases, up to $5,000 per year
- Rewards Cap: BONUSDOLLARS capped at $75 annually
- Purchase Protection: 90-days protection against theft and damage for eligible items
- Extended Warranty: Doubles manufacturer’s warranty, up to 1 additional year
- Mobile Insurance: Covers smartphones for up to $1,000 per claim
- Visa Pay with Points: Option to use BONUSDOLLARS to pay for purchases at select retailers
- Eligibility Criteria: Must be a Canadian resident with a valid Social Insurance Number
