Desjardins Cash Back Mastercard Review
Pros
- No annual fee
- 1% cash back on all purchases
- 2% cash back on groceries
- Flexible cash back redemption
- Purchase protection and extended warranty
- Mobile device insurance coverage
Cons
- Limited travel insurance benefits
- Lower cash back rate compared to premium credit cards
- 2% cash back on groceries capped at $400 per month
- No bonus cash back categories or rewards partners
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 Cash Back Mastercard, 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 Cash Back Mastercard 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 |
|---|---|
| Apply to statement credit | $2.47 |
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 | 760 – 900 |
| Interest Rates | |
|---|---|
| Purchase | 19.9% |
| Cash Advance | 19.9% |
| Balance Transfer | 19.9% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | MasterCard |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | 10000 |
| Emergency Medical Term | 3 days |
| Emergency Medical over 65 | 3 days |
| Trip Cancellation | 500 |
| Trip Interruption | 1000 |
| Baggage Delay | 500 |
| Lost or Stolen Baggage | 500 |
| Mobile Phone Insurance | 1000 |
Desjardins Cash Back Mastercard Review
The Desjardins Cash Back Mastercard is a popular options for Canadians seeking a straightforward credit card with a focus on cash back rewards. Here, we’ll dive into the card’s earning potential, benefits, drawbacks, and other relevant information to help you decide if it’s the right choice for you.
Earning Potential:
The Desjardins Cash Back Mastercard earns cash back on every purchase, with no categories to keep track of – making it a perfect option for those who prefer simplicity. Cardholders earn 1% cash back per dollar spent on all purchases, regardless of the spending category. This means that whether you’re shopping for groceries, dining out, or booking travel, you’ll accumulate cash back effortlessly.
Benefits:
Benefit 1: The first major advantage of this card is its simplicity. With a flat 1% cash back rate for all purchase categories, you won’t have to worry about complicated reward systems or constantly monitoring your spending habits to maximize your rewards.
Benefit 2: Another advantage of the Desjardins Cash Back Mastercard is the absence of an annual fee. This allows cardholders to enjoy the benefits of cash back rewards without having to spend a certain amount each year to offset the cost of an annual fee.
Benefit 3: This credit card also offers a purchase protection and extended warranty on eligible items purchased with the card. This means you’ll have peace of mind knowing that you’re covered in case of theft, loss, or damage within a specified time period and receive extended warranty coverage on your purchases.
Benefit 4: The Desjardins Cash Back Mastercard provides access to exclusive Mastercard experiences and offers through the Priceless Cities program. This program could provide you with exciting experiences, dining deals, and shopping offers in select cities around the world.
Drawbacks:
Drawback 1: A significant drawback of the Desjardins Cash Back Mastercard is its relatively low cash back rate. While the 1% cash back is easy to understand and can accumulate over time, there are other credit cards on the market that offer higher cash back rates or bonus points in key spending categories.
Drawback 2: The second drawback is the card’s limited travel benefits. The card doesn’t provide any travel insurance coverage, airport lounge access, or special travel-related rewards, making it less appealing for frequent travelers. If travel features are a priority, you may want to consider other credit card options.
Additional Information:
Overall, the Desjardins Cash Back Mastercard can be a solid choice for those who want a simple cash back rewards card without an annual fee. It offers basic rewards on all purchases and comes with Mastercard-backed benefits, while not being as feature-rich as some competitor’s offerings. Assess your spending habits and priorities when comparing this card to others on the market to ensure you pick the perfect credit card for your unique financial situation.
Interested in other credit cards? If the Desjardins Cash Back Mastercard credit card isn’t perfect for you, you might want to consider the Desjardins Bonus Visa. Plus, many Canadian’s that like the Desjardins Cash Back Mastercard like the Desjardins Cash Back Visa, and the Desjardins Cash Back World Elite Mastercard.
FAQ
Key benefits
- Interest rate: 19.9%
- Cash advances: 22.9%
- Balance transfer: 22.9%
- Grace period: 21 days
- Minimum payment: Greater of $10 or 3% of total balance
- No foreign transaction fees besides exchange rate markup
- Credit limit: Subject to credit approval and income verification
- Eligibility requirements: Canadian resident, good credit history
- Additional benefits: Auto rental collision and loss damage insurance
- Online account access: Monitor transactions, update information, pay bills, manage cash back rewards
