Desjardins Cash Back Visa Review

4.88

$0

Annual Fee

$306

Annual Rewards

N/A

Intro Offer

$0

Annual fee

$306

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Unlimited cash back rewards
  • 2% cash back on groceries and recurring bill payments
  • 1% cash back on all other purchases
  • Purchase Protection and Extended Warranty
  • Mobile Device Insurance up to $1,000
  • Access to the Desjardins Odyssey Lounge at Montreal-Trudeau Airport

Cons


  • No welcome bonus or promotional offers
  • Low cash back rate on non-grocery and non-recurring bill purchases
  • No travel benefits, such as points or miles
  • Limited insurance coverage compared to other cards
  • Not ideal for individuals with high spending habits

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The Desjardins Cash Back Visa has earned a 4.88 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the Desjardins Cash Back Visa are fees and insurance.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the Desjardins Cash Back Visa the most important factors for scoring this card are its fees and insurance.

Rewards

With the Desjardins Cash Back Visa, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills2%
Pharmacy1%
Gas1%
Groceries1%
Restaurants2%
Specific Stores1%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the Desjardins Cash Back Visa would earn $306 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Bills$84
Restaurants$48
All Other Spend$174

Our study investigating the value found that each dollar spent on the Desjardins Cash Back Visa is worth up to $0.01, depending on how you redeem.

This $306 in rewards value puts the Desjardins Cash Back Visa in the bottom 50% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Desjardins Cash Back Visa earns $306 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Bills2.00%1.25%
Pharmacy1.00%1.17%
Gas1.00%1.48%
Groceries1.00%1.71%
Restaurant2.00%1.53%
Store1.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the Desjardins Cash Back Visa for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Apply to statement credit$257

For an annual spend of $24,000, we estimated annual rewards value at up to $306.

That’s equivalent to a 1.28% return on spending.

The Desjardins Cash Back Visa has an annual fee of $0. After deducting this, we predicted net annual rewards of $306.

This puts it in the top 50% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The Desjardins Cash Back Visa has a $0 annual fee.

The average card charges $85. So, the Desjardins Cash Back Visa is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The Desjardins Cash Back Visa scored a 1.1 out of 5 for perks, putting it in the bottom 40% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase19.9%
Cash Advance19.9%
Balance Transfer19.9%

The average (median) credit card has a purchase interest rate of 19.99% and so the Desjardins Cash Back Visa charges 0.09% less than the average.

For cash advances it costs 19.9% compared to the average of 19.96%.

Testing the Desjardins Cash Back Visa with a $2,000 starting balance, you can see in the graph how the 0.09% less in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Travel Accident$10,000$500,000
Emergency Medical Term3 days15 days
Emergency Medical over 653 days4 days
Trip Cancellation$500$1,500
Trip Interruption$1,000$2,000
Baggage Delay$500$500
Lost or Stolen Baggage$500$1,000
Mobile Phone Insurance$1,000$1,000

We scored it 4.6 out of 5 for insurance.

It offers 10 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$0
Household Income$0
Fees
Annual Fee$0
Extra Card Fee$0
Card typeVisa

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the Desjardins Cash Back Visa, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The Desjardins Cash Back Visa credit card offers Canadian consumers an opportunity to earn rewards on everyday spending. In this review, we’ll discuss the earning potential, benefits and drawbacks of this card, and relevant information you need to know before applying.

Earning potential

The Desjardins Cash Back Visa card allows cardholders to earn cash back rewards on their purchases. Cardholders will earn 1% cash back on all regular purchases made with the card and can take advantage of limited-time promotional offers for additional rewards.

Unlike some other credit cards, the Desjardins Cash Back Visa card does not have a tiered reward rate for different categories such as dining, travel, or groceries.

Benefits

  1. Simple Rewards Structure: One major advantage of the Desjardins Cash Back Visa card is the simplicity of its rewards structure. There are no complicated tiered or category-based earning rates, making it an attractive option for those who prefer a straightforward cash back rewards program.
  2. No Annual Fee: The Desjardins Cash Back Visa card comes with no annual fee, meaning you can enjoy the cash back benefits without having to worry about covering an annual cost.
  3. Mobile Device Insurance: Cardholders can enjoy mobile device insurance included with this card. This feature provides coverage for eligible smartphones and tablets in the case of theft or accidental damage, offering peace of mind to users who rely heavily on their devices.
  4. Contactless Payment Options with Visa PayWave: Cardholders will also have access to convenient contactless payment options with Visa payWave, allowing for touch-free transactions at participating retailers. This can be particularly useful in times when minimizing physical contact is a priority.

Drawbacks

  1. Drawback: One notable drawback of the Desjardins Cash Back Visa card is its relatively low cash back rate of 1%. Compared to other cash back cards on the market that offer higher rewards rates, this could be a potential downside for some consumers.
  2. Drawback: The Desjardins Cash Back Visa card does not provide additional rewards or benefits within popular spending categories such as dining, travel, or groceries, which can hinder earning potential for users who spend heavily in these areas.

Additional information

In conclusion, the Desjardins Cash Back Visa credit card is a suitable option for Canadians who prefer a simple and no annual fee cash back rewards structure. However, users looking for higher rewards rates or category-specific benefits may want to explore other options in the market.

Interested in other credit cards? Canadians that like the Desjardins Cash Back Visa credit card also like the Desjardins Cash Back World Elite Mastercard. If you’re looking for other options you should consider the Desjardins Odyssey Visa Infinite Privilege, and the Desjardins Bonus Visa.

FAQ

The Desjardins Cash Back Visa credit card allows you to redeem your accumulated points for cash back. This cash back will be credited directly to your account, which can be used to pay off your credit card balance or make purchases.

The simplicity of cash back redemption provides you with flexibility in how you choose to utilize your rewards. Simply accumulate points through your eligible purchases and enjoy the benefits of your Desjardins Cash Back Visa credit card.

The Desjardins Cash Back Visa credit card does charge a foreign transaction fee. When you make a purchase in a foreign currency, this particular card has a foreign transaction fee of 2.5%.

This means that when you use your Desjardins Cash Back Visa card for purchases in a different currency than Canadian dollars, an additional 2.5% of the amount is added to the final amount to account for changes in exchange rates and potential fluctuations.

The Desjardins Cash Back Visa credit card does not have a minimum income requirement, making it accessible for applicants with varying income levels.

Key benefits

  • 19.9% interest rate on purchases
  • 21.9% interest rate on balance transfers and cash advances
  • $0 annual fee for primary cardholder
  • Additional cards available at no extra cost
  • Card equipped with Visa payWave for secure, contactless payments
  • Online account management tools and services
  • Eligibility for Desjardins Member Advantages program
  • Secure, no-liability fraud protection
  • Accepted at millions of locations worldwide
  • Collaboration with Visa partners for exclusive perks and offers

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