When it comes to credit cards, Desjardins is a name that you might not hear as often, especially if you’re not living in Ontario or Quebec. Their Odyssey World Elite Mastercard is one of the offerings that might catch your eye, but does it live up to the expectations? Let’s dive into what this card offers and see if it deserves a spot in your wallet.
Sign-Up Bonus: Or Lack Thereof
One of the first things potential cardholders look for is a sign-up bonus. Unfortunately, the Desjardins Odyssey World Elite Mastercard doesn’t offer any sign-up bonus or incentives. This is quite disappointing, especially when compared to other cards that entice new users with bonuses or waived annual fees for the first year.
Without any promotional offers, this card doesn’t generate the same level of excitement or urgency to apply. It seems like Desjardins is missing a trick here, as bonuses can often be the deciding factor for many when choosing a new credit card.
Rewards Structure: Underwhelming Returns
The rewards structure of the Desjardins Odyssey World Elite Mastercard is one of its most significant drawbacks. Offering up to 3% rewards on groceries, it falls short compared to competitors who offer higher percentages on similar categories. For restaurants, the reward is even lower at 2%, which is not impressive for a card with a $130 annual fee.
Moreover, the card does not offer higher rewards for recurring bills or gas purchases, which are crucial spending categories for many Canadians. This lack of versatility in reward categories makes the card less appealing compared to others that provide more comprehensive rewards systems.
In contrast, other cards, like the American Express Simply Cash Preferred, offer better rewards on general purchases with a lower annual fee. Thus, the Odyssey World Elite Mastercard’s rewards program leaves much to be desired.
Insurance Coverage: A Silver Lining
If there’s one area where the Desjardins Odyssey World Elite Mastercard shines, it’s in its insurance coverage. The card offers 11 types of insurance coverages, which is noteworthy. While it’s not the highest number of coverages available, the quality and value of each coverage are commendable.
Notably, the card provides emergency medical coverage for travelers over 65, which is a rare find in the Canadian market. Additionally, it offers 120 days of purchase protection—better than the typical 90 days offered by many other cards—and up to two extra years of warranty on purchases.
These features make the card a strong contender for those who prioritize comprehensive insurance coverage in their credit card benefits.
Unique Perks: Limited Appeal
One of the unique perks of this card is the access to the Desjardins lounge in Montreal, with eight free passes per year. However, this perk is only beneficial if you live in or frequently travel to Montreal. For the majority of Canadians, this perk is unlikely to add any value.
This limitation means that the card’s unique perks don’t cater to a wide audience, which can be a dealbreaker for many potential cardholders.