Desjardins Cash Back Visa Review

Desjardins Cash Back

Desjardins Cash Back Visa

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Desjardins Cash Back Visa
6.8 / 10 Our Vote
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Pros
No annual fee
1% cash back on recurring payments
Mobile device insurance
Cons
Low cash back rate
Summary

In the cash back rewards category, the Desjardins Cash Back Visa seems to be the one with not so promising returns but some favorable features. This card has no annual fee and you may also get additional cards free. However, the maximum cash back rate is very low as it is up to 1%. You get the 1% cash back on only contactless payments using this card and your preauthorized payments for service providers. Everything else may get you only 0.50% cash back and it may seem like ages before your cash back balance builds up. This means that your regular purchases for grocery, gas, drugs etc. may get you only 0.5% cash back.

The card does have some good insurance features and car rental discounts for Hertz. However, there are other cards in the market with a higher rate of cash back return. If you were not able to meet the eligibility criteria for those cards then you may check this card out. Since there is no annual fee you may try this card for your recurring payments and use another card for all regular purchases.

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Our Review on Desjardins Cash Back Visa

Desjardins Cash Back Visa Pros

As a Desjardins Cash Back Visa member, you do enjoy some perks that come with their cash rewards card.

  • No annual fee for the main and the supplementary cards.
  • Their annual interest rate on purchases is on the lower side at 19.90% when most cards have rates around $19.99%.
  • You may earn 1% cash back on your recurring payments so there is a steady inflow of rewards.
  • Get insurance for your mobile device for up to $1000 when you purchase your new device with this card. You may also use a financing option for the device and charge all monthly payments to this card. No other card provider gives this insurance free of charge.
  • Enjoy travel insurance free for the first 3 days of your trip. This may include emergency medical, trip cancellation, interruption, baggage insurance etc.
  • Get up 10% discount on Hertz car rentals.
  • Perform secure online shopping verified by Visa protection.
  • Free travel assistance services are available during 24/7.

Desjardins Cash Back Visa Cons

The Desjardins Cash Back Visa has few drawbacks as follows.

  • The cash back rate is low at 1% and is applicable only on recurring and contactless payments with this card. So, if you make any online purchases or your regular grocery etc. that may earn you only 0.5%. There are other cards with better rewards rates in the market with no annual fee.
  • Cashback balance can be redeemed only once it reaches a minimum $25 value. This may take a long time if you do not have significant recurring payments set up on this card.
  • You may get up to 3 days travel insurance benefit only if you have purchased travel insurance separately for the entire trip duration. As an example, you may buy 7 days travel insurance coverage and pay for only 4-5 days. There are other cards in the market that give comprehensive travel insurance benefits without such a condition and lesser fine print.
  • This card has no bonus rewards, promotional rates for balance transfers etc.

Desjardins Cash Back Visa Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Desjardins Cash Back Visa Features & Benefits

Some of the main features of the Desjardins Cash Back Visa are as follows.

Annual Fee

They do not charge an annual fee for the primary and supplementary cards. The average annual fee for cash back category rewards cards may be anywhere from $0 to $180 as per the card features.

Interest Rate

The annual purchase rate or APR is $19.90%. The standard market rate for purchases is around 19.99%. There are a few cards with a lower APR of around 19.80%. It will be a good idea to pay off as much of your card balance as possible to avoid paying too much interest on this card.

Balance Transfer

If you transfer a balance to this card then they charge an interest rate of 19.90%. There are many competitor cards in the market that offer a promotional rate of 0% or 1.99%. This promotion may be for 6 months-12 months.

Cash Advance

You may get a cash advance of up to a maximum limit $2,500 per day in locations all over the world. These include all financial institutions that are affiliated with Visa, PLUS network ATMs and Interac. The amount you may withdraw depends on your available credit limit. They also charge finance charges as per rates on the day of the transaction. Any cash advances in foreign currency may have an additional finance charge of 1.8%. In order to get a cash advance, you may have to enter a security PIN. There have been some technical issues with using this code as a 5 digit PIN may not work and only a 4 digit PIN may work.

Foreign Currency Conversion Fees

When you use this card in a foreign currency transaction they convert this amount to Canadian dollars. They charge a foreign currency conversion fee of 2.5% of the amount you spend which is the standard market rate. Visa sets the foreign exchange rates.

Credit Score Rating

To qualify for this card you must have a good rating for the credit score. There are other cards with better rewards programs and benefits but they may also require an excellent credit rating and high-income level.

Rewards

You may earn 1% cash back rewards on all recurring and contactless payments. For all other purchases, you may earn 0.5% cash back. So, the only way to earn maximum cash back rewards on this card seems to be by using it for all your preauthorized payments. If you have your mortgage, insurance payments, strata, gym and other membership fees etc. set up on this card then you might see some rewards. Since the additional cards come are free then you may set those up on preauthorized payments for your family members too. These rates are not at all competitive as per the other cards in the market that have a better rewards program.

To know how much cash back balance you have on your rewards you may call 1800 363 3380 and select option 1 or check your monthly statement. Your monthly credit card statement shows you cash back balance under the details for regular transactions.

Desjardins Cash Back Visa Rewards Calculator

CategoryRewards
Total Spending Rewards$240
Groceries:$400
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of Desjardins Cash Back Visa

The Cash Back Visa Card by Desjardins has some insurance features as follows.

  • Get your mobile device insured when you purchase or finance with this card. This includes your tablet, smartphone or cell phone up to the value of $1000.
  • Travel insurance for first 3 days of the trip when you purchase entire trip insurance. You also get a trip cancellation, baggage and emergency health coverage with this coverage.
  • Purchase protection and extended warranty.
  • Enjoy complementary accident insurance that includes dental, transportation, hospital, accommodation and paramedical expenses. The accidental death coverage benefit is up to $1000000. This coverage will be free of charge for 6 months.

Where Can You Use Desjardins Cash Back Visa

You may use this card anywhere that accepts Visa cards in millions of locations all over the world. This card also has Visa contactless feature that helps faster checkout at payment terminals. Or you may pay using the mobile payment solution that lets you tap your mobile phone for secure and easy payments.

Desjardins Cash Back Visa Reward Redemption

They deposit your cash back balance automatically into your account when you earn $25 in cash back. This amount goes to the primary card holder’s account and not the additional card holder’s account.

Desjardins Cash Back Visa Contact Information

  • Customer Service Number: 1800 363 3380.
  • Credit Card Application: 1800 224 7737 or 1877 847 8472.
  • Address: P.O. Box 8600, Station Centre-ville, Montreal Quebec, H3C 3P4.

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Desjardins is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.desjardins.com/ca/personal/loans-credit/credit-cards/cash-back/index.jsp

https://www.desjardins.com/ressources/pdf/b10-ccv-contrat-regulier-hq-e.pdf?navigMW=luac&

https://www.desjardins.com/ca/personal/loans-credit/credit-cards/cash-back/insurance/index.jsp#mobiles


 

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