Desjardins Cash Back Mastercard review

How the Desjardins Cash Back earns

Four categories earn 2% cash back: restaurants, entertainment, alternative transportation (public transit, taxis, buses and EV charging stations) and pre-authorized payments. Everything else earns 0.5%.

Two of those categories are capped. Restaurants and pre-authorized payments each earn 2% on the first $3,600 a year, or $300 a month, then drop to 0.5%. That limits the 2% return to $72 a year in each of those two categories.

As an example, $250 a month at restaurants, $100 on entertainment, $120 on transit and $250 in pre-authorized payments earns $14.40 a month. Add $800 of other spending at 0.5%, which earns $4, and you’re at $18.40 a month, or $220.80 a year. That budget stays under both caps.

Getting your cash back, and the perks

Cash back is credited automatically once you’ve accumulated $25, so there’s nothing to redeem manually. In the example budget above, that happens roughly every six weeks. Additional cards carry no annual fee.

The card also comes with car rental discounts of up to 15% at Hertz, plus discounts at Thrifty and Dollar, which pair well with the short-trip insurance for weekend getaways.

Fees, interest and the fine print

There’s no annual fee, so even light use comes out ahead: the example budget’s $220.80 a year is a straight gain. Foreign currency purchases carry a 2.5% fee, so $1,000 spent abroad costs about $25 extra, more than you’d earn back at 2%.

Purchases are charged 20.9% interest and cash advances 21.9%. Paying your balance in full each month avoids purchase interest and keeps your cash back from being cancelled out.

Insurance coverage

For a no-fee card, the insurance list is broad. Travel medical coverage applies to short trips only, so it’s best suited to weekends away or quick cross-border visits. Check the certificate for age limits, claim rules and exclusions.

• Travel emergency medical up to $5 million for trips of up to 3 days (age 75 and under)
• Trip cancellation: $500 before departure, $1,000 after
• Baggage insurance up to $500 per person
• Mobile device insurance up to $1,000
• Purchase protection (90 days) and extended warranty (one extra year)

Who it suits, and who should look elsewhere

The Desjardins Cash Back fits people who eat out, use transit or EV charging, go to shows or events, and pay regular bills by pre-authorized payment, and who want no-fee coverage for short trips. It also works as a second card next to one with a fee, used for the dining, transit and bills where it earns 2%.

It’s a weaker fit for big spenders, who’ll hit the $3,600 caps, and for anyone whose spending is mostly groceries or general shopping, which earn 0.5%.

How it compares

The Desjardins Cash Back World Elite Mastercard costs $100 a year and earns up to 4% on groceries. If groceries are a larger share of your budget than dining and bills, it may suit you better.

The Simplii Financial Cash Back Visa Card is another no-fee option for diners, earning up to 4% at restaurants, bars and coffee shops. Its welcome offer pays 20% cash back on eligible purchases in the first 3 months, on up to $500 of spending. On dining alone, $250 a month earns $60 a year at 2% here and would earn $120 at 4%, assuming all of it qualifies.

Before you apply

The recommended credit score is 660 or higher, and Desjardins makes the final decision based on your full credit profile. Confirm the current earn rates, caps and insurance terms on the Desjardins website before you apply.