Desjardins Odyssey Gold Visa review

How the Odyssey Gold earns BONUSDOLLARS

The card earns 2% in BONUSDOLLARS on restaurants, entertainment, alternative transportation, pre-authorized payments and travel, and 0.65% on everything else. Three of those categories have annual caps: restaurant purchases and pre-authorized payments each earn 2% on the first $6,000 a year, and travel earns 2% on the first $15,000. After a cap is reached, that category earns 0.65%.

As an example, a cardholder who spends $400 a month at restaurants, $150 a month on pre-authorized payments, $4,000 a year on travel and $1,000 a month on other purchases would earn $96, $36, $80 and $78 in BONUSDOLLARS respectively, or $290 a year. The restaurant cap works out to $500 a month, so this budget stays under it.

Travel insurance is the main event

The Odyssey Gold’s most notable feature is how long its travel medical coverage lasts. Trips of up to 60 consecutive days can be covered, depending on your age, with emergency medical coverage of up to $5 million per person. That makes the card worth a look for anyone who spends weeks at a time away.

There’s also intergenerational coverage for grandchildren travelling with you, a useful extra for grandparents who take family trips. Trip cancellation coverage of $2,500 before departure adds protection if plans change before you leave.

Other perks

Cardholders get 50% off entry to the Desjardins Odyssey Lounge at Montreal-Trudeau airport, which is handy if you often fly out of Montreal. The card also includes car rental discounts at Hertz (up to 25%), Thrifty and Dollar.

Mobile device insurance of up to $1,000 rounds out the package, subject to the certificate’s terms and conditions.

Fees, interest and the fine print

The annual fee is $110. Purchases in a foreign currency carry a 2.5% fee, which adds about $25 to every $1,000 spent abroad, a cost worth remembering on the long trips the insurance is designed for.

Purchase interest is 20.9% and cash advances are charged 21.9%. Paying your balance in full by the due date avoids purchase interest.

Insurance coverage

Here’s what the coverage includes. The length of travel medical coverage depends on your age, so read the insurance certificate carefully for the limits that apply to you.

• Travel emergency medical up to $5 million per person (up to 60 days, depending on age)
• Trip cancellation ($2,500 before departure, unlimited after departure)
• Baggage insurance up to $1,000 per person
• Auto rental collision and loss damage (up to 48 days)
• Mobile device insurance up to $1,000
• Purchase protection (90 days) and extended warranty (1 extra year)

Who it suits, and who should look elsewhere

The Odyssey Gold suits travellers who take long trips and want lengthy medical coverage without paying a premium card fee, provided their age qualifies them for the full 60 days. It also suits Desjardins members who can easily use BONUSDOLLARS.

If you mostly want rewards, the 0.65% base rate is low, and BONUSDOLLARS stay within the Desjardins ecosystem. Older travellers should confirm how many days of coverage their age allows before choosing the card for its insurance.

How it compares

The Desjardins Odyssey World Elite Mastercard costs $130 a year and earns up to 3x on groceries, so it may earn more if groceries are a big part of your budget.

For no annual fee, the Desjardins Cash Back Mastercard earns up to 2% on restaurants. It suits people who want a no-fee Desjardins card and don’t need the Odyssey Gold’s travel insurance.

Before you apply

The recommended credit score is 720 or higher, but Desjardins makes the final decision. Coverage rules can change, so confirm the current insurance terms and earn rates on Desjardins’ website before you apply.