The Desjardins Cash Back World Elite Mastercard is designed for individuals seeking a high-tier cashback program paired with comprehensive insurance coverage. This post provides a detailed look at the card features, eligibility requirements, and the application process to assist in determining if this financial product aligns with specific spending habits.
Desjardins Cash Back World Elite Mastercard Summary
Below is a summary of the key technical specifications and features of the Desjardins Cash Back World Elite Mastercard. Reviewing these details is an essential step before proceeding with an application.
| Issuer | Desjardins |
| Type of Reward | Cash back |
| Cashback Rate | Up to 4% on groceries; 3% on dining and entertainment; 1% on other purchases. |
| Annual Fee | $100 |
| Interest Rates | Purchases: 20.90%; Cash advances: 21.90% |
| Minimum Income | $80,000 personal or $150,000 household |
| Network Tier | Mastercard World Elite |
Rewards and Cashback Structure
The Desjardins Cash Back World Elite Mastercard offers a tiered cashback system that rewards frequent spending in common categories. The primary benefit is the 4% cashback rate on grocery purchases, which applies to the first $10,000 spent annually in this category. Once this limit is reached, the rate reverts to 1%.
Dining, restaurant purchases, and food delivery services earn 3% cashback, capped at $6,000 in annual spending before dropping to 1%. Additionally, users earn 3% cashback on entertainment and local public transit. Other categories, including gas, pharmacies, travel, and recurring bill payments, earn a consistent 1% cashback rate. This structure makes the card particularly effective for households with high grocery and dining expenses.
Fees and Interest Rates
Understanding the cost of credit is vital for managing personal finances. The Desjardins Cash Back World Elite Mastercard carries an annual fee of $100. This fee is standard for World Elite tier cards that provide higher cashback rates and extensive insurance packages.
The interest rate for purchases is set at 20.90%. For cash advances, the rate is slightly higher at 21.90%. These rates are applicable if the monthly balance is not paid in full by the due date. Prospective cardholders should ensure they can manage the annual fee and interest obligations before applying.
Eligibility and Application Requirements
To qualify for the Desjardins Cash Back World Elite Mastercard, applicants must meet specific financial criteria. As a premium Mastercard product, it requires a minimum personal annual income of $80,000 or a minimum household income of $150,000.
Applicants must be Canadian residents and have reached the age of majority in their province or territory. A solid credit history is typically expected for approval at the World Elite tier. While the application process is conducted through Desjardins, the card is accessible to those who meet these financial benchmarks regardless of their current banking relationship.
Additional Benefits and Protections
Beyond cashback, this card includes an extensive suite of insurance and lifestyle perks. One notable advantage for Canadian shoppers is that the card is accepted at Costco warehouses across the country.
- Travel Medical Insurance: Coverage up to $5,000,000 for emergency medical care while travelling, subject to age-specific conditions.
- Trip Protection: Includes up to $500 for trip cancellation and $1,000 for trip interruption.
- Baggage Insurance: Provides up to $500 for delayed baggage and $500 for lost or stolen luggage.
- Auto Rental Coverage: Collision and damage protection for rental cars valued up to $85,000 for periods up to 48 days.
- Mobile Device Insurance: Coverage up to $1,500 for one year against loss, theft, or damage to mobile devices.
- Purchase Protections: Includes 120 days of purchase protection against damage or theft and an extended warranty that adds up to 2 years to the manufacturer’s warranty.
Considerations Before Applying
While the rewards are significant, there are factors to consider. The high income requirement of $80,000 personal or $150,000 household may make the card inaccessible for some individuals. Furthermore, the $100 annual fee means that cardholders must spend enough in the higher-tier categories (groceries and dining) to ensure the cashback earned exceeds the cost of the card.
The spending caps on the 4% and 3% categories ($10,000 and $6,000 respectively) are also important to monitor. Once these limits are exceeded, the return on spend decreases to the base rate of 1%. Those who spend significantly more in these categories might find the diminishing returns a drawback compared to cards without such caps.
| Apply for the Desjardins Cash Back World Elite Mastercard |
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