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Desjardins Odyssey World Elite MasterCard Review
22 Jan 2019

Desjardins Odyssey World Elite MasterCard | Credit Card Review

When you have the income and credit to qualify for just about any credit card you could want, it can be hard to narrow down your options. We’ll be using this Desjardins Odyssey World Elite MasterCard review to go over some reasons why you might want this particular card.

Feel safe over your travels with extensive complimentary emergency travel medical insurance.

 

General Information

You Are Interested If You are a top-tier earner who is concerned about the possibility of medical troubles while travelling.
Brief Description The Desjardins Odyssey World Elite MasterCard offers comprehensive emergency travel medical insurance while also giving you the chance to earn reward points at a good rate.
Main Requirements This is a highly exclusive card that you’ll need a very high income and good credit to be approved for.

Card Details

Network MasterCard.
Provider Desjardins.
Card Type This card offers primarily travel-related rewards and benefits.

Fees and Interest

Purchase Interest Rate Normal balances are charged 19.9% interest.
Cash Advance Cash advances also incur the same 19.9% charge.
Balance Transfer The same goes for balance transfers that also incur 19.9% interest.

Eligibility

Income Requirements You must make at least $80,000 a year to get this card.
Household Income Requirements A household income of $150,000 can also be enough to qualify.
Annual Fee You’ll pay $130 a year for this card.

Rewards

Welcome Bonus This card has no welcome bonus to offer right now.
How To Earn Points You’ll get 1.5% in BONUSDOLLARS (reward points) for your first $20,000 in annual spending, jumping up to 2% instead after that point.
Benefits This card grants you $5,000,000 in emergency travel medical insurance, as well as baggage insurance, trip cancellation insurance, Common Carrier Accident coverage, and $1,000 in mobile device insurance.

About Desjardins Odyssey World Elite MasterCard

Main Features

Our Desjardins Odyssey World Elite MasterCard review starts now, and we’re going to begin with the reward structure breakdown that this card uses. It’s a rewards card, but it calculates its rewards rates similarly to a cash back card by assigning percentages to different bands of spending. For the first $20,000 you spend in one year, you’ll be getting 1.5% back in rewards (called BONUSDOLLARS), but you can increase that rate later on. You’ll need to surpass $20,000 in yearly spending in order to get the full potential 2% reward rate, though – that means spending just under $1,700 a month assuming a consistent spending rate over the year. Anything above that amount will earn you the full rate.

Considering the amount of income you need to qualify for this card, most people should have no trouble exceeding this amount by quite a bit. Someone with just $80,000 in income, the absolute minimum you would need to qualify at all, can easily spend $40,000 a year on all their expenses, and that would add up to $20,000 at the 1.5% rate (300 BONUSDOLLARS) and an additional $20,000 at the 2% rate (400 BONUSDOLLARS). Since these reward points have a 1-to-1 value ratio as compared to actual dollars, that’s pretty good, even if you consider the negative impact of the $130 annual fee. BONUSDOLLARS also never expire, so you can save them up for a long time and make a really big purchase if you want. You can redeem them toward gift cards, merchandise, financial products, tickets to events, donations, and of course, travel credits.

The benefits are the part of this card that stands out even more than the rewards, though. The $5,000,000 of emergency travel medical coverage is an excellent inclusion that stands to save you a hefty expense compared to what it would cost if you purchased it out of pocket. This particular plan covers very long periods of travel; you’ll get as many as 60 full days covered if you’re under 55, which will drop to 15 once you’re between 65 and 75. Not only does this insurance cover longer periods of time than most comparable travel insurance plans, but it can also be extended to a holder’s grandchildren if the holder and the children are travelling together. Most cards limit coverage to the holder’s immediate family only, so it’s nice to have an option that is more suitable for intergenerational travel. The benefits don’t stop there, though – with additional baggage and trip cancellation insurance as well as mobile device loss, theft, or damage coverage, this card packs a ton of value into its benefits package.

Conclusions

The final verdict in this Desjardins Odyssey World Elite MasterCard review is that this is an excellent balanced card that should please even the most discerning of credit users. While the points earning rates aren’t stellar, they also aren’t terrible, and the BONUSDOLLAR system is flexible enough to still make it appealing in that regard. Overall, this card is a good choice for those who value both benefits and rewards, even though it leans a little further in favour of the former than the latter.

About Desjardins

Desjardins currently ranks as the largest financial institution in Canada, and they have also been recognized as one of its best 100 employers according to Mediacorp. They have also placed second in a list in Corporate Knights ranking Canada’s Best Corporate Citizens. They have a sterling reputation, and because they are a co-operative credit union federation and not a true bank, you know their focus is always on the consumer.

What We Think

In summation of our Desjardins Odyssey World Elite MasterCard review, we think this is a good card, but it should be selected for the right reasons. This is a card that draws you in for the benefits more so than the reward system, even if the rewards are pretty good on their own merits too. Get it to help ease your mind and you’ll do fairly well in terms of rewards as well, making it an easy choice.