Desjardins Odyssey World Elite Mastercard review

How the Odyssey World Elite earns BONUSDOLLARS

Rewards are paid in BONUSDOLLARS. Groceries earn 3% on the first $10,000 of purchases a year and restaurants earn 3% on the first $6,000, both dropping to 1% after that. Travel earns 2% on the first $20,000 a year, entertainment and alternative transportation earn 2%, and everything else earns 1%.

As an example, $700 a month on groceries ($8,400 a year) earns 252 BONUSDOLLARS, and $300 a month at restaurants ($3,600 a year) earns 108. Add $3,000 a year of travel at 2% and $800 a month of other spending at 1%, and the total comes to 516 BONUSDOLLARS a year.

The grocery cap of $10,000 works out to about $833 a month and the restaurant cap of $6,000 to $500 a month, so many households will stay under both. Even past the caps, those purchases still earn the 1% base rate.

Lounge passes and travel perks

The card includes 8 free Desjardins Odyssey Lounge passes a year at Montreal-Trudeau airport. Elsewhere, Mastercard Travel Pass (DragonPass) membership gives access to more than 1,300 lounges at US$32 per visit.

You also get a complimentary Flexiroam global eSIM data plan (3x1GB), which can save on roaming charges abroad, and car rental discounts of up to 25% at Hertz, plus discounts at Thrifty and Dollar.

Fees, interest and the fine print

The annual fee is $130. In the example budget, 516 BONUSDOLLARS a year is earned against that fee, before counting the insurance and lounge passes, which are where much of the card’s value lies.

Foreign currency purchases carry a 2.5% fee, so $1,000 spent abroad adds about $25, more than the 2% earned on travel. Purchases are charged 20.9% interest and cash advances 21.9%. Paying the full statement balance by the due date avoids purchase interest.

Insurance coverage

Insurance is where the Odyssey World Elite stands out. Comprehensive travel coverage applies to trips of up to 60 consecutive days, depending on age, which suits longer winter getaways and extended visits with family. Read the certificate for age bands, limits and exclusions.

• Travel emergency medical up to $5 million per person, for trips of up to 60 days (age-dependent)
• Trip cancellation up to $2,500 before departure, with no limit 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 $1,500
• Purchase protection (120 days) and extended warranty (two extra years)

Who it suits, and who should look elsewhere

The Odyssey World Elite suits travellers who fly out of Montreal-Trudeau, take longer trips and spend steadily on groceries and dining. If you’d otherwise buy a separate travel medical policy each year, the 60-day coverage alone can make the fee worthwhile.

If you don’t meet the $80,000 personal income requirement or rarely fly from Montreal, the lounge passes lose much of their value. BONUSDOLLARS are also tied to Desjardins, so people who want airline or transferable bank points should compare other options.

How it compares

The Desjardins Cash Back World Elite Mastercard costs $100 a year and earns up to 4% on groceries, paid as cash back. It’s the simpler, cheaper choice if you care more about grocery rewards than about travel perks.

The Desjardins Odyssey Visa Infinite Privilege sits above it at $295 a year, earning up to 4x on restaurants. It suits people who dine out heavily and are comfortable paying a premium fee.

Before you apply

The recommended credit score is 720 or higher, and there’s an $80,000 personal income requirement. 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.