Canadian Bank, Desjardins, to Issue MasterCard Credit Cards

Canadian Bank, Desjardins, to Issue MasterCard Credit Cards

January 18, 2016         Written By Lynn Oldshue

Beginning today, MasterCard will be the only payment network in Canada that is offered by all major financial institutions.

Desjardins, which previously issued only Visa cards, has announced its new Desjardins Cash Back MasterCard will have no annual fee and offer 1% cash back. The bank will also be unveiling the Desjardins Cash Back World MasterCard, which will have an annual fee of $50 but offer 2% cash back. The World card will also have rental vehicle collision/loss damage insurance.

Both of the new cards will offer other services, including travel insurance and mobile device insurance. The mobile device insurance will cover cardholders for up to $1,000 in the event that their cellphone, smartphone or tablet is lost, stolen, damaged or experiences a mechanical failure.

Another large financial group in Canada, The Lévis, will also be issuing two new MasterCard credit cards beginning today.

“We’re giving Desjardins members and clients what they told us they wanted: access to the world’s two leading payment networks, which lets them do business with the vast majority of merchants in Canada and abroad,” said Caroline Lavallée, Director, Desjardins Card and Payment Services. “By offering our members and clients credit cards from two payment networks, one of which is MasterCard, we’re helping them take advantage of the unique benefits of each network and giving them the option to manage all their accounts through a single financial institution.”

“This partnership is significant because it brings together two iconic brands with a shared vision of offering Canadians unparalleled acceptance, safety, convenience, and choice,” said Brian Lang, President, MasterCard Canada. “We’re proud to partner with Desjardins, Canada’s leading financial cooperative group, and thrilled to note that with this partnership MasterCard demonstrates that we are a partner of choice for all major banks and financial institutions in Canada.”

Earlier this month, MasterCard announced a new partnership with Coin to provide new options for wearable payment technology. This is an expansion of the Commerce for Every Device program announced last October, converting fitness bands, clothing, jewelry, and more into a near field communication mobile wallet.



The information contained within this article was accurate as of January 18, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time