Canadian Bank, Desjardins, to Issue MasterCard Credit Cards
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.