National Bank mycredit Mastercard Review for 2023

Published on

Written by Enoch Omololu

Snappy Rates is reader-supported. This means if you click on some of our links, we may earn a commission. This does not affect the objectivity of our evaluations. Read our disclosure.

Are you in search of a no-fee cash-back credit card that offers convenience and rewards? Look no further than the National Bank mycredit Mastercard.

In this comprehensive review, we will explore the main features, benefits, pros and cons, the application process, and alternatives to the National Bank mycredit Mastercard.

Whether you’re an existing National Bank of Canada customer or considering this card for the first time, we have all the information you need to make the right decision.

National Bank mycredit Mastercard – Summary

  • No annual fee for both primary and supplementary cardholders
  • Purchase interest rate of 20.99%
  • Cash Advance and Balance Transfer Rate of 22.49%
  • Minimum Credit Limit of $500
  • Earn 1% cash back on restaurants and recurring payments and 0.5% cashback on everything else
  • Secure Online Purchase

Benefits of the National Bank mycredit Mastercard

The National Bank mycredit Mastercard comes with a range of standard benefits designed to enhance your everyday spending. Here are the key advantages of this card:

Cash Back Rewards

Earn 1% cash back for every dollar spent on restaurants and recurring pre-authorized purchases, and 0.5% cash back on all other purchases. This reward structure does not come with a spending limit, unlike other cards.

Enjoy your cash back rewards each month

One feature of this card is that you don’t have to wait a full year for your cash back rewards. Instead, it is automatically offset as a statement credit each billing cycle.

Built-in Insurance

This case comes with the following default insurance coverage:

Handheld Device Protection: This is a rare type of credit card insurance for a no-fee card that protects your phone from theft and damage for two years from the date of purchase.

Manufacturer’s Warranty: Extended Warranty doubles the manufacturer’s warranty for up to one year.

Purchase Protection: With Purchase Protection, your new purchases are covered for 90 days. This insurance will reimburse you for the cost of a replacement if lost, stolen or damaged within 90 days of purchase.

Contactless Payment Technology

Enjoy the convenience of contactless payments with Tap & Go® technology. Just tap your card to the reader and you’re ready to go.

Downsides of the National Bank mycredit Mastercard

While the National Bank mycredit Mastercard has its advantages, it’s important to consider the following downsides:

Low Cash Back Base Rate

The cash back rate of 1% on restaurants and recurring bills and 0.5% on everything else is not as attractive as the base rates offered by some competing no-fee credit cards.

No complimentary Travel Insurance

The card does not provide you with free travel or health insurance.

How to Apply for the National Bank mycredit Mastercard

Applying for the National Bank mycredit Mastercard is a straightforward process. Here’s how you can get started:

Visit the official National Bank of Canada website or visit their nearest branch to access the mycredit Mastercard application form.

To be eligible, you must be:

  • At the age of majority in the province where you reside
  • A Canadian resident

Complete the application form with accurate information and submit it for review.

National Bank mycredit Mastercard Alternatives:

While the National Bank mycredit Mastercard offers attractive features, it’s worth checking out other options. Here are a few alternatives:

Tangerine Money-Back Credit Card

This credit card has no fees and offers 2% back on up to three handpicked categories and 0.5% back on other purchases.

snappy rates site icon

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Tangerine Money-Back Credit Card

Rewards: Earn 2% unlimited cash back in up to 3 categories of your choice plus 0.50% on all other purchases.

Welcome offer: Get an additional 10% cash back after spending $1,000 in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Recommended credit score:
600
900

Fair to Excellent

tangerinemoneyback-cc-img

On Tangerine’s website

  • Earn 2% unlimited cash back on 2 categories of your choice, including groceries, restaurants, entertainment, and recurring bill payments.
  • Unlock an additional 2% cash back category when you deposit your money back into a Tangerine Savings Account.
  • Earn 0.5% unlimited cash back on all other purchases.
  • Cash back is earned automatically on everyday purchases and paid monthly.
  • 1.95% promotional balance transfer interest rate for 6 months.
  • Purchase assurance and extended warranty are included.
  • Track and categorize your spending with the Tangerine mobile app.
  • To qualify, you must make a minimum of $12,000 per year.

Earn unlimited 2% cash back in up to 3 categories

No annual fee

1.95% balance transfer interest rate for 6 months

No travel benefits or insurance

No physical bank branches as it is an online-only bank

The Tangerine Money-Back Credit Card has no annual fees and earns you 2% cash back on up to 3 categories. You choose the categories in which you spend the most to maximize your rewards.

American Express SimplyCash Card

This credit card offers 2% cash back on gas and groceries and 1.25% cash back on all purchases with no annual fee.

SimplyCash Card from American Express

Rewards: Earn up to 2% cash back on gas and groceries and 1.25% cash back on everything else.

Welcome offer: In the first 10 months, earn a $10 statement credit for each month in which you spend $300 (up to $100 in statement credits).

Interest rates: 20.99% for purchases, 21.99% for cash advances.

Annual fee: $0

Recommended credit score:
660
900

Good to Excellent

SimplyCash Card from American Express

On American Express’s website

  • Earn 2% cash back on gas and grocery purchases (up to $15,000 annually).
  • Earn 1.25% cash back on everything else with no limits.
  • $100,000 travel accident insurance is included.
  • Refer a friend, and you could earn up to a maximum referral bonus of $750 cash back.
  • Enjoy exclusive access to American Express Experiences.
  • Buyer’s assurance and purchase protection plans are included.
  • Use American Express Travel Online to get deals on select car rental and hotel bookings.
  • No minimum income requirement is needed to apply.

No limits on the 1.25% cash back earn rate

$100,000 travel accident insurance

High referral bonus

The 2% cash back categories are capped at $15,000 annually

Cash back is only redeemable once per year

Cash back can only be redeemed as a statement credit

This no-annual-fee SimplyCash Card has high earn rates on gas and groceries and a flat rate of 1.25% cash back on everything else without limits. It also includes travel accident insurance, which is rare for a no-fee cash back credit card.

BMO CashBack Mastercard

This credit card allows its cardholders to redeem cash back for as low as $1. Also, cash back rewards can be redeemed and credited to a BMO chequing or savings account, as well as to Investorline.

BMO CashBack Mastercard

Rewards: Earn up to 3% cash back on groceries and 1% in other categories.

Welcome offer: Get a 0.99% introductory balance transfer rate for 9 months.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Annual fee: $0

Recommended credit score:
660
900

Good to Excellent

BMO CashBack Mastercard

On BMO’s website

  • 3% cash back on grocery purchases (up to $500 per statement cycle).
  • 1% cash back on recurring bill payments, like subscriptions and streaming services (up to $500 per statement cycle).
  • 0.5% cash back on all other purchases with no limits.
  • Cash back rewards never expire and can be redeemed for as little as $1.
  • Automatic cash back deposits can be set up when you reach $25.
  • Cash back can be deposited as a statement credit, into a BMO chequing or savings account, or a BMO InvestorLine account.
  • Get savings of up to 25% at participating Alamo and National car rental locations.
  • Get 15% to 20% off admission to Cirque du Soleil shows in Canada and Las Vegas.
  • $15,000 minimum personal annual income requirement.

Earn up to 3% cash back on groceries

Cash back rewards never expire

No annual fee

No insurance coverage

Personal annual income requirement of $15,000

3% and 1% cash back categories are capped at $500 monthly

The BMO CashBack Mastercard doesn’t have too many perks besides earning up to 3% cash back, but it has no annual fee, and you can redeem your cash back at any time for as little as $1. You also get a discount on car rentals and Cirque du Soleil shows.

Credit CardAnnual FeeAPR PurchasesAPR Cash AdvancesRewards
National Bank mycredit Mastercard$020.99%22.49%Get 1% cash back on restaurants and recurring purchases, and 0.5% cash back on everything else
BMO Cash Back Mastercard$020.99%22.99% (21.99% for Quebec ResidentsEarn 3% cash back on grocery and food purchases, 1% cash back on recurring bills, and 0.5% on all others
Tangerine Money-Back Credit Card$019.95%19.95%Get 2% cash back on purchases you make every day in two 2% cash-back categories of your choice.
American Express SimplyCash Card$020.99%21.99%Earn 2% cash back on gas and groceries, and 1.25% cash on everything else

Is the National Bank mycredit Mastercard Worth It?

The National Bank mycredit Mastercard provides an appealing combination of no annual fees, cash back rewards with no limits, and monthly disbursement of cash back credits.

Also, the complimentary Mobile Device Insurance for a no-fee card is uncommon even in this day and age.

If you’re seeking a straightforward cash-back credit card without the burden of an annual fee, the National Bank mycredit Mastercard could be an excellent choice.

FAQs

What are the eligibility requirements for the National Bank mycredit Mastercard?

To be eligible for the National Bank mycredit Mastercard, you must meet certain criteria, including being a Canadian resident and meeting specific income requirements. It’s best to review the detailed eligibility criteria provided by National Bank for accurate information.

How can I access my National Bank mycredit Mastercard account online?

You can manage your National Bank mycredit Mastercard account through National Bank’s online banking platform. Simply log in to your account and you’re ready to go.

What other Mastercard credit cards does the National Bank of Canada issue?

What other Mastercard credit cards does the National Bank of Canada issue?

-National Bank World Elite Mastercard
-National Bank Allure Mastercard
-National Bank MC1 Mastercard

Bonuses & Freebies for September

Free prepaid card with up to 5% cashback. No credit check & $20 bonus with CASHBACK code.

Earn up to 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

Leave a comment