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.
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:
Fair to Excellent
On Tangerine’s website
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:
Good to Excellent
On American Express’s website
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:
Good to Excellent
On BMO’s website
| Credit Card | Annual Fee | APR Purchases | APR Cash Advances | Rewards |
| National Bank mycredit Mastercard | $0 | 20.99% | 22.49% | Get 1% cash back on restaurants and recurring purchases, and 0.5% cash back on everything else |
| BMO Cash Back Mastercard | $0 | 20.99% | 22.99% (21.99% for Quebec Residents | Earn 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 | $0 | 19.95% | 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 | $0 | 20.99% | 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Ⓡ
