National Bank mycredit Mastercard Review for 2024

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.

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.

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.

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.

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