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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The National Bank ECHO Cashback Mastercard is a popular Canadian credit card option for those who are looking to capitalize on cashback rewards. Here is a breakdown of the card’s earning potential, benefits, drawbacks, and other relevant information for potential users.

Earning potential

The ECHO Cashback Mastercard allows cardholders to earn cash back on eligible purchases. The reward rates are as follows: 1.5% cash back on online purchases, groceries, and gas, and 1% cash back on all other eligible purchases. This means that cardholders can maximize their rewards by using the card for everyday spending.

Benefits

1. Accelerated Cash Back: The first major advantage of this card is the ability to earn accelerated cash back on common spending categories, such as groceries, gas, and online shopping. This makes it an ideal card for daily use and maximizing rewards potential.





2. Cashback Rewards: The second major advantage of the ECHO Cashback Mastercard is the flexibility of cashback redemption. Cardholders can redeem their cashback rewards at any time, without any minimum threshold required, making it easy to enjoy these rewards on your own schedule.





3. No Annual Fee: There is no annual fee for the first year, making it an attractive option for those interested in trying out the card without worrying about upfront costs. However, after the first year, there is a $30 annual fee.





4. Purchase Protection and Extended Warranty: The fourth major advantage of this card is the purchase protection and extended warranty coverage it offers.
   
   Cardholders receive protection against theft or damage on new purchases for up to 90 days and an extended warranty that doubles the original warranty period for up to one additional year.

Drawbacks

1. Annual Fee: One significant drawback of the ECHO Cashback Mastercard is the annual fee after the first year of usage. While the initial year is free, cardholders will pay a $30 annual fee afterward. It’s important to assess if the cashback rewards earned consistently outweigh the annual fee.





2. Lack of Additional Perks: Another notable drawback of this card is the lack of additional perks, such as travel benefits or insurance coverage, that are typically found with some other credit cards. This makes the card less suitable for those who value added benefits beyond cashback rewards.

Additional information

The National Bank ECHO Cashback Mastercard is best suited for individuals who prioritize cashback rewards on everyday spending categories, such as gas, groceries, and online shopping.

It may not be the ideal choice for those seeking extensive travel rewards or additional perks, but the cashback flexibility and earning potential make it an attractive option for many potential cardholders.

Not the right fit? You could consider the National Bank MC1 MasterCard. Or, if you’re looking for other options check out the National Bank World MasterCard, and the National Bank Allure MasterCard.

FAQ

Key benefits

• Unlimited 1.5% cashback on recurring bill payments, online shopping, and grocery store purchases





• 1% cashback on all other eligible transactions without cap





• Comprehensive mobile device insurance, providing up to $1,000 in coverage





• Purchase assurance and extended warranty benefits for added peace of mind





• Exclusive National Bank travel-related perks and discounts





• First-year annual fee waiver, followed by a modest $30 annual fee





• Tailored for Canadian residents outside of Quebec