National Bank MC1 MasterCard Review

4.25

$0

Annual Fee

$0

Annual Rewards

N/A

Intro Offer

$0

Annual fee

$0

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • Access to Mastercard’s extensive network of merchants
  • Purchase protection and extended warranty on eligible items
  • Zero liability protection against unauthorized transactions
  • Easy online account management and mobile app

Cons


  • Limited rewards program
  • No sign-up bonus or promotional offers
  • Higher interest rate compared to some other cards (19.99% on purchases)
  • Lack of additional perks (e.g., travel insurance or cashback incentives)
  • Not suitable for individuals with higher spending habits who can benefit from more rewarding credit cards

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 National Bank MC1 MasterCard has earned a 4.25 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the National Bank MC1 MasterCard are fees and interest.

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 National Bank MC1 MasterCard the most important factors for scoring this card are its fees and interest.

Rewards

With the National Bank MC1 MasterCard, 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 $2,000 per month with the National Bank MC1 MasterCard would earn $0 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 National Bank MC1 MasterCard is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the National Bank MC1 MasterCard in the bottom 20% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the National Bank MC1 MasterCard earns $0 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.

Above, we’ve calculated the earn rate for the National Bank MC1 MasterCard for every spend category and compared it to the average for all Canadian credit cards.

For an annual spend of $24,000, we estimated annual rewards value at up to $0.

That’s equivalent to a 0.00% return on spending.

The National Bank MC1 MasterCard has an annual fee of $0. After deducting this, we predicted net annual rewards of $0.

This puts it in the bottom 20% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The National Bank MC1 MasterCard has a $0 annual fee.

The average card charges $85. So, the National Bank MC1 MasterCard is in the bottom 50% 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 National Bank MC1 MasterCard scored a 0.3 out of 5 for perks, putting it in the bottom 20% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase20.99%
Cash Advance22.49%
Balance Transfer22.49%

The average (median) credit card has a purchase interest rate of 19.99% and so the National Bank MC1 MasterCard charges 1% more than the average.

For cash advances it costs 22.49% compared to the average of 19.96%.

Testing the National Bank MC1 MasterCard with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days

We scored it 0.0 out of 5 for insurance.

It offers 2 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score660 – 724
Personal Income$0
Household Income$0
Fees
Annual Fee$0
Extra Card Fee$0
Card typeMasterCard

We scored it 3.0 out of 5 for approval.

We predict that you will require a credit score of at least 660 to qualify for the National Bank MC1 MasterCard, while the average card requires 652 to qualify.

This puts it in the top bottom 50% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

Review of the National Bank MC1 MasterCard Credit Card

Earning potential

The National Bank MC1 MasterCard Credit Card is a straightforward card in terms of earning rewards. It does not offer points or cash back on purchases, making it a basic card focusing more on accessibility and lower fees.

Benefits

  1. No Annual Fee: One of the primary advantages of this card is that it comes with no annual fee. This makes it a suitable option for individuals who are looking for a no-cost credit card to help build their credit history or manage occasional expenses.
  2. MasterCard Acceptance: Being a MasterCard, the MC1 is accepted worldwide at millions of establishments and ATMs. As a cardholder, you can expect widespread acceptance, making it convenient for everyday use as well as for traveling.
  3. Liability Protection: National Bank offers Zero Liability Protection on the MC1 MasterCard, which means you will not be held responsible for any unauthorized charges made on your card. This offers cardholders additional peace of mind, knowing that their finances are protected in case of fraud or theft.
  4. Purchase Protection & Extended Warranty: Cardholders are eligible to receive Purchase Protection and Extended Warranty on eligible items they buy with their MC1 MasterCard. This means that any qualifying item you purchase can be replaced or repaired in case it gets stolen or damaged within the coverage’s specified time frame.

    Plus, if the manufacturer’s warranty is under five years, National Bank will double it, up to one additional year.

Drawbacks

  1. Limited Perks: One of the significant drawbacks of the National Bank MC1 MasterCard Credit Card is the limited rewards and benefits. As mentioned earlier, there are no points or cash back earned on this card, making it a basic card focused on accessibility rather than rewards.
  2. No Introductory Offers: Unlike many other credit cards, the MC1 MasterCard does not include any introductory offers, such as a low interest rate on balance transfers or a welcome bonus. Potential cardholders looking for such offers may find this card less attractive.

Additional information

This credit card is ideal for individuals who are just starting out or looking for a simple and accessible card option. While it may not have many perks or rewards, the MC1 MasterCard offers basic credit card features without an annual fee, making it a viable choice for those who need a no-frills card.

Interested in other credit cards? If the National Bank MC1 MasterCard credit card isn’t perfect for you, you might want to consider the National Bank World MasterCard. Plus, many Canadian’s that like the National Bank MC1 MasterCard like the National Bank mycredit MasterCard, and the National Bank World Elite MasterCard.

FAQ

With the National Bank MC1 MasterCard credit card, cardholders do not earn points or rewards.

This credit card focuses mainly on building or repairing credit by providing cardholders with a lower credit limit and requiring a security deposit to open an account. As a result, there are no points or rewards redemptions associated with this particular card.

The National Bank MC1 MasterCard credit card does charge foreign transaction fees. When making purchases internationally, a fee of 2.5% will be applied to the transaction amount, which includes the currency conversion.

This fee is common among many credit cards and is important to consider if you frequently travel or make purchases in foreign currencies.

No, the National Bank MC1 MasterCard credit card does not have a minimum income requirement. This makes it accessible for a wide range of applicants, including those with lower incomes or students.

Key benefits

  • $0 annual fee
  • 19.99% interest rate on purchases
  • 21.99% interest rate on cash advances and balance transfers
  • Mastercard network coverage
  • Zero liability coverage for unauthorized use
  • Purchase assurance and extended warranty benefits
  • Online and mobile banking
  • Apple Pay and Google Pay compatibility
  • Credit limit determined based on applicant’s creditworthiness
  • Designed for applicants with fair-to-good credit scores

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