Dollarwise

National Bank mycredit MasterCard Review

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Mastercard > National Bank







Advertising disclosure









{{card.name}} Review







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★★★★★











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Annual Fee







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Annual Rewards







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Intro Offer









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Annual fee







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Annual rewards







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Intro offer
























Pros











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Cons











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Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.





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).









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Rewards











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Fees











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Perks











{{factor_score_interest}}

















Interest rates













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Insurance











{{factor_score_acceptance}}

















Acceptance











{{factor_score_approval}}

















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:





Bills{{reward_bills}}
Pharmacy{{reward_drug}}
Gas{{reward_gas}}
Groceries{{reward_grocery}}
Restaurants{{reward_restaurant}}
Specific Stores{{reward_store}}
Travel{{reward_travel}}
All Other Spend{{reward_other}}




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:





Bills{{bills_dollarrewards}}
Pharmacy{{drug_dollarrewards}}
Gas{{gas_dollarrewards}}
Groceries{{grocery_dollarrewards}}
Restaurants{{restaurant_dollarrewards}}
Specific Stores{{store_dollarrewards}}
Travel{{travel_dollarrewards}}
All Other Spend{{other_dollarrewards}}




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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.





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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.





SpendThis CardAverage
Bills{{bills_earnrate}}{{averages.mean_bills_earnrate}}
Pharmacy{{drug_earnrate}}{{averages.mean_drug_earnrate}}
Gas{{gas_earnrate}}{{averages.mean_gas_earnrate}}
Groceries{{grocery_earnrate}}{{averages.mean_grocery_earnrate}}
Restaurant{{restaurant_earnrate}}{{averages.mean_restaurant_earnrate}}
Store{{store_earnrate}}{{averages.mean_store_earnrate}}
Travel{{travel_earnrate}}{{averages.mean_travel_earnrate}}
Other{{other_earnrate}}{{averages.mean_other_earnrate}}
Above, we've calculated the earn rate for the {{card.name}} for every spend category and compared it to the average for all Canadian credit cards.




Redemption methodAnnual rewards
Transfer to partner airlines{{transfer_airlines}}
Fixed points travel{{fixed_points_travel}}
Transfer to partner hotels{{transfer_hotel}}
Redeem for travel{{redeem_travel}}
Apply to statement credit{{statement_credit}}
Ticketmaster{{ticketmaster}}
Charity{{charity}}
Gift cards{{gift_cards}}
Amazon.ca{{amazon}}
Merchandise{{merchandise}}
Make investments{{investments}}
Enjoy experiences{{experiences}}
Car rentals{{car_rental}}
Vacations{{vacation}}
Attractions{{attractions}}
Cash rewards{{cash_rewards}}
Grocery rewards{{grocery_rewards}}
Restaurant rewards{{restaurant_rewards}}
Movie rewards{{movie_rewards}}
Apple / BestBuy{{apple_bestbuy}}
Flight rewards{{flight_rewards}}
Airlines Rewards (Charts){{airlines_rewards_chart}}
CIBC financial products{{cibc_financial_products}}
Air travel - redemptions (scheduled){{air_travel_redemptions_schedule}}
RBC travel{{rbc_travel}}
Transfer to WestJet{{transfer_westjet}}
Transfer to Hudson Bay{{transfer_bay}}
RBC financial products{{rbc_financial_products_rewards}}
Air Canada gift cards{{aircanada_gift_card}}
Air Canada vactions{{air_canada_vacations}}
Electronics gift cards{{electronics_gift_cards}}
Cash - World Elite{{cash_worldelite}}
Cash - Platinum Plus{{cash_platinumplus}}
Banking plans{{banking_plans}}
Desjardins financial products{{desjardins_financial_products}}
Expedia travel{{expedia_td}}
Educational rewards{{education_rewards}}
HSBC financial products{{hsbc_financial_products}}
Walmart{{walmart_rewards}}
Triangle (Canadian Tire){{triangle_rewards}}
Meridian travel{{meridian_travel}}
Direct deposit{{direct_deposit_rewards}}
Costco gift cards{{costco_gift_cards}}
Wireless Rogers rewards{{wireless_rogers_rewards}}
1 Rogers rewards{{1_roger_rewards}}
Other Rogers rewards{{other_roger_rewards}}
Other 1 Rogers rewards{{other_1_roger_rewards}}




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





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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





Purchase{{purchase_interest_rate}}%
Cash Advance{{cash_advance_interest_rate}}%
Balance Transfer{{balance_transfer_interest_rate}}%




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}}.





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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





InsuranceThis CardAverage
Extended Warranty{{warranty}}{{averages.median_warranty}}
Purchase Protection{{purchase_protection}}{{averages.median_purchase_protection}}
Travel Accident{{travel_accident}}{{averages.median_travel_accident}}
Emergency Medical Term{{emergency_medical_term}}{{averages.median_emergency_medical_term}}
Emergency Medical over 65{{emergency_medical_65}}{{averages.median_emergency_medical_65}}
Trip Cancellation{{trip_cancellation}}{{averages.median_trip_cancellation}}
Trip Interruption{{trip_interruption}}{{averages.median_trip_interruption}}
Flight Delay{{flight_delay}}{{averages.median_flight_delay}}
Baggage Delay{{baggage_delay_insurance}}{{averages.median_baggage_delay_insurance}}
Lost or Stolen Baggage{{stolen_baggage}}{{averages.median_stolen_baggage}}
Event Cancellation{{event_cancel}}{{averages.median_event_cancel}}
Rental Car Theft & Damage{{rental_theft_damage}}No
Rental Car Personal Effects{{rental_personal}}{{averages.median_rental_personal}}
Rental Car Accident{{rental_accident}}{{averages.median_rental_accident}}
Hotel Burglary{{hotel_burglary}}{{averages.median_hotel_burglary}}
Mobile Phone Insurance{{mobile_insurance}}{{averages.median_mobile_insurance}}
Personal Effects Insurance{{personal_effects}}{{averages.median_personal_effects}}
Price Protection Insurance{{price_protection}}{{averages.median_price_protection}}




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







Do I qualify?
Estimated Credit Score{{credit_score_low}} - {{credit_score_high}}
Personal Income{{personal_income}}
Household Income{{household_income}}






Fees
Annual Fee{{card.annualFee}}
Extra Card Fee$0
Card type{{card_type}}






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.





When searching for a suitable credit card, the National Bank mycredit MasterCard credit card may catch your eye. This review will analyze the card’s earning potential, outline four benefits, discuss two potential drawbacks, and touch upon additional relevant details.





Earning potential





The National Bank mycredit MasterCard credit card rewards users with points in various spending categories. It offers 2 points per dollar spent on restaurants, 1.5 points per dollar spent on groceries, gas, and public transportation, and 1 point per dollar for all other purchases.





These points can be redeemed for travel, merchandise, gift cards, or even statement credits.





Benefits






  1. Introductory Promotion (Bonus Points or Lower Interest Rate): Cardholders enjoy an introductory promotion with the National Bank mycredit MasterCard credit card. Depending on available offers, you may receive bonus points or a lower interest rate for a specified period upon signing up.




  2. Complimentary Insurance Coverage: This credit card offers complimentary insurance for its users. Coverage like purchase protection, extended warranty, and rental car collision damage waiver may be included, which can provide significant value to users.




  3. Flexible Point Redemption Options: One advantage of the National Bank mycredit MasterCard credit card is the flexibility in point redemption. Cardholders can redeem points for various options such as travel, merchandise, gift cards, or statement credits based on their preferences and needs.




  4. Enhanced Security with MasterCard SecureCode: Cardholders can count on added security features via the MasterCard SecureCode system. This system provides an extra layer of protection by requiring users to enter a unique code when making online purchases using their card.





Drawbacks






  1. Lack of Annual Fee Benefits: A major drawback to consider with this card is the $0 annual fee. While it may make the card more appealing initially, cardholders may be missing out on additional rewards or features commonly found on annual fee-based cards.




  2. Limited Merchant Acceptance: Cardholders should be aware that the National Bank mycredit MasterCard credit card has a limited acceptance compared to other credit cards like Visa. Some retailers may not accept MasterCard payments, which could hinder users from maximizing their points and rewards.





Additional information





In conclusion, the National Bank mycredit MasterCard credit card offers a competitive rewards program with a range of benefits like insurance coverage and flexible point redemption.





However, potential users should carefully consider the drawbacks, such as the $0 annual fee and limited acceptance, before making a final decision. Be sure to compare this card to others on the market to determine if it’s the right choice for your financial needs and spending habits.





Is the National Bank mycredit MasterCard not convincing you? Consider the National Bank ECHO Cashback Mastercard or the National Bank World MasterCard. Still not the right credit card? Make sure not to miss the National Bank MC1 MasterCard.





FAQ







With the National Bank mycredit MasterCard credit card, you can redeem your points for a variety of rewards, including:






  • Travel: Use your points to book flights, hotels, car rentals, and vacation packages.




  • Merchandise: Choose from a wide selection of products, such as electronics, home appliances, and wellness items.




  • Gift Cards: Redeem your points for gift cards from popular retailers and restaurants.




  • Charitable Donations: Contribute your rewards to select charitable organizations.




  • Financial Products: Apply your points towards eligible financial products such as mortgages, loans, and National Bank investment solutions.




  • Bank Services: Redeem rewards to cover various fees or National Bank services.







The National Bank mycredit MasterCard credit card does have foreign transaction fees associated with it. When you use this card for transactions outside of Canada or in a currency other than Canadian dollars, you will be charged a foreign currency conversion fee.





This fee is typically 2.5% of the transaction amount, which is in line with industry standards for Canadian credit cards. This fee will be applied on top of the exchange rate conversion when your transaction is processed and will appear on your credit card statement as a separate charge.







The National Bank mycredit MasterCard does not have a minimum income requirement. This makes it a more accessible option for individuals with varying levels of income, allowing a wider range of applicants to qualify for the card.







Key benefits






  • Cashback Structure: 1% on eligible purchases




  • Interest Rates: 20.99% on purchases, 22.99% on cash advances and balance transfers




  • Foreign Conversion fee: 2.5%




  • Grace Period: 21 days




  • Supplementary Cardholders: Free




  • Eligibility Criteria: Good to excellent credit score, Canadian resident, age of majority




  • Card Type: MasterCard, contactless payment enabled




  • Additional Features: Click to Pay with MasterCard, secure e-commerce transactions




  • Online Account Management: Access to online banking, mobile app, and e-statements




  • Customer Support: 24/7 helpline, email, and in-branch assistance



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