National Bank mycredit MasterCard Review
Pros
- No annual fee
- Earn 1% cashback on every eligible purchase
- Unlimited cashback without expiry date
- Rewards can be applied directly to credit card balance or bank account
- Purchase protection and extended warranty
Cons
- Lower cashback rate compared to some other credit cards
- No sign-up bonus or promotional offers
- Limited to National Bank clients
- Some transactions, such as cash advances and balance transfers, do not earn rewards
- No insurance benefits or travel perks
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With National Bank mycredit MasterCard, here’s how you earn rewards:
| Bills | 1% |
| Restaurants / Delivery | 1% |
| All Other Spend | 1% |
How much your rewards are worth
The dollar value of your rewards depends on the specific National Bank rewards program and what you choose to redeem your points for.
For National Bank mycredit MasterCard in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Apply to statement credit | $1.44 |
Calculating your annual rewards
$24,000.00 annual spending x $1.00% return on spending = $240.00 annual rewards
$240.00 annual rewards – $0.00 annual fee = $$240.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 300 – 559 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 22.4% |
| Balance Transfer | 22.4% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | MasterCard |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Phone Insurance | 1000 |
National Bank mycredit MasterCard Review
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.
Benefit 1: 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.
Benefit 2: 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.
Benefit 3: 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.
Benefit 4: 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.
Drawback 1: 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.
Drawback 2: 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.
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
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
