National Bank mycredit MasterCard Review

3.75

$0.00

Annual Fee

$240.00

Annual Rewards

N/A

Intro Offer

$0.00

Annual fee

$240.00

Annual rewards

N/A

Intro offer


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:

Bills1%
Restaurants / Delivery1%
All Other Spend1%

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 methodAnnual 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 Score300 – 559
Interest Rates
Purchase20.9%
Cash Advance22.4%
Balance Transfer22.4%
Fees
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Mobile Phone Insurance1000

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

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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