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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 Platinum Mastercard Business Card is a high-quality credit card option for Canadian business owners looking to improve their financial flexibility and rewards potential.

This review will discuss its earning potential, provide a detailed analysis of the card’s major benefits and drawbacks, and share other pertinent information that can help you decide if it’s the right credit card for your business.

Earning potential

 This card allows you to earn points through the À la carte Rewards program. With every $1 spent on the card, you receive 1.5 points on eligible purchases, making it practical for business owners who frequently use their credit cards.

The card doesn’t have specific reward rates for various spending categories (e.g., dining, travel, grocery), but the flat reward rate makes it user-friendly.

Benefits

1. Balance Transfer Promotion: The first major advantage is the ability to save on interest costs with a balance transfer promotion.
   
   New Platinum Mastercard Business Card users can enjoy a 0% promotional interest rate for the first six months on balance transfers. After the promotional period, the rate jumps to a reasonable 14.99%.





2. Comprehensive Travel Insurance Package: The second significant advantage is the comprehensive travel insurance package provided by the card. With various insurance coverages, such as trip cancellation, trip interruption, and lost or delayed baggage insurance, you can have peace of mind during your business travels.





3. Mobile Device Insurance Coverage: The third major advantage is the mobile device insurance coverage. If you use your Platinum Mastercard Business Card to buy a new mobile device, it will be protected against theft, loss, or damage up to $1,000.





4. Comprehensive Purchase Protection and Extended Warranty: The card also features comprehensive purchase protection and an extended warranty plan, increasing the protection on products purchased using the card.

Drawbacks

1. Annual Fee: One of the significant drawbacks is the $125 annual fee for each account, which could be a turnoff for business owners who are trying to minimize expenses.





2. Lack of Category-Specific Rewards: Another drawback is the lack of category-specific rewards, meaning the situation doesn’t differentiate between high-value expenses like travel or dining and low-value ones like office supplies. This limitation could impede maximization of rewards.

Additional Information

A noteworthy feature worth mentioning is the supplementary cards at no additional cost. National Bank allows you to add employee cards to your account, improving your company’s financial management with controls such as customized spending limits for each card.

Taking into account the rewarding earning potential, numerous benefits, and flexibility, the National Bank Platinum Mastercard Business Card appears well-suited for Canadian business owners.

However, the annual fee and lack of category-specific rewards should be weighed against the benefits when determining if the card is right for your business needs.

Not the right fit? You could consider the American Express Aeroplan Business Reserve Card. Or, if you’re looking for other options check out the CIBC Aventura Visa Card for Business, and the Marriott Bonvoy Business American Express Card.

FAQ

Key benefits

• Zero yearly membership cost





• Generous interest-free window of nearly a month on acquisitions





• Earn a single reward point for each dollar expended





• Welcome offer of bonus 15,000 points after $7,000 expenditure within the initial 90 days





• Statement credits available through cashback redemption





• Inclusive travel insurance coverage for peace of mind





• Continuous customer care assistance at any hour of the day





• Personalized card designs to propagate brand identity





• Exclusive access to valuable features and resources within Mastercard Business Network





• Flexible billing arrangements tailored to organizational preferences





• Brief duration of balance transfer promotional offers





• Absence of specific perks tied to fuel or dining expenditures





• Charges apply on transactions in foreign currencies, at 2.5%





• Constrained base points accumulation rate equating to 1 reward point per $1 utilized





• Requirement to gather minimum 5,000 reward points for redemptions





• Additional fee incurred for authorized employees’ cards





• Rewards structure may not align ideally with every business’s expenditure patterns