National Bank Platinum Mastercard Business Card Review

4.20

$125.00

Annual Fee

$360.00

Annual Rewards

N/A

Intro Offer

$125.00

Annual fee

$360.00

Annual rewards

N/A

Intro offer


Pros


  • No annual fee
  • 25-day grace period on purchases
  • 1 point earned per dollar spent
  • Bonus 15,000 points upon spending $7,000 in first 3 months
  • Cashback redemption available for statement credits
  • Complimentary travel insurance coverage
  • 24/7 customer service
  • Card customization options
  • Access to Mastercard Business Network resources
  • Optional centralized or individual billing options

Cons


  • Balance transfer promotions are often short-lived
  • No dedicated rewards for gas or dining purchases
  • Foreign transaction fee of 2.5%
  • Limited base points multiplier (1 point per $1 spent)
  • Minimum points threshold for reward redemptions (5,000 points)
  • No free cards for authorized employees
  • Rewards program may not be suitable for all business spending habits

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 Platinum Mastercard Business Card, here’s how you earn rewards:

All Other Spend1.5 points

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 Platinum Mastercard Business Card 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
Transfer to partner airlines$360.00
Apply to statement credit$327.60
Gift cards$277.20
Merchandise$291.60
Make investments$298.80
Banking plans$360.00

Calculating your annual rewards

$24,000.00 annual spending x $1.50% return on spending = $360.00 annual rewards

$360.00 annual rewards – $125.00 annual fee = $$235.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score760 – 900
Interest Rates
Purchase20.9%
Cash Advance22.4%
Balance Transfer22.4%
Fees
Annual Fee$125.00
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty2 years
Purchase Protection180 days
Travel Accident250000
Flight Delay500
Baggage Delay500
Lost or Stolen Baggage1000
Rental Car Theft & DamageYes
Rental Car Personal Effects2000

National Bank Platinum Mastercard Business Card Review

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.

Benefit 1: 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%.

Benefit 2: 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.

Benefit 3: 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.

Benefit 4: The card also features comprehensive purchase protection and an extended warranty plan, increasing the protection on products purchased using the card.

Drawback 1: 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.

Drawback 2: 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

With the National Bank Platinum Mastercard Business Card, cardholders can redeem their points for a wide range of rewards. These include:

  • Airline tickets – Cardholders can use their points to book flights with no blackout dates or seat restrictions.
  • Hotels and car rentals – Points can be redeemed for stays at various hotels and car rental services, providing convenience and savings on business travel.
  • Gift cards and merchandise – Cardholders can choose from an extensive catalog of gift cards and merchandise from popular retailers, providing flexibility in redemption options.
  • Financial products – Points can be applied towards National Bank financial products, such as savings accounts and investments, promoting healthy financial habits.
  • Account credit – Cardholders can choose to apply their points as a credit towards their account balance, helping to offset the cost of everyday purchases.
  • Charitable donations – Points can be used to make charitable donations, providing an opportunity for cardholders to support causes they care about.

The National Bank Platinum Mastercard Business Card charges a foreign transaction fee of 2.5% on each purchase made in currencies other than Canadian dollars. This includes both online and in-person transactions conducted outside Canada or with foreign merchants. Keep this in mind when using the card for international purchases, as the fees can add up.

The National Bank Platinum Mastercard Business Card does not have a minimum personal income requirement. As this is a business credit card, it focuses on your business’ financial situation rather than personal income. Approval is based on factors such as business revenue, credit history, and business stability.

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

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