Quick overview of the National Bank mycredit Mastercard
The mycredit Mastercard from National Bank is a straightforward no-fee cash back credit card. It offers a simple rewards structure with 1% back on dining and recurring bills and 0.5% on other purchases. Unlike comparable cards, there are no caps on earning, allowing unlimited potential cashback. Insurance protections like mobile device coverage and extended warranties provide security on purchases made with the card.
While a good entry-level option, its rewards potential is lower than premium competitors. With only two bonus categories, opportunities to maximize category bonuses are limited. The absence of a welcome bonus also reduces the upfront value. This card fills an entry-level niche but likely won't be your long-term primary card.
Who's the National Bank mycredit Mastercard for?
The National Bank mycredit Mastercard is for Canadians with a fair credit score (660+) looking for an entry-level cashback credit card. With no annual fee, this card can help those new to credit build a history responsibly. The unlimited cashback rewards make it appealing for anyone wanting to earn on everyday spending without complex bonus categories.
Pros and cons
Pros
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No annual fee
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$0 fee for additional cards
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Low credit score requirement
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Mobile device protection
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Cash back automatically applied to next statement balance
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Zero liability for unauthorized purchases
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0.5% cash back on all other purchases is on par with other entry-level cards
Cons
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Low earn top rate of 1% compared to premium and similar entry-level cards level cards
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Higher interest rates
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Limited bonus categories with only two offered and no flexibility when selecting
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No current welcome bonus
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Not many additional perks offered
National Bank mycredit Mastercard welcome bonus
The National Bank mycredit Mastercard currently doesn’t offer any welcome bonus.
How to earn cash back with the National Bank mycredit Mastercard
The National Bank mycredit Mastercard provides unlimited 1% cash back on restaurants and recurring bill payments. You'll earn 0.5% cashback on all other purchases. While not the highest among no-fee cash back cards, the unlimited potential makes up for lower returns. Comparable cards promoting higher rates often throttle cash back after exceeding monthly spending thresholds. Instead, the National Bank mycredit Mastercard provides a more predictable approach to rewards.
To maximize earnings, use the National Bank mycredit Mastercard for dining out and automated payments like phone bills or subscriptions. Given the low earning rate on other categories, pair it with a complimentary credit card. Ideally, the other card offers enhanced cashback in the categories where the mycredit Mastercard lacks.
How to redeem cash back from the National Bank mycredit Mastercard
The National Bank mycredit Mastercard redeems cash back on autopilot. Your accumulated earnings are automatically redeemed as monthly statement credits. Any cash back earned will be applied every time your statement period closes, reducing your overall balance.
This automatic redemption makes the rewards effortless to use. You don't need to log in to any portal or call any hotline. Cash back cannot be redeemed for cash.
National Bank mycredit Mastercard key benefits
- Zero fees: No annual fee or fees for additional cardholders.
- Mobile device coverage: Up to $1,000 in coverage for a stolen, or damaged device. This is a unique benefit for a no-fee card.
- Cash back on bonus categories: Earn unlimited 1% cash back on all restaurant and recurring bill payments and 0.5% on everything else.
National Bank mycredit Mastercard insurance coverage
- Mobile device insurance: Covers theft or damage to mobile devices up to $1,000. The coverage applies for up to two years after purchase, and the device must be purchased with the card.
- Extended warranty: Doubles the manufacturer’s warranty on movable property for up to one additional year. There’s a maximum $60,000 benefit limit between extended warranty and purchase protection.
- Purchase protection: Protects eligible items against theft or damage for 90 days after purchase. There’s a $60,000 limit between this and the extended warranty.
Extra benefits
- Secure online purchases: Enhanced security with Mastercard ID Check to verify identity during online transactions.
- Contactless payments: Tap & Go technology for quick and convenient checkout.
- Fraud protection: Mastercard's zero liability policy protects against unauthorized transactions.
What people have to say about this card
While there aren't any specific reviews about this card, users feel overall positive about National bank.
On Reddit, Amexblackvisa mentions that wait times are fast and that he received the welcome bonus on time.
How National Bank mycredit Mastercard compares
National Bank mycredit Mastercard vs. Tangerine Money-Back Card
The Tangerine Money-Back Card offers more flexibility for maximizing rewards. It lets you choose up to three categories to earn 2% cash back. In contrast, the mycredit card has fixed bonus categories of 1% back on dining and recurring bills. Both credit cards provide minimal returns on non-category spending with a flat 0.5% rate.
When it comes to insurance, the mycredit Mastercard includes additional coverage, such as mobile device insurance. Both carriers also offer common credit card insurance coverages such as extended warranties and purchase protection
National Bank mycredit Mastercard vs. BMO Cashback Mastercard
The BMO CashBack Mastercard beats the National Bank mycredit Mastercard when it comes to cash back rewards, offering 3% on groceries (up to $500 per month) and 1% on recurring bills (up to $500 per month), compared to the National Bank's flat 1% on restaurants and pre-authorized payments. However, the National Bank card's cash back is uncapped.
The mycredit Mastercard offers better insurance coverage, including mobile device and purchase protection, giving it an edge over the BMO Cashback Mastercard in this aspect. However, the BMO Cashback Mastercard compensates with a more diverse array of benefits, including attractive balance transfer offers and a variety of purchase discounts.
| Features | National Bank mycredit Mastercard | Tangerine Money-Back Credit Card | BMO CashBack® Mastercard® |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Welcome offer | N/A | 10% cash back up to $1000 ($100) within the first 2 months | 5% cash back up to $2500 ($125) within the first 3 months |
| Earn rate | 1% in restaurants and pre-authorized purchases, 0.5% everywhere else | 2% in up to 3 categories of choice, 0.5% everywhere else | 3% on groceries, 1% recurring bill payments, 0.5% everywhere else |
| Insurance | Mobile device insurance, purchase protection, extended warranty | Extended warranty, purchase protection | Extended warranty |
| Benefits | Zero liability, secure online purchases | 1.95% interest on balance transfers for 6 months, zero liability | 25% off select car rentals, 15% of select shows, 0.99% interest on balance transfers for 9 months, zero liability, secure online purchases |
| Review | Read review | Read review | Read review |
| More info | Apply now | Apply now | Apply now |
Is the National Bank mycredit Mastercard worth it?
The National Bank mycredit Mastercard is worth considering for any Canadian seeking an entry-level cash back credit card to earn rewards with no annual fee. It likely won't be your main card long-term, but it can fill the gap while building your credit. The 1% back on dining and bills, along with insurance coverages, add value but isn't anything special compared to other offers. Collecting even small amounts of cash back is preferable to earning nothing on your daily purchases with a debit card.
FAQs
Lucas, a Toronto native, holds an Honours BBA (Finance) degree obtained from Wilfrid Laurier University. His career has spanned venture capital and blockchain startups. Aside from writing at Moneywise, Lucas is a Hardbacon and Loans Canada contributor, and content specialist at Croton Content. Additionally, his passion for exploring the world has taken him to an impressive 28 countries across Europe, North America, Asia, and Central America.
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