National Bank ECHO Cashback Mastercard review
Apr 7, 2025
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Overall rating
First year value
$237
Get this card if you:
- want to earn cash back on everyday purchases
- value extended warranty and purchase protection
- don't mind paying a modest annual fee
Scores by category
Cash Back 3.0
Groceries 1.9
Gas 1.6
At a glance
The National Bank ECHO Cashback Mastercard is a cash back credit card that offers elevated rewards on purchases such as groceries, gas, and select online transactions. It includes benefits like purchase protection and extended warranty, catering to individuals seeking to maximize rewards on everyday spending.
Highlights
$237
First year value
$30
Annual fee
Interest Rates
20.99%
Purchase APR
22.49%
Balance transfer APR
22.49%
Cash advance APR
Eligibility
Good
Recommended credit score
$15,000
Required annual personal income
Quick overview of the National Bank ECHO Cashback Mastercard
The National Bank ECHO Cashback Mastercard is a decent cash back card, particularly for those who do a lot of online shopping. That said, there are some important qualifiers to its seemingly appealing cashback structure (more on that below), and overall it’s not strong enough to appear on our list of the best credit cards in Canada.
Who’s the National Bank ECHO Cashback Mastercard for?
The National Bank ECHO Cashback Mastercard might be a good fit for a wide selection of Canadians, including:
- High spenders in key categories: Ideal if you spend more than $25,000 annually on groceries, gas and online purchases combined
- Value seekers: Offers competitive 1.5% back on groceries, gas and most online purchases with a reasonable $30 annual fee
- Moderate spenders: Still provides decent value even with lower monthly spending in bonus categories
- Straightforward reward hunters: Perfect for those who prefer simple cash back over complex point systems
- Budget-conscious consumers: Those willing to pay a small annual fee for higher base rewards rates
Those who spend less can still find value with the card, however, since that earn rate is fairly competitive. That said, a no annual fee card like the Tangerine Money-Back Credit Card or Neo Mastercard may provide greater rewards for no fee.
Pros and cons
Pros
- Earns up to 1.5% cash back on groceries, gas, and select online purchases
- Redemption is available once $25 cash back accumulated
- Supplementary cards have no fee
- Purchase protection for 90 days against theft or damage
- Extended Warranty doubles manufacturer's warranty up to one year
Cons
- Limited 1.5% cashback applies only to first $25,000 annual spending
- Online purchases excluded from higher cashback rate if related to travel or recurring bills
- $30 annual fee, unlike some competing no-fee cashback cards
- Requires higher annual spending to offset annual fee
- Limited acceptance compared to Mastercard by some merchants
National Bank ECHO Cashback Mastercard welcome bonus
- The card does not currently provide a welcome bonus.
How to earn cash back with the ECHO Cashback Mastercard from National Bank of Canada
The ECHO Cashback Mastercard stands out for its simple rewards structure. Even better, that easy cash back structure includes three of the most common spending categories for Canadian households:
- 1.5% cash back on gas purchases
- 1.5% cash back on grocery purchases
- 1.5% cash back on online purchases
- 1% cash back on all other eligible purchases
There's a $25,000 annual cap on the 1.5% categories, after which all purchases earn the standard 1% rate. For the average Canadian family spending around $12,000 to $15,000 per year across these categories, that spending cap is a limit they're unlikely to reach.
Let's calculate potential annual cash back for an average Canadian household to show the ECHO Cashback Mastercard's real-world value:
- Monthly grocery spending: $600 × 12 = $7,200 annually × 1.5% = $108
- Monthly gas spending: $250 × 12 = $3,000 annually × 1.5% = $45
- Monthly online purchases: $300 × 12 = $3,600 annually × 1.5% = $54
- All other spending: $1,000 × 12 = $12,000 annually × 1% = $120
Total annual cash back: $327 (minus the $30 annual fee = $297 net cash back)
The news regarding streamlined cash back isn't all good, however: While National Bank advertises a 1.5% cash back rate on online purchases, those online purchases apparently cannot include travel, transportation, or recurring bills. Per the fine print:
All purchases related to a trip made with or without a travel agency (air transportation, accommodation and vehicle rental), purchases related to transportation (bus, metro, train) and repetitive payments (online subscriptions and automatic bill payments).
National Bank of Canada
We find that a little disappointing, as essentially any purchases on Expedia, Travelocity, AirCanada.com, Netflix, the Globe and Mail, Bell, Rogers, Telus, or Videotron, etc. would not qualify as an “online” purchase, and would thus only receive 1% cashback.
How to redeem cash back
If there’s one feature of the card that makes it stand-out from the pack aside from the online spending rate, it’s the ease of redeeming cash back. While many cards only allow you to redeem at the end of each year, ECHO allows you to apply your cash back as soon as you reach $25.
The ECHO Cashback card offers a streamlined redemption process. Once you've accumulated at least $25 in cash back rewards:
- Log into your National Bank online banking account
- Navigate to the credit card section
- Select the option to apply your cash back rewards to your credit card balance
This straightforward process provides immediate value and saves you the hassle of wondering about point valuations and blackout dates.
Key benefits of the NBC ECHO Cashback Mastercard
- 1 Rewards: Up to 1.5% back on groceries, gas and most online purchases is the biggest selling point with the card, though that earn rate is capped at $25,000 annually. This limits your potential cash back at that accelerated rate to just $375 per year.
- 2 Basic protections: The card offers essential security protections but little else. Cardholders enjoy 90 days of purchase protection, 1 year of extended warranty on eligible items purchased with the card and Mastercard's ID theft and fraud liability coverage.
- 3 Low eligibility threshold: The ECHO has very easy application requirements with just $15,000 needed to apply. This makes the card more accessible to a greater number of Canadians.
Insurance coverage
When it comes to insurance coverage, the ECHO Mastercard falls short. The card offers only the most basic protections but lacks any travel coverage. Instead, you only get the following:
| Protection | Coverage |
|---|---|
| Purchase protection | 90 days |
| Extended warranty | 1 year |
This isn’t an issue that only NBC suffers from, however. Most no fee rewards cards offer only the most basic insurance, so you aren’t really missing out with the ECHO.
Extra benefits of the NBC ECHO Cashback Mastercard
- Mastercard Zero Liability fraud protection
- Mastercard® ID Check identity theft protection
How does the National Bank ECHO Cashback Mastercard compare?
The National Bank ECHO Cashback Mastercard offers reasonable value overall, but it does come with a $30 annual fee. There are other cashback cards that have comparable (or in some cases superior) features with no annual fee.
NBC ECHO Cashback Mastercard vs. SimplyCash® Card from American Express
bonus 5% back
Welcome Bonus
$438
First Year Value
$338
Annual Value
Welcome Bonus: Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).
Get this card if you...
- want to earn cash back, without an annual fee
- value purchase protection and extended warranty coverage
- want to maximize cash back rates, with no spending caps
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
21.99%
Cash Advance
Our Take
The SimplyCash® Card from American Express is a no-annual-fee credit card offering cash back on everyday purchases, with elevated rates for eligible gas and grocery store purchases in Canada, up to a specified annual limit. Cardholders benefit from purchase protection and extended warranty coverage.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
Pros
- No annual fee for primary or additional cardholders
- Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases
- No limit to the amount of cash back you can earn at the base rate
Cons
- Cash back is only applied as a statement credit once a year
- Amex cards aren’t accepted by every merchant
Annual Interest Rates
21.99%
Purchase
21.99%
Cash Advance
25.99% - 29.99%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$29
Over The Limit Penalty
$45
Return Penalty
Rewards cash back
2%
cash back on eligible gas station purchases in Canada
2%
cash back on eligible grocery store purchases in Canada (up to $300 cash back annually)
1.25%
cash back on all other purchases
Insurance Benefits
$100,000
Travel accident insurance amount
Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).
That’s on top of your everyday cash back earn rates.
*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
Our Take
The SimplyCash® Card from American Express is a no-annual-fee credit card offering cash back on everyday purchases, with elevated rates for eligible gas and grocery store purchases in Canada, up to a specified annual limit. Cardholders benefit from purchase protection and extended warranty coverage.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
Pros
- No annual fee for primary or additional cardholders
- Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases
- No limit to the amount of cash back you can earn at the base rate
Cons
- Cash back is only applied as a statement credit once a year
- Amex cards aren’t accepted by every merchant
Annual Interest Rates
21.99%
Purchase
21.99%
Cash Advance
25.99% - 29.99%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$29
Over The Limit Penalty
$45
Return Penalty
Rewards cash back
2%
cash back on eligible gas station purchases in Canada
2%
cash back on eligible grocery store purchases in Canada (up to $300 cash back annually)
1.25%
cash back on all other purchases
Insurance Benefits
$100,000
Travel accident insurance amount
Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).
That’s on top of your everyday cash back earn rates.
*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
The SimplyCash® Card from American Express has no annual fee, and its ‘everything’ earn rate is actually higher than the ECHO card: Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible groceries in Canada (up to $300 cash back annually)% cash back on eligible grocery purchases in Canada (u), and 1.25% cash back on all other eligible purchases.
The only comparative disadvantage for the SimplyCash® Card from American Express is it’s an Amex, so it’s accepted by less merchants than a Mastercard. That said, in recent years Amex has improved its acceptance rate among Canadian merchants, and the number of stores that accept Amex is now far higher than what it once was.
Disclosures:
-
Contact American Express for the most up-to-date referral bonus figures.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
NBC ECHO Cashback Mastercard vs. BMO CashBack Mastercard
5% cash back
Welcome Bonus
$401
First Year Value
$276
Annual Value
Get this card if you...
- want to earn cash back on everyday purchases
- value the flexibility to redeem cash back at any time
- value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No Annual Fee: A rare find in Canada for a cash back card
- A generous 3% cash back on groceries (up to $500 monthly)
- Easily redeem from $1, set up automatic redemptions, or use as a statement credit
- Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
- Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
- Monthly caps on top earn rates for groceries and recurring payments
- A 2% balance transfer fee applies
- The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions Apply
The BMO CashBack® Mastercard®* also has $0 annual fee and comes with its own special cashback rate in the first three months: Get up to 5% cash back in your first 3 months and a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.†. Then get 3% (up to a monthly max of $500) cash back on groceries, 1% cash back on recurring bill payments such as streaming services, subscriptions or monthly utilities and 0.50% cash back on all other purchases.. In addition to the accelerated rate, new cardholders also get a $50 cash bonus for spending $6,000 in the first year.
Unlike the ECHO card, the BMO CashBack® Mastercard®* does not have any special spending categories where it earns extra cash back. But cardholders do get car rental discounts*.
Disclosures:
- *Terms and conditions apply.
-
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
Is the National Bank ECHO Cashback Mastercard worth it?
The National Bank ECHO Cashback card isn't going to wow anyone with extraordinary perks, but that's exactly why I recommend it to so many of my clients. For just $30 a year, you're getting a solid 1.5% back on the three spending categories that matter most to Canadian households—groceries, gas, and online shopping.
For everyday Canadians who want their credit card to work for them without becoming a part-time job to manage, the ECHO delivers consistent value without the complexity.
However, other cards, especially the BMO CashBack Mastercard (our pick for Best Cash Back Card Canada) offers better rewards and a lower fee than the ECHO.
Eligibility criteria
There is no specified minimum income requirement, although we always recommend you earn at least $15,000 before applying, unless you’re a student.
FAQs
Cory Santos
Senior Reporter
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, BlogTO, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk. He's also the creator and author of the annual Money.ca Credit Card Awards.
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†Terms and Conditions apply.