Overview of the National Bank Mycredit Mastercard®
Earning categories
On restaurants purchases and recurring pre-authorized payments
0.5%On other purchases
National Bank Mycredit Mastercard® details
- Welcome bonus
- This card does not have a welcome bonus at this time.
- Annual fee
- $0
- Reward
- Earn 1% on restaurants purchases and recurring pre-authorized payments, 0.5% on other purchases
- Average point value
- $1
- Purchase interest rate
- 20.99%
- Cash advance interest rate
- 22.49%
- Balance transfer interest rate
- 22.49%
- Minimum income
- Any amount
- Household income
- Any amount
- Recommended credit score
- 660+
- Network
- Mastercard
- Provider
- National Bank of Canada
- Card type
- Cash back
Detailed card summary
Benefits & features
- 1% on restaurant transactions and recurring automatic transfers
- 0,5% on all other eligible purchases
- Protection for your mobile phone: Your new mobile devices, purchased with your card, or phone subscriptions paid for with your card or by automatic transfers from your mycredit account are protected against theft or damages for a period of up to 2 years
How to redeem
Redemption flexibility
MEDIUM
How to get approved
Eligibility
- Minimum income Any
- Household income Any
- Recommended credit score 660+
- You are a permanent Canadian resident and have reached the age of majority in the province in which you live.
Ratehub review
Natasha Macmillan
This no-fee cash back card has a few notable perks and benefits, including unlimited cash back rates and mobile device protection. However, the cash back earnings are low compared to other cards. Newcomers can qualify for this card under National Bank’s newcomer banking program.
Pros
- Unlimited cash back: The 1% and 0.5% cash back rates don’t have monthly or annual limits
- Cash back redemptions are automatic: Unlike with some other cards, you don’t have to wait until once a month or even once a year to redeem your cash back rewards. They are applied to your card balance automatically
- Newcomers can qualify for the card: You don’t need to have a Canadian credit history to qualify for the newcomer program and sign up for the mycredit card, however there may be other requirements
Cons
- Low regular earn rate: The 0.5% cash back rate on everything other than restaurants and groceries is quite low
- Few perks: Other than credit card mobile device insurance and other standard coverages like purchase assurance, the card is lacking in valuable perks like rental car or trip insurance
Legal
Credit terms
Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers. Minimum payment: If your account balance is lower than $10, you must pay the entire balance. If you reside in the province of Quebec, your minimum payment will correspond to 5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. If you reside outside of Quebec, your minimum payment represents 2.5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. Account statement: A statement is sent monthly.
Example of credit charges over a 30-day period
| Annual interest rate | Average balance | |
| $500 | $3,000 | |
| 22.49% | $9.24 | $55.45 |
| 20.99% | $8.63 | $51.76 |
| 12.90% | $5.30 | $31.81 |
| 8.9% | $3.66 | $21.95 |
*Variable interest rate in effect on September 1, 2021
Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.
Cashback details
Subject to credit approval by National Bank of Canada. The cashback granted is 1% on restaurant purchases and on recurring pre-authorized payments when you use recurring automatic transfers with your mycredit account. The cashback of 0.5% applies to all other eligible purchases during a billing cycle. The account must be in good standing when the cashback is awarded. Your account is in good standing when you comply with the obligations of your cardholder agreement (e.g., making your minimum payment by the due date). These eligible automatic transfers are defined as regular payments that are automatically withdrawn by a merchant on your credit card. Balance transfers, cash advances and fees resulting from the use of the card are excluded from the cashback calculation. For conditions and restrictions that apply to cashback rewards, refer to the Cashback Program [PDF].
Mobile device protection
Subject to the mobile device’s purchase with the card or mobile plan settled by recurring pre-authorized payments from your mycredit account.