National Bank MC1 Mastercard®

One student credit card for all your expenses - keep it simple

Updated: Oct 05, 2022

Advertiser Disclosure

The MC1 Mastercard is a credit card by the National Bank of Canada. It primarily aims to help students learn the basics of building and managing their credit. Although the card doesn't allow users to earn points and enjoy a wide selection of benefits, it's an outstanding choice for those looking for a card that will enable them to set a monthly credit limit without paying an annual fee for the service.

ANNUAL FEE

$0

ONGOING APR

20.99%

INTRO APR

N/A

22 User Ratings

National Bank MC1 Mastercard®

at National Bank of Canada Secured website

Apply Now

Introductory APR

N/A

Intro APR Period

N/A

Recommended Credit

Good

Key Features

  • No annual fee
  • Enjoy a simple, efficient and practical payment solution
  • Access funds anywhere in the world
  • Control your spending by setting your credit limit to $500
  • No minimum income is required. Subject to credit approval.
  • Protect your purchases with an insurance program you can count on
  • MasterCard Zero Liability program
  • Purchase protection

Our Take

National Bank MC1 Mastercard is the Best for

  • Young adults who want to get their first credit card
  • Individuals who wish to build their credit history
  • People who want to add a fee-free credit card to their wallet

What Are MC1 Mastercard Advantages?

The National Bank MC1 Mastercard comes with a myriad of advantages its users can enjoy. Here’s a brief overview that will cover the most important benefits of this credit card.

No annual fees

Most credit cards come with an obligatory annual fee that cardholders have to pay. However, that’s not the case with this credit card. The card doesn’t come with an annual fee, which is ideal for those looking to save money on card maintenance fees and use the funds for something else.

No income requirements

One of the best features of this credit card is that there’s no minimum income requirement. That means you don’t have to make a certain amount of money to qualify. Therefore, this Mastercard is excellent for students and young adults who still haven’t had the chance to establish themselves in the professional world.

A low minimum credit limit

With this credit card, you can qualify for a low minimum credit limit. Namely, users can enjoy even a $500 credit limit, so they can easily ensure not to exceed their monthly budget. This feature is excellent for helping people build robust and reliable habits when spending the available funds.

Enhanced security

The zero-liability insurance is the best way to protect your funds1 from any fraud attempts. Fortunately, this Mastercard supports the zero-liability insurance policy, thus securing your financials from fraudulent charges related to your account. Moreover, the Mastercard ID check provides an additional layer of security that’s a must-have for online payments.

Instant pay

Instant pay is a handy feature that allows you to make payments quickly and easily. Once you tap to pay, the Mastercard contactless payment feature processes your transaction instantly. Instant pay is a perfect addition if you’re always on the go and need an easily-accessible payment method.

Fee-free extra cards

Whether you’ve lost your card or someone stole it, you get up to three fee-free credit card replacements with this Mastercard. Since that isn’t the case for most card issuers, the National Bank of Canada allows you to save money by offering another service with no added fees.

Are There Any Drawbacks?

The pros and cons of credit cards2 can help you make an informed decision. After learning the best parts of this credit card, it’s time to check out its advantages before deciding you’re ready to apply for it.

No rewards program. Making purchases with this credit card doesn’t earn you any cashback rewards or bonus points that you can use. That is something you should consider, especially if you’re looking for a card with attractive bonuses and rewards.

Higher interest rates. The National Bank MC1 Mastercard comes with higher interest rates than many other credit cards with similar features. For example, outstanding balances come with a 20.99% interest rate, while the cash advance rate and the balance transfer rate are 22.49%.

Few additional benefits. This credit card doesn’t have a wide variety of additional benefits and perks its users can enjoy. Some financial institutions go out of their way to offer services like roadside assistance, travel insurance, or mobile device protection, but that’s not something you can count on with this Mastercard.

What Makes MC1 Mastercard Different

Even though the National Bank MC1 credit has its advantages and disadvantages, several features make this card truly unique and different from the others on the market.

  • Exclusive deals. Since the National Bank of Canada issues this credit card, its users can take advantage of exclusive deals. The National Bank‘s Priceless Cities program comes with numerous special deals and exclusive upgrades available to all National Bank clients, including those that use the MC1 Mastercard.
  • Extended warranty. Are you interested in increasing the manufacturer’s warranty on certain product purchases? Now you can easily do that with the MC1 Mastercard. You can even double the existing warranty and enjoy an additional year of coverage when you purchase products with this credit card.
  • Purchase protection. The 90-day purchase protection is another unique feature that protects the users of this card and their purchased goods from damage or theft.

MC1 Mastercard Alternatives and Competition

Bottom Line

The National Bank MC1 Mastercard is a student credit card with decent features. The National Bank of Canada issues it, so it’s a popular choice among Canadian citizens. Its main advantages include the absence of an annual fee and low income and credit limit requirements. These features make it an excellent choice for those searching for a starter credit card that allows them to build a credit history while equipping them with the necessary security. Nevertheless, this credit card comes with other pricey fees and doesn’t include many additional features. Overall, it’s a pretty solid choice for a first credit card.

Frequently Asked Questions

Reference Index

  1. 9 Valuable Credit Card Benefits. Forbes
  2. The Pros And Cons Of Credit Cards. Forbes
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Basic Information
Issuer: National Bank of Canada
Network: Mastercard
Category: Student (Regular)
Best Used For:
  • Every Day Purchases
  • Young Adults
  • New to Canada
  • Build Credit
  • Beginners Card
Rewards: No
Rates & Fees
Regular APR: 20.99%
Regular APR Type:
Annual Fee: $0
Balance Transfer: Yes
APR on Cash Advances: 22.49%
Grace Period: 21 days
Other Fees:
  • Additional card fee: $0
  • Foreign transaction fee: 2.5%

National Bank MC1 Mastercard® Alternatives


National Bank MC1 Mastercard®

National Bank MC1 Mastercard®

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Annual Fee

$0

Regular APR

20.99%

Intro APR

N/A

Rec. Credit Score

Good

IMPORTANT
*The information provided for National Bank MC1 Mastercard® is believed to be accurate at the time of evaluation or recent update on October 05, 2022. However, we strongly advise visitors to review the card fees and Terms & Conditions on the issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.

National Bank MC1 Mastercard®

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National Bank MC1 Mastercard®

National Bank MC1 Mastercard®

Rec. Credit Score: Good

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