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.
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This card is not available through MarketProSecure Canada.
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.
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 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.
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
Is MC1 Mastercard a legit credit card?
The National Bank of Canada, the sixth-largest commercial bank in Canada, issues the MC1 Mastercard. With robust security features, you can rest assured your funds and identity are safe when using the reliable and entirely legitimate MC1 credit card.
Who can use the National Bank MC1 Mastercard?
Although this credit card is mainly popular among students trying to build their credit history, anyone interested in starting their credit journey with a reliable and safe credit card can use it.
What are the MC1 Mastercard application requirements?
The only requirement to apply for this Mastercard is to be a Canadian citizen or permanent resident. Once you have the necessary evidence to prove that, you can continue with the application process by providing the essential information, such as your full name, birth date, home address, and contact details.
Does the MC1 Mastercard have a welcome offer?
Unfortunately, this credit card doesn’t come with any welcome bonuses or rewards offers you can enjoy. However, the service allows you to grab up to three extra credit cards at no cost.
MC1 Mastercard Alternatives and Competition
mycredit Mastercard – comes with no annual fee, up to 1% cashback, and is a good beginner credit card
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
*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.
*The information provided for National Bank MC1 Mastercard® is believed to be accurate at the time of evaluation and has been collected independently by MarketProSecure® Canada. The card issuer did not provide the details, nor it is responsible for their accuracy.
National Bank MC1 Mastercard®
National Bank MC1 Mastercard®
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