mycredit Mastercard®

Enjoy cashback on your subscriptions, restaurant purchases, and a free mobile protection

Updated: Aug 9, 2022

Advertiser Disclosure

mycredit Mastercard is a simple, streamlined offer by the National Bank of Canada. It has unique perks, like a streamlined application process, valuable cashback rewards, and $0 annual fees. While it doesn't have many of the bells and whistles that come with similar rewards cards, it can be an excellent choice for those who want a straightforward, hassle-free credit card account.

ANNUAL FEE

$0

ONGOING APR

20.99%

INTRO APR

N/A

31 User Ratings

mycredit Mastercard®

This card is not available through MarketProSecure Canada.

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Introductory APR

N/A

Intro APR Period

N/A

Recommended Credit

Good

Key Features

  • No annual fee
  • Earn 1% on restaurant transactions and recurring automatic transfers
  • Earn 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
  • Mastercard's Zero Liability
  • Purchase protection
  • Extended warranty

Our Take

National Bank of Canada issued, the mycredit Mastercard is a basic card that helps you improve your credit score, stay on top of your recurring payments, and avoid accumulating debt. Take a look at what you’re getting by applying for the Student mycredit Mastercard.

Student’s mycredit Mastercard is Best for

  • Beginner cardholders;
  • Cardholders who need to improve their credit score;
  • Cardholders looking for simple credit accounts.

What is the National Bank mycredit Mastercard Advantages?

Despite being a simple card, Mycredit Mastercard has plenty of benefits that will impress the right cardholders.

No annual fees

One of the most significant benefits of using the Mycredit Mastercard is that it comes with no annual fees whatsoever. As long as you pay your balances in full and on time, this could be the best card in your wallet, costing you $0 and offering valuable perks in return. What’s more, you can apply for additional cardholders to your account at no extra charge and collect more rewards.

Up to 1% cashback rewards

Speaking of rewards, Mycredit Mastercard comes with up to 1% cashback rewards on select purchases. For every dollar you spend at a restaurant or on recurring payments, you’ll get 1% back. You can also collect 0.5% cashback rewards on groceries and online purchases. You can quickly maximize your savings with multiple cardholders and no annual fees. Your rewards are calculated at the end of each billing cycle and automatically deducted from your credit card balance.

Mobile protection

Although mycredit Mastercard is a basic offer from the National Bank, it has a surprising perk – mobile protection1. It’s a feature you’ll have a challenging time finding in any similar card, especially a $0 annual fee one. You can receive up to a $1,000 in coverage for lost, damaged, or broken mobile phones. You’ll need to buy your phone using the National Bank mycredit Mastercard and set up a recurring, pre-authorized payments from your account. The mobile protection feature is active for up to two years after purchase, and you’ll receive the maximum coverage of $1,000, or coverage for the costs of replacement, repair, or your phone’s depreciated value (whichever one is lowest). However, keep in mind that you won’t receive coverage for devices damaged during shipping.

Mastercard perks

With mycredit Mastercard, you’ll enjoy many of the network’s benefits. These include purchase protection for theft or damage within 90 days of purchase and an extended warranty for up to twice as long as the original manufacturer’s warranty (up to 1 additional year). There are also contactless payments with Tap & Go, secure online protection with Mastercard ID check, and fraud protection with the network’s Zero Liability policy.

Flexible eligibility criteria

If you’re interested in the perks of mycredit Mastercard, you’ll also enjoy the fact that the eligibility criteria for this card are very lenient. To apply, you only need to be a legal Canadian resident of the age of majority within your territory or province. The application process is quick and streamlined. You can easily apply online by providing your name, email address, birth date, and social security number. Needless to say, you’ll go through the National Bank’s credit approval process before you can receive your card. However, with no minimum income required and the minimum credit limit of $500, you will most likely encounter no problems with your approval.

Are There Any Disadvantages?

No credit card is without its shortcomings. Explore the most significant disadvantages of mycredit Mastercard before you decide whether to apply for it.

No welcome bonuses. As mentioned, this credit card is a simple, straightforward card. While that means it will be a stress-free addition to your wallet, it also means that you cannot expect any great perks such as welcome bonuses.

Limited reward categories. Cashback rewards are the biggest benefit of mycredit Mastercard, but they come with a few drawbacks. Mainly, you’ll only receive 1% cashback on restaurants and recurring, pre-authorized payments. Only 0.5% is applied to other expenses covered with the card, such as online purchases. If you have different spending habits and don’t like to eat out in restaurants or have minimal recurring payments to make, this card might not be suitable for you.

Cashback rewards are applied as statement credit only. Another drawback with the cashback rewards is that they’re applied as statement credit only. You cannot claim them for cash or special discounts. At the end of the billing cycle, all the cashback rewards you’ve earned will automatically be deducted from your balance – you cannot use them for anything else.

High interest rates. If you tend to carry a balance, National Bank mycredit Mastercard is best avoided. The card comes with higher interest rates than average, standing at 20.99%. Therefore, it would be a risky move to go for this card if you are unsure whether you’ll be able to make timely payments.

What Makes National Bank mycredit Mastercard Different

National Bank mycredit Mastercard impresses with its simplicity. From the application process to earning and redeeming rewards, using this card couldn’t be simpler. As long as you can make all payments in full and on time, you’ll enjoy using this card and building up your credit score.

Similar Offers and Alternatives

Bottom Line

National Bank mycredit Mastercard is a great beginner card that helps you establish your credit history or improve your score. While it doesn’t have the best cashback rewards or the most attractive interest rates, it’s one of the best introductory cards.

Frequently Asked Questions

Reference Index

  1. Purchase protection and mobile device insurance for mycredit Mastercard. NBC
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Basic Information
Issuer: National Bank of Canada
Network: Mastercard
Category: Student (Regular)
Best Used For:
  • New to Credit
  • Young Adults
  • No Min Income Required
  • Beginners Card
Rewards: Yes
Reward Types:
  • CashBack Rewards
  • Other Rewards
Reward Units: Cash
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%

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Non-Affiliate Offer Disclosure
*The information provided for mycredit 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.

mycredit Mastercard®

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mycredit Mastercard®

Rec. Credit Score: Good

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