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.
Get up to $135 cashback when you apply today** ($75 cashback when you get your card + $60 cashback following your enrolment in the Credit Card Payment Protection Plan)
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
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
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.
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.
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.
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
When can I receive my cashback rewards?
Your cashback rewards will be automatically applied to your credit card account balance as soon as it’s due. You won’t have to wait until the end of the year to collect your rewards. However, remember that the cashback can only be applied to your balance – you cannot claim it for cash.
What unique features does this card have?
mycredit Mastercard is a simple credit card designed for beginner cardholders. Therefore, it doesn’t have many of the bells and whistles that come with the National Bank’s more advanced offers. Its best features are the 1% cashback rewards on select purchases and the rare mobile protection for all smartphones bought using the card.
What are the eligibility requirements for the mycredit Mastercard?
mycredit Mastercard has lenient eligibility requirements. You need to be a Canadian citizen or permanent resident of the age of majority in their province or territory.
Can I apply for the National Bank mycredit Mastercard online?
Yes, you can easily apply for the mycredit Mastercard online without visiting the National Bank’s branches. Simply click “apply now” button on this page and fill in the application form.
Purchase protection and mobile device insurance for mycredit Mastercard. NBC
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.
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.
**In order to be eligible for our welcome offer, it's important that you do not currently possess a personal National Bank Mastercard credit card or have had one in the last 24 months. This requirement is in place to ensure that new customers can take advantage of our welcome offer and enjoy the benefits that come with it.
*The information provided for mycredit Mastercard® from National Bank of Canada is believed to be accurate at the time of evaluation or recent update on September 21, 2023. 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 mycredit Mastercard®
mycredit Mastercard® from National Bank of Canada
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