National Bank Platinum Mastercard®

Save on annual fee for 1 year and get 20,000 bonus points

Updated: Oct 05, 2022

Advertiser Disclosure

National Bank Platinum Mastercard is a reasonably priced credit card with numerous benefits, including an excellent rewards system and ten purchase and travel insurance types. The minimum credit limit is $500, but personal and household income is not necessary for eligibility. By chance or design, the Platinum Mastercard is a fantastic alternative to National Bank's more popular World Mastercard, available only to cardholders with a personal income above $60,000. It's a mid-tier card with many features typically reserved for premium holders.

ANNUAL FEE

$89

ONGOING APR

20.99%

INTRO APR

N/A

21 User Ratings

National Bank Platinum Mastercard®

at National Bank of Canada Secured website

Apply Now

Introductory APR

N/A

Intro APR Period

N/A

Recommended Credit

Excellent

Key Features

  • 20,000 welcome bonus points (terms apply)
  • No annual fee for the first year, $89 thereafter
  • Earn 1 point on ALL card purchases* without restrictions*!
  • No minimum income is required. Subject to credit approval.
  • Reassuring protection. Travel with peace of mind thanks to our comprehensive insurance coverage
  • Trip cancellation/interruption, flight delay, and baggage insurance
  • Rental vehicule insurance*
  • Travel assistance service
  • Purchase protection in case of theft or damage*
  • Extended Warranty*

Our Take

Still, is the National Bank Platinum Mastercard the right choice for you? This credit card has so many options that you can personalize it to almost any reasonably priced lifestyle. In many ways, it is a typical mid-tier card1, which means it was designed to attract and satisfy a specific type of credit cardholder. With that in mind, this card is perfect for a few reasons.

National Bank Platinum Mastercard is the Best for

  • People with an estimated credit score of 760-900;
  • People who want to improve their credit score;
  • Frequent travellers who are looking for perks;
  • Frequent shoppers who need good insurance;
  • Seniors in need of travel medical insurance.

If you don’t have much experience with credit cards, one general recommendation is to apply for a mid-tier card such as this one only if your credit score is over 700 and you have a credit history longer than a year. A median personal/household income is also welcome.

What Are the Advantages?

The National Bank Premium Mastercard boasts an impressive offer of benefits.

The welcome offer

All new users receive 20,000 points for opening an account with the National Bank of Canada, which roughly translates to $200.

No annual rate for the first year

This Mastercard doesn’t burn your pocket compared to other mid-tier credit cards. It comes with a moderate $89 fee, which the bank waives for the first year. If you order your card right now, you’ll have an incredible opportunity to earn rewards without paying for them. For total transparency, the purchase rate is 20.99%.

No minimum income requirements

Even though you should have some source of income if you’re applying for a credit card, it bodes as an advantage that the National Bank doesn’t have a minimum income requirement for issuing a National Bank Platinum Mastercard. It could significantly help if you need to boost your credit score2.

Bonus points and rewards

This credit card has a point-based rewards program that allows you to earn around $150 annually – once you count in the 1.05% return on spending and deduct the $89 annual fee. That is the math for an average user who spends around $2,000 monthly. You receive one point for every $1 you spend. However, your money amount depends on your chosen rewards system. The bonus points are redeemable in six different categories:

  1. Travel with National Bank;
  2. Travel with other parties;
  3. National Bank investments;
  4. Gift cards;
  5. Merchandise;
  6. Statement credits.

So, the National Bank is not only generous with rewards, but it also lets you personalize your credit card depending on your spending.

Comprehensive insurance

If not for the rewards, explore your options with this credit card because of its ten travel and purchase insurance types, including an extended warranty. Most users don’t know that this kind of insurance program is a tier 4 staple. In our opinion, insurance is the best selling point for this card:

  • Purchase protection against theft or damage for 180 days;
  • Extended warranty for up to two years;
  • Trip cancellation insurance for up to $1,250;
  • Trip interruption insurance for up to $2,500;
  • Out-of-province medical insurance for up to $5 million*;
  • Flight delay insurance for up to $500 for over four hours;
  • Baggage insurance in case of delay – $1,000 for over six hours;
  • Vehicle rental insurance for up to $2,000 for 48 days;
  • Medical, general, and legal assistance.

*Notably, the National Bank is among the few banks in Canada that offer extended travel medical insurance for users older than 65. This type of insurance will cover you for ten days if you’re younger than 74 – a perk that caters to travellers and seniors. 

What About the Disadvantages?

The National Bank Platinum Mastercard has one disadvantage that may or may not be a deal-breaker for you. It depends on how you approach your responsibilities as a credit cardholder and whether you are savvy and seasoned enough to know not to transfer your balance3. The interest rate on this card is pretty steep:

  • 20.99% for purchases;
  • 22.49% on cash advances;
  • 22.49% on balance transfers.

There must be a catch with a mid-tier card that is as generous and insured as this one. However, that doesn’t have to affect you in any way, only if you pay your bills on time and don’t ask for any cash advances. That is a rule of thumb for all credit cards, regardless of tier.

What Makes National Bank Platinum Mastercard Different

Finally, why choose this credit card over other similar options? What is it that makes this card so different? It is a unique credit card in more ways than one, striking a fantastic balance between the fees and the rewards. Its best selling point is premium insurance for a modest mid-tier price. In addition to that, this rare card caters to travellers older than 65.

Similar Offers and Competition

Bottom Line

The National Bank Platinum Mastercard is an excellent credit card option for people with median income, regardless of their lifestyle. It comes with a rewards program that you can personalize by choosing one of five major categories where you are a frequent spender. Still, even though rewards are very tempting, the most significant benefit of choosing this card is its immense and versatile insurance value – especially concerning its $89 annual fee. You can’t criticize the National Bank for its 22.49% interest rate on this credit card. This rate probably couldn’t get lower since the card has excellent rewards and insurance perks. Besides, that is nothing to worry about if you are a responsible credit cardholder with financial savviness.

Frequently Asked Questions

Reference Index

  1. Five Levels of Credit Card Ties System. Power Finance
  2. Tips for Improving Credit Score. Experian
  3. When Balance Transfer is a Bad Idea? NerdWallet
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Basic Information
Issuer: National Bank of Canada
Network: Mastercard
Category: Consumer (Premium)
Best Used For:
  • Instant Decision
  • EMV Chip
  • Sign-Up Bonus
  • No Min Income Required
Rewards: Yes
Reward Types:
  • Travel Rewards
  • Universal Rewards
  • Other Rewards
Reward Units: Point
Rates & Fees
Regular APR: 20.99%
Regular APR Type:
Annual Fee: $89
Balance Transfer: Yes
APR on Cash Advances: 22.49%
Grace Period: 21 days
Other Fees:
  • Additional card fee: $35
  • Foreign transaction fee: 2.5%

National Bank Platinum Mastercard® Alternatives


National Bank Platinum Mastercard®

National Bank Platinum Mastercard®

APPLY NOW

Annual Fee

$89

Regular APR

20.99%

Intro APR

N/A

Rec. Credit Score

Excellent

IMPORTANT
*The information provided for National Bank Platinum 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 Platinum Mastercard®

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National Bank Platinum Mastercard®

National Bank Platinum Mastercard®

Rec. Credit Score: Excellent

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