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.
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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;
Older people 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.
By signing up for the card and opening an account with the National Bank of Canada, you can earn up to 25,000 bonus rewards points, which roughly translates to $250. Also, receive a reimbursement of first-year annual fees that will allow you to save money.
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:
Travel with National Bank;
Travel with other parties;
National Bank investments;
So, the National Bank is not only generous with rewards, but it also lets you personalize your credit card depending on your spending.
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 older people.
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.
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
What is the estimated credit score for getting a National Bank Platinum Mastercard?
You can apply for this credit card if you have at least $500 credit and a general credit score of 760-900.
How much can I earn with a Platinum Mastercard rewards system?
It depends on your spending and chosen category. For an average user who spends around $2,000 every month, the annual rewards should come between $252 and $100.
Is Platinum Mastercard a good choice for frequent travelers?
This credit card is an exceptional choice if you travel a lot. It boasts a comprehensive travel package that allows you to earn points, take advantage of different types of insurance, and get unique travel deals with À la carte Travel online agency.
Similar Offers and Competition
Syncro Mastercard – Very low APR credit card with no income verification. One of the best offers to transfer balance.
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.
Details of eligible rewards points
Certain restrictions apply. For more information, consult the Rewards plan section or the Plan rules regarding how to earn points.
The amount of points earned on grocery and restaurant purchases depends on the total gross monthly amount charged to the credit card account, regardless of the purchase category. You will earn 2 points for every dollar in eligible grocery and restaurant purchases until a total of $1,000 in gross monthly purchases is charged to the account. After that, you will earn 1.5 points per dollar in eligible grocery and restaurant purchases. The total gross monthly amount is calculated based on your monthly billing period. Grocery purchases include any purchase made at a store that primarily sells food, i.e., grocery store, delicatessen, supermarket, greengrocer or speciality food store. Ready-to-eat meal services and meal delivery services are eligible. This definition excludes purchases made at retail stores and big box stores whose core business is the sale of non-food items. Certain merchants may sell products and services that appear identical or similar to those sold by eligible merchants, or may be separate merchants located on the same premises as eligible merchants, but are classified in different categories by Mastercard. For purchases at other merchants, you will only earn regular rewards points. Restaurant purchases include purchases at a restaurant, fast food restaurant, bar, nightclub or pub. For a full list of Mastercard codes associated with eligible merchants, download the terms and conditions of the À la carte Rewards Plan®.
To earn 1.5 points per dollar in purchases, you will need to purchase gas or an electrical vehicle charge from a service station or from certain big box stores. Certain merchants may sell products and services that appear identical or similar to those sold by eligible merchants, or may be separate merchants located on the same premises as eligible merchants, but are classified in different categories by Mastercard. For purchases at other merchants, you will only earn regular rewards points. For a full list of Mastercard codes associated with eligible merchants, download the terms and conditions of the À la carte Rewards Plan®.
Recurring bill payments are defined as monthly or regular payments automatically charged by a merchant to your National Bank Platinum Mastercard credit card. Not all merchants offer recurring bill payments, and not all recurring payments are considered recurring bill payments. Certain payments therefore may not entitle you to earn more points.
For example, if each month you charge $400 in groceries, $200 in gas, $100 in recurring bill payments and $150 in other purchases to your card, your $850 in purchases will earn you 1,350 points, as follows: 800 points for grocery purchases (since the total gross monthly amount is $850, i.e., under $1,000), 300 points for gas purchases, 150 points for recurring bill payments and 100 points for other purchases.
Travel and health insurance conditions
This coverage applies to purchases and rentals charged in part to the card, except out-of-province medical/hospital insurance for which the travel arrangements need not be charged to the card, and lost or delayed luggage insurance where all transportation costs must be charged to the card. This coverage applies to the primary cardholder, their spouse and/or dependent children when they (spouse and/or dependent children) travel with the primary cardholder. Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer’s warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.
Mobile device protection
The device must have been purchased using your National Bank Platinum Mastercard credit card, or your phone plan must be paid via recurring payments charged to your National Bank Platinum credit card starting September 1, 2022. For complete terms and conditions, please consult the insurance certificate associated with your card.
*If you currently hold a personal National Bank Mastercard credit card or have held one within the last 24 months, you will not be eligible for our welcome offer. However, if you're a new cardholder, you can benefit from a refund of your annual card fee for the first year, which will be credited to your account no later than 4 months after it was opened. This credit will appear as a fee and a credit on your statement, allowing you to save money and make the most of your card.
Non-Affiliate Offer Disclosure
*The information provided for National Bank Platinum 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 Platinum Mastercard®
National Bank Platinum Mastercard®
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