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National Bank MyCredit MasterCard Review
24 Jan 2019

National Bank MyCredit MasterCard | Credit Card Review

There’s no shortage of low-level cash back credit cards available to Canadians, but some offer something different beyond a little more cash for your pocket. If you’re interested in something like that, keep reading this National Bank MyCredit MasterCard review.

Try out cash back rewards while also getting some handy mobile device coverage.


General Information

You Are Interested If You want a free cash back credit card that comes with some universally useful benefits.
Brief Description The National Bank MyCredit MasterCard is a low-level cash back card that costs nothing to own and does better on the insurance side of things than many comparable cards do.
Main Requirements Almost anyone with some sort of income and fair credit can get this card.

Card Details

Network MasterCard.
Provider National Bank.
Card Type This card provides cash back rewards.

Fees and Interest

Purchase Interest Rate Purchases that you make with this card and don’t pay off before the month is up will cost you 19.99% in yearly interest.
Cash Advance Cash advance balances will be charged 22.99% interest yearly.
Balance Transfer Any balances transfers will also be charged 22.99% interest.


Income Requirements Any steady monthly income will so for this card.
Household Income Requirements Any household income will also suffice.
Annual Fee You don’t have to pay any fee at all for this card.


Welcome Bonus When you first get this card, you’ll be able to get 6% cash back on preauthorized debit and restaurant purchases, as well as 2% cash back on everything else, for up to 3 months (up to $125 cash back in total).
How To Earn Points Under normal circumstances, you can get 1% cash back on all your pre-authorized payments or restaurant purchases, as well as 0.5% cash back on all other purchases you make.
Benefits In addition to the usual extended warranties and purchase protection, you’ll get $1,000 of mobile device insurance for any devices that were bought with this card or financed with a plan that you pay through this card.

About National Bank MyCredit MasterCard

Main Features

The National Bank MyCredit MasterCard uses a simple two-tiered system to allocate its cash back rewards. You’ll be earning 0.5% cash back on most purchases, but you’ll get 1% back instead on restaurant and pre-authorized debit purchases. We have to be honest in this National Bank MyCredit MasterCard review; this reward system is far from the best out there, and the main issue with it lies in the selection of bonus categories. Free cards are primarily used by people without the credit or income to get better ones, and that means they probably aren’t eating out very often. Their use of the restaurant bonus category is likely to be minimal, leaving only the pre-authorized payments category as a realistic option for bumping up their earnings rates. The welcome bonus period changes that significantly (a 2% base rate and 6% bonus rate is nothing short of incredible), but since it won’t last, it isn’t a good thing to base your decisions off of.

For example, let’s look at a budget of just $1,000 a month for all expenses. You’d expect most of that to go to necessities, with things like gas and groceries making up the bulk of it. Perhaps $300 might go to recurring bills paid by pre-authorized payments, and maybe another $100 to restaurant purchases if we’re being generous. That means that $400 of that spending will be eligible for the 1% rate, getting you $4 there to go with the $1.50 you would earn at the base rate on everything else. That’s just $5.50 a month – not exactly a princely sum, and many people will struggle to push their yield higher than that.

There may not be many benefits to cover in this National Bank MyCredit MasterCard review, but it’s only fair to say that the main one that is here is at least very good. The card comes with $1,000 in insurance coverage for any cell phone, smartphone or tablet that you buy with it, shielding you from the costs of loss, damage or theft. Now that devices are so fragile and we depend on them so much, it’s nice to know that you won’t have to worry if anything happens to yours. Aside from that, you’ll only get extended warranties on things you buy with this card as well as some purchase protection.


The National Bank MyCredit MasterCard combines fairly low reward rates with decent insurance benefits to create a middling final product. The mobile device insurance is the most important feature of this card and should be the primary consideration for anyone thinking about getting this card. The reward rates will almost never reach any sort of impressive levels, but even a little cash back is better than nothing. The fact that it is free does help it out a lot, but it still lacks much to recommend it over any other card.

About National Bank

National Bank is one of the country’s leading financial institutions and have been around for nearly 175 years. They demonstrate their deep connection to Canada and its history by displaying the massive art collection they’ve developed over the years, one which now stands at over 7,000 pieces strong. They recently published a thorough report warning of a coming collapse in consumer spending in Canada, letting their investors and customers alike know that they have an eye on all the important happenings in the country’s financial sector.

What We Think

Our final word on this National Bank MyCredit MasterCard review it’s probably not your best option. The only thing that might change that is how much you feel you need the mobile device insurance it offers, but even then, there are other cards that offer that too. In general, you should shop around some more and see what’s out there before you apply.