This post is sponsored by National Bank of Canada. The views and opinions expressed in this blog, however, are purely our own.
Looking for a credit card that rewards you for your dining and recurring bill payments?
Want a rare credit card insurance not found on many credit cards?
And do you want all this for no annual fee or income requirements?
Luckily, there’s the National Bank mycredit Mastercard. Here’s what this credit card has to offer.
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National Bank mycredit rewards
Let’s start with what most people are interested in with a credit card – the rewards.
The National Bank mycredit Mastercard is a cash back credit card that earns a percentage back in cash on every purchase.
Earn rates on everyday purchases
So what do you earn on your everyday purchases? This Mastercard is designed to reward those who live an active lifestyle.
You’ll get:
- 1% cash back on restaurants and recurring pre-authorized payments, and
- 0.5% cash back on all other purchases.
The best part is the 1% cash back is unlimited, which is sometimes not the case for no fee cards. Say you usually spend about $500 per month on restaurants and recurring bills. Once a year has passed, you’ve earned $60 in cash back on these categories alone.
And you’ll still earn 0.5% cash back on all other purchases – bringing your total cash back even higher.
In fact, based on a typical $2,000 monthly spend, you can expect to earn around $147 in annual rewards.
Getting your cash back rewards
So how do you go about getting your cash back?
Unlike many cash back credit cards, where you only get your cash back awarded once per year (at the bank’s choosing), you’ll get your cash back awarded every month as a statement credit.
It’s a nice change, and essentially gives you a small discount every month when you go to pay your bill.
National Bank mycredit benefits
Are there any other benefits to the National Bank mycredit Mastercard, besides earning cash back?
It has one more set of benefits – insurance coverage.
Here are the full details of what is offered:
National Bank mycredit Mastercard Please review your insurance certificate for details, exclusions and limitations of your coverage.Extended Warranty 1 year Purchase Protection 90 days Mobile Device $1,000
Extended warranty and purchase protection are fairly standard among credit cards in Canada. But they do provide value – saving you from buying extended warranties, and getting extra protection if something happens to a brand new purchase.
But what isn’t standard is the mobile device insurance. Not many credit cards have it, and it’s even rarer among no fee credit cards.
What is it? It’s an insurance that protects your mobile phone, an expensive piece of tech you take almost anywhere you go. And let’s be honest, most of us don’t exactly take the best care of them. You can get up to $1,000 in coverage in case of accidental breakage, loss, or theft.
It’s important to note that in order to take advantage of this coverage, you’ll need to charge the full cost of the phone to your mycredit Mastercard. In the common case where the price of the phone is included in your monthly plan, then you’ll need to charge your plan to your mycredit Mastercard instead (where you’ll also be earning 1% cash back).
National Bank mycredit Mastercard annual fee and income requirements
So what are the annual fee and income requirements of this Mastercard?
For starters, there’s no annual fee – which is some extra savings in your pocket.
As for the income requirements? There are none.
The only requirements you need to meet to be eligible are to be a Canadian resident and reach the age of majority in your province or territory.
The downsides
Are there any downsides? Unfortunately, there is, and it has to do with the rewards.
While earning 1% cash back on restaurants on recurring bill payments is nice, earning 0.5% cash back on all other purchases leaves a little something to be desired.
But with that said, the mobile device insurance alone makes this card worthwhile, and you’re also earning bonus cash back on the side while paying your mobile phone bill with it.
Your turn
It’s a unique package in a credit card that’s easily accessible to most Canadians.
But, just beware there are other credit cards out there that can provide more rewards.
What are your thoughts on this Mastercard?
Let us know in the comments below
FAQ
What does the National Bank mycredit earn for rewards?
The National Bank mycredit Mastercard offers the following for rewards on purchases:
- 1% cash back on restaurants and recurring bills, and
- 0.5% cash back on everything else.
What is the annual fee and income requirements of the National Bank mycredit Mastercard?
The National Bank mycredit Mastercard has no annual fee or income requirements.
Does the National Bank mycredit have any special features?
The National Bank mycredit has one special feature. It includes rare mobile device coverage, an insurance coverage not found on many credit cards.
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