NBC: No Annual Fee With The NBC mycredit Mastercard Credit Card
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National Bank mycredit Mastercard
With the National Bank mycredit Mastercard, you get:
- 1% cash back on restaurant purchases and recurring pre-authorized payments
- 0.5% cash back on all other purchases
And since it’s a National Bank Mastercard credit card, you can use it at Costco.
Cash back is automatically applied to your credit card account balance when each monthly statement is issued.
This is a credit card we recommend for people who are new to credit cards and want a card with no annual fee. On top of that, it comes with some purchase insurance, including mobile device insurance (which is rare for a no-fee credit card).
NBC mycredit Mastercard – No annual fee
There is no annual fee for the National Bank mycredit Mastercard. Also, there is no fee for additional cards.
NBC mycredit Mastercard – Earn cash back
With the NBC mycredit Mastercard, you earn:
- 1% cash back on restaurant purchases and recurring pre-authorized payments
- 0.5% cash back on all other purchases, including at Costco
NBC mycredit Mastercard – Redeeming your cash back
Cash back is automatically applied to your credit card statement every billing cycle.
You’ll find more information on the cash back program of the NBC mycredit Mastercard on the NBC website.
NBC mycredit Mastercard – Insurance
This data is only informative. Please refer to the insurance booklet provided with the NBC mycredit Mastercard for details.
The NBC mycredit Mastercard insurance includes 2 components:
- one dedicated specifically to mobile devices
- the other for all other eligible purchases
Purchase insurance and mobile devices
Mobile devices insurance, a complimentary benefit of the NBC mycredit Mastercard, includes two types of protection:
Purchase insurance and extended warranty
This insurance covers you in the event of theft or damages and offers an extended warranty on new items paid for with your card.
Repair or replacement of mobile devices
In case of breakage, loss or theft.
To be covered, the mobile device has to be:
- purchased with your card
- financed by a plan of which all the monthly payments are paid for with your card or by pre-authorized payments from your mycredit account
Maximum compensation
If your covered mobile device is broken, lost or stolen, the Covered Amount will be equal to the least of the following amounts:
- the replacement cost of the mobile device
- the repair cost charged to the mobile device; and
- the depreciated value
The maximum amount of coverage is $1,000 for mobile devices.
Purchase Insurance for Other Eligible Purchases
The purchase insurance (except for mobile devices), a complimentary benefit of the NBC mycredit Mastercard, includes two types of protection:
Purchase insurance (excluding mobile devices)
The NBC mycredit Mastercard‘s Purchase Insurance protects new items against theft or breakage for 90 days following purchase.
Warranty extension (excluding mobile devices)
Avoid paying for the optional extended warranty on your next purchase by using your NBC credit card. This is particularly useful for household appliances.
This insurance double the manufacturer’s warranty for most items purchased using your credit card in Canada. The warranty can be extended up to a maximum of 1 year after the end of the original manufacturer’s warranty.
Maximum compensation (excluding mobile devices)
The compensation is limited to the purchase price charged to the account. The Insurer will pay a Purchase and Extended Warranty Insurance benefit of up to $60,000 for the entire term of the account.
Bottom line
This NBC mycredit Mastercard is one of the best no-fee cash back credit cards in Canada.
It will be of particular interest to people who are new to Canada. In addition, this card is very convenient for people who are new to around the world credit card and are looking to build or improve their credit file. What’s more, we’ve named it the best card in its category!
It is a credit card to keep to benefit from purchase insurance, especially for its mobile device insurance.
Frequently Asked Questions about the National Bank mycredit Mastercard®
Here are frequently asked questions in the milesopedia community about this card.
Does the National Bank mycredit Mastercard® really have no annual fee?
Yes, the National Bank mycredit Mastercard® has zero annual fee for both the primary cardholder and any additional authorized users you add. There are also no inactivity fees and no minimum spending requirements. National Bank designed this card primarily as a starter Mastercard, so the bank offsets the lack of an annual fee by capping the cash-back rates at 1% on restaurants and pre-authorized debits and 0.5% everywhere else. Despite the modest earn rates, the included $1,000 mobile device insurance gives the mycredit unusual value among no-fee Canadian credit cards.
How does the cash back work on the National Bank mycredit Mastercard®?
Cash back on the mycredit Mastercard® is automatic: every time your accumulated rewards reach $25, National Bank credits the amount directly to your account balance on your next statement. There are no manual redemptions, no minimum thresholds you have to chase, and no expiration dates. You earn 1% on dining purchases (sit-down restaurants, fast food and food delivery) and on pre-authorized recurring debits like Netflix, Spotify, gym memberships and utility bills, plus 0.5% on everything else, including groceries and gas – with no annual cash-back caps.
What insurance is included with the National Bank mycredit Mastercard®?
The mycredit Mastercard® includes purchase protection (covering theft and damage on new purchases for 90 days), extended warranty (doubling the manufacturer’s warranty up to one additional year, capped at $60,000 lifetime), and most importantly mobile device insurance up to $1,000 when you fully charge your phone or tablet to the card. Travel insurance is not included, so for vacations you should pair the mycredit with a card that covers emergency medical and trip cancellation. The mobile device coverage alone can offset $10–$15/month carrier insurance plans.
Who is the National Bank mycredit Mastercard® best suited for?
The mycredit Mastercard® is ideal for students, newcomers to Canada and credit-card beginners who want a simple no-fee card on the widely accepted Mastercard network (including at Costco, where Amex and Visa are not accepted). It is also a strong backup card to keep long-term once you upgrade to a premium product, since the mobile device insurance is worth holding onto. Heavier spenders or travellers will quickly outgrow the modest earn rates and should look at the National Bank World Elite Mastercard® or the American Express® Cobalt® Card instead.