National Bank Credit Cards Review (April, 2024)

National Bank Credit Cards Review (April, 2024)

If you’re one of the many Canadians looking for a bank that will cover all of your chequing and savings account needs while also offering you an array of credit card options, it can feel like you’ll never find the right one.

Because each bank offers different services and rates on their credit cards, it can be hard to compare them all.

But, that’s where we come in. We’ll tell you everything you need to know about The National Bank of Canada (Banque Nationale du Canada) and their credit card offerings in our National Bank Credit Cards review.

National Bank’s history and reputation

This section of our National Bank Credit Cards review is more important than you may realize.

Yes, we’ll be primarily discussing the credit cards that the National Bank of Canada offers, but understanding the bank and its reputation will help you determine if this is the right bank for you just as much as learning about interest rates and fees will.

The National Bank of Canada is one of the “Big Six” banks in Canada, which means it’s one of the largest corporate banks in the country. In fact, it’s the sixth largest after BMO, CIBC, RBC, Scotiabank, and TD Bank.

It was founded way back in 1859 by two French-speaking businessmen who called it Banque Nationale. At that time, banking through their bank was limited to Quebec under Quebec provincial legislation.

The bank grew rapidly and eventually merged with the Provincial Bank of Canada, before changing its name to the National Bank of Canada in 1979 after merging the two banks.

It’s no exaggeration to say that the National Bank of Canada is one of the biggest banks in all of Canada. Today they have over 420 branches spread around the country, and more than 940 ATMs. Over 2.4 million people are glad to call themselves customers of the National Bank of Canada.

And NBC has joined a network of other banks, partnerships and subsidiaries that conduct business in other countries, which means that the National Bank of Canada’s business is no longer limited to Canadian residents.

Is the National Bank of Canada safe?

The National Bank of Canada is a large commercial bank that is regulated by federal agencies in Canada according to the Bank Act.

They’re also a member of the CDIC (Canada Deposit Insurance Corporation). This means that the deposits of National Bank customers are insured for up to $100,000 per account.

Is it difficult to contact National Bank?

It’s not hard to get in touch with someone from the National Bank. In fact, there are at least four different ways to talk to someone.

You can walk into one of their 350+ physical locations, call them by phone, use their website or mobile app to email them using a form, or send them mail.

Here’s the contact information they list on their website:

Phone: 1-888-835-6281

Mail: National Bank Tower
800, Saint-Jacques Street West
Montreal, Quebec
Canada

Personal credit cards

The National Bank of Canada actually offers so many different types of credit cards that we decided to split them up into “Personal” and “Business” sections in our National Bank credit cards review. Here’s a look at the personal credit cards that NBC offers:

This is one of the credit cards we wanted to point out first in our National Bank credit cards review because of all of its unique benefits for travellers.

Because it comes with insurance, you won’t have to worry about things like medical or hospital bills, trip cancellation or interruption, flight delays, baggage issues or rental car problems because it’s all covered.

You get up to 5 reward points for any purchase made with the World Elite card, and you can use the points on gift cards, travel rebates and branded articles. You also get unlimited access to the National Bank World Mastercard Lounge in Montreal-Trudeau along with one guest.

An additional travel benefit you get with this card is a $150 refund on your travel expenses like airport parking fees, seat selection fees, access to airport lounges worldwide, airline ticket upgrades, or baggage fees.

Our favourite benefit that comes with this card is the mobile device insurance. Cardholders are offered $1000 in insurance for lost, broken, or stolen mobile devices for up to 2 years after the date of purchase.

Here are some of the other travel card rewards we discovered while doing research for our National Bank credit cards review:

  • Use your rewards points to get kitchen appliances, new electronics, gift cards and other great rewards
  • Make credit card payments with your points
  • Add to your RRSP or TFSA
  • Use your rewards points to make donations to charities
  • Plan and help pay for trips

While we were doing research for our National Bank credit cards review, we found that there are bonus rewards with the World Elite Mastercard, as well. The credit card payments made the first year will be refunded to the original owner of the card.

Here are the rates and fees you’ll get with the World Elite card:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $150
  • Grace Period: 21 Days
  • Minimum Personal Income Requirement: $80k (150k HHI)
  • Credit Required: Good
  • Additional Card Fee: $50

This is another excellent cash back card for those looking for a cash back rewards card. Here’s the rundown on the Echo Cashback Mastercard:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $30
  • Grace Period: 21 Days
  • Minimum Personal Income Required: N/A
  • Credit Required: Good
  • Additional Card Fee: $0

We found while conducting research for our National Bank credit cards review that this card can earn you 1.5% cash back on most online purchases, as well as gas or grocery store purchases. You get unlimited 1% cash back on all other purchases, as well.

You can use your cash back as soon as you’ve accumulated at least $10 worth, and you can access your cash back from tablets and other mobile devices while you’re on the go.

And you get insurance protection for purchases made with the card to protect them against theft and damage, and some purchases made with your card qualify for an extended warranty, as well.

This is a good card for those looking for a low-interest credit card. Here’s everything we found out about the Syncro card while we were writing our National Bank credit cards review:

  • Purchase APR: prime rate + 4% (8.90% min), current rate is 10.70%
  • Balance Transfer APR: prime rate + 8% (12.90% min), current rate is 14.70%
  • Cash Advances: prime rate + 8% (12.90% min), current rate is 14.70%
  • Annual Fee: $35
  • Grace Period: 21 Days
  • Minimum Personal Income Required: N/A
  • Credit Requirement: Excellent
  • Additional Card Fee: None

We also found that they provide purchase protection in case something you buy gets damaged or stolen. The National Bank also advertises that they are awarded the #1 rank from Forrester CX Index1 for credit card customer service.

This is the card we found while writing our National Bank credit cards review that is best for students, or anyone looking for a credit card with no annual fees and cash back. Here are some of the fees and features you can expect with the mycredit Mastercard:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $0
  • Grace Period: 21 days
  • Minimum Personal Income Required: N/A
  • Credit Required: Good
  • Additional Card Fee: None

We found several other perks included with the mycredit card while we were doing research for our National Bank credit cards review. You’ll earn 1% on every restaurant transaction, as well as for each recurring automatic transfer and 0.5% on other eligible purchases.

You also get protection for new mobile devices that you purchase with your card, or any phone whose subscription is paid making automatic transfers with your card. This protection includes theft and damage and lists for up to 2 years.

The Platinum Mastercard is the second travel/rewards card to make an appearance on our National Bank credit cards review (and we promise it’s the last travel/rewards card on the personal cards list!). Here’s a look at the Platinum Mastercard from NBC:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $70
  • Grace Period: 21 days
  • Minimum Personal Income Required: N/A
  • Credit Required: Good
  • Additional Card Fee: $35

In addition to these rates, you also get the National Bank’s travel insurance, which covers many frequently experienced travel problems such as trip interruption or cancellation, flight delays or baggage issues. And you’ll get one point per purchase made with your card on all purchases.

And you can get an extended warranty and purchase protection insurance on items you buy with your card, which protects items in the event of damage or theft.

And this card also comes with mobile device insurance of $1,000 for up to 2 years after the purchase date.

This is the third travel/rewards card to appear on our National Bank credit cards review, but you’ll see that it’s different from the World Elite card. Here’s a rundown of the World Mastercard by NBC:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $115
  • Grace Period: 21 Days
  • Minimum Personal Income Required: 60k (100k HHI)
  • Credit Required: Good
  • Additional Card Fee: $35

Some of the other perks we found while researching the World Mastercard included earning up to 2 points for all purchases you make with the card with no restrictions, and reassuring protection through comprehensive insurance coverage. Travel with peace of mind.

You can trade your reward points in without restrictions to get things like gift cards, travel rebates and branded articles. One of the best features is the travel protection insurance.

It covers things such as medical and hospital costs incurred while travelling, trip interruption or cancellation, flight delays, baggage issues, and rental car problems. There’s even a concierge service with a slew of features that you can access any time.

While we were learning about NBC’s cards for our National Bank credit cards review, we found that the Allure card is best for those who want to make an impact and help a good cause while earning cash back on their purchases. Here are the fees and features of the Allure Mastercard:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $0
  • Grace Period: 21 days
  • Minimum Personal Income Requirement: N/A
  • Credit Required: Good
  • Additional Card Fee: None

This card is associated with the Quebec Breast Cancer Foundation, and allows you to make contributions to their cause. You also earn 1 point for every $2 you spend. And you’ll receive an amazing $10 cash back for every 1,000 points you earn, which is a major draw for the card.

The MC1 is another card that’s a good option for students or anyone who wants to avoid annual fees, which makes the second of this type to appear on our National Bank credit cards review. Here are the fees and features of the MC1 card:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.49%
  • Cash Advances: 22.49%
  • Annual Fee: $0
  • Grace Period: 21 days
  • Minimum Personal Income Required: N/A
  • Credit Required: Good
  • Additional Card Fee: None

Everything we read while writing our National Bank credit cards review markets the MC1 as a simple and efficient payment solution for students and people who don’t want to pay annual fees.

You can use the card to gain access to your funds on the go, no matter where in the world you are. You can also set your credit limit to $500 to control your spending, which is helpful.

And you get the Mastercard Zero Liability program, which will protect you against any unauthorized purchases. And with the National Bank’s insurance program, every purchase you make with your MC1 card is insured, which is an amazing perk that you don’t see on just any card.

Business Mastercards

This section of our National Bank credit cards review covers strictly business cards, so no personal credit cards will grace this list. Here’s a look at their business credit cards:

Mastercard Business Card

Of course, as its name suggests, this is a business card that the National Bank provides. Here’s a look at its fees and features:

  • Purchase APR: 20.99%
  • Balance Transfer APR: 22.99%
  • Cash Advances: 22.99%

There’s no annual fee on this card, and there’s a minimum credit limit of $1,000. There’s also an annual turnover of more than $2,000,000.

Mastercard Business Line

This is a card for anyone who wants to enjoy the low interest rate of a line of credit, and it’s one of the more unique cards on our National Bank credit cards review.

If you link your card to your current account then you get overdraft protection, which is a nice feature. And you can issue cheques to make payments for your company.

You can apply for pre-authorized debit to allow your National Bank, as well as other payments to be automatically withdrawn from your account so that you don’t miss payments and have to pay late fees.

And there are no fees if you want to get an additional card. Here’s a look at some of the other fees and features we found on the Mastercard Business Line while writing our National Bank credit cards review:

  • Annual Fee: $50
  • Yearly Turnover: Under $500,000
  • Minimum Credit Limit: $1,000
  • Purchase Rate APR: prime rate + 5%
  • Balance Transfer APR: prime rate + 5%
  • Cash Advances: prime rate + 5%

Mastercard Platinum Business Card

The Mastercard Platinum Business Card is a good idea for anyone who wants a business card with lots of rewards. We found that this card has several features and promotions.

  • Minimum Credit Limit: $1,000
  • Purchase Rate: 20.99%
  • Balance Transfer APR: 22.99%
  • Cash Advances: 22.99%
  • No Annual Fees the First Year: $125/ year after the first year

You also get 1.5 rewards points for every dollar you spend with the card. You can set a monthly spending limit on your card.

And you get the same travel insurance that you would with some of the travel cards listed previously in our National Bank credit cards review, which means you’ll be covered on things like delayed flights, lost luggage and rental cars.

Customer service

One thing that many people reading our National Bank credit cards review want to know is whether they have good customer service. This is a natural question, considering credit cards are an important financial aspect of many peoples’ lives, whether they’re for personal or business purposes.

So, in an effort to provide you with an unbiased National Bank credit cards review, we’ll tell you what we’ve found regarding their customer service.

Honestly, of all of their services, this is one of the services that it appears the National bank could stand to improve. Online reviews about their customer services are definitely disappointing, complaining of long wait times and agents that are less than helpful.

National Bank credit cards review conclusion

The National Bank of Canada offers a slew of credit cards, and they’re sure to offer a card to meet your needs.

There are some drawbacks to their cards and their customer service, but overall when we researched the National Bank for this National Bank credit cards review, we found that their products outweigh most of the online customer complaints.

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FAQs about National Bank Credit Cards

What credit cards does National Bank offer?

National Bank offers a wide range of credit cards for all types of customers. The personal cards they offer are:

  • World Mastercard
  • World Elite Mastercard
  • Platinum Mastercard
  • Syncro Mastercard
  • ECHO Cashback Mastercard
  • Allure Mastercard
  • MC1 Mastercard
  • mycredit Mastercard

What is the best National Bank credit card?

The best National Bank credit card depends on your situation. The best National Bank credit card for cashback is the ECHO Cashback Mastercard. The best National Bank credit card for students is the MC1 Mastercard.

Who are National Bank credit cards for?

National Bank credit cards are for anyone who is 18 years or older who wants to spend money easier while earning rewards. National Bank has credit cards for all levels of credit and income, from students to working professionals to businesses.

What is National Bank?

The National Bank of Canada is one of the “Big Six” banks in Canada, which means it’s one of the largest corporate banks in the country. In fact, it’s the sixth largest after BMO, CIBC, RBC, Scotiabank, and TD Bank.

Is it safe to get a National Bank credit card?

The National Bank of Canada is a large commercial bank that is regulated by federal agencies in Canada according to the Bank Act. They’re also a member of the CDIC (Canada Deposit Insurance Corporation). This means that the deposits of National Bank customers are insured for up to $100,000 per account.

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January 27, 2023
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