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National Bank ECHO Cashback Mastercard Review

National Bank ECHO Cashback Mastercard review

Cory Santos

Jan 27, 2025

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Overall rating

First year value

$237

Get this card if you:

  • want to earn cash back on everyday purchases
  • value extended warranty and purchase protection
  • don't mind paying a modest annual fee

Scores by category

Cash Back 3.0

Groceries 1.9

Gas 1.6

At a glance

The National Bank ECHO Cashback Mastercard is a cash back credit card that offers elevated rewards on purchases such as groceries, gas, and select online transactions. It includes benefits like purchase protection and extended warranty, catering to individuals seeking to maximize rewards on everyday spending.

Highlights

$237

First year value

$30

Annual fee

Interest Rates

20.99%

Purchase APR

22.49%

Balance transfer APR

22.49%

Cash advance APR

Eligibility

Good

Recommended credit score

$15,000

Required annual personal income

Quick overview

Quick overview of the National Bank ECHO Cashback Mastercard

The National Bank ECHO Cashback Mastercard is a decent cash back card, particularly for those who do a lot of online shopping. That said, there are some important qualifiers to its seemingly appealing cashback structure (more on that below), and overall it’s not strong enough to appear on our list of the best credit cards in Canada.

Who's it for?

Who’s the National Bank ECHO Cashback Mastercard for?

The National Bank ECHO Cashback Mastercard might be a good fit for those who spend more than $25,000 annually on eligible groceries, gas and online purchases. Why? In its enhanced cashback categories the ECHO card has a cash back advantage on competing cards. 

Those who spend less can still find value with the card, however, since that earn rate is fairly competitive. That said, a no annual fee card like the Tangerine Money-Back Credit Card or Neo Mastercard may provide greater rewards for no fee.

Pros and cons

Pros and cons

Pros

Pros

  • Earns up to 1.5% cash back on groceries, gas, and select online purchases

  • Redemption is available once $25 cash back accumulated

  • Supplementary cards have no fee

  • Purchase protection for 90 days against theft or damage

  • Extended Warranty doubles manufacturer's warranty up to one year

Cons

Cons

  • Limited 1.5% cashback applies only to first $25,000 annual spending

  • Online purchases excluded from higher cashback rate if related to travel or recurring bills

  • $30 annual fee, unlike some competing no-fee cashback cards

  • Requires higher annual spending to offset annual fee

  • Limited acceptance compared to Mastercard by some merchants

Welcome bonus

National Bank ECHO Cashback Mastercard welcome bonus

  • The card does not currently provide a welcome bonus.
How to earn cash back

How to earn cash back with the ECHO Cashback Mastercard from National Bank of Canada

The ECHO Mastercard earns 1.5% back on groceries, gas and most online purchases. The third category is rare among cashback cards in Canada, and might be particularly attractive to those that make a lot of purchases online. All eligible purchases outside those three categories earn 1% cash back.

However, there are two exceptions you should be aware of: First, the 1.5

% cashback rate on gas, grocery, and online purchases is only awarded on the first $25,000 of annual spending; after you cross that mark, cash back from spending in those categories is reduced to the card’s regular 1% rate.

Second, while it advertises a 1.5% cash back rate on online purchases, those online purchases apparently cannot include travel, transportation, or recurring bills. Per the fine print: 

All purchases related to a trip made with or without a travel agency (air transportation, accommodation and vehicle rental), purchases related to transportation (bus, metro, train) and repetitive payments (online subscriptions and automatic bill payments).

National Bank of Canada

We find that a little disappointing, as essentially any purchases on Expedia, Travelocity, AirCanada.com, Netflix, the Globe and Mail, Bell, Rogers, Telus, or Videotron, etc. would not qualify as an “online” purchase, and would thus only receive 1% cashback.

How to redeem

How to redeem cash back

If there’s one feature of the card that makes it stand-out from the pack aside from the online spending rate, it’s the ease of redeeming cash back. While many cards only allow you to redeem at the end of each year, ECHO allows you to apply your cash back as soon as you reach $25.

Key benefits

Key benefits of the NBC ECHO Cashback Mastercard

  1. 1.

    Rewards: Up to 1.5% back on groceries, gas and most online purchases is the biggest selling point with the card, though that earn rate is capped at $25,000 annually. This limits your potential cash back at that accelerated rate to just $375 per year.

  2. 2.

    Basic protections: The card offers essential security protections but little else. Cardholders enjoy 90 days of purchase protection, 1 year of extended warranty on eligible  items purchased with the card and Mastercard's ID theft and fraud liability coverage.

  3. 3.

    Low eligibility threshold:  The ECHO has very easy application requirements with just $15,000 needed to apply. This makes the card more accessible to a greater number of Canadians. 

Insurance

Insurance coverage

When it comes to insurance coverage, the ECHO Mastercard falls short. The card offers only the most basic protections but lacks any travel coverage. Instead, you only get the following:

  • Purchase protection: 90 days
  • Extended warranty: 1 year

This isn’t an issue that only NBC suffers from, however. Most no fee rewards cards offer only the most basic insurance, so you aren’t really missing out with the ECHO.

Extra benefits

Extra benefits of the NBC ECHO Cashback Mastercard

  • Mastercard Zero Liability fraud protection
  • Mastercard® ID Check identity theft protection
How does it compare?

How does the National Bank ECHO Cashback Mastercard compare?

The National Bank ECHO Cashback Mastercard offers reasonable value overall, but it does come with a $30 annual fee. There are other cashback cards that have comparable (or in some cases superior) features with no annual fee.

NBC ECHO Cashback Mastercard vs. SimplyCash® Card from American Express

bonus 5% back

Welcome Bonus

$437.5

First Year Value

$337.5

Annual Value

Welcome Bonus: Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).

Learn More Apply Now On American Express' Secure Site

The SimplyCash® Card from American Express has no annual fee, and its ‘everything’ earn rate is actually higher than the ECHO card: Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible groceries in Canada (up to $300 cash back annually)% cash back on eligible grocery purchases in Canada (u), and 1.25% cash back on all other eligible purchases.

The only comparative disadvantage for the SimplyCash® Card from American Express is it’s an Amex, so it’s accepted by less merchants than a Mastercard. That said, in recent years Amex has improved its acceptance rate among Canadian merchants, and the number of stores that accept Amex is now far higher than what it once was.

Disclosures:

  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

NBC ECHO Cashback Mastercard vs. BMO CashBack Mastercard

5% cash back

Welcome Bonus

$526

First Year Value

$401

Annual Value

Welcome Bonus: Get 5% cash back in your first 3 months* Expires Jun 01, 2025

Learn More Apply Now On BMO's Secure Site

The BMO CashBack® Mastercard®* also has $0 annual fee and comes with its own special cashback rate in the first three months: Get 5% cash back in your first 3 months*. Then get 3% (up to a monthly max of $500) cash back on groceries, 1% cash back on recurring bill payments such as streaming services, subscriptions or monthly utilities and 0.50% cash back on all other purchases.. In addition to the accelerated rate, new cardholders also get a $50 cash bonus for spending $6,000 in the first year.

Unlike the ECHO card, the BMO CashBack® Mastercard®* does not have any special spending categories where it earns extra cash back. But cardholders do get car rental discounts*.

Disclosures:

  • *Terms and conditions apply.
  • BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

Is it worth it?

Is the National Bank ECHO Cashback Mastercard worth it?

Overall, the National Bank ECHO Cashback Mastercard is a disappointing cash back card in that it’s rewards do not match its annual fee. For the price you pay you’d expect unlimited cash back at the base rate but NBC caps the rewards. Other cards, especially the BMO CashBack Mastercard (our pick for Best Cash Back Card Canada) offers better rewards and a lower fee than the ECHO. 

Eligibility

Eligibility criteria

There is no specified minimum income requirement, although we always recommend you earn at least $15,000  before applying, unless you’re a student.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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