Overall rating
First year value
$141
Get this card if you:
- want to earn cash back with no annual fee
- have a fair credit score
- aren't interested in fancy credit card perks
Scores by category
No Annual Fee 1.7
Groceries 1.4
Gas 1.4
At a glance
The National Bank mycredit™ Mastercard® is a no-annual-fee credit card offering cash back on dining and pre-authorized payments, with a lower earn rate on other purchases. It includes benefits such as mobile device insurance and purchase protection.
Highlights
$141
First year value
up to 1% back
Welcome bonus
Interest Rates
20.99%
Purchase APR
22.49%
Balance transfer APR
22.49%
Cash advance APR
Eligibility
Good
Recommended credit score
Quick overview of the National Bank mycredit Mastercard
The mycredit Mastercard from National Bank is a straightforward no-fee cash back credit card. It offers a simple rewards structure with 1% back restaurants and on pre-authorized payments and 0.5% back on groceries and online purchase. Unlike comparable cards, there are no caps on earning, allowing unlimited potential cashback. Insurance protections like mobile device coverage and extended warranties provide security on purchases made with the card.
While a good entry-level option, its rewards potential is lower than premium competitors. With only two bonus categories, opportunities to maximize category bonuses are limited. The absence of a welcome bonus also reduces the upfront value. This card fills an entry-level niche but likely won't be your long-term primary card.
Who's the National Bank mycredit Mastercard for?
The National Bank mycredit Mastercard is for Canadians with a Good credit score (660+) looking for an entry-level cashback credit card. With $0 annual fee, this card can help those new to credit build a history responsibly. The unlimited cashback rewards make it appealing for anyone wanting to earn on everyday spending without complex bonus categories.
Pros and cons
Pros
-
No annual fee
-
$0 fee for additional cards
-
Low credit score requirement
-
Mobile device protection
-
Cash back automatically applied to next statement balance
-
Zero liability for unauthorized purchases
-
0.5% cash back on all other purchases is on par with other entry-level cards
Cons
-
Low earn top rate of 1% compared to premium and similar entry-level cards level cards
-
Higher interest rates
-
Limited bonus categories with only two offered and no flexibility when selecting
-
No current welcome bonus
-
Not many additional perks offered
National Bank mycredit Mastercard welcome bonus
The National Bank mycredit Mastercard currently doesn’t offer any welcome bonus.
How to earn cash back with the National Bank mycredit Mastercard
The National Bank mycredit Mastercard provides unlimited 1% back restaurants and on pre-authorized payments. You'll earn 0.5% cashback on all other purchases. While not the highest among no-fee cash back cards, the unlimited potential makes up for lower returns. Comparable cards promoting higher rates often throttle cash back after exceeding monthly spending thresholds. Instead, the National Bank mycredit Mastercard provides a more predictable approach to rewards.
To maximize earnings, use the National Bank mycredit Mastercard for dining out and automated payments like phone bills or subscriptions. Given the low earning rate on other categories, pair it with a complimentary credit card. Ideally, the other card offers enhanced cashback in the categories where the mycredit Mastercard lacks.
How to redeem cash back from the National Bank mycredit Mastercard
The National Bank mycredit Mastercard redeems cash back on autopilot. Your accumulated earnings are automatically redeemed as monthly statement credits. Any cash back earned will be applied every time your statement period closes, reducing your overall balance.
This automatic redemption makes the rewards effortless to use. You don't need to log in to any portal or call any hotline. Cash back cannot be redeemed for cash.
National Bank mycredit Mastercard key benefits
- Zero fees: No annual fee or fees for additional cardholders.
- Mobile device coverage: Up to $1,000 in coverage for a stolen, or damaged device. This is a unique benefit for a no-fee card.
- Cash back on bonus categories: Earn unlimited 1% back restaurants and on pre-authorized payments and 0.5% on everything else.
National Bank mycredit Mastercard insurance coverage
- Mobile device insurance: Covers theft or damage to mobile devices up to $1,000. The coverage applies for up to two years after purchase, and the device must be purchased with the card.
- Extended warranty: Doubles the manufacturer’s warranty on movable property for up to 1 additional year.
- Purchase protection: Protects eligible items against theft or damage for 90 days after purchase.
Extra benefits
- Secure online purchases: Enhanced security with Mastercard ID Check to verify identity during online transactions.
- Contactless payments: Tap & Go technology for quick and convenient checkout.
- Fraud protection: Mastercard's zero liability policy protects against unauthorized transactions.
What people have to say about this card
While there aren't any specific reviews about this card, users feel overall positive about National bank.
On Reddit, Amexblackvisa mentions that wait times are fast and that he received the welcome bonus on time.
How National Bank mycredit Mastercard compares
$484
First Year Value
$384
Annual Value
Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
Get this card if you...
-
want flexible cash back categories
-
want unlimited cash back
-
want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
National Bank mycredit Mastercard vs. Tangerine Money-Back Card
The Tangerine Money-Back Card offers more flexibility for maximizing rewards. It lets you choose up to three categories to earn 2% cash back. In contrast, the mycredit card has fixed bonus categories of 1% back on dining and recurring bills. Both credit cards provide minimal returns on non-category spending with a flat 0.5% rate.
When it comes to insurance, the mycredit Mastercard includes additional coverage, such as mobile device insurance. Both carriers also offer common credit card insurance coverages such as extended warranties and purchase protection
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
Get this card if you...
-
want to earn cash back on everyday purchases
-
value the flexibility to redeem cash back at any time
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Our Take
The BMO CashBack® Mastercard®* is a no-annual-fee credit card that allows cardholders to earn cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It offers flexible redemption options and includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Personal Income
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
Rewards cash back
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
National Bank mycredit Mastercard vs. BMO Cashback Mastercard
The BMO CashBack Mastercard beats the National Bank mycredit Mastercard when it comes to cash back rewards, offering 3% on groceries (up to $500 per month) and 1% on recurring bills (up to $500 per month), compared to the National Bank's flat 1% on restaurants and pre-authorized payments. However, the National Bank card's cash back is uncapped.
The mycredit Mastercard offers better insurance coverage, including mobile device and purchase protection, giving it an edge over the BMO Cashback Mastercard in this aspect. However, the BMO Cashback Mastercard compensates with a more diverse array of benefits, including attractive balance transfer offers and a variety of purchase discounts.
| Features | National Bank mycredit Mastercard | Tangerine Money-Back Credit Card | BMO CashBack® Mastercard® |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Welcome offer | N/A | New cardholders get a bonus 10% cash back for the first 2 months – up to $100. Offer ends Jan. 31, 2025 | Get 5% cash back in your first 3 months* |
| Earn rate | 1% in restaurants and pre-authorized purchases, 0.5% everywhere else | 2% in up to 3 categories of choice, 0.5% everywhere else | 3% on groceries, 1% recurring bill payments, 0.5% everywhere else |
| Insurance | Mobile device insurance, purchase protection, extended warranty | Extended warranty, purchase protection | Extended warranty |
| Benefits | Zero liability, secure online purchases | 1.95% intro interest on balance transfers , zero liability | 20% off select car rentals, 15% of select shows, zero liability, secure online purchases |
| Review | Read review | Read review | Read review |
| More info | Apply now | Learn More | Apply now |
Is the National Bank mycredit Mastercard worth it?
The National Bank mycredit Mastercard is worth considering for any Canadian seeking an entry-level cash back credit card to earn rewards with no annual fee. It likely won't be your main card long-term, but it can fill the gap while building your credit. The 1% back on dining and bills, along with insurance coverages, add value but isn't anything special compared to other offers. Collecting even small amounts of cash back is preferable to earning nothing on your daily purchases with a debit card.
FAQs
Lucas, a Toronto native, holds an Honours BBA (Finance) degree obtained from Wilfrid Laurier University. His career has spanned venture capital and blockchain startups. Aside from writing at Moneywise, Lucas is a Hardbacon and Loans Canada contributor, and content specialist at Croton Content. Additionally, his passion for exploring the world has taken him to an impressive 28 countries across Europe, North America, Asia, and Central America.
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