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National Bank MC1 Mastercard review

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National Bank MC1 Mastercard
Welcome Offer
N/A
Rewards
N/A
Annual Fee
$0
Purchase Interest Rate
20.99%
Cash Advance Rate
22.49%
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Summary

Earn cashback in your first year and pay no annual fee with the basic no-frills National Bank MC1 Mastercard.

Control your spending by setting a monthly credit limit and enjoy no annual fee.

In this guide

  • Review
  • Frequently asked questions
  • Your reviews

The National Bank MC1 Mastercard is a no-frills credit card designed to help you learn the basics of managing your credit. It doesn’t let you earn points, but you may be able to Control your spending by setting a monthly credit limit and enjoy no annual fee. This card also comes with purchase protection and extended warranty coverage for no annual fee.

30-second take

  • Think about the National Bank MC1 Mastercard if you want an easy-to-manage account with no annual fee.
  • Choose something else if you’d rather collect points or you want comprehensive benefits.
  • There are no minimum annual income requirements to qualify.

The basics

If you want a fee-free credit card that lets you make purchases without having to track points, then the National Bank MC1 Mastercard could be a good fit.

  • No annual fee. This card comes with no annual fee, so you’ll save on out-of-pocket expenses.
  • Extended warranty. Get an extra year added to your manufacturer’s warranty when you use your credit card to pay for eligible purchases.
  • Purchase protection. Lock in purchase protection for up to 90 days
    to protect items you buy on your card against theft or damage.
  • Extra cards for free. Grab up to 3 extra cards for no added fee.

The perks

  • Anti-fraud protection. Rest easy with zero-liability insurance to cover fraudulent charges on your account.
  • Instant pay. Tap to pay on the go with Mastercard contactless payment.
  • Added security. Take advantage of online payment security measures like identity verification through Mastercard ID check.
  • Exclusive deals. Enjoy special upgrades and other exclusive offers on unique experiences with National Bank‘s Priceless Cities program.
  • Low minimum credit limit. Qualify for a credit limit as low as $500 to make sure you don’t exceed your monthly budget.
  • No income requirements. You won’t need to make a certain amount of money each year to qualify.

What to watch out for

  • No rewards. You won’t earn any cash back or points to redeem for rewards when you make purchases on your card.
  • High interest. You’ll pay around 20.99% interest on outstanding balances and even more for cash advances.
  • Few benefits. There are no added benefits that come with this card such as mobile device protection or roadside assistance.
  • No travel insurance. You won’t get complimentary travel or health insurance coverage with this card.

National Bank MC1 Mastercard interest rates

Interest TypeInterest Rate
Purchase interest rate20.99%
Cash advance rate22.49%
Standard balance transfer rate22.49%

What should I know before I apply?

Eligibility requirements

To apply for a National Bank MC1 Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)

Required documents and information:

  • Your name, residential status and contact information
  • Your social insurance number and date of birth
  • Your email address and phone number

How to apply for the National Bank MC1 Mastercard

  1. Go to National Bank’s site.
  2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
  3. Review and submit your application.

Compare other credit cards

1 - 10 of 43
Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
RBC Cash Back Mastercard
N/A
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 650
Neo Credit Mastercard
Get $25.00 + up to 15% cash back
Up to 5% cash back
19.99% - 29.99%
$0
Min. recommended credit score: 600
Get $25 when you sign up for the Neo Financial Mastercard. Plus, earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at partner stores and at least 1% cashback guaranteed.
RBC ION Visa
6,000 points
1.5 points per $1 spent
20.99%
$0
Min. recommended credit score: 660
Get 6,000 Avion points when you get approved for the card.
Tangerine World Mastercard
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until October 31, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
American Express Cobalt Card
15,000 points
Up to 5x points per $1 spent
21.99%
$155.88
Min. recommended credit score: 700
Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
20.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
Tangerine Money-Back Credit Card
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until October 31, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
RBC ION+ Visa
12,000 points
3 points per $1 spent
20.99%
$48
Min. recommended credit score: 660
Get 12,000 Avion points when you get approved for the card.
BMO eclipse rise Visa Card
25,000
Up to 5 points per $2 spent
20.99%
$0
Min. recommended credit score: 660
Earn up to 25,000 bonus points.
BMO Preferred Rate Mastercard
0.99% rate on balance transfers for 9 months
N/A
13.99%
$0 annual fee for the first year ($29 thereafter)
Min. recommended credit score: 660
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived by your first anniversary.
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Bottom line

The National Bank MC1 Mastercard is a no-frills credit card that offers cash back rewards. It comes with basic insurance like purchase protection and extended warranty coverage but little in the way of other benefits. The biggest downside of this card is that you won’t earn any points or cash back for making daily purchases.

National Bank MC1 Mastercard FAQs

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