National Bank ECHO Cashback MasterCard Review

ECHO Cashback MasterCard

ECHO Cashback MasterCard

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ECHO Cashback MasterCard Review
7.5 / 10 Our Vote
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Pros
No annual fee
Extended warranty & purchase protection
Cons
1% cash back Once you reach the annual limit
Summary

The ECHO cashback MasterCard by the National Bank is a cashback rewards card. They give a minimum credit limit of $500. This card has no annual fee and offers cash back on 2 categories. You may earn 1.5% cash back rate on all purchases you make for grocery or gas. This seems to be the only card that offers 1.5% cash back on eligible purchases that you make online. On all other eligible purchases, you may earn 1% cash back. Another good feature is that you may redeem your cash back when you earn $25 and do not have to wait till year end. The MasterCard exclusive partner offers with National Bank do give you a host of options to eat, stay, play or shop in world-class cities across the globe.

The balance transfer option on this card is not very great as there is no promotion. There are competitors who give 0% or 1.99% balance transfer rates as a promotion that sure beats this card. This card is good for those who want to pay no annual fee and are not looking to do a balance transfer. The competition for this card is from a range of other no fee cards with better promotions and cash back rewards.

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Our Review on MBNA Rewards MasterCard

ECHO Cashback MasterCard Pros

The ECHO cashback MasterCard has many good features. Some of these positives are as follows.

  • You pay no annual fee on this card.
  • This card gives you 1.5% on online purchases that you make. Even gas and grocery purchases get you 1.5% cash back which is good. The basic 1% cash back on all other items is on par with some competitors.
  • The supplementary cards have no fee.
  • There are some insurance benefits such as extended warranty & purchase protection.
  • Redeem as less as $25 cash back.
  • Enjoy 4 exclusive experience categories reserved for users of National Bank MasterCard in Montreal. The National Bank and MasterCard have many partnerships and credit card holders could take advantage of exclusive options to play, shop, eat or stay. This is available in Toronto, Montreal and 40 other cities spread over 35 countries worldwide.

ECHO Cashback MasterCard Cons

The ECHO cashback MasterCard does have some drawbacks too as follows.

  • You may not get actual ‘cash’ back when you reach the $25 earning. But, they will apply this amount to your balance that you carry on your credit card.
  • Once you reach the annual limit of $25000 then you may earn only 1% cash back on your purchases in any category.
  • There is no promotional balance transfer interest rate.
  • You may not get cash back on recurring payments done monthly.

ECHO Cashback MasterCard Overview

Annual Fee:$0.00
Interest Rate:19.99% on purchases
Balance Transfer:22.99%
Cash Advance:22.99%
Credit Score:Good
Additional CardNo fee
Rewards:1.5% on gas, grocery and online. 1% on other purchases
OtherDamage & theft coverage on purchase protection and warranty period extended, zero liability

ECHO Cashback MasterCard Features & Benefits

Annual Fee

You may get this card at no annual fee.

Interest Rate

They may charge an annual purchase interest (APR) rate of 19.99%

Balance Transfer

Currently, there are no promotions on balance transfer and you may pay the regular 22.99% interest rate on amounts that you transfer over from other creditors.

Cash Advances

You may pay 22.99% interest rate on any cash advances that you get with this card.

Credit Score Rating

To be eligible for this card, your credit rating should have a good score. This means that you have a good credit history since more than 6 years. And you have not applied for new credit in the last 9 months. You have not missed any existing credit card minimum payments in the past 3 months.

Additional Cards

No fees for requesting supplementary cards. So, more users can earn more cash back rewards.

ECHO Cashback MasterCard Cash Back Calculator

Spending CategoryMonthly Spending
Total Spending Reward$293
Groceries$400
Gas$300
Restaurants$200
Bills$500
Travel$150
Entertainment$200
Pharmacy$0
Everything Else$250

Insurance Features Of ECHO Cashback MasterCard

BenefitCoverage limits
Purchase protectionUp to 90 days after you make a purchase with this card
Warranty ExtendedGet twice the warranty up to 1 more year

Coverage Summary

The ECHO cashback MasterCard has the following insurance features.

With this card, you may get protection against damage or theft to the item that you purchase. This applies for up to 90 days from the day you purchase the item. Another feature is the extension of warranty that the manufacturer gives on an item that you purchase with this card. You may get double the warranty period up to an additional year.

Where Can You Use ECHO Cashback MasterCard

You may use the ECHO cashback MasterCard at all terminals and point of sale as well as online merchants who accept MasterCard. Since MasterCard is accepted worldwide you get a wide range of usage. These merchants would also display the MasterCard logo or signage.

ECHO Cashback MasterCard Reward Redemption

In order to request cash back, you may log in to your online account and select the redemption amount that has to be at least minimum $25. You may not actually claim ‘cash’ back but they apply your earnings to the balance you carry on your credit card. So, you will see that your credit card balance has reduced in the next bill or the one after as per your bill cycle. The 1.5% cash back rate is for online purchases made for services or goods using this card or when you link your MasterPass wallet to this card. You earn this rate when you purchase gas at a megastore or a gas station too and the eligible merchant codes are 5541 & 5542.

To earn a cash back reward on your grocery purchases, you may shop at a store that primarily sells food. Examples of such stores would include supermarkets, gourmet grocery stores, specialty food stores or fruit stores. The eligible merchant codes for these purchases are 5411, 5422, 5499 & 5462. These codes are subject to change as per merchants.

ECHO Cashback MasterCard Contact Information

  • Customer Service Number: 514 394 1427 or 1888 622 2783
  • Customer Service (MasterCard) Mailing Address: Suite 18474, 700 De La Gauchetière Street West, Montreal, Quebec H3B 3B5.

*Rate and product information are subject to change at any time and does not constitute financial advice. Please contact the supplier for complete details.

National Bank is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.nbc.ca/content/dam/bnc/en/personal/credit-cards/mastercard-credit-cards/echo-cashback-rules.pdf

https://www.nbc.ca/content/dam/bnc/en/personal/credit-cards/mastercard-credit-cards/echo-cashback-rewards.pdf

https://www.nbc.ca/forms/credit-card/echo.html

https://www.nbc.ca/en/personal/credit-cards/options-and-advantages/priceless.html

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