National Bank Edition MasterCard Review

National Bank Edition MasterCard

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National Bank Edition MasterCard
6 / 10 Our Vote
{{ reviewsOverall }} / 10 Card Users's Vote (0 votes)
Pros
Cash back statement credit
Cons
Rewards rate is very low
No travel insurance benefits
Summary

You may look for a credit card that is easy to qualify with no fancy fees and also earn you some rewards. Well, though it may not get you awesome rewards, you may check out the National Bank Edition MasterCard for its reduced interest rates. This is a cash back rewards category card that may or may not come with an annual fee. If you opt for the reduced rate of 14.50% on purchases then you may pay an annual fee of $30. You may save the annual fee by choosing the regular interest rate for purchases at 19.99%. When you work out the numbers, if you are in the habit of carrying card balances then you may be better off with the reduced rate. As you may pay the annual fee $30 and still save on the interest cost for purchases.

Apart from the purchase rates, this card does give a cash back reward in points. Each purchase you make for $2 is worth 1 point. Though the card does not have extensive travel insurance benefits, it does have extended warranty and purchase protection. And last but not the least, you may enjoy a promotional 3.90% rate for cash advances and balance transfers for 6 months. The best part is that after 6 months if you still carry that balance then your interest increases to 14.50% if you had chosen the reduced rate category. This is better than paying anywhere from 19.80 to 24.99% as per the market rates.

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Our Review on National Bank Edition MasterCard

National Bank Edition MasterCard Pros

As a National Bank Edition MasterCard member, you do enjoy few perks that come with their cash back rewards card.

  • You may choose for annual automatic cash back as a statement credit.
  • If you choose the regular APR at 19.99% then you pay no annual fee at all.
  • Get the reduced rate of 14.50% as you pay less interest in the long run compared to 19.80% to 19.99% APR in the market now. You may pay an annual fee of $30 for the primary card but the additional cards will be free. At the reduced rate of 14.50% on balance transfers and cash advances after the promotional period, it is still a better deal.
  • Earn rewards faster with the À la carte Rewards Plan and you get to choose from a selection of rewards online. Else you may still earn 1 reward point for every $2 spent on this card.

National Bank Edition MasterCard Cons

The National Bank Edition Master card has some drawbacks as follows.

  • The rewards rate is very low and you may find many other cards on the market with a better cash back rate. With such a low cash back rate, it does take a long time to accumulate rewards even with the À la carte Rewards Plan.
  • This card does not have the extensive travel insurance benefits offered by other cards.
  • There are other cards with a promotional 0% to 1.99% promotional rate for balance transfers compared to 3.90% on this card.

 National Bank Edition MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on National Bank Edition MasterCard Features & Benefits

Some of the main features of the National Bank Edition MasterCard are as follows.

Annual Fee

This card has 2 categories when it comes to choosing whether to pay or not to pay an annual fee. If you don’t want to pay an annual fee then the annual purchase interest rate on this card is 19.99%.  In case you would prefer the reduced rate at 14.50% on APR then you may pay an annual fee of $30 for the primary card. The supplementary card would not have a fee in either case. This reduced rate is a great way to save on interest charges if you carry balances on your card. You may find other cards with no annual fee in the market but they may have a higher interest rate on purchases.

Interest Rate

As mentioned above, the reduced 14.50% annual purchase rate is available on this card if you choose to pay an annual fee of $30. Else, the regular APR of 19.99% is in line with other cards in the market. If you miss 2 payments in a year then your interest rate on purchases increases to 24.99%. The decision to choose your rate category may depend on whether you are in the habit of paying off card balances or not. You may try this card for just the reduced rates if it lets you save on interest even after paying the $30 annual fee.

Balance Transfer

Currently, there is a promotional rate for balance transfers at 3.90% for the first six months when you open a new account. When you transfer a balance at the same time that you open an account then they charge you a 1% fee on the amount you transfer. If you request to transfer a balance after you open the account then they charge you a fee of 3% of the amount. In case you had opted for the reduced rate category then you benefit in the rates for balance transfer too. After the promotional period, they may charge you a reduced interest of 14.50% on any balance you still carry on this card. If you don’t pay an annual fee then this interest rate on balance transfer increases to 22.99%. If you default twice on your payments in a year then this will further increase to 27.99%.

Cash Advance

You may get a promotional rate of 3.90% on cash advances when you open a new account for the first six months. This interest charge increases to 22.99% if you have not chosen the reduced rate at 14.50%. In case you miss payments twice in 12 months then the cash advance interest rate increases to 27.99%. They charge at least $3.50 fee for cash advances at any financial institutions, tellers, and ATMs (National Bank). If you get a cash advance outside Canada then they charge you a $5 fee for each transaction. This card has a better deal with the reduced rate at 14.50% on cash advances when compared to 19.80% to 22.99% market rate for other cards. Again, if you do not carry card balances then this might not be relevant to you.

Foreign Currency Conversion Fees

All foreign currency transactions using this card will be converted to Canadian dollars as per the exchange rate set by MasterCard. The rate they set for a credit or a debit may vary. They charge 2.5% fee for converting the currency and all charges are in Canadian dollars.

Credit Score Rating

With a good credit rating, you may qualify for this card. You do not have to carry excellent credit score like some other cards. But, you may also note that those cards give higher cash back returns and other benefits.

Rewards

This card lets you earn 1 reward point towards each $2 purchase that you make with this card. They give you a $10 credit for each segment of 1000 points collected. This may be an automatic credit on your card statement. When you opt for the reduced rate category card with an annual fee then you may earn 1 reward point for every dollar you spend with this card. You may also choose the À la carte Plan that gives you reward points faster as each dollar you spend gives you 1 reward point.

You may redeem these points for travel discount, merchandise, financial product, travel package, donation or any other incentive as per the program rules that you accept at the start of the plan. Some purchases may earn you 1 point for a dollar while others may earn you 2 points for a dollar spent on this card and you may check online. There are many other cards with better cash back reward programs.

Insurance Features Of National Bank Edition Master Card

This card comes with an extended warranty, zero liability for any fraudulent transactions and a purchase protection benefit. The extended warranty is for up to 1 more additional year and doubles the manufacturer warranty. The purchase protection covers the product against loss or theft for up to 90 days after purchase of the product. There are many other competitor cards in the market with comprehensive travel and trip coverage, mobile device insurance, medical coverage etc.

Where Can You Use National Bank Edition MasterCard

You may use this card at all payment terminals and merchant locations that accept MasterCard. There are millions of locations all over the world that accept this card. And you may look for the MasterCard, Interac or Cirrus logos to identify a merchant. This card has the MasterPass digital payment feature that is secure.

National Bank Edition MasterCard Reward Redemption

They calculate your cash back rewards annually and may give you a statement credit if your account is in good standing. You may not default on any payments and you may not exchange your reward points for cash. For the À la carte Rewards plan, you may redeem those reward points by checking your options online. Or you may call 1800 341 8083 for details and for travel discount related queries you may contact 1800 561 3653.

National Bank Edition MasterCard Contact Information

  • Customer Service Number: 1888 969 2273 or 514 394 1427.
  • Mailing Address: 600 De La Gauchetière Street West, Suite 1569-1, Montreal Quebec H3B 5B1.

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with 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/en/personal/credit-cards/mastercard-credit-cards/tips-and-tools/cashback-rules.html

https://www.rewardscatalogue.com/MerchCms/Rewards5-NbcRewards/default/PPO_form_30463_002_v2_BN_FINAL.PDF

https://www.nbc.ca/en/personal/credit-cards/mastercard-credit-cards/tips-and-tools/rewards-plan.html

https://www.nbc.ca/forms/credit-card/edition.html?promoIdentificationInput=IAOJ


 

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