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National Bank MasterCard credit card reviews

National Bank MasterCard credit card details and credit card application link.

The National Bank MC1 is a card especially designed for young adults. You need to not have had a credit card before – this is the whole purpose of the MC1. It lets you build a credit record. MC1 offers a 19.5 percent annual interest rate and no annual fee. The minimum credit limit is around $500 depending on your credit file. You have the option to keep this limit. The standard MasterCard amenities go with this card, including purchase protection insurance for a period of 90 days after an item is bought and charged to the MC1, zero liability for illicit use of the card, and extended warranty for up to one additional year. You are guaranteed access to funds regardless of your location.

There is no option to get additional MC1 cards issued, but you can get up to three credit cards of other varieties for your spouse and other relatives. No fee is charged on most of them. The only one that carries a fee is the Premium MasterCard. These come with $25 and $50 without and with a rewards plan respectively.

The MC1 is pretty skimpy on extras. It almost does not provide insurance of any kind. There is no trip cancellation/ interruption insurance, no medical insurance, no flight delay, baggage loss/ theft, baggage delay, vehicle rental or travel insurance, and legal assistance is not provided. What is offered is a 21-day grace period if clients pay off the card in full by the date indicated on their statement of account. Balance transfers and cash advances are not subject to a grace period.

The minimum payment on this card is equivalent to 3 percent of the account balance or $10, whichever amount is greater. There is a 2.5 percent fee on foreign currency conversion. Each foreign currency transaction will be converted into US dollars at the given exchange rate and then into Canadian dollars, to which a fixed rate of 2.5 percent is added.

Other fees include: $5.00 for getting an additional copy of a sales slip issued, $5.00 for an additional copy of account statement, $5.00 for issuing a credit balance check, and a whopping $42.00 for an NSF check. The non-sufficient funds check is also known as a dishonored payment, a bad check, or a check that bounced. These fees are charged the day the transaction is carried out.

MasterCard touts the MC1 as a way for young adults to “help make their dreams and projects a reality”. While there are other ways to fulfill your dreams, a credit card may serve good purposes. So, it is wise to shop around and look at the offers of other financial institutions. The Capital One® Guaranteed Secured MasterCard goes with an annual interest rate of 14.9 percent on balance transfers and purchases and annual fee of $59. The interest rate on cash advances is set at 19.8 percent. This card is a good choice for individuals who carry a balance, need to establish credit history, and have a household income of $20,000 or more. The card is also suitable for clients with low monthly spend and low monthly balance. Persons with a balance of over $3000 and annual household income of more than $50,000 might want to look at other offers. Among the benefits members get are zero fraud liability, MasterCard Global Service, MasterRoad Assist Service, and 24/7 customer service.

Credit Card Details
NameNational Bank MasterCard Apply Now
Interest Rate19.5%
Annual Fee$0
Cash BackNo
Low InterestNo
Auto and GasNo
Instant ApprovalNo
Balance TransferYes
US DollarNo
No Annual FeeYes