How to apply National Bank mycredit Mastercard
Applying for the National Bank mycredit Mastercard is easy and can be done in a few different ways:
1. Online Application
- Visit the National Bank website: Navigate to the credit cards section.
- Select the mycredit Mastercard: Locate the card and click on “Apply Now.”
- Complete the form: Fill out your personal, financial (employment, income), and contact information.
- Review and submit: Double-check everything and submit your application securely.
2. Phone Application
- Call National Bank: Contact their credit card application line.
- Provide your information: Have your personal and financial details ready to complete the application over the phone.
3. In-Branch Application
- Visit a branch: Go to the nearest National Bank branch.
- Get help in person: A representative will guide you through the process.
Who is This Card For?
The National Bank mycredit Mastercard is ideal for individuals who frequently dine out or make recurring payments. If you prefer a card without an annual fee and want to earn rewards on everyday spending, this card could be a good fit. However, those who carry a balance may want to consider the higher interest rates before applying.
Pricing and Fees
As mentioned earlier, the mycredit Mastercard has an annual fee of $0, which is a huge plus. The purchase interest rate is set at 20.99%, while balance transfers and cash advances accrue interest at 22.49%. It’s essential to manage your payments to avoid incurring high-interest charges.
FAQs About the National Bank mycredit Mastercard
What are the requirements to apply for the mycredit Mastercard?
You must be a Canadian resident, meet the minimum age requirement (usually 18 or 19 depending on your province), provide proof of income, and have a reasonable credit history.
What documents do I need to apply?
You’ll need a valid photo ID (such as a driver’s license or passport), proof of address, and income verification like pay stubs or tax returns.
How long does the approval process take?
Online applications are often processed instantly or within a few minutes. Phone or in-branch applications may take 1 to 5 business days for approval.
Can I add an additional cardholder?
Yes, you can add an additional cardholder, such as a spouse or family member, and their purchases will earn cashback under the same account.
What credit score do I need?
While National Bank does not specify a minimum score, having a fair credit score (around 600+) will improve your chances of approval. This card is also suitable for those with limited credit history.
How can I manage my card and track spending?
You can use National Bank’s online banking platform or mobile app to view your balance, track transactions, set alerts, and manage payments.
Are there any fees associated with the card?
No annual fee applies. Interest rates are 20.99% for purchases and 22.49% for balance transfers and cash advances.
What kind of insurance and protections does the card offer?
The card includes mobile device insurance (up to 2 years), purchase protection for 90 days, extended warranty benefits, and zero liability for unauthorized transactions.
Is there a minimum credit limit?
Yes, the minimum credit limit is $500.
Final Thoughts and Recommendations
In conclusion, the National Bank mycredit Mastercard offers a solid combination of cashback rewards, purchase protections, and no annual fee, making it an attractive and practical option for many consumers. If you’re someone who values cashback on dining and recurring payments and prefers not to pay an annual fee, this card is definitely worth considering. Just be mindful of the relatively high interest rates if you plan to carry a balance, and always aim to pay off your balance in full to maximize benefits and avoid extra costs.
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