National Bank Cashback Mastercard

Overview

The National Bank Cashback Mastercard is a no-annual-fee cashback card issued by National Bank of Canada on the Mastercard network. It earns cashback on eligible purchases and applies it directly to your statement — no points program, no annual redemption cycle, no conversion math. The card targets Canadians who want straightforward cashback without paying an annual fee or tracking reward categories.

Availability note (April 2026): National Bank operates primarily in Quebec, with a more limited branch presence in other provinces. The card is available to eligible Canadians nationally, but applicants outside Quebec may have fewer in-person support options.

Who this card is for

This card fits Canadians who want simplicity. If you'd rather see a cashback figure applied to your bill each month than accumulate points you'll convert later, this structure suits you. There's no income requirement to apply, and the no-fee structure means every dollar of cashback earned is net gain. It's also a reasonable choice if you're already a National Bank banking client and want everything consolidated with one institution.

Key benefits

The card earns cashback at different rates depending on the purchase type. Restaurant purchases and recurring pre-authorised payments — subscriptions, utility bills, internet — earn 1% cashback. All other eligible purchases earn 0.5% cashback.

To put that in concrete terms: if you spend $800 CAD per month on general purchases and $200 CAD on restaurants and recurring bills, you'd earn roughly $52 CAD in annual cashback. Cashback is applied directly to your statement balance, which keeps redemption frictionless.

Standard Mastercard benefits apply: purchase protection covers eligible items against loss, theft, or accidental damage for a period after purchase, and extended warranty adds time to the manufacturer's warranty on eligible products.

Potential drawbacks

The earn rates are modest even by no-fee card standards. The BMO Cashback Mastercard earns 3% on the first $500 in monthly groceries — significantly ahead of this card's 0.5% base rate on grocery purchases. The National Bank card's 1% rate applies to restaurants and recurring bills, not groceries, which is an unusual category selection. Heavy grocery spenders will find better value elsewhere.

How it compares

The National Bank Allure Mastercard earns the equivalent of 1% on all eligible purchases, paid out annually in January. The Cashback Mastercard's ongoing statement credits are more immediate, but the Allure's flat 1% beat the Cashback card on non-restaurant, non-recurring spending. The BMO Cashback Mastercard's 3% grocery rate makes it the stronger no-fee cashback option if groceries dominate your budget.

Bottom line

A clean, no-fuss cashback card for existing National Bank clients who want statement credits rather than a points program. The earn rates are modest — if maximising cashback is your goal, compare this against BMO's no-fee option before applying.