National Bank MyCredit Mastercard

Overview

The National Bank MyCredit Mastercard is a no-annual-fee card issued by National Bank of Canada on the Mastercard network. It earns cashback on eligible purchases with no annual fee on either the main card or additional cards. National Bank positions it as its flagship no-fee cashback card — simpler than the points-based lineup and designed for everyday Canadians who want cashback applied to their statement without paying for the privilege. There is no minimum income requirement.

Availability note (April 2026): National Bank has a larger branch footprint in Quebec than in other provinces. The MyCredit Mastercard is available nationally, though applicants outside Quebec may have more limited in-person support options.

Who this card is for

The MyCredit suits Canadians who want a no-fee cashback card and already bank with National Bank, or who want a straightforward secondary card that earns on recurring bills and restaurant spending without an annual cost. It's also a reasonable choice for students or newcomers to Canada who meet the minimum eligibility requirements but don't yet have the income or credit history for a premium card.

Key benefits

The MyCredit earns cashback at different rates by category. Restaurant purchases and recurring pre-authorised payments — regular subscriptions, utility bills, and similar automatic charges — earn 1% cashback. All other eligible purchases earn 0.5% cashback. Cashback is applied as a statement credit, keeping redemption automatic.

Standard Mastercard protections are included: purchase security covers eligible items for a period after purchase against loss, theft, and accidental damage, and extended warranty adds time to eligible manufacturers' warranties. These benefits apply automatically when you charge purchases to the card.

No annual fee means any cashback you earn is straight net gain — there's no fee threshold to clear before the card becomes profitable.

Potential drawbacks

The 0.5% base earn rate on general purchases is low. Many no-fee cards earn 1% on everything or more in specific categories. The BMO Cashback Mastercard earns 3% on the first $500 monthly in groceries, 1% on recurring bills, and 0.5% on everything else — matching or beating the MyCredit in every category while also carrying no fee. Groceries are not an accelerated category on the MyCredit, which is a meaningful gap for most Canadian households where grocery spending dominates the monthly budget.

How it compares

The National Bank Cashback Mastercard is a near-identical product from the same issuer — same earn rates, same no-fee structure, same statement credit redemption. The key difference is naming and marketing positioning. The National Bank Allure Mastercard earns the equivalent of 1% flat on all purchases paid out annually, which beats the MyCredit's 0.5% base rate on non-restaurant purchases. For grocery-focused cashback without a fee, the BMO Cashback Mastercard is the stronger option in the Canadian market.

Bottom line

A practical no-fee cashback card for existing National Bank clients. It earns modestly and covers the basics, but grocery spenders looking for higher cashback returns should compare this card against BMO's no-fee alternative before applying.