National Bank Platinum Mastercard Review 2024: Travel Benefits With No Income Requirements

• Cardholders do not need to meet annual income requirements.
• The card has a small annual fee of $70.
• Cardholders earn 2 points per dollar spent on groceries and dining.
• Cardholders earn 1.5 points per dollar spent on recurring bills, gas and electric vehicle charging and À la carte Travel Travel purchases.
• Cardholders earn 1 point per 1.5 dollars spent on all other purchases.
• Cardholders can redeem points for gift cards, merchandise, statement credits and flights.
• The card comes with built-in zero liability insurance and medical, general and legal assistance.
• Cardholders have access to mobile device insurance up to $1,000.
• The card includes out-of-province medical/hospital insurance up to $5,000,000 per person for 10 days.
• The card comes with $500 of flight delay insurance and $500 of baggage insurance for delays per person.
• Cardholders can utilize vehicle rental insurance against theft, damage or collision for 48 days.
• Cardholders can potentially triple the manufacturer’s warranty of eligible products, up to a maximum of two years.
• Eligible items purchased with the card are purchase protected against theft or damage for 180 days following the purchase date.

The National Bank Platinum Mastercard might look like a simple card at first glance, but it is packed with travel benefits accessible to all Canadians—with no income requirements and a moderate annual fee of $70. The card boasts a wide variety of travel insurance coverage, including out-of-province medical coverage, flight interruption/delay insurance, vehicle rental insurance and mobile device insurance up to $1,000. Most credit cards that have this many insurance options typically have a higher fee.

Though its benefits are impressive, the earning potential of the National Bank Platinum Mastercard suffers: Top level earnings are capped at $1,000 in spending per month regardless of how funds were spent. That said, its base rate of 1.5 points per dollar spent on groceries, gas, dining, electric vehicle charging, recurring bills and travel purchases is quite respectable.

As an added bonus, the Platinum Mastercard from National Bank comes with many redemption options for rewards that other programs may not have—including paying down your mortgage or investing in a TFSA or RRSP. That kind of flexibility can’t be understated.

• Earn up to 2 points per dollar spent on groceries and dining purchases, as long as the monthly purchase amount is under $1,000
• Redeem rewards for statement credits, flights at any airline or to pay off a National Bank mortgage or line of credit
• $5 million in out-of-province medical care coverage for up to 10 days

Earning rewards

The National Bank Platinum Mastercard uses a common three-tiered system for earning points. At the highest level, cardholders can earn 2 points per dollar spent on groceries and dining up to a monthly gross spending amount of $1,000. After this limit is reached, the card will earn 1.5 points per dollar until the next month.

The second tier earning category earns 1.5 points per dollar on gas, electrical vehicle charging, recurring bill payments and eligible À la carte Travel Rewards Plan purchases. Finally, cardholders earn 1 point per $1.5 dollars spent for all other purchases.

Redeeming Rewards

Similar to many rewards programs, the National Bank Platinum Mastercard gives cardholders a great deal of flexibility when redeeming their points. National Bank’s À la carte Rewards Plan allows consumers to redeem their points for gift cards, merchandise, travel rewards, donations to charities, statement credits, and investing in registered NB accounts (e.g. TFSAs or RRSPs) or even paying off a National Bank mortgage.

To boot, the redemption process is straightforward as well—cardholders can redeem points through most of the above avenues on the À la carte Rewards Plan website. To redeem points for financial products, however, you will need to contact National Bank via telephone. Statement credits are also easily redeemed through your online banking app or website.

Rewards Potential

Though the NB Platinum Mastercard’s low monthly thresholds for its highest earning rate does stunt its potential, the lack of spending caps for all other categories evens things out. Based on average Canadian spending, Forbes Advisor Canada estimates that this card will earn approximately $352.23 per year—taking into account the annual fee. For a card with a moderate annual fee, no income requirements and a bevy of travel insurance coverage options, that’s impressive.

For context, compared to the HSBC World Elite Mastercard that has nearly double the annual fee, NB’s offering is only slightly behind in annual earnings: HSBC’s card earns just shy of $380 per annum.

• Comprehensive Travel Insurance Options: Cardholders have access to travel interruption insurance, travel medical insurance, baggage insurance, trip interruption/cancellation insurance and vehicle rental insurance.
• Flexible Rewards Program: Points earned can be redeemed for merchandise, flights, gift cards, statement credits, pay down a National Bank mortgage or line of credit or invest in a National Bank TFSA or RRSP.
• Travel Discounts: Save on vacation packages and airline tickets when points are redeemed through the À la carte Travel™ agency.

Interest Rates

• Regular APR: 20.99%
• Cash Advance APR: 22.49%
• Balance Transfer APR: 22.49%

Fees

• Cash Advance fee: undisclosed
• Balance Transfer fee: undisclosed
• Foreign Transaction Fee: 2.5%
• Annual Fee: $70
• Any other fees: additional card fee of $35 and overlimit fee of $29 outside of Quebec

National Bank Platinum Mastercard vs. PC World Elite Mastercard

The PC World Elite Mastercard carries many similarities to the National Bank Platinum Mastercard’s offering: high credit rating requirements, no welcome bonus and a host of insurance policies. A plus for PC’s card is that it comes with no annual fee—but applicants will need to earn at least $80,000 in individual income or $150,000 for a household.

Though both credit cards have similar policies and basic plans, their earning potential and flexibility could not be more different. The PC World Elite Mastercard earns approximately $278.52 annually, which is much less than the National Bank Platinum Mastercard’s annual earning potential of $352.23. Additionally, PC cardholders cannot redeem their points for the same financial or travel services—they can only redeem points for gas, groceries and merchandise at Loblaws-owned stores.

National Bank Platinum Mastercard vs. CIBC Aeroplan Visa Infinite Card

These two credit cards couldn’t be more different. CIBC’s Aeroplan Visa Infinite Card comes with a hefty annual fee of $139, a welcome bonus of 10,000 Aeroplan points, and a staggering earning potential of approximately $666.32 per annum.

To be fair, the fact that National Bank’s lower-end card comes with many of the same insurance policies—both carry out-of-province medical insurance—is a plus for its Platinum Mastercard . But, with an earning disparity this great, it doesn’t warrant using The National Bank Platinum Mastercard’s card over the CIBC Aeroplan Visa Infinite Card, especially if you are a frequent flyer looking for additional benefits.

National Bank Platinum Mastercard vs. Scotiabank Gold American Express® Card

Though the Scotiabank Gold American Express® Card uses an entirely different points system, it still boasts of the same flexibility as National Bank’s Á la carte’s Rewards Program—though Scene points cannot be used for paying down a mortgage. That said, Scotiabank’s top-of-the-line card comes with a helpful welcome bonus of up to 40,000 Scene points and can earn up to a staggering $845.11 per year—after factoring in the annual fee.

Scotiabank’s card also carries all the same insurance policies, but with even more bells and whistles—its travel accident insurance covers up to $1,000,000 per occurrence.

Though it is impressive that the National Bank Platinum Mastercard has similar insurance coverage for travelers without the high annual fees, the large earnings discrepancy between the two cards means Scotiabank’s offering comes out ahead.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, reward rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

National Bank’s Platinum Mastercard is extremely well-rounded, with its respectable earning potential and impressive insurance coverage for a minimal annual fee. Consumers looking for an introductory travel card that does not have the usual high annual fee and does not skimp on rewards will find a lot to like.

However, while National Bank’s card does stack up well in most areas, it falls behind compared to high-end cards that come with stringent income requirements and high annual fees—with impressive travel benefits to justify these costs. Customers that have a higher income will find more bang-for-their-buck with more high-end cards.

Related: Best Canadian Credit Cards