National Bank Platinum Mastercard
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The National Bank Platinum Mastercard is an excellent choice if you’re seeking solid insurance coverage with your credit card. While its rewards program has a relatively low ratio, the card compensates with a lower annual fee compared to similar cards. Typically, cards offering such comprehensive insurance coverage come with annual fees exceeding $100. If your primary goal is to have a card that provides robust insurance for travel, the National Bank Platinum Mastercard is a great option to consider.
Card Summary:
This credit card has a $70 annual fee and a $35 fee for each supplementary card. The purchase interest rate is 20.99%, while cash advances and balance transfers have an interest rate of 22.49%. It offers valuable rewards and comprehensive insurance benefits, making it a versatile choice for managing expenses and protecting your purchases.
Rewards Summary:
With this credit card, you earn 2 points for every dollar spent on groceries and restaurants. You get 1.5 points for every dollar spent on gas, recurring bill payments, A LA Carte Travel, and EV charging. For all other purchases, you earn 1 point for every $1.50 spent. The rewards ratio offers approximately 0.5% to 1.5% value back based on the amount spent, providing great value on everyday spending categories.
Benefits Summary:
This credit card offers great flexibility in redeeming your points, allowing you to choose how and when to use your rewards to suit your needs. It also includes comprehensive travel insurance and mobile device insurance, providing protection and peace of mind during your trips and for your gadgets. With a robust rewards program, you can earn and redeem points on various purchases and services, making this card a valuable addition to your wallet.
Insurance Summary:
- Travel Emergency Medical Insurance
- Trip Cancellation / Trip Interruption Insurance
- Flight Delay Insurance
- Lost & Delayed Baggage
- Rental Car
- Mobile Device Insurance
- Purchase Security
- Extended Warranty Protection
Editor’s Review
National Bank Platinum Mastercard Review
The National Bank Platinum Mastercard is a compelling option for those seeking robust insurance coverage with a lower annual fee. While the rewards program may not be the most lucrative, the card offers comprehensive travel and purchase protections that are typically found on cards with higher fees.
Card Summary:
- Annual Fee: $70
- Supplementary Card Fee: $35
- Interest Rates: 20.99% (purchases), 22.49% (cash advances and balance transfers)
- Income Requirement: Not specified
Rewards Program:
- 2 points per dollar on groceries and restaurants
- 1.5 points per dollar on gas, recurring bill payments, A LA Carte Travel, and EV charging
- 1 point per $1.50 on all other purchases
- Rewards Ratio: Approximately 0.5% to 1.5% value back based on spending categories
Benefits:
- Flexible Points Redemption: Use points how and when you want
- Comprehensive Travel Insurance: Extensive coverage for peace of mind
- Mobile Device Insurance: Protection for your gadgets
- Accord D Financing: Flexible payment options for larger purchases
Insurance Coverage:
- Travel Emergency Medical Insurance: Coverage for medical emergencies during travel
- Trip Cancellation / Trip Interruption Insurance: Covers non-refundable expenses if travel plans change unexpectedly
- Flight Delay Insurance: Compensation for delays
- Lost & Delayed Baggage: Coverage for baggage issues
- Rental Car Insurance: Coverage for rental cars
- Mobile Device Insurance: Coverage for your mobile devices
- Purchase Security: Protection against theft or damage for purchases
- Extended Warranty Protection: Extends the warranty period on eligible purchases
Pros and Cons
Pros:
- Comprehensive travel and purchase insurance
- Lower annual fee compared to similar cards with extensive coverage
- Flexible points redemption options
- Valuable rewards for everyday spending categories
Cons:
- Rewards program has a relatively low ratio compared to some competitors
- Higher interest rates on cash advances and balance transfers
- Supplementary card fee
Who is this card for?
This card is ideal for individuals who:
- Prioritize extensive insurance coverage for travel and purchases
- Spend significantly on groceries, restaurants, gas, and recurring bills
- Prefer a lower annual fee without sacrificing protection benefits
- Value flexible points redemption
Comparison with Similar Cards
| Feature | National Bank Platinum Mastercard | BMO CashBack World Elite Mastercard | TD First Class Travel Visa Infinite |
|---|---|---|---|
| Annual Fee | $70 | $120 | $120 |
| Purchase Interest Rate | 20.99% | 19.99% | 19.99% |
| Rewards | Up to 2 points per dollar | Up to 3% cash back | Up to 9 points per dollar |
| Travel Insurance | Extensive | Comprehensive | Extensive |
| Income Requirement | Not specified | $80,000 individual / $150,000 household | $60,000 individual / $100,000 household |
Final Verdict
The National Bank Platinum Mastercard is an excellent choice for those who prioritize comprehensive insurance coverage and a lower annual fee. While its rewards program might not be the most competitive, the card’s extensive benefits and protections make it a valuable option for frequent travelers and everyday spenders alike. For those who value insurance and flexible redemption options over high rewards rates, this card offers significant value.
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