Thanks, this helps.doremi01 wrote: ↑ This is what the CSR told me - "When a client has been with National Bank for more than one year, upon credit card being charged annual fee on the 2nd year they will have the option to have this waived/transferred to another credit card if they product switch. Or they can downgrade to a no annual fee credit card and have the annual fee refunded, provided they call in within 45 days of the annual fee being charged"
He said you might get an agent who would be willing to refund the 2nd year annual fee if you cancel your card within 45 days, but if not just ask to downgrade to a no fee credit card.
National Bank
National Bank Mastercard Cashback Offer - New Clients Only
- SCORE
- Reason
Score breakdown ×
- Upvote
-
0%
- Not a good price
-
0%
- Bad product/service
-
0%
- Poor merchant reputation
-
0%
- Unable to get the deal
-
0%
- Other (downvote)
-
0%
- Jon Lai
- Deal Expert
- May 30, 2005
- 49009 posts
- 10302 upvotes
- Richmond Hill
- Devotion
- Deal Addict
- Apr 12, 2010
- 2059 posts
- 425 upvotes
- Scarborough
Can someone confirm whether the $250 travel credit is one time only or per calendar year (T&C says per calendar year but it also says "The maximum reimbursement amount is $250 per account")?
- bobcat99
- Deal Guru
- Jul 20, 2006
- 12734 posts
- 6256 upvotes
Per calendar year. Have had the card for about 5 years and used it every year, mostly for parking and checked in luggage.
- albundy99999999
- Deal Addict
- Jun 19, 2006
- 3401 posts
- 715 upvotes
- Toronto
Since you got your card in September (I will assume you opened the account in September as well), your cashback starts in October. Based on the current terms, you won't get the cashback for the $500 you spent in September.redboy69 wrote: ↑ I got the card mid-September and did eventually spend >$500 before the month ended but not sure if I will get the $40 based on the above terms. I called in and they said I should get it automatically but might have to call back on Oct. 16 to argue for it. My first statement printed on Set. 24 and was not charged AF until after the statement so we might not get the full 12 months of $40 if looking to avoid paying the second AF.
Keep in mind that the billing date or statement date has no bearing on cashback calculatiion. Cashback calculation is based on the calendar month from the 1st to the end of the month. With that in mind, everyone should be aware that the system will consider the posted date (NOT the purchased date) of the transaction.
So, if you open your account this month and you just want to meet the $500 monthly target, don't bother to put any purchases on your card until the first day of next month unless you want to earn the reward points.
- GCSaves
- Member
- May 13, 2013
- 367 posts
- 272 upvotes
- Toronto
"The total amount of monthly net purchases is calculated on the first day of the month after the account has been opened. For example, an account that was opened on September 15 will have its net purchases calculated on October 1 and the first cashback will be made no later than November 15."
That's very counter untuitive. So, they'll charge you the annual fee right away, but don't begin countning the cashback on spend until the first of the following month? aka discouraging purchases on their card? This probably explains why my reward is still showing $0. I thought it was because their system is slow to update, and not refreshed on a daily basis.
My $89 platinum fee was charged in late September, and therefore I rushed to spend $500 by month's end. If I don't get cash back for September (Sept 1 - Sept 30) I feel mislead and will call in for it.
That's $500 spend I could have used on another card towards a welcome bonus.
That's very counter untuitive. So, they'll charge you the annual fee right away, but don't begin countning the cashback on spend until the first of the following month? aka discouraging purchases on their card? This probably explains why my reward is still showing $0. I thought it was because their system is slow to update, and not refreshed on a daily basis.
My $89 platinum fee was charged in late September, and therefore I rushed to spend $500 by month's end. If I don't get cash back for September (Sept 1 - Sept 30) I feel mislead and will call in for it.
That's $500 spend I could have used on another card towards a welcome bonus.
- jeeva86
- Deal Fanatic
- Jul 4, 2005
- 9018 posts
- 2816 upvotes
- Ottawa
I signed up on Sept 19th, went into a branch on Oct 5th to show my ID and just received my card, with a date of Oct 10th. Would Oct count towards the cashback or no?
- jevonb
- Sr. Member
- Nov 22, 2012
- 812 posts
- 940 upvotes
- NS
According to the offer terms and conditions, it appears that no cash back will be awarded for spending during the 1st month the account has been opened.GCSaves wrote: ↑ "The total amount of monthly net purchases is calculated on the first day of the month after the account has been opened. For example, an account that was opened on September 15 will have its net purchases calculated on October 1 and the first cashback will be made no later than November 15."
That's very counter untuitive. So, they'll charge you the annual fee right away, but don't begin countning the cashback on spend until the first of the following month? aka discouraging purchases on their card? This probably explains why my reward is still showing $0. I thought it was because their system is slow to update, and not refreshed on a daily basis.
My $89 platinum fee was charged in late September, and therefore I rushed to spend $500 by month's end. If I don't get cash back for September (Sept 1 - Sept 30) I feel mislead and will call in for it.
That's $500 spend I could have used on another card towards a welcome bonus.
Was you annual fee charged in the 1st month? According to the disclosure, "Annual fees will appear on the 2nd statement following the issuance of the card, and once a year thereafter, on the anniversary of this 2nd statement, whether the card is activated or not."
- redboy69
- Deal Addict
- Sep 15, 2008
- 1766 posts
- 4500 upvotes
- Pawtucket
I'm going to try to fight it if my credit for Sept. does not show up. When I signed up, they did not have the updated terms. It doesn't specify that the cashback would start the following month. That is why I put $500+ on this card for Sept. If I had known it would start in Oct., I would have just used a different card in the interim.
- GCSaves
- Member
- May 13, 2013
- 367 posts
- 272 upvotes
- Toronto
Yes, I was charged 6 days after my bank account was open in September. So they didn't even follow that fine print.jevonb wrote: ↑ According to the offer terms and conditions, it appears that no cash back will be awarded for spending during the 1st month the account has been opened.
Was you annual fee charged in the 1st month? According to the disclosure, "Annual fees will appear on the 2nd statement following the issuance of the card, and once a year thereafter, on the anniversary of this 2nd statement, whether the card is activated or not."
- Dasani11
- Jr. Member
- Jun 12, 2014
- 177 posts
- 165 upvotes
- Richmond Hill, ON
- GCSaves
- Member
- May 13, 2013
- 367 posts
- 272 upvotes
- Toronto
Their automated telephone support is the worst (it's very circular, and layered). If anyone has a direct line, please share.
- theshowman
- Deal Addict
- Apr 25, 2005
- 1275 posts
- 638 upvotes
jevonb wrote: ↑
According to the offer terms and conditions, it appears that no cash back will be awarded for spending during the 1st month the account has been opened.
Was you annual fee charged in the 1st month? According to the disclosure, "Annual fees will appear on the 2nd statement following the issuance of the card, and once a year thereafter, on the anniversary of this 2nd statement, whether the card is activated or not."
I think you have a misunderstanding.redboy69 wrote: ↑I'm going to try to fight it if my credit for Sept. does not show up. When I signed up, they did not have the updated terms. It doesn't specify that the cashback would start the following month. That is why I put $500+ on this card for Sept. If I had known it would start in Oct., I would have just used a different card in the interim.
On the 1st day of the month, they will tally up your spending for the previous month (and fees are not considered as spending), and if it hit $500 or more, they will award you the $40 rebate 45 days later.
Now, in the special case of account opening, the total number of days will be less than a full month unless it was opened right on the first day.
@redboy69, if you spent $500 in the partial month of September, you should see $40 on Nov 15.
In my case, I didn't know of their fine print and I thought it was statement based, so in partial month of September, I spent $485 and based on their policy, I will not get the very first $40 reward.
- Messerschmitt
- Banned
- Jul 17, 2008
- 11042 posts
- 3878 upvotes
Where does it say you won't get your rebate? If you spent 500 in sept you should get the rebate by 15 nov as per the exampleredboy69 wrote: ↑ I'm going to try to fight it if my credit for Sept. does not show up. When I signed up, they did not have the updated terms. It doesn't specify that the cashback would start the following month. That is why I put $500+ on this card for Sept. If I had known it would start in Oct., I would have just used a different card in the interim.
National Bank.JPG
- redboy69
- Deal Addict
- Sep 15, 2008
- 1766 posts
- 4500 upvotes
- Pawtucket
I signed before they included an example of how the cashback is earned. The example they provided statesMesserschmitt wrote: ↑ Where does it say you won't get your rebate? If you spent 500 in sept you should get the rebate by 15 nov as per the example
"The total amount of monthly net purchases is calculated on the first day of the month after the account has been opened. For example, an account that was opened on September 15 will have its net purchases calculated on October 1 and the first cashback will be made no later than November 15."
This would mean I wouldn't get the rebate for Sept. I would only start getting it for Oct and would be paid out Nov. 15.
This was not mentioned in the terms when I signed up. Thats why I included a screenshot of the terms when I applied as I hope to be able to argue for the Sept rebate since I did spend $500 for that month.
- Messerschmitt
- Banned
- Jul 17, 2008
- 11042 posts
- 3878 upvotes
Yes... your previous month (aka sept) will get calculated on the first of the month (1st oct). The example is exactly what you have. You opened it in Sept, and spent 500$, you will receive it Nov 15. Of course you will probably have to phone and pester them since the automation will most likely work in their favor and you won't get anythingredboy69 wrote: ↑ I signed before they included an example of how the cashback is earned. The example they provided states
"The total amount of monthly net purchases is calculated on the first day of the month after the account has been opened. For example, an account that was opened on September 15 will have its net purchases calculated on October 1 and the first cashback will be made no later than November 15."
This would mean I wouldn't get the rebate for Sept. I would only start getting it for Oct and would be paid out Nov. 15.
This was not mentioned in the terms when I signed up. Thats why I included a screenshot of the terms when I applied as I hope to be able to argue for the Sept rebate since I did spend $500 for that month.
- Jon Lai
- Deal Expert
- May 30, 2005
- 49009 posts
- 10302 upvotes
- Richmond Hill
Can anyone confirm whether the $500 spend per calendar month is by transaction date or posted date? Thanks!
- redboy69
- Deal Addict
- Sep 15, 2008
- 1766 posts
- 4500 upvotes
- Pawtucket
So I called NBC today to ask about my Sept $40 rebate since I was told it would appear on my Oct statement which just posted Oct. 24. I didn't think it would show up since the terms say I should get the rebate by the 15th.
The rep told me that I didn't qualify for the Sept rebate because he said the "month" consists of statement period and not the calendar month as indicated in their terms which I argued with him about. He said I didn't spend $500+ when my Sept period ended which was on the 24th of Sept. He said I do qualify for the Oct rebate which will pay out on Nov. 15th but I won't get anything for Sept.
It's still confusing to me since he said its based on statement period rather than calendar month. Not sure who to believe but I did escalate the call and he said someone will call me back during regular weekeday business hours. Hoping they will provide clarity when if/when they call back.
The new terms clearly say calendar month but the rep said otherwise. Just a word of caution for everyone.
To be safe, I will make sure to spend the $500 from the 1st and posted by the 23rd.
Just a word of caution to everyone.
The rep told me that I didn't qualify for the Sept rebate because he said the "month" consists of statement period and not the calendar month as indicated in their terms which I argued with him about. He said I didn't spend $500+ when my Sept period ended which was on the 24th of Sept. He said I do qualify for the Oct rebate which will pay out on Nov. 15th but I won't get anything for Sept.
It's still confusing to me since he said its based on statement period rather than calendar month. Not sure who to believe but I did escalate the call and he said someone will call me back during regular weekeday business hours. Hoping they will provide clarity when if/when they call back.
The new terms clearly say calendar month but the rep said otherwise. Just a word of caution for everyone.
To be safe, I will make sure to spend the $500 from the 1st and posted by the 23rd.
Just a word of caution to everyone.
- canuckcolehead
- Deal Fanatic
- Oct 23, 2006
- 5314 posts
- 2518 upvotes
- Winnipeg
Besides the $40 bonus on the Word Elite, what is the earn rate on purchases?
I see “up to” 2 pts per dollar spent. Is it a 2% cash back card then?
Is this card subject to the once a year redemption (January) of cashback?
I would probably just use the cash back as a statement credit. Are statement credits 1:1 so 1000pts=$10?
I see “up to” 2 pts per dollar spent. Is it a 2% cash back card then?
Is this card subject to the once a year redemption (January) of cashback?
I would probably just use the cash back as a statement credit. Are statement credits 1:1 so 1000pts=$10?
- Messerschmitt
- Banned
- Jul 17, 2008
- 11042 posts
- 3878 upvotes
How do I know my statement period before they issue the first statement? I just got the card and activated it 3 days ago. They already charged the annual fee after I checked onlineredboy69 wrote: ↑ So I called NBC today to ask about my Sept $40 rebate since I was told it would appear on my Oct statement which just posted Oct. 24. I didn't think it would show up since the terms say I should get the rebate by the 15th.
The rep told me that I didn't qualify for the Sept rebate because he said the "month" consists of statement period and not the calendar month as indicated in their terms which I argued with him about. He said I didn't spend $500+ when my Sept period ended which was on the 24th of Sept. He said I do qualify for the Oct rebate which will pay out on Nov. 15th but I won't get anything for Sept.
It's still confusing to me since he said its based on statement period rather than calendar month. Not sure who to believe but I did escalate the call and he said someone will call me back during regular weekeday business hours. Hoping they will provide clarity when if/when they call back.
The new terms clearly say calendar month but the rep said otherwise. Just a word of caution for everyone.
To be safe, I will make sure to spend the $500 from the 1st and posted by the 23rd.
Just a word of caution to everyone.
With all these discussions I'm not even sure if there is any point in trying to spend the 500 before end of month
Last edited by Messerschmitt on Oct 26th, 2019 6:06 pm, edited 1 time in total.
- rcnrcnrcn
- Sr. Member
- Apr 14, 2019
- 805 posts
- 722 upvotes
Annual fees are a joke. YOu gotta pay them to make them money? Worse then a cover charge. I gotta line up then pay a cover charge for the benefit of buying drinks off you! Wtf?