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[National Bank] National Bank Mastercard Cashback Offer - New Clients Only

  • Last Updated:
  • Nov 16th, 2019 11:34 pm
Jr. Member
May 13, 2013
107 posts
45 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.
Deal Fanatic
User avatar
Jul 4, 2005
5717 posts
584 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?
Member
Nov 22, 2012
377 posts
287 upvotes
AMHERST NS
GCSaves wrote:
Oct 19th, 2019 10:21 am
"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.
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."
Deal Addict
Sep 15, 2008
1429 posts
3748 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.
National Bank.JPG
Jr. Member
May 13, 2013
107 posts
45 upvotes
Toronto
jevonb wrote:
Oct 19th, 2019 4:37 pm
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."
Yes, I was charged 6 days after my bank account was open in September. So they didn't even follow that fine print.
Newbie
Jun 12, 2014
67 posts
26 upvotes
Richmond Hill, ON
GCSaves wrote:
Oct 19th, 2019 10:08 pm
Yes, I was charged 6 days after my bank account was open in September. So they didn't even follow that fine print.
same here.
Jr. Member
May 13, 2013
107 posts
45 upvotes
Toronto
Their automated telephone support is the worst (it's very circular, and layered). If anyone has a direct line, please share.
Sr. Member
Apr 25, 2005
792 posts
196 upvotes
jevonb wrote:
Oct 19th, 2019 4:37 pm

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."
redboy69 wrote:
Oct 19th, 2019 4:54 pm
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
I think you have a misunderstanding.

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.
Deal Fanatic
User avatar
Jul 17, 2008
9578 posts
2444 upvotes
redboy69 wrote:
Oct 19th, 2019 4:54 pm
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
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
Deal Addict
Sep 15, 2008
1429 posts
3748 upvotes
Pawtucket
Messerschmitt wrote:
Oct 24th, 2019 9:51 pm
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
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.
Deal Fanatic
User avatar
Jul 17, 2008
9578 posts
2444 upvotes
redboy69 wrote:
Oct 24th, 2019 11:34 pm
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 $500 for that month.
Yes... your previous month (aka sept) will get calculated on the first of the month (1st oct). The example is exactly what you have. You opened it in Sept, and spent 500$, 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 anything
Newbie
Feb 9, 2011
20 posts
45 upvotes
redboy69 wrote:
Oct 24th, 2019 11:34 pm
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 $500 for that month.
Messerschmitt wrote:
Oct 25th, 2019 1:23 pm
Yes... your previous month (aka sept) will get calculated on the first of the month (1st oct). The example is exactly what you have. You opened it in Sept, and spent 500$, 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 anything

Hmm...my interpretation was also that the Nov 15 payout would be related to the $500 spent in October because the terms & conditions also have this sentence:
"Over a 12-month period, get cash back for each (calendar) month you charge a minimum amount in net purchases to an eligible credit card account. The cashback will be credited to the account no later than the 15th of the following month."

In my case, my account was opened on Sep 23 but I didn't receive the card in the mail until Oct 1, so there would have been no way for me to make any purchases in September.
Deal Addict
Sep 15, 2008
1429 posts
3748 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.
Deal Addict
User avatar
Oct 23, 2006
4494 posts
1418 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?

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