CHANGES

Notice to our clients 

At National Bank, our priority is helping you choose solutions geared to your needs and keeping you informed of any changes to the services we offer.

On July 17, 2017, changes will be made to the pricing for personal and business credit cards. Please familiarize yourself with these changes in the Pricing section below.

On September 1, 2017, changes will be made to the insurance coverage included with your credit card. Please familiarize yourself with these changes in the Insurance section below.

Reminder about changes to pricing 

Below you will find a reminder of the changes that will be made on July 17, 2017 to the pricing for personal and business credit cards, along with advice to help you adopt good habits for managing credit. Please note that some of the changes may not affect you, depending on your current credit card use.

Tips and advice

  1. Always make at least the minimum payment on your credit card. Avoid late payments by signing up for Pre-Authorized Debit Authorization – Retail or Pre-Authorized Debit Authorization for Businesses.

  2. Regularly monitor your account and make your payments directly online through our Internet Banking Solutions or Internet Banking Solutions for Businesses.

  3. Peruse our articles on how to use credit wisely.

Personal credit cards (excluding World Elite®)

The changes below impact the following personal credit cards, including cards associated with a financial package or partner:

  • ECHO® cashback
  • Syncro
  • Edition®
  • MC1
  • Regular
  • OVATION® Gold1
  • Escapade®, 1
  • Platinum
  • World Mastercard®
  • Ultramar®
  • CAA Rewards®

Reduction in fees for cash advances made outside Canada

Fees for cash advances made at other financial institutions* outside Canada will be reduced.

Fees for cash advances (per transaction) Until July 16, 2017 Effective July 17, 2017
Other financial institutions* outside Canada

$5.00

$3.50

* Part of the Mastercard network or Cirrus® network. 

 

Overlimit fee

Starting July 17, 2017, new overlimit fees will be charged to your account if your balance exceeds your credit limit on the billing date.

Other fees Until July 16, 2017 Effective July 17, 2017
Overlimit fee

No charge

$29.00/ statement period

Changes to the calculation of conversion fees

The calculation of conversion fees on transactions made in foreign currencies is changing (with the exception of ATM transactions). Fees of 2.5%, currently applied to the amount in US dollars, will now be applied to the amount converted to Canadian dollars. Every foreign currency transaction (other than in USD) is first converted to US dollars at the exchange rate set by Mastercard Worldwide.

  • Calculation until July 16, 2017: amount in US $ x 2.5%
  • Calculation effective July 17, 2017: amount converted to CA $ x 2.5%

 

Changes to the increased rates 

In order to ensure you always benefit from your credit card’s regular interest rates, you need to make the minimum payment each month.

 

A. Rules triggering the application of increased rates

The terms regarding the application of the increased rates are changing.

Annual interest rates

The interest rates will increase when the minimum payment is not made by the due date indicated on the statement 

Until July 16, 2017

a. for 2 consecutive months or 

b. 3 times during any 12-month period.

Effective July 17, 2017

a. twice during any 12-month period.

B. Minimum period that the increased rates will apply (ECHO cashback and CAA Rewards)

The minimum period the increased rates apply is changing for the ECHO cashback and CAA Rewards credit cards. 

Annual interest rates Until July 16, 2017 Effective July 17, 2017
Minimum period that the increased rates will apply

6 consecutive months

9 consecutive months

1 These products are only available to current cardholders. They are no longer offered to new clients.

World Elite®

The following changes impact the World Elite® credit card, including cards associated with a financial package or partner.

Reduction in fees for cash advances made outside Canada

Fees for cash advances made at other financial institutions* outside Canada will be reduced.

Fees for cash advances (per transaction) Until July 16, 2017 Effective July 17, 2017
Other financial institutions* outside Canada

$5.00

$3.50

* Part of the Mastercard network or Cirrus® network.

Changes to the calculation of conversion fees

The calculation of conversion fees on transactions made in foreign currencies is changing (with the exception of ATM transactions). Fees of 2.5%, currently applied to the amount in US dollars, will now be applied to the amount converted to Canadian dollars. Every foreign currency transaction (other than in USD) is first converted to US dollars at the exchange rate set by Mastercard Worldwide.

  • Calculation until July 16, 2017: amount in US $ x 2.5%
  • Calculation effective July 17, 2017: amount converted to CA $ x 2.5%



Changes to the increased rates

The terms regarding the application of the increased rates are changing. In order to ensure you always benefit from your credit card’s regular interest rates, you need to make the minimum payment each month.

Annual interest rates

The interest rates will increase when the minimum payment is not made by the due date indicated on the statement 

Until July 16, 2017

a. for 2 consecutive months or 

b. 3 times during any 12-month period.

Effective July 17, 2017

a. twice during any 12-month period.

Credit cards for businesses

Credit cards for businesses :

  • Business
  • Platinum Business
  • PREMIA®, 1
  • Business Line

1 This product is only available to current cardholders. It is no longer offered to new clients.

Reduction in fees for cash advances made outside Canada

Fees for cash advances made at other financial institutions* outside Canada will be reduced.

Fees for cash advances (per transaction)  Until July 16, 2017 Effective July 17, 2017
Other financial institutions* outside Canada

$5.00

$3.50

Part of the Mastercard network or Cirrus® network.

 

Overlimit fee

Starting July 17, 2017, new overlimit fees will be charged to your account if your balance exceeds your credit limit on the billing date.

Other fees Until July 16, 2017 Effective July 17, 2017
Overlimit fee

No charge

$29.00/ statement period

Changes to the calculation of conversion fees

The calculation of conversion fees on transactions made in foreign currencies is changing (with the exception of ATM transactions). Fees of 2.5%, currently applied to the amount in US dollars, will now be applied to the amount converted to Canadian dollars. Every foreign currency transaction (other than in USD) is first converted to US dollars at the exchange rate set by Mastercard Worldwide.

  • Calculation until July 16, 2017: amount in US $ x 2.5%
  • Calculation effective July 17, 2017: amount converted to CA $ x 2.5%

 

Changes to the increased rates

The terms regarding the application of the increased rates are changing. In order to ensure you always benefit from your credit card’s regular interest rates, you need to make the minimum payment each month.

Annual interest rates

The interest rates will increase when the minimum payment is not made by the due date indicated on the statement 

Until July 16, 2017

a. for 2 consecutive months or 

b. 3 times during any 12-month period.

Effective July 17, 2017

a. twice during any 12-month period.

1 This product is only available to current cardholders. It is no longer offered to new clients.

Changes to cardholder agreements

Effective July 17, 2017, the personal credit cardholder agreement and the agreement governing business credit cards will be amended. 

For personal credit cardholders, the existing and amended clauses are presented below.
Changes to the personal credit card cardholder agreement

Reminder about changes to insurance coverage

In an effort to offer you the most advantageous coverage possible, we hereby advise you that National Bank Life Insurance Company will become the insurer for all insurance coverage included with your card1, effective September 1, 2017. For residents of Alberta, Canassurance will be the insurer as of that date.

For cardholders of Business credit cards, the insurer will remain National Bank Life Insurance Company. For residents of Alberta, the insurer will become Canassurance.

We would like to take this opportunity to inform you that a few changes have been made to the insurance coverage offered with your card. Below you will find a reminder about changes to the insurance included with personal and business credit cards that will take effect on September 1, 2017.

1 Subject to approval by certain regulatory authorities.

Personal credit cards (excluding OVATION®,2 Gold, Platinum, World Mastercard® and World Elite®

OVATION®, 2 Gold personal credit cards

The following changes affect the OVATION®,2 Gold credit card, including cards associated with a financial package or partner.

Personal credit cards – Changes to the insurance included with your credit card (OVATION Gold)

 

Consult the distribution guide and insurance certificate below:

Distribution guide and insurance certificate (OVATION Gold)

Platinum, World Mastercard® and World Elite® Mastercard® personal credit cards

The following changes affect the Platinum, World Mastercard® and World Elite® Mastercard® credit cards, including cards associated with a financial package or partner.

Personal credit cards – Changes to the insurance included with your credit card (Platinum, World, World Elite)

 

Consult the distribution guides and insurance certificates below:

Distribution guide and insurance certificate (Platinum)

Distribution guide and insurance certificate (World)

Distribution guide and insurance certificate (World Elite)