Overview of the National Bank Syncro Mastercard®

National Bank Syncro Mastercard®

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Card details

Annual fee: $0
Purchase interest rate: 9.95%

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Detailed card summary

Benefits & features

From November 21, 2024 to February 27, 2025
The annual fees will be refunded for the first year for the primary cardholder,
$70 cashback bonus will be credited to the account if $5,000 in net purchases are made within the first 12 months of card membership
Extended warranty
Purchase protection in case of theft or damage*

How to get approved

Ratehub review

Natasha Macmillan

April 12, 2024

The National Bank Syncro Mastercard is a bit different from other low-interest credit cards because its interest rate moves with the prime rate. The interest rate is subject to a minimum and maximum level, but you could end up with a bit of a higher interest rate than you signed up for depending on economic conditions.

Pros

Low purchase interest rate: The low rate can save you money if you carry a balance
Grace period: 21 day grace period, meaning you won’t be charged interest in the first 21 days if you pay the full amount on your account within 21 days of the statement due date

Cons:

Higher balance transfer rate: Many low-interest cards also have a low balance transfer rate, but this card’s balance transfer rate is higher
Interest rates can change: Depending on the prime rate, your purchase interest rate can change (within limits), costing you more than you might have expected

Legal

Prime rate and Interest details

The prime rate means the annual variable interest rate posted by National Bank, from time to time, and used by the Bank to determine the interest rates on the demand loans it grants in Canadian dollars in Canada.

The interest rate for the SYNCRO card consists of a variable prime rate set by National Bank plus a fixed adjustment rate of 4% for purchases and 8% for balance transfers and cash advances. Please note that the annual interest rate for the SYNCRO card will not be less than 8.9% for purchases and 12.9% for balance transfers and cash advances.

Credit terms

Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers. Minimum payment: If your account balance is lower than $10, you must pay the entire balance. If you reside in the province of Quebec, your minimum payment will correspond to 5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. If you reside outside of Quebec, your minimum payment represents 2.5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. Account statement: A statement is sent monthly.

Example of credit charges over a 30-day period

Annual interest rate	Average balance
	$500	$3,000
22.49%	$9.24	$55.45
20.99%	$8.63	$51.76
12.90%	$5.30	$31.81
8.9%	$3.66	$21.95

_{*Variable interest rate in effect on September 1, 2021}

Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.

Purchase protection and Extended warranty

This coverage applies to purchases charged to the National Bank Syncro card. Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer’s warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.