The National Bank issues the Syncro Mastercard in Canada, a credit card for people who don't want to pay a lot on their interest. If you're carrying a balance often, you should consider finding an option with lower interest rates to save money. Even though this card doesn't offer any cashback or earning points through purchases, users can save a lot of money on their interest. At the same time, the Syncro Mastercard doesn't come with any noticeable fees.
People who need low cash-advance and balance-transfer interest rates
Users looking for an extended warranty and purchase protection
People who want to get multiple cards without added fees
What Are Syncro Mastercard Advantages?
Many people don’t want to pay off their credit cards every month. However, you must pay an interest rate when you don’t pay off your credit. Low-interest rate credit cards like Syncro Mastercard allow you to pay a small monthly interest even when carrying a balance. However, this card is not only about helping you pay low interest on your balance; you can also use it to pay off your outstanding credit card debt. Simply put, this card won’t bury you into the ground with interest and make it impossible to pay off your credit.
No minimum income requirements
In most cases, low-interest credit cards come with a minimum income requirement. Banks want to ensure their users have the financial ability to pay off their debts, even with a lower interest rate. National Bank Syncro Mastercard doesn’t require any income information when applying but needs you to have good credit.
Low interest rates
All credit cards with an interest rate under 9% are low-interest cards. Most “regular” credit cards that don’t focus on offering these kinds of perks have interest rates typically ranging from 20% to 23%. The average is 21%, and cards under 9% allow you to carry a balance and make the correct calculations to finish off payments on other credit cards or organize your finances better. Here are all the interest rates you can expect with the Syncro Mastercard:
Balance transfer interest: 12.90% and Canada Prime Rate + 8%
Cash advance interest rates: 12.90% and Canada Prime Rate + 8%
Credit interest rate (purchase rate): 8.90% and Canada Prime Rate + 4%
To put things in perspective, if you use a typical credit card with a 20% interest, your annual interest on a $3,000 debt would be $600. On the other hand, if you would use the National Bank Syncro Mastercard, your interest for that year would be $270.
Even though there are several low-fee cards out there with similar rates, most of them have other additional fees you will have to cover in return. In other words, you aren’t getting your lower interest rates for free. With the Syncro Mastercard, you can expect a fixed annual fee of $35, which is not much compared to what the card offers. There’s also a foreign transaction fee that costs you 2.5% of your transaction. Outside of that, there are no hidden costs you should be aware of when using this card. There are no personal income fees, household income fees, or additional charges. However, there are also no welcome bonuses or rewards.
All Mastercard cards have specific purchase protections. First, all cardholders in Canada get zero-liability protection, meaning all online and in-store purchases, mobile transactions, and ATM transactions are secure. In other words, the National Bank of Canada won’t hold you responsible for any unauthorized purchases unless you’ve contributed to them somehow. For example, giving out your PIN or password is something you can’t do. At the same time, the National Bank Syncro Mastercard also has its purchase protection. Cardholders get extended warranty insurance, a standard for any credit card. The National Bank doesn’t offer any other insurance, meaning you will have to get travel insurance individually if you ever need it.
Does Syncro Mastercard Have Disadvantages?
Even though the Syncro Mastercard is generally an excellent offer, it’s not perfect. There are some things that people might find annoying or disappointing.
Annual fee. The card offers very competitive interest rates, but many competitors don’t include annual fees. That might seem like a deal-breaker, but paying a fixed amount each year is better than increasing your expenses through high-interest rates.
Standard benefits. The benefits are also a bit slim and pretty much standard. This card aims to offer lower interest rates and nothing else.
Little attractive features. Don’t expect to get roadside assistance, rewards, cashback deals, or travel insurance with this card. Another downside is that there’s no price protection.
What Makes National Bank Syncro Mastercard Different
The lowest interest rates are the essential perks of this credit card, and hardly any other options can match them while not including any additional fees. Another fantastic thing about the Syncro credit card is that your interest rates do not depend on your income. However, the card recommends you have good credit to qualify. In other words, no matter your income but if you have good to excellent credit you can get approved for this lowest interest rate National Bank credit card.
If you need a simple credit card without much hassle and great interest rates, the National Bank Syncro Mastercard is a great option. You can shave up to 60% off the rate of most other credit cards in the same category. Anyone over 18 with permanent residence in Canada can get this card if they have a good to excellent credit score.
Frequently Asked Questions
What do I need to apply for the Syncro Mastercard?
You need to have a residence in Canada and be at least 18 years old. You will also have to provide personal information, including your full name, contact information, residential status, date of birth, email, social insurance number, and phone number.
Can I apply for the National BankSyncro Mastercard online?
Yes. Click the apply button on this page, and you will be redirected to the online application form to start the process.
Are there any rewards with the Synchro card?
Unfortunately, no. The card doesn’t offer any rewards or points that you can collect over time. See available reward credit cards.
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.
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
*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 BankSyncrocard. 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.
*The information provided for Syncro Mastercard® from National Bank of Canada is believed to be accurate at the time of evaluation or recent update on September 21, 2023. However, we strongly advise visitors to review the card fees and Terms & Conditions on the issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.
National Bank Syncro Mastercard®
Syncro Mastercard® from National Bank of Canada
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