If you're paying too much interest, breathe easier with the Syncro Mastercard low interests credit card
The Syncro card's rate offers you a competitive interest rate at all times
Protect your purchases with an insurance program you can count on
Protect yourself against unauthorized purchases thanks to the Mastercard Zero Liability program.
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Priority airport services
No
-
Airport lounge access
No
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Concierge service
No
-
Balance protection(Optional)
No
-
Purchase Security & Extended Protection Insurance
Yes
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Flight delay insurance,Baggage Insurance
No
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Vehicle rental insurance
No
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Travel accident insurance
No
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Travel medical insurance
No
- Annual Fee: $35
- Additional Card Fee: $0
- Purchases Interest Rate: 11.20%
- Cash Advance Interest Rate: 15.20%
- You're a Canadian resident
- You've reached the age of majority in your province or territory
The purchase rate is 4% + prime rate (4% + 6.95% = 10.95%)
The cash advance and balance transfer is 8% + prime rate (8% + 6.95% = 14.95%)
Purchase protection
Protect your new purchases from loss, theft or damage for up to 90 days after the date of purchase.
Extended warranty
Get up to double the manufacturer's warranty for most items purchased using your credit card.
Secure online purchases
Mastercard® ID CheckTM is a service that protects you against fraud by verifying your identity when making online purchases.
Fraud protection
Benefit from Mastercard's Zero Liability policy—you won't be liable for unauthorized transactions completed with your card.
Urban experiences
Enjoy unique experiences with Priceless Cities®. Get room upgrades, exclusive menus and many other surprises.
National Bank Syncro Mastercard Review
Overview
The Syncro Mastercard’s main advantage is reduced interest rates. Cardholders can take advantage of significantly lower costs of financing. There is an annual fee of $35 to use this credit card. Learn more below.
Key Features and Benefits
- Annual fee of $35 and variable interest rates
- Purchase protection, fraud protection and extended warranty coverage included
- Access to Mastercard Priceless Cities, a special travel experience program
Pros
- The interest rate is the prime rate plus 4% for purchases, currently sitting at 10.95% which is much lower than industry standards
- Insurance protection
- National Bank is rated as one of the best banks for customer service support
Cons
- No rewards
- Balance transfers and cash advances have a interest rate of 4% plus prime, currently sitting at 14.95% but still competitive compare to other credit cards.
Takeaway
The main benefit of the Syncro Mastercard is the reduced interest rates on purchases, cash advances and balance transfers which can help you save significantly compared to standard credit cards at 19.99% or 20.99% for purchase interest rate. The card is an excellent option for people who carry a balance each month on their credit cards. There aren’t any other perks that come with this credit card. If you’d prefer access to some kind of rewards program, consider another credit card.Legal notes :
® SYNCRO is a registered trademark of National Bank.
®Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank
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.
Scotiabank Value® Visa* Card review
0% introductory interest rate on Cash Advances for the first 10 months (12.99% after that; annual fee $29). Plus no annual fee in the first year.
Great reasons to get this card for your everyday purchases
Save up to hundreds of dollars a year on interest
Pay down higher interest rates balances faster
- Stay one step ahead of your balance a lower interest rate makes this card an affordable way to finance those medium to large purchases you are making.
Transfer higher rate balances and save even more
- Switch balances over from higher interest-rate credit cards to the Scotiabank Value® Visa* credit card. By consolidating your higher-rate balances on a lower-rate card, you’ll save on interest and make paying bills easier.
Author Bio
Mohamed Konate is a personal finance expert, blogger, and marketing consultant based in Toronto. He is a former financial services professional who worked at major Canadian financial institutions for many years. He managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor's in Business Administration from the University of Quebec (Montreal) and a Master's in International Business from the University of Sherbrooke (Quebec). He is also the author of the Canadian Credit Card Guidebook.
