National Bank launches the Syncro MasterCard card: a credit card for people looking for a guarantee that their interest rate reflects market fluctuations

On February 1st National Bank of Canada launched the Syncro MasterCard card, a variable-rate credit card. This new card is geared to people looking for a credit card with an interest rate that reflects market fluctuations and not wanting the benefits of an insurance or a reward program. A "progressive" card, the Syncro MasterCard card has an interest rate equal to the National Bank prime rate plus 4%. What it means to customers is that for example today, the interest rate on the Syncro card is 7.75% (based on the current prime rate of 3.75%).

This new credit card, with an annual fee of $35, gives clients a credit limit adapted to the needs of today's consumers, the option of obtaining cash advances and transferring balances from other cards, and a 21-day interest-free grace period. Like all National Bank MasterCard cards, it offers flexible payment conditions with a minimum payment of only 3% of the balance or $10 per month.

Rubina Havlin, Vice-President - Business Development - Card Services, explained that the Syncro MasterCard card will meet the needs of clients who use their credit card as a method of payment and a short-term financing tool. She added that, "with the Syncro MasterCard card, the National Bank now offers one of the most advantageous products on the market - a product that gives clients the flexibility of a credit card and a guarantee that their interest rate is in line with market fluctuations."