National Bank launches the Syncro MasterCard card: a credit card for people looking for a guarantee that their interest rate reflects market fluctuations
Montreal, 4 February 2002 -
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."
- 30 -
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. With assets of over $75 billion and some 17,000 employees, the National Bank is the sixth largest bank in Canada. Its shares are listed on the Toronto Stock Exchange.
|For more information:
Public Relations Department
Tel.: (514) 394-6991
|* The telephone number and e-mail address are for the exclusive use of journalists and other media representatives.