Review: National Bank Syncro MastercardMD
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Do you sometimes carry a balance from one month to the next and interest ends up getting expensive? I took a close look at the National Bank Syncro MastercardMD to see whether its lower rate really changes the bill, with the numbers to back it up. Here’s my expert credit card review of this low-rate card at $35 a year, with no points or cash back.
The National Bank Syncro MastercardMD at a glance
- Annual fee of $35 per year.
- Purchase rate of 9.20%, versus 20% to 25% for most cards on the market.
- Cash advances and balance transfers at 13.20%.
- No minimum annual income required, no points or cash back.
The National Bank Syncro MastercardMD stands apart in the Canadian market. While most cards compete on points, cash back, and welcome bonuses, this one focuses on one thing: a low interest rate. At 9.20% on purchases, it charges about half the interest of a typical rewards card.
This review explains who this positioning makes sense for, who it doesn’t, and how much a lower rate can actually save when you carry a balance.
Who the National Bank Syncro MastercardMD is for
This card targets someone who pays their balance in full most of the time, but sometimes carries part of their bill from one month to the next. For this profile, the interest rate weighs more heavily on the wallet than the points-earning rate. Every dollar of interest avoided is worth more than a point earned.
- You occasionally carry a balance and want to limit the interest you pay.
- You prefer the simplicity of a low annual-fee card ($35) with no program to manage.
- You want a backup card for tighter months, without paying the full market rate.
- You shop at Costco, which accepts the Mastercard network.
On the other hand, the card won’t be a fit if:
- You pay your balance in full every month, since the interest rate will never affect you
- You’re looking to earn points or get cash back: this card offers neither.
- You want a welcome bonus: none is currently attached to the card.
- You travel often and want travel insurance: the Syncro’s coverage is limited to purchase protections.
In these cases, a points or cash back card will give you more value. The traveller or points optimizer profile is already well served elsewhere, for example by the National Bank World Elite Mastercard, geared toward rewards and travel insurance!
Fees and features
| Feature | Details |
|---|---|
| Annual fee | $35 |
| Purchase interest rate | 9.20% (variable rate) |
| Cash advance rate | 13.20% (variable rate) |
| Balance transfer rate | 13.20% (variable rate) |
| Foreign currency conversion fee | 2.5% |
| Network | Mastercard |
| Rewards | None (no points or cash back) |
| First additional card | $0 |
| Minimum annual income required | None (minimum credit limit of $500) |
Two details deserve your attention. First, the 2.5% conversion fee applies to any purchase in a foreign currency: the Syncro is therefore not a travel card, and an online purchase billed in U.S. dollars will cost 2.5% more. Second, the lower rate mainly applies to purchases and, to a lesser extent, to a balance transfer: cash advances should still be avoided, as with any card, because interest starts accruing from day one.
How much a low rate can save you
This is where the Syncro shows its purpose. To illustrate, let’s compare the annual interest cost between the Syncro (9.20%) and a typical rewards card with a rate around 20.99%, assuming an average balance carried over the year. This 20.99% rate is a market benchmark and isn’t tied to any specific card.
| Average balance carried over the year | Interest with the Syncro (9.20%) | Interest with a ~20.99% card | Annual difference |
|---|---|---|---|
| $1,000 | ~$92 | ~$210 | ~$118 |
| $3,000 | ~$276 | ~$630 | ~$354 |
| $5,000 | ~$460 | ~$1,050 | ~$590 |
On an average $3,000 balance carried all year, the gap is close to $354. Even after subtracting the $35 annual fee, that’s about $319 in net savings. A rewards card might have returned, say, 1% to 2% cash back on the year’s spending, but that cash back is calculated on purchases, not on the carried balance, and it doesn’t offset such an interest gap. In other words, as soon as you carry a balance on a recurring basis, points lose the race against the rate.
Insurance and protections
The Syncro remains a budget card, and its coverage reflects that. It includes the basic protections tied to the network, without the travel insurance found on higher annual-fee cards.
- Purchase Protection: eligible items are covered against theft or damage for 90 days after purchase.
- Extended Warranty: extends the manufacturer’s warranty by one year on eligible items.
- Mastercard Zero Liability in case of unauthorized use.
No travel medical, trip cancellation, car rental, or flight delay insurance is included. For this type of coverage, you’ll need to look at travel cards or purchase separate insurance.
Pros and cons
In summary:
- 9.20% purchase interest rate, well below the market average.
- Modest $35 annual fee.
- No minimum annual income required to be eligible.
- First additional card free.
- Accepted everywhere Mastercard is, including at Costco.
- No points or cash back program.
- No welcome bonus currently attached to the card.
- 2.5% conversion fee on purchases in foreign currency.
- Insurance limited to purchase protections, with no travel coverage.
- Variable rates: the effective rate can rise if the base rate increases.
Our Verdict
Our rating: 7/10. The National Bank Syncro MastercardMD isn’t trying to win over the points optimizer, and that’s perfectly fine: that’s not its job. For someone who carries a balance on a recurring basis, 9.20% instead of 20%+ translates into hundreds of dollars in interest avoided each year—an amount no cash back would offset in this scenario. The $35 annual fee is quickly absorbed as soon as a balance of a few thousand dollars is carried.
The opposite logic is just as true: if you pay off your card every month, the rate never affects you and a rewards card will give you more value. The Syncro is a targeted tool, to be chosen based on your repayment habits, not your desire for points.
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National Bank Syncro MastercardMD – Frequently asked questions
What is the annual fee for the National Bank Syncro MastercardMD?
The annual fee is $35. The first additional card is free.
What is the card’s interest rate?
The purchase rate is 9.20%, and the rate for cash advances and balance transfers is 13.20%. These rates are variable: National Bank calculates them based on a base rate plus 4% for purchases and 8% for advances and transfers.
Does the Syncro Card offer points or cash back?
No. The card has no rewards program. Its value rests entirely on its lower interest rate, not on earning points or cash back.
Who is this card interesting for?
For people who sometimes carry a balance from one month to the next and want to reduce the interest they pay. If you pay your balance in full every month, a points or cash back card will suit you better.
How much can you save in interest?
On an average $3,000 balance carried all year, the 9.20% rate costs about $276 in interest, versus about $630 with a 20.99% card—nearly a $354 difference. Even after the $35 annual fee, net savings are close to $319. These amounts are simplified estimates.
Are there fees on purchases in foreign currency?
Yes, a 2.5% conversion fee applies to purchases made in another currency. The Syncro isn’t designed as a travel card.
Do you need a minimum income to be eligible?
No minimum annual income is required. The minimum credit limit is $500. Approval remains subject to National Bank’s credit assessment.
Is the card accepted at Costco?
Yes. The Syncro is a Mastercard, the network accepted in Costco warehouses in Canada.