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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The National Bank Syncro MasterCard is a unique offering in the Canadian credit card market, providing cardholders with flexible earning potential and various benefits suited for different spending behaviours. To help you understand if this card is the right choice for you, let’s dive into its features and evaluate its benefits and drawbacks.

Earning potential with the Card

The National Bank Syncro MasterCard does not earn points or cash back in the traditional sense. Instead, it focuses on giving cardholders a lower interest rate, which can be highly beneficial for those who carry a balance on their credit cards.

The variable interest rate on the card is set at the prime rate (currently 2.45%) plus 4% for purchases and 22.99% for cash advances, making it a competitive card in terms of interest rates.

Benefits

1. Low Interest Rate: The first major advantage of this card is its low interest rate, putting it ahead of other credit cards that typically have a higher fixed interest rate. If cardholders occasionally carry a balance, this feature could save them a significant amount in interest expenses.





2. Low Interest Rate on Balance Transfers: The second major advantage of the National Bank Syncro MasterCard is that it applies this lower interest rate not only to purchases but also to balance transfers. This can make the card highly favorable for those looking to consolidate outstanding balances on other high-interest credit cards.





3. Purchase Protection and Extended Warranties: The third major advantage is the added benefits such as purchase protection and extended warranties on purchases made with the card. This can provide cardholders with peace of mind and additional safeguards on their eligible purchases.





4. No Annual Fee: The fourth major advantage is the absence of an annual fee, making the card accessible to a wider range of consumers and eliminating the potential barrier to entry that comes with an annual charge.

Drawbacks

1. Lack of Rewards Program: One significant drawback of the National Bank Syncro MasterCard is the absence of a rewards program. Consumers who prioritize earning points or cash back on their credit card purchases may find this card less alluring due to this.





2. Higher Interest Rates for Cash Advances: Another significant drawback is that this card is not designed for those who plan to carry a significant balance on their credit card debt for extended periods, as it does not offer the same low interest rate for cash advances.
   
   Additionally, if the prime rate increases, the card’s interest rate may become less competitive.

Additional information

To sum it up, the National Bank Syncro MasterCard is ideal for Canadians who focus on managing balances and who want a low-interest credit card without an annual fee. If rewards, travel perks, or cash-back incentives are your priority, then it is advisable to explore other options in the credit card market to find the best fit for your personal spending habits and financial goals.

Interested in other credit cards? Canadians that like the National Bank Syncro MasterCard credit card also like the National Bank MC1 MasterCard. If you’re looking for other options you should consider the National Bank Platinum MasterCard, and the National Bank mycredit MasterCard.

FAQ

Key benefits

• Variable Interest Rate: Prime Rate + 4% or 8%





• Annual Fee: $0





• Purchase Interest Rate Savings: Potential savings based on prime rate fluctuations





• Grace Period: 21 days





• Supplementary Cards: Available at no additional cost





• Balance Transfer Fee: 1% or minimum $10





• Cash Advance Fee: $2.50 in Canada, $3.50 outside Canada





• Foreign Transaction Fees: 2.5% on purchases in foreign currency





• Credit Limit: Minimum limit of $500





• Purchase Protection: Up to 90 days, max claim of $1,000/item





• Eligibility Requirements: Canadian resident, age of majority, good credit score





• Application Processing Time: Usually within 1-2 weeks





• Online Account Management: Access to National Bank’s online and mobile banking platforms





• Zero Liability Protection: Protection against unauthorized purchases





• Customer Support: Available via phone, email and National Bank branches