If you want a low interest credit card, then look no further than the National Bank Syncro Mastercard. There is no minimum income requirement but you pay 8.9% on purchases and 12.9% on cash advances and balance transfers. There is no Welcome Offer because there are no points or cash back or rewards. This is a minimalist credit product. You know what? That is not a bad thing.

Annual fee: $35

Interest rate: 8.9% purchases, 12.9% balance transfers and cash advance

Minimum income: none

Why choose a low interest rate credit card?

Let’s put it this way: if you do not pay off your credit card each month, you want a rock-bottom low interest rate. The reason is that any outstanding balance on your credit card is charge interest. It is the worst gift you give yourself. However, if you have a low interest rate credit card, your monthly interest payment is low. With some planning, a budget, and a credit card repayment calculator, you can get out of credit card debt faster. 

Why choose the National Bank Syncro Mastercard?

There are a lot of good reasons to choose this very minimalist, very low interest rate card. That is why its featured in lists of the best low interest credit cards. The best reason is that it does its job and does not confuse the consumer with extra features that have nothing to do with revolving credit. Let’s see if you agree.

National Bank Syncro Mastercard is an ultra low-interest credit card

When you find an interest rate under 9%, you found an ultra low interest credit card. So-called regular credit cards have purchase interest rates between 19.99% and 22.99%. Let’s take the average of that, which equals 21.49%. That means that the National Bank Syncro Mastercard gives you a rebate of almost 60% off the average credit card interest rate. 

National Bank Syncro Mastercard has no minimum income requirement

You do not need to earn a pre-set amount to qualify for the National Bank Syncro Mastercard. Whether you are a new immigrant to Canada with no credit history, a student, or a multi-millionaire, you can get this card. That is something to like about this credit card. Having no pre-set income requirement means financial inclusion. 

So what if this low interest credit card has a $35 annual fee? 

Sure, you pay an annual $35 fee for the National Bank Syncro Mastercard. There are no-fee Mastercards on the market, but their interest rates are higher. At National Bank, there are 3 no-fee Mastercards with 20.99% purchase interest rates. The choice is yours: is $35 worth the higher interest rate?

National Bank Syncro Mastercard purchase protection benefits

Every Mastercard comes with certain purchase protections. Since it is a Mastercard, you have its zero-liability protection. In addition, the National Bank Syncro Mastercard has the purchase protection as well as extended warranty insurance you expect from any credit card today. There are no other insurances. That said, if you want travel insurance, you can always buy your own.

Should you get the National Bank Syncro Mastercard?

If you do not pay in cash or with debit, then you should get the National Bank Syncro Mastercard. It is no frills but still has all the elements you need including an ultra low interest rate. The card shaves off almost 60% of the posted rates of other credit cards. It has an unheard of 8.9% purchase interest rate. True, the balance transfer rate is 12.9%; even that is pretty low. If you are just starting out with credit cards, are new to Canada, or you do not want to get into any affinity cards, the National Bank Syncro Mastercard gives you everything that you need to purchase, pay, repeat.

National Bank Syncro Mastercard Rating

Purchase interest rate: 5/5
Cash advance interest rate: 4/5
Balance transfer rate: 4/5
Rewards: NA
Cash back: NA
Welcome Offer: NA
Annual fee: 4/5
Purchase insurance:
4/5
Extended warranty insurance:
4/5
Travel insurance: NA
Emergency medical travel insurance:
NA
Other Perks: NA
Rating: 4.2/5

Benefits and perks

  • 8.9% standard interest rate on purchases
  • 12.90% on balance transfers and cash advances
  • Contactless payments
  • No minimum income requirement
  • Purchase protection and extended warranty features

How would you like to earn hundreds of dollars in rewards?

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