Prime rate and Interest details
The prime rate means the annual variable interest rate posted by National Bank, from time to time, and used by the Bank to determine the interest rates on the demand loans it grants in Canadian dollars in Canada.
The interest rate for the SYNCRO card consists of a variable prime rate set by National Bank plus a fixed adjustment rate of 4% for purchases and 8% for balance transfers and cash advances. Please note that the annual interest rate for the SYNCRO card will not be less than 8.9% for purchases and 12.9% for balance transfers and cash advances.
Credit terms
Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers. Minimum payment: If your account balance is lower than $10, you must pay the entire balance. If you reside in the province of Quebec, your minimum payment will correspond to 5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. If you reside outside of Quebec, your minimum payment represents 2.5% of the credit card account balance plus any overdue payment or $10, whichever amount is higher. Account statement: A statement is sent monthly.
Example of credit charges over a 30-day period
| Annual interest rate |
Average balance |
| |
$500 |
$3,000 |
| 22.49% |
$9.24 |
$55.45 |
| 20.99% |
$8.63 |
$51.76 |
| 12.90% |
$5.30 |
$31.81 |
| 8.9% |
$3.66 |
$21.95 |
*Variable interest rate in effect on September 1, 2021
Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.
Purchase protection and Extended warranty
This coverage applies to purchases charged to the National Bank Syncro card. Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer’s warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.
