What Is Synchrony Bank, and Are Its Credit Cards Right for You?
The issuer has a few standout cards in its portfolio. But customer satisfaction isn't Synchrony's strong suit, and its retail cards — like most others — have drawbacks and restrictions.
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Synchrony Bank specializes in co-branded store credit cards, offering a range of options for consumers looking to make purchases, earn rewards and build their credit.
Because store credit cards tend to have lower qualification standards than general purpose cards, many Synchrony Bank credit cards are appealing to borrowers with bad or no credit. But store cards often have low credit limits, high annual percentage rates, limitations on where you can use them and restrictions on how you can redeem rewards.
Synchrony in particular earns poor ratings from cardholders. In a 2022 J.D. Power customer satisfaction survey that included around a dozen of the largest credit card issuers, Synchrony was ranked next to last.
Still, Synchrony Bank has a large portfolio of credit cards based on relationships with many retailers, and some of its cards are better and more useful than others. Here's a look at a few of the most popular cards in Synchrony’s credit card portfolio.
Synchrony-branded credit cards
Though it's best known for its co-branded store credit cards, Synchrony also carries some credit cards directly under the Synchrony name. The most heavily marketed of those include the following $0-annual-fee cards, which can be used anywhere Mastercard is accepted:
The Synchrony Premier World Mastercard® offers 2% cash back on every purchase to individuals with excellent credit (FICO scores of 720 or higher).
The Synchrony Plus World Mastercard is designed for those with at least good credit (scores of 690 or higher) and earns 1% cash back on every purchase.
The Synchrony Preferred World Mastercard, the bank’s credit-building card, offers a variable APR and no rewards to individuals with fair credit (scores of at least 630).
Of those cards, the Synchrony Premier World Mastercard® is the standout: The ability to earn 2% back on all purchases puts it among the best flat-rate rewards cards on the market. However, there are no upfront incentives such as a sign-up bonus or 0% intro APR offer.
Synchrony also offers cards that can be used at specific retailers:
Synchrony HOME offers promotional financing with a variety of home goods and home improvement retailers.
Synchrony Car Care can be used on certain car repairs and gas purchases.
Synchrony's CareCredit Card is offered in many doctor's and dentist's offices as a financing vehicle for medical expenses not covered by insurance.
Synchrony Outdoors is meant for purchases of power sports vehicle accessories, parts and service. Power sports vehicles are excluded.
The deferred interest financing available on many Synchrony credit cards doesn't work like a true 0% intro APR offer in which interest is completely waived — not deferred — during the promotional period. With a deferred interest offer, if you haven’t paid off the entire balance before the promotional term ends, you’ll owe interest on the full amount of the transaction, retroactive to the purchase date.
Synchrony co-branded credit cards
Some of the following co-branded cards are "closed loop" products, meaning they can be used only on purchases with that co-branded partner. Others, though, are "open loop," so they can be used anywhere that accepts credit cards.
MyLowe’s Rewards Credit Card
Die-hard DIYers may gravitate to the MyLowe’s Rewards Credit Card for one main reason: Cardholders get a 5% discount on purchases when paying with the card in full at checkout. The card also features deferred interest on eligible purchases, but these two offers can’t be combined.
Either benefit could help you finance expensive home improvements or repairs.
OnePay CashRewards Card
You can’t tell from the card’s name, but the OnePay CashRewards Card is the official store credit card for Walmart. (The card is named after the financial technology company OnePay, which services the credit card.)
The $0-annual fee card earns an unlimited 5% cash back at Walmart for Walmart+ members and 3% back at Walmart for non-members. All other purchases earn 1.5% cash back. Note that a Walmart+ membership costs $98 a year, or $12.95 per month.
Cash back is earned in the form of OnePay Points, which are worth 1 cent each and can be redeemed for a statement credit or deposit into a OnePay Cash account.
Cardholders need the OnePay mobile app in order to manage their OnePay CashRewards Card.
Terms and conditions apply. Credit products subject to lender approval.
Sam's Club® Mastercard®
With the Sam's Club® Mastercard®, members of the popular warehouse club can earn 3% cash back on dining and an even better 5% at gas and EV charging stations. That makes it one of the best gas credit cards on the market. It’s also a decent pick for those with a Sam’s Club Plus level membership, with less impressive rewards for base-level members.
The card comes with a variety of rules and rewards caps, so maximizing its value can take some work.
PayPal Cashback Mastercard®
The PayPal Cashback Mastercard® earns 3% cash back on any purchase made with PayPal, but a ho-hum 1.5% cash back on all other purchases. Still, considering the widespread acceptance of PayPal, especially online, the PayPal Cashback Mastercard® could be a lucrative choice for the right shopper.
A PayPal account is required to get the credit card.
Venmo Credit Card
Holders of the Venmo Credit Card can earn excellent reward rates with very little effort. The card automatically gives you 3% back on your top spending category for the month (from a list of eight), and 2% on the next highest spending area (from one of the remaining seven eligible categories). You'll get 1% back on all other purchases. This feature allows for a customized yet seamless experience.
You'll need to use the card in tandem with the Venmo app, though. So as with the PayPal Cashback Mastercard®, you'll need to have a Venmo account to qualify for the Venmo card.
» MORE: PayPal vs. Venmo credit cards
Verizon Visa® Card
If you want to minimize your cell phone bill, the Verizon Visa® Card might be an option. You'll enjoy high reward rates in popular categories, including 4% back at "the big three" — grocery stores, gas stations and dining. But you'll get just 1% back on your monthly Verizon bill, and you'll have limited redemption options: Rewards can only be redeemed toward Verizon purchases such as a new phone, a monthly cell phone bill or on travel booked through Verizon’s travel portal.
Direct cash back isn't an option, nor does the card offer cell phone insurance.
Other Synchrony co-branded cards
Amazon Store Card (different from the Prime Visa, issued by Chase).
Is a Synchrony credit card right for you?
Synchrony has no shortage of store credit cards, some of which could be useful for you if they align with stores where you frequently shop. For many consumers, though, a store credit card that can be used at a single merchant is too restrictive. In that case, a general rewards credit card is more versatile. Synchrony offers some of those cards, too, and they can be solid choices depending on your spending habits.
Capital One Quicksilver Cash Rewards Credit Card
No Annual Fee
0 Intro APR
Earn an easy 1.5% cash back on purchases, plus 0% APR for the first 15 months on purchases and balance transfers on this no-annual-fee card. New cardholders can earn a $200 cash bonus, plus a $100 Capital One Travel portal credit!
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