BEST CREDIT CARDSBEST CREDIT CARDSSYNCHRONY PREMIER MASTERCARD: 2% BACK, BUT NOT MUCH ELSE

Synchrony Premier Mastercard: 2% Back, But Not Much Else

This card has some nice perks, but other cards give you the same benefits plus many that the Synchrony Premier Mastercard doesn’t.
Jae Bratton Author Avatar
Sep 19, 2024 3:49 p.m. PDT
Edited by
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The Bottom Line

4.5

NerdWallet rating

The Synchrony Premier World Mastercard® is a fine card, but if you have good credit, you can likely do better.

Synchrony Premier World Mastercard® Image
Apply Now
on Synchrony Bank's website
on Synchrony Bank's website
Synchrony Premier World Mastercard®
Annual Fee
$0
Rewards Rate
2%
Cashback
Intro Offer
None
Recommended credit score
Intro APR
N/A
Regular APR
19.24%-34.99%, Variable APR
Recommended credit score
Annual Fee
$0
Rewards Rate
2%
Cashback
Intro Offer
None
Recommended credit score
Intro APR
N/A
Regular APR
19.24%-34.99%, Variable APR
Recommended credit score

  • Annual fee

    $0

  • Rewards rate

    2%

  • Bonus offer

    None

  • Intro APR

    N/A

  • Ongoing APR

    APR: 19.24%-34.99%, Variable

    Cash Advance APR: 37.99%, Variable

  • Balance transfer fee

    Either $10 or 4% of the amount of each balance transfer, whichever is greater.

  • Foreign transaction fee

    3% of each transaction

  • 2% cash back* on every purchase--no categories, tiers, or limits--no kidding.
  • No annual fee^
  • Zero Liability Protection
  • Secure online and mobile app account access
  • Get more out of every day purchases -- earn 2% cash back with your Synchrony Premier Card. No complicated math or rewards categories to remember.
  • Plus, you'll also gain access to additional key benefits like identity theft protection, money-saving discounts, and concierge travel planning support.
  • *2% cash back is valid on net purchases (less credits, returns and adjustments) of goods and services made with a Synchrony Premier World Mastercard. Cash back earned will be applied as a statement credit within 2 billing periods after an eligible purchase is made, if the account is open and in good standing. See Rewards Terms for details. We reserve the right to modify features of the Cashback Program at any time.
  • ^NO ANNUAL FEE: New Accounts as of April 30, 2024: Variable Purchase APR 19.24%, 28.24%, or 34.99%. Variable Bal Trans APR 19.24%, 28.24% or 34.99% and 4% Fee ($10 min). Variable Cash APR 22.24%, 31.24% or 37.99% and 5% Fee ($10 min). Variable Penalty APR 29.24%, 38.24% or 39.99%. Minimum Interest Charge is $2. Foreign transaction fee: 3%.

Pros and Cons

Pros

No annual fee

High rewards rate

Cons

No bonus offer

No 0% intro APR

Detailed Review

The Synchrony Premier World Mastercard® boasts a $0 annual fee and an unlimited 2% cash back on all purchases.

Among flat-rate cash-back credit cards, that makes it one of the better options on the market, and certainly more versatile than a lot of Synchrony Bank's co-branded credit cards, many of which can be used only at a specific merchant.

Still, compared with other cards in its class, the Synchrony Premier World Mastercard® falls a little short when it comes to extra perks.

🤓Nerdy Tip

In addition to the Synchrony Premier World Mastercard®, Synchrony also issues a "Plus" and a "Preferred" version, but those cards are currently "invitation-only."

Synchrony Premier World Mastercard®: Basics

Card type: Cash back.

Annual fee: $0.

Sign-up bonus: None.

Rewards:

  • Unlimited 2% cash back on every purchase. 

APR: The ongoing APR is 19.24%-34.99%, Variable.

Foreign transaction fee: 3%.

Compare to Other Cards

ANNUAL FEE
$0
REWARDS RATE
2%
Cashback
INTRO OFFER
None
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
REWARDS RATE
1%-5%
Cashback
INTRO OFFER
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
REWARDS RATE
1%-5%
Cashback
INTRO OFFER
Cashback Match™
RECOMMENDED CREDIT SCORE
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Benefits and Perks

Excellent rewards rate

A 1.5% rewards rate used to be the gold standard, but the Synchrony Premier World Mastercard® joins a relatively recent wave of credit cards that earn 2% back or more on everything.

There’s no limit on the amount of cash back you can earn, and because the 2% rate applies to any purchase, there's no need to keep track of revolving bonus categories. Spend $1,000 in a month; earn $20 back.

True, that simplicity comes at a price, as you forfeit higher reward rates offered by other cards. But those rates generally come with limits, whether in terms of a spending cap, merchant type or time of year.

If you like the idea of cash back but don’t have the time or desire to learn complicated reward programs, add the Synchrony Premier World Mastercard® to your short list of options.

Effortless redemption

Redeeming rewards earned with the Synchrony Premier World Mastercard® is hassle-free: All cash back is automatically converted to a statement credit every month. There's no minimum redemption threshold.

🤓Nerdy Tip

In summer 2022, the Rakuten Cash Back Visa, another Synchrony-issued credit card, was discontinued, and cardholders were moved to the Synchrony Premier World Mastercard®

Drawbacks and Considerations

No sign-up bonus

The lack of a sign-up bonus on a cash-back card that requires excellent credit is a major bummer.

Like the Synchrony Premier World Mastercard®, the Wells Fargo Active Cash® Card also earns an unlimited 2% back on all purchases, but it has a nice welcome offer: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

No intro APR offer

The Synchrony Premier World Mastercard® is not the best card if you expect to carry a balance, whether from a balance transfer or a large purchase that you plan to pay off over time. The ongoing APR is 19.24%-34.99%, Variable.

In comparison, plenty of cash-back credit cards offer 0% intro APR periods, often for a year or longer. The aforementioned Wells Fargo Active Cash® Card offers 0% intro APR on Purchases for 12 months and 0% intro APR on Balance Transfers 12 months from account opening on qualifying balance transfers, and then the ongoing APR of 19.74%, 24.74%, or 29.74% Variable APR.

Limited redemption options

A statement credit is the only way to redeem rewards with the Synchrony Premier World Mastercard®, which can be limiting. Other credit cards have a broad menu of redemption options that typically include statement credits, yes, but also direct deposits, gift cards, credits toward previous purchases and travel.

Also, because the Synchrony Premier World Mastercard® automatically converts rewards into a statement credit, you can’t “bank” your cash back and redeem it whenever you like in a sizable lump sum.

How To Decide If It's Right For You

The Synchrony Premier World Mastercard® would have been considered an outstanding credit card about 10 years ago, and even by today's standards, it's a solid product. But as issuers compete to get their credit cards in our wallets, they tend to try to one-up each other with extra side perks and valuable benefits, which don't really exist on the Synchrony Premier World Mastercard®.

Before applying, make sure you research its closest competitors among the top cash-back credit cards to ensure you're getting the best deal.

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Alternate Pick: Bonus categories, valuable perks
Redemption flexibility

This card earns an unlimited 3% back at restaurants and drugstores and a flat 1.5% on non-bonus category spending. It also has an intro 0% APR offer, a nice sign-up bonus and myriad redemption options — especially if you pair it with one of Chase’s travel cards.


Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.

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