Synchrony Premier Mastercard: 2% Back, But Not Much Else
The Bottom Line
4.5
The Synchrony Premier World Mastercard® is a fine card, but if you have good credit, you can likely do better.
Rates, fees and offers
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
More details from Synchrony Bank
- 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.
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
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.
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.
» SEE: Best 0% APR credit cards
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.
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.
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Methodology
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