Synchrony Premier Mastercard: 2% Back, But Not Much Else
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4.5
The Synchrony Premier World Mastercard® is a fine card, but if you have good credit, you can likely do better.
Pros
No annual fee
High rewards rate
Cons
No bonus offer
No 0% intro APR
on Synchrony Bank's website
Compare to Other Cards
Annual fee$0 | Annual fee$0 |
Regular APR19.24%-34.99%, Variable APR | |
Intro APRN/A | Intro APR0% intro APR on balance transfers for 18 months |
Detailed review: Synchrony Premier World Mastercard®
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%.
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 20.24%, 25.24%, or 29.99% 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.
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.
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.
on Synchrony Bank's website
