5 Things to Know about the Synchrony Mastercard - NerdWallet (2024)

The Synchrony Premier World Mastercard® boasts a $0 annual fee and 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 many of Synchrony's co-branded store credit cards, many of which can be used only at a specific merchant.

Still, you can find cards with similar or higher rates, and it lacks some incentives you'd expect to find on cards in its class.

1. 2% back on everything is quite good

There are no limits 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. You forfeit higher rewards rates — some as high as 8% — that come with other cards. But those rates generally also 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, the Synchrony Premier may be a good choice.

2. Redemption is effortless but limited

It’s pretty easy to redeem the rewards earned for spending with the Synchrony Premier: All cash back is automatically converted to a statement credit every month. There's no minimum redemption threshold.

Again, if you appreciate simplicity, that's great. But if you crave options, maybe it's not so great. The Citi Double Cash® Card, for example, also earns 2% back on every purchase — 1% when you buy, 1% when you pay it back. But technically, those rewards are earned as points, and you can redeem them for a variety of things: statement credits, yes, but also direct deposits, gift cards and purchases on Amazon. You can even transfer those points to a limited number of travel partners.

Also, because the Synchrony Premier automatically converts rewards into a statement credit, you lose the ability to "bank" your cash back and redeem it whenever you like for something specific.

3. There's no sign-up bonus

The lack of a sign-up bonus on a cash-back card is a bit of a bummer.

For comparison, the $0-annual-fee Wells Fargo Active Cash® Card earns 2% back on all purchases and has this welcome offer: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

4. There's no 0% intro APR offer

The Synchrony Premier is not the best card if you expect to carry a balance on the account, whether from a balance transfer or a large purchase that you plan to pay off over time. The ongoing APR is 19.24%, 28.24%, or 34.99%, Variable.

Plenty of cash-back credit cards offer 0% intro APR periods, often for a year or longer. Take the aforementioned Citi Double Cash® Card. You'll get a 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 19.24%-29.24% Variable APR.

Meanwhile, the previously mentioned Wells Fargo Active Cash® Card offers 0% intro APR on Purchases for 15 months and 0% intro APR on Balance Transfers 15 months from account opening on qualifying balance transfers, and then the ongoing APR of 20.24%, 25.24%, or 29.99% Variable APR.

5. You'll get other perks via Mastercard

Since the Synchrony Premier is a "World" tier Mastercard, you'll have access to various benefits through the Mastercard payment network, including limited-time credits for Lyft, HelloFresh and DoorDash. (Terms apply.)