By Adam Jusko,,

Synchrony Bank has upgraded the Synchrony Home credit card, and the changes include 2% cash back on purchases under $299 as well as many new locations that accept the card. Special 0% financing on larger purchases will continue to be a centerpiece of the no-annual-fee card. However, this card has some serious fine print to be aware of:

  • The 2% rebate on purchases under $299 is only through the end of this year — December 31, 2019. No word from Synchrony Bank on whether it will disappear entirely after that point or be reduced.
  • The rebate is given as a statement credit only, meaning you will need to use the card in the future to actually take advantage of your cash back. Obviously many bank credit cards do this, but this card does have fewer locations where it is accepted, so it won’t be your everyday credit card — you’ll need to make a special effort to use those rebates.
  • Six-month financing on purchases over $299 usually means (depending on the retailer) that you get a 0% rate on your larger purchases with the card, but you must pay off the complete balance within those six months or be charged all of the interest that would’ve accrued since the day you made the purchase. And the card’s everyday interest rate is 29.99%, so you’ll pay a lot of interest if you play it wrong. (There are also other financing offers from partner retailers that may have different terms over a 12-month to 60-month repayment period.)

The card has seriously increased the number of retailers that accept it. When I used their retailer locator, I found all sorts of local businesses, including local dry cleaners, Sherwin-Williams stores, my local grocery store, and more. It will also continue to be the card of larger retailers like Mattress Firm, ABT Electronics, LoveSac, and others. Synchrony says it “is working with Discover Global Network to provide greater merchant acceptance within the home category.” Still, this won’t become anyone’s everyday credit card.

My take: While the card is improved, it is still mainly a card to use for 0% financing on your larger furniture and home purchases. The 2% rebate will last only through the end of this year, and the card’s ridiculous 29.99% interest rate means it’s not a card to make your “daily driver.” Plus, you’ll want to be careful of the terms on that 0% financing.

Official press release from Synchrony about the card: