Synchrony Mastercard Review – Is This 2% Cash Back Credit Card For You?

Synchrony Mastercard Credit Card Review TL;DR: The no-annual-fee Synchrony Premier World Mastercard offers a competitive 2% cash back rewards rate on all purchases with the card. This is on par with the best “flat” (same reward on all purchases) cash back credit cards on the market, making it worth considering, especially if you are offered the chance at a new cardholder bonus when you are approved.

2% “Flat” Cash Back On All Purchases

The Synchrony Premier World Mastercard offers 2% cash back on all purchases. Because you’re getting the same reward all the time, you don’t need to think about different purchasing categories like you would with certain cash-back cards that give 3%-5% on some purchases but only 1% everywhere else.

If you only want to hold one credit card for all of your purchases, a 2% rebate such as this is generous and easy to understand. On the other hand, if you’re willing to carry multiple credit cards, you might consider also getting other cash back credit cards that do offer 3%-5% in certain purchase categories — and then use this card as your “catch all” when you wouldn’t earn at least 3% with other cards.

Bonus Opportunity?

As of this writing, there is no potential bonus for new Synchrony Mastercard customers if you apply for the card online. However, we have seen bonuses sometimes offered when this card is marketed via regular mail. So, if you are “targeted” for an offer by mail, there may be a chance to earn an extra $100 or more as a new cardholder.

Redeems Automatically

You get your 2% rebate automatically as a statement credit to your account each billing cycle. In other words, you won’t get the 2% as cash in hand, but the rebates you’ve earned will lower your account balance (and thus your bill) each month.

Interest Rates Are High; Don’t Carry A Balance

Last we looked, the APR (Annual Percentage Rate) on the Synchrony Mastercard might be 18.49%, 24.49%, or 31.49%. These rates are variable, meaning they could rise or fall automatically based on the movement of the Prime Rate (which is determined by Federal Reserve policy).

Which interest rate you get will be determined based on Synchrony’s assessment of your credit history. (The riskier they think you are are, the higher the rate you’ll pay.)

All of the rates quoted above are high, though, so try to always pay off your full balance due when you are billed. Paying an extra 20% or 30% interest would definitely hurt, but you won’t pay any interest at all if you always pay off your card’s statement balance.

Credit Score Needed? Approval Odds? (May Have “Easier” Approval)

Synchrony Bank is more likely to welcome customers with lower credit scores than most of the “big bank” credit card lenders. This means it may be easier to be approved for the Synchrony Mastercard than other 2% cash-back cards on the market.

If your credit score is 650 or above, your approval odds are fairly high, and scores over 700 are probably close to a “sure thing” unless you are carrying a lot of debt on other credit cards. If your score is between 625-649, your chances of approval probably fall to 50/50, and below 625 you are unlikely to be approved.

Note that Synchrony Bank does not offer any “official” word on what credit score or credit history is necessary for approval. We are providing an “educated guess” based on our knowledge of Synchrony’s usual approval standards and a few data points from approved cardholders (as well as those who’ve been declined).

Bottom Line

The Synchrony Premier World Mastercard stacks up well when compared to other 2% cash-back credit cards like the Citi Double Cash. Whether you use it as your “go-to” credit card for all purchases or you pair it with one or more of the other strong Cash Back Credit Cards on the market, you’re likely to be happy with the card.

Author: Adam Jusko

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