In a Nutshell
The Synchrony Premier World Mastercard is a decent card for people just stepping into the arena of cash back rewards because it comes with a 2% flat rate on all purchases. However, there are better cards in this rewards category that you might want to consider before applying.
Intro
The Synchrony Premier World Mastercard is a 2% flat rate cash back card with no annual fee and no limit on the cash you can earn back. It’s great for cardholders looking for a low maintenance card, especially because it offers automatic redemption on the rewards you earn as a statement credit. That said, competing cards offer this option among others, positioning the Synchrony card far down the list of 2% cash back cards you might be considering applying for.
Why you might want the Synchrony Premier World Mastercard card
Along with a generous flat rate of cash back on every purchase you make, Synchrony includes a few perks with its Premier World Mastercard, making the card a great introductory option for someone looking to earn cash back. Although 2% is not the highest rate on the market when compared to category-specific cards, the Synchrony Premier card gives you the flexibility to spend how you want, where you want, and on what you want without worrying about whether you’re spending in the right category.
No hassle cash back at a solid flat rate
The 2% cash back rate has emerged as the standard in cash back rewards on cards that don’t offer bonus categories. Now, it isn’t exactly groundbreaking but it’s a key feature to consider whether you’re looking at this card or another flat rate rewards card, especially when you’re comparing it to a card that designates higher earning categories.
While cards offering rotating bonus categories or year-round categories that earn highly can net you more cash back with a focused spending strategy, these cards might not earn as highly in non-specified categories. This can be a little inconvenient, especially when you have consistent spending habits each month that you want to pay with a credit card.
For example, you may spend as regularly on streaming services as you do on gas. A card that rewards highly on gas purchases may appeal to you, but if it doesn’t reward for streaming services then you may be missing out on rewards. Because streaming subscriptions are consistently occurring purchases that you’re likely to make each month, the Synchrony Mastercard stands to benefit you with an unlimited 2% cash back all year. If you have to choose between two card options for spending in both of these categories and you spend equally in each of them, a flat rate of 2% could potentially net you more in rewards than if you were earning 2% back on gas and only 1% back on streaming services.
See related: How cash back credit cards work
No annual fee
The Synchrony Mastercard’s no annual fee means you won’t have to weigh your cash back against how much you’re spending to hold the card. The card is worth it whether you spend $10 or $10,000 with it annually.
You won’t miss cash back opportunities
Low maintenance cardholders who can’t be bothered with maximizing their earnings, opting into categories each quarter and only using one card for specific purchases each month will find Synchrony Bank’s Mastercard a solid addition to their wallet.
You’ll never worry about missing out on rewards on general purchases or limiting your cash back because the Synchrony card earns the same flat rate in every spending category without a limit.
Even if you have a multi-card rewards strategy that includes cards that earn rewards at higher rates than 2% in specific categories, a flat-rate card like the Synchrony Mastercard or another 2% cash back card can help to fill the gaps in spending categories that aren’t featured on other cards or are limited by spending caps.
Perks and other benefits from Mastercard
Mastercard offers cardholders some ideal perks alongside the rewards benefits of their credit card. These include certain protections and credits that, if utilized, can stretch the worthiness of their card even further. These perks can open up the portfolio of benefits available to you because Mastercard includes some offers not present on other card types, like a promotional rate on Hello Fresh purchases and a DoorDash membership discount. Because the Synchrony Premier card is in the World Mastercard portfolio, cardholders will also benefit from exclusive offers from Mastercard.
- Cell phone protection up to $1,000 is included by Mastercard as long as you pay your cell phone bill with your Synchrony Premier World Mastercard.
- ID theft protection and assistance from resolution specialists are included. Monitor your credit file and get notified about suspicious activity.
- Zero liability protection prevents you from being held liable for unauthorized purchases made with your card.
- Lyft credits of $5 are applied to your statement in the following month if you take three or more rides with lift.
- Hello Fresh earns you 5% for future purchases when you pay using your Synchrony Premier World Mastercard.
- DoorDash membership discount for new members that includes three months free and DashPass members get $5 off their first two orders per month.
- Mastercard travel and lifestyle services include digital experiences at home or abroad exclusive to World or World Elite cardholders.
Why you might want a different card
There are a few shortcomings with Synchrony Bank’s Mastercard that don’t necessarily rule it out, but make the card a little underwhelming compared to other offers. While a 2% cash back rate is generous, it isn’t the best you can get in popular categories, and the lack of a sign-up bonus, no introductory APR offer and limited cash back redemption options make the Synchrony Premier World a little substandard.
The flat rate could hold back your earnings
For modest spenders, especially those whose spending is concentrated in a few key categories, a tiered bonus or rotating rewards card may hold more value than a flat-rate card like the Synchrony Premier. Take, for example, the Blue Cash Everyday® Card from American Express which earns 3% back on the first $6,000 you spend at U.S. supermarkets annually, then 1% back. Though its cap on earning the full 3% back is a little low if you spend a lot at U.S. supermarkets each month, the card would still net you $180 in cash back from those purchases for the year if you met the annual cap.
You’d need to spend $9,000 with the Synchrony Mastercard to earn the same $180 at a 2% flat rate. Keep in mind that you’d still earn at least 1% back on all purchases with the Blue Cash Everyday card, so it would easily beat out the Synchrony card in this scenario.
| Card | Rewards calculation | Total estimated earnings |
| Blue Cash Everyday Card | $6,000 at U.S. supermarkets x 3% cash back + $3,000 on general purchases at 1% cash back = | $210 |
| Synchrony Premier | $9,000 x 2% cash back = | $180 |
Limited redemption options
Synchrony rewards your cash back as statement credits within two billing cycles following your purchases. While this is certainly convenient and requires very little maintenance on your behalf, this offer compares poorly to other rewards cards that offer the same option in addition to flexible redemption options with points or cash back.
For example, the Chase Freedom Flex gives you plenty of redemption options like direct deposit into your bank account, gift cards, and travel purchases. Chase cardholders also benefit from the option of pooling their points with an Ultimate Chase rewards card, increasing the value of their points when redeemed for travel.
Two billing cycles is also a large window to receive those statement credits and, if you don’t want to wait, can be inconvenient. Although other cards require you to do a little leg work in getting your rewards, you at least have the option to claim your rewards when you want them.
No sign-up bonus nor intro APR
Unfortunately, the Synchrony Premier World Mastercard doesn’t currently offer a sign-up bonus which – although sign-up bonuses are fairly rare on 2% flat-rate cards – makes it a clearly substandard card when compared to an alternative like the Wells Fargo Active Cash, which comes with a $200 sign-up bonus when you spend $1,000 in the first three months and, like the Synchrony Mastercard, earns 2% cash back on every purchase with no spending limit.
While a sign-up bonus alone shouldn’t necessarily sway your decision, think of it like this: If you spend $1,000 in the first three months with the Wells Fargo Active Cash, you’ll earn $220 in cash back rewards via the sign-up bonus and card spend. Meanwhile, a $1,000 spend with the Synchrony card will only earn $20 cash back.
Synchrony’s new card also lacks an introductory APR, another promotion that some comparable cards offer to new cardholders. This makes the Synchrony card a poor choice if you have a balance you want to transfer or anticipate some heavy spending and would like a chance to chip away at your balance over time. Consider other options like balance transfer cards or ones that are great for large purchases.
How does the Synchrony Premier World Mastercard compare to other 2% cash back cards?
As you might imagine, 2% is an enticing offer on a cash back card and as more cards with this feature emerge, so do competitive offers. That said, Synchrony is on the low-end of the competition and is lacking some of the benefits available on cards from issuers like Citi, American Express and Wells Fargo. While it isn’t necessarily a bad card to have, it’s in a category rife with options that offer cardholders – who don’t mind a little bit of maintenance – a little bit more.
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| Annual fee $0 | Annual fee $0 | Annual fee $0 |
Other things to know
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Synchrony Premier World Mastercard vs. Wells Fargo Active Cash
When it comes to 2% flat rate rewards cards, the Wells Fargo Active Cash is probably the most alluring offer on the market. It carries the same cash back rate as the Synchrony Premier World Mastercard but comes with the added benefit of a sign-up bonus and 0% intro APR on balance transfers and new purchases for 15 months (then 14.99 – 24.99% variable APR). The Active Cash also allows you to redeem your cash back as a statement credit, direct deposit, or as withdrawals from Wells Fargo ATMs. The Synchrony is seriously limited by its redemption options by comparison, with the option to only redeem as automatic statement credits every two months.
Synchrony Premier World Mastercard vs. Blue Cash Everyday® from American Express
Families and frequent shoppers love the Blue Cash Everyday from American Express because of its high rewards rate on groceries and gas, making it the ideal options for cardholders who spend reliably in those categories. Although there is a limit of $6,000 in the 3% cash back at U.S. supermarkets, that rate still rewards you with 1% for all purchases made thereafter. If spending only at U.S. supermarkets, you’ll need to spend at least $12,000 with the Synchrony Premier World Mastercard to earn the same amount of cash back as you would with the Blue Cash Everyday. While the rewards rate is great, the Blue Cash Everyday also comes with a $200 sign-up bonus (if you spend $2,000 in the first six months) and a 15-month 0% intro APR period that the Synchrony card lacks.
Synchrony Premier World Mastercard vs. Citi Double Cash
The Citi Double Cash card is another flat rate rewards card offering 2% on purchases (1% when you buy, 1% at statement pay off). Like the Active Cash, the Double Cash has multiple redemption options. You can redeem for a check, gift cards, statement credits, or as deposits into your checking or savings account. This gives it a flexible edge over the Synchrony card, but there is a $25 minimum on redemptions and rewards expire after 12 months if you don’t use the card. Current Citi cardholders in particular benefit from the Double Cash because they can transfer their rewards to Citi ThankYou points at a rate of $1 cash back for 100 ThankYou points. This is a great option for frequent travelers utilizing Citi’s ThankYou Travel Center or for cardholders looking to dip their toes into travel rewards. However, if you’re looking for simplicity and low maintenance, the Synchrony Mastercard’s automatic redemption as a credit statement might be for you.
How to use the Synchrony Premier World Mastercard card:
- If you have other rewards cards that earn higher in specific categories, use the Synchrony Mastercard on all other purchases not included in those categories.
- Pay your cell phone bill with your Synchrony card to take advantage of the cell phone insurance provided by Mastercard.
Is the Synchrony Premier World Mastercard card right for you?
It’s a little hard to determine whether a card like the Synchrony Premier World Mastercard is right for you when comparable cards are offering better sign-up incentives. Some of those cards also offer alternative redemptions options that make them more flexible for different cardholders. But if you’re looking for your first rewards card and the idea of redeeming cashback on your own is daunting, then the automatic redemption as statement credits offered by the Synchrony Mastercard is a good fit.
However, if you’re a strategic spender looking to maximize your cash back on purchases, then the Synchrony can help you fill gaps in categories not included in your higher earning categories. That said, you’re likely to find better options with other 2% cash back cards, especially if you’re familiar with different redemption options and are willing to manage claiming your rewards on your own however you prefer.
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