The Synchrony Premier World Mastercard is a straightforward 2% cash-back credit card with no annual fee. In this post review, we will cover the card’s pros and cons, rewards program, fees, and more to help you determine if it’s the right card for you.
About Synchrony Premier World Mastercard
The Synchrony Premier World Mastercard stands out for its simplicity. With no annual fee, no welcome bonus, and a flat 2% cash-back earning rate on all purchases, it avoids the everyday complexities of other rewards cards.
While the straightforward value may appeal to some, others may desire more perks or redemption flexibility.
How the Card Earns Rewards
The Synchrony Premier World Mastercard offers an unlimited 2% cash back on all purchases. Your rewards come automatically as a statement credit each billing cycle.
There’s no welcome bonus, but the flat earn rate applies to every purchase without needing to activate bonus categories. This straightforward value may work if you want easy earning and redemption without extra steps.
On the other hand, the cash back only applies as a statement credit, lacking flexibility other cards provide to redeem for gift cards, travel, or more.
Fees and Financing Options
The Synchrony Premier World Mastercard avoids common fees but also lacks introductory financing offers:
- No annual fee
- No foreign transaction fee
- No intro 0% APR offer for purchases or balance transfers
Without an annual fee, it provides everyday spending value that’s relatively inexpensive to keep long-term. But compared to many cash back cards with 0% intro APRs, it lacks short-term financing incentives.
The regular variable APR ranges from 19.24% to 32.24%, which is quite steep for purchases and balance transfers when the intro period ends. So it’s better suited for those who pay balances off each month compared to those seeking an initial low financing rate.
Benefits and Protections
Benefits are limited with the Synchrony Premier World Mastercard. You’ll have access to World Mastercard benefits like:
- Lyft members can get 10% off Lyft rides
- Instacart members get $5 off Express Delivery orders of $35 or more
- Peacock 30-day free trial and 20% off future monthly plans forever with enrolled card
However, the card lacks some common protections provided by other World Mastercards, including:
- No travel accident insurance
- No trip interruption or cancellation insurance
- No lost luggage reimbursement
- No extended warranty or purchase protection
If you want additional benefits and protections, a card like the Capital One Venture Rewards Credit Card provides similar earnings with more perks. Otherwise, Synchrony Premier World Mastercard users must rely predominantly on the core cash back rewards.
Approval Requirements and Eligibility
Synchrony Bank doesn’t disclose specific approval requirements. Based on customer reviews and reports, excellent credit seems necessary for the best approval odds.
While anyone can apply regardless of credit history, those with scores in the good to fair range may struggle getting approved. Having no credit history at all will also make it difficult to qualify.
Before applying, check your credit reports and scores to ensure your profile fits excellent credit standards, including:
- Scores above 720
- Low credit utilization
- No recent missed payments or other negative marks
- At least three years of positive history
Meeting these requirements signals responsible use for issuers, increasing approval chances for new applicants.
Pay by Mail
- Write a personal check for the amount owed
- Include your 16-digit card number written clearly
- Send check to the payment processing address printed on your statement
Though it takes more time to process, paying by mail is reliable as long as you send at least 7 business days before your due date.
Just avoid mailing cash payments for security reasons. Track mailed payments to guard against late fees if lagging.
Paying at least the minimum before the monthly due date is crucial for avoiding costly penalty interest rates. Set up autopay or schedule payment dates in your calendar app to prevent missed payments.
How It Compares to Alternative Cards
Let’s compare the Synchrony Premier World Mastercard to a few potential alternatives:
Wells Fargo Active Cash® Card
- Also earns unlimited 2% cash rewards on purchases
- $200 cash rewards bonus after spending $1,000 in the first 3 months
- Cell phone protection against damage or theft
- More redemption options than just statement credits
The Wells Fargo Active Cash® Card matches the earning rate while adding a welcome bonus and redemption flexibility. Cell phone protection also provides additional value compared to the Synchrony Premier card’s basics-only approach.
Citi® Double Cash Card
- Earns 2% cash back: 1% when you buy, 1% when you pay
- 0% intro APR for 18 months on balance transfers
- Welcome bonus offer available
- Simple earning and redemptions
Like the Synchrony Premier, the Citi® Double Cash Card keeps earning and rewards simple. But the intro 0% APR period and sign-up bonus give Citi an added edge.
Capital One SavorOne Cash Rewards Credit Card
- 3% cash back on dining, entertainment, popular streaming services and at grocery stores
- 1% cash back on all other purchases
- $200 cash bonus after spending $500 on purchases within 3 months
- No annual fee and no foreign transaction fees
With bonus categories to earn more on common purchases, the SavorOne Rewards card can return greater rewards value for certain users. Just note, the 3% rate doesn’t apply broadly to all purchases.
Our Verdict: Good for Simplicity But Lacks Flexibility
The Synchrony Premier World Mastercard best suits those who value simple earning and redemptions without extra steps and options to manage. With no annual fee, it provides a baseline 2% cash back without too many strings attached.
However, for most consumers, the lack of bonus categories, sign-up bonus, intro rates, and protections mean missing out on opportunities to earn and save more. Cards like the Wells Fargo Active Cash or Citi Double Cash deliver similar baseline earn rates while adding flexibility and financial incentives.
So while there’s nothing glaringly wrong with the Premier World card, we only recommend it if you want ultimate simplicity in your rewards program above all else. Otherwise, plenty of solid 2% cash back alternatives provide greater overall value.
Frequently Asked Questions (FAQs)
What is the minimum credit score needed for approval?
Synchrony Bank doesn’t disclose the minimum score needed. But based on customer reviews, you will likely need excellent credit – scores above 720 at minimum. Those will lower scores may struggle getting approved.
Are there foreign transaction fees?
No, the Synchrony Premier World Mastercard does not charge foreign transaction fees on purchases made outside the U.S.
Can you transfer rewards to airline or hotel partners?
Unfortunately no. The only redemption option is taking rewards as automatic statement credits each billing cycle. There are no transfer partners or options to redeem toward other categories.
What are the drawbacks compared to other flat-rate cash back cards?
The Synchrony Premier World Mastercard lacks the bonus categories, sign-up bonuses, cell phone protection, and introductory financing offers provided by some other 2% cash back cards. The value you get long-term is lower without these extra perks and incentives.
The Synchrony Premier World Mastercard keeps earning and rewards straightforward with unlimited 2% cash back and automatic redemptions. While the simplicity may satisfy some, lack of bonus earn rates, sign-up bonus, and redemption flexibility leave value on the table.
Make sure to compare alternatives to understand if this basic cash back card stacks up to your needs or if you may benefit more from a little extra complexity in exchange for added rewards and financial incentives.