Synchrony Premier World Mastercard Reviews (August 2024) (2024)

FAQs

What credit score is needed for Synchrony Premier Mastercard? ›

The Synchrony Premier World Mastercard®, which offers 2% cash back on every purchase to individuals with excellent credit (FICO scores of 720 or higher). The Synchrony Plus World Mastercard, which is designed for those with at least good credit (scores of 690 or higher) and earns 1% cash back on every purchase.

Yes, it is hard to get the Synchrony Premier World Mastercard® because it requires good credit for approval. Unless your credit score is 700 and you have a lot of income, it will be difficult for you to get approved for the Synchrony Premier Card.

What's the Synchrony Bank credit card credit score requirement? It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

WalletHub's Take: The Synchrony Premier World Mastercard® is a good credit card for people with a good credit score who want hassle-free cash back rewards and a $0 annual fee.

For instance, Synchrony Bank uses the VantageScore 4.0 scoring model when evaluating credit card applications. But a different credit card issuer might use a FICO score to determine whether you qualify for their cards.

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

Best feature: Flat-rate 2% cash back

The Synchrony Premier World Mastercard is a cash back credit card that earns 2% back on every purchase. There are no bonus categories, spending tiers or limits on cash back. The card does not charge an annual fee. There is a 3% foreign transaction fee.

You need a 500 FICO score or higher to be eligible for the Premier Bankcard Mastercard. If your score is lower, you might have a higher chance of acceptance with a secured card. You need a 500 FICO score or higher to be eligible for the Premier Bankcard Mastercard.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

What bureau does Synchrony check? ›

Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness. Either one or more credit bureaus may be used when evaluating a Synchrony credit card application. Credit reports, however, don't differ that much from bureau to bureau.

Yes, Synchrony Bank does a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time.

There is no disclosed starting credit limit for the Synchrony Premier card. The issuer does not include any specific credit limit information in the card's terms. For the most part, credit limits depend on each applicant's overall creditworthiness.

We give Synchrony Bank 4.4 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The bank scores highest for its CDs, savings account and overall experience and access. *Ratings are determined by our editorial review team.

Is Synchrony Bank secure? Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.

Your credit limit starts at $200, and you will have the opportunity after the account is opened to build your credit limit up to $5,000 by adding funds to your security deposit. Your refundable² security deposit then acts as your credit limit, putting you in control.

The best store credit card you can get with a 580 credit score is the Amazon Secured Credit Card, which has a $0 annual fee and offers 2% cash back on Amazon purchases if you are a Prime member. It requires a minimum security deposit of $100, making it easier to get with bad credit.

You can apply for the First PREMIER® Bank Mastercard Credit Card which has an APR of 36% or First PREMIER® Bank Secured Credit Card with an APR of 19.9%. On the plus side, First Premier reports your activity to the major credit bureaus (TransUnion, Experian, and Equifax) on a monthly basis.