Synchrony Premier World Mastercard Overview
The Synchrony Premier World Mastercard® is a solid no-annual-fee credit card that earns an unlimited 2% cash back on every purchase. With automatic rewards and no changing categories, this could be the most straightforward cash-back card out there. Points earned are automatically applied as a statement credit with a fixed redemption rate of 1 cent each. Card Rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
There are many cash-back credit cards on the market today, and virtually all of them include some kind of hurdle to overcome. Whether it’s shifting merchants at which you can earn bonus rewards or specific requirements for actually redeeming them, making the most of these cards can sometimes require a lot of legwork.
But many consumers want an easier way to be rewarded for using a credit card — without worrying about tracking bonus categories or even remembering to redeem what they’ve earned. The Synchrony Premier World Mastercard is a great option for those looking for simplicity. It earns 2% cash back on all purchases, has no annual fee and offers automatic redemptions.
Most approved applicants have a credit score of 690 or higher. Keep reading to learn more about whether the Synchrony Premier World Mastercard deserves a spot in your wallet.
Synchrony Premier pros and cons
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Synchrony Premier welcome offer
The Synchrony Premier Mastercard does not offer any sort of welcome offer.
Meanwhile, there are other cash-back credit cards with no annual fee that extend welcome offers, such as the Chase Freedom Flex®.
Related: Best no annual fee cards
Synchrony Premier benefits
The Synchrony Premier does not offer benefits such as statement credits or purchase or travel protections.
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However, as a part of the Mastercard network, the Synchrony Premier World Mastercard comes with additional benefits at companies like DoorDash, Lyft and ShopRunner. You’ll also unlock select travel perks to make your next trip more enjoyable.
As a cardholder, you’ll enjoy savings on hotels, rental cars and even flight bookings through Mastercard Travel and Lifestyle Services. Plus, you’ll gain access to World Mastercard’s luxury hotel and resort portfolio, which includes more than 3,000 luxury accommodations. Here, you’ll enjoy perks such as complimentary breakfast, on-property credits and more.
Related: The top 10 most valuable World Mastercard benefits
Earning cash back on the Synchrony Premier
The card has a simple yet generous earning structure: Every time you swipe (or tap) it, you’ll earn an unlimited 2% cash back. You can use the card for every expense — including groceries, gas, dining and travel — and always get 2% cash back.
Unlike some other cash-back cards, the Synchrony Premier World Mastercard doesn’t have rotating or quarterly spending categories to keep up with. You can spend knowing that you’ll earn 2% back on every purchase, no matter the time of year or the place you’re shopping.
And with no annual fee, there’s no up-front cost to open the card and begin using it — you’ll start earning cash back immediately.
The drawback to a flat cash-back earning rate is that if your monthly expenses in one category are fairly large compared to others, you’re potentially missing out on additional rewards you’d get if you used a cash-back credit card with bonus categories such as the Chase Freedom Unlimited®. From a personal standpoint, travel and dining are the two categories where I spend the most money every month, and I would prefer the chance to earn more cash back on this spending.
Related: How to choose a cash-back credit card
Redeeming cash back on the Synchrony Premier
With other cards, you may have to earn a certain amount of rewards before you can redeem your cash back, or you can only redeem rewards for specific spend categories. And even those cards that don’t impose these limits often require you to manually initiate a redemption. Some cards even put an expiration date on their rewards.
Not the Synchrony Premier World Mastercard.
As a cardholder, the cash back is automatically applied as a monthly statement credit. There’s nothing you need to do, no button you need to click. The process is automatic, removing yet another hurdle that could prevent you from enjoying the rewards you’ve earned.
However, automatic redemption of cash back is a no-go for many people. Earning cash back could be a sort of savings account for cardholders who are saving up their rewards to cover specific expenses. Additionally, by automatically applying cash back, there’s no ability to maximize redemption value. For example, some issuers allow cash back to be redeemed as gift cards, and they run promotions such as sometimes adding bonuses for gift card redemptions.
Credit card editor Emily Thompson doesn’t like automatic redemptions, as she likes to save up cash-back rewards and cash them in specifically to cover activities for a trip or Christmas gifts at the end of the year.
Related: 5 reasons to keep a cash-back credit card in your wallet
Which cards compete with the Synchrony Premier?
There are other cash-back credit cards in the marketplace that offer additional benefits or elevated earning rates if the Synchrony Premier does not fit your needs.
- If you prefer rotating categories: The Chase Freedom Flex offers 5% cash back (up to $1,500 in combined purchases) in quarterly bonus categories after you activate each quarter. The card also earns 5% cash back on travel purchases with Chase TravelSM, 3% cash back on dining at restaurants (takeout and delivery included) and 3% cash back on drugstore purchases. For more details, check out our full review of the Chase Freedom Flex.
- If you want to maximize category purchases: The Blue Cash Everyday® Card from American Express earns 3% cash back at U.S. supermarkets, U.S. online purchases and U.S. gas stations each year (up to $6,000 for each category, 1% thereafter). The card also provides a statement credit for Disney bundle streaming and Home Chef, all while having no annual fee (see rates and fees). For more details, check out our full review of the Amex Blue Cash Everyday.
- If you want flexible redemptions options: The Citi Double Cash® Card (see rates and fees) is a simple card similar to the Synchrony Premier where you earn 2% cash back on all purchases (1% when you buy and 1% as you pay). Cash back can be redeemed for statement credit, travel or gift card purchases. For more details, check out our full review of the Citi Double Cash.
For additional options, please see our list of the best cash-back credit cards.
Related: Amex vs. Chase cash-back: Which is best?
Is the Synchrony Premier worth it?
Understanding the nuances of many cash-back credit cards can take time and energy, but the Synchrony Premier World Mastercard makes it simple with a consistent and strong earning rate and automatic redemptions. However, if you want bonus categories or more redemption options, you’ll want to choose a different card.
Bottom line
The Synchrony Premier, with no annual fee, includes automatic statement credits each month, so there’s never any need to manually redeem your cash-back rewards, while also offering some complimentary World Mastercard benefits. If earning 2% cash back on every purchase while enjoying no annual fee is your cup of tea, then go for it. However, if you’re looking to maximize rewards and be a pro, this card is not for you.
Apply here: Synchrony Premier World Mastercard
For rates and fees of the Amex Blue Cash Everyday, click here.