Synchrony Premier World Mastercard Review 2023: A Simple 2% Cash-Back Credit Card

The Synchrony Premier World Mastercard’s 2% rewards rate is great, but redemption is inflexible.

Written by Ben Luthi / December 21, 2022
Reviewed by Robin Saks Frankel

Inside this article

  1. Introduction
  2. Synchrony Premier World Mastercard basics
  3. Synchrony Premier World Mastercard rewards
  4. Should you get the Synchrony Premier World Mastercard?
  5. Synchrony Premier World Mastercard summary
  6. Frequently asked Questions

Introduction

The Synchrony Premier World Mastercard offers 2% cash back on every purchase you make, and you don't have to redeem your rewards a certain way or wait until you pay your bill to maximize your rewards. As such, it's worth considering if you prioritize simplicity over all else.

As a World Mastercard credit card, you'll also get access to certain Mastercard benefits with partners like Lyft, DoorDash and Fandango. But Synchrony doesn't provide notable perks beyond that.

In fact, the card is missing a couple of benefits that are common among cash-back credit cards: A welcome bonus and an introductory 0% APR promotion. If you're looking for a way to earn some quick cash, look for a card that offers a welcome bonus. And, if you want to make a large purchase or transfer a balance and pay it off over time, you may want to look for a card with a 0% APR period.

Finally, while the Synchrony Premier World Mastercard keeps things simple with rewards, that's not necessarily a good thing when it comes to redeeming your cash back. This credit card only offers one redemption option, giving you less flexibility with how you can use your rewards.

Synchrony Premier World Mastercard basics

  • Annual fee: None.

  • Welcome bonus: None.

  • Rewards: Unlimited 2% cash back on all purchases.

  • Regular APR: 16.99%, 22.99% or 29.99% variable APR, depending on your creditworthiness.

  • Introductory APR for purchases and balance transfers: None.

  • Benefits: Partner benefits with Lyft, DoorDash and Fandango.

  • Pre-approval tool: None.

  • Recommended credit score needed: Excellent.

Synchrony Premier World Mastercard rewards

The Synchrony Premier World Mastercard doesn't offer a welcome bonus, but cardholders will get a flat 2% cash back on every purchase they make. 

What's more, they don't have to worry about needing to jump through hoops to get the full rewards rate—some other 2% cash-back cards won't give you the full amount unless you redeem your rewards a certain way or pay off your charges. 

However, the only way to redeem your rewards is for a statement credit, which Synchrony Bank does automatically. Similar cards may allow you to get a deposit into your bank account or a paper check or even allow you to redeem your rewards for gift cards, travel and other options.

Synchrony Premier World Mastercard rewards potential

Using government data and other publicly available information, Sound Dollar estimates that a household in the U.S. that would be in the market for this card has an annual income of $84,352 and $25,087 in expenses they are likely to be able to charge to a credit card. 

With $25,087 in annual spend, you could earn roughly $501.74 in cash-back rewards every year using the Synchrony Premier World Mastercard. 

Synchrony Premier World Mastercard APR

The card charges a variable APR, which will be 16.99%, 22.99% or 29.99%, depending on your creditworthiness. The APR is the same for balance transfers, but the card doesn't come with an introductory 0% APR promotion for purchases or balance transfers.

Synchrony Premier World Mastercard benefits and perks

Synchrony doesn't offer any notable benefits, but because it's a World Mastercard, you'll get the following partner perks:

  • Lyft credits: Take three rides with your card in a month, and you'll receive a $5 Lyft credit, which is valid for 30 days.

  • DoorDash: New members can get three months of the DashPass subscription for free plus $5 off their first order each month.

  • Fandango: For every $20 you spend with your card on movie tickets at Fandango or at home on Vudu, you'll receive a $5 reward toward your next movie ticket or at-home movie or TV show. 

Synchrony Premier World Mastercard drawbacks

  • No welcome bonus: New cardholders won't have the chance to earn a cash rewards bonus, which can range from $100 to $300 with other top cash-back credit cards after meeting a minimum spending requirement.

  • No 0% APR promotion: It's common for cash-back credit cards to offer an introductory 0% APR on purchases, balance transfers or both, so it's disappointing that the Synchrony Premier World Mastercard skips this valuable perk.

  • Limited redemption: If you're fine with a monthly statement credit, the card's redemption limitation may not bother you. But if you want to save up rewards for a specific purchase or for other purposes, the card's single-option approach may not work for you. 

Alternate cash-back credit cards 

Synchrony Premier World Mastercard vs. Wells Fargo Active Cash Card

The Wells Fargo Active Cash Card also offers 2% cash back on every purchase you make and adds a $200 bonus after you spend $1,000 in the first three months. Additionally, you'll get an introductory 0% APR on both purchases and balance transfers. When it comes to redeeming your cash back, Wells Fargo allows you to choose between statement credits, a deposit into a Wells Fargo checking account, a payment toward a Wells Fargo mortgage, cash back at an ATM or gift card purchases.

Synchrony Premier World Mastercard vs. Chase Freedom Flex

While the Synchrony Premier World Mastercard's flat rewards rate makes things simple, it doesn't allow you to maximize rewards on everyday spending categories. With the Chase Freedom Flex, you'll get 5% cash back on up to $1,500 spent in quarterly rotating categories when you activate. You'll also earn 5% back on travel booked through Chase Ultimate Rewards, 3% back on drugstore purchases and dining, including takeout and eligible delivery services and 1% back on everything else. 

New cardholders can take advantage of an introductory 0% APR on purchases and balance transfers, as well as a $200 bonus when they spend $500 in the first three months, plus 5% back on up to $12,000 spent on grocery store purchases in the first 12 months.

Synchrony Premier World Mastercard vs. Bank of America Travel Rewards Credit Card

If you're considering a travel credit card, the Bank of America Travel Rewards credit card offers a flat 3 points per dollar on purchases made with the Bank of America Travel Center and 1.5 points per dollar on every other purchase you make. And, If you're a Bank of America Preferred Rewards member, you could get from 25% to 75% more points on your purchases depending on your tier.

New cardholders will earn 25,000 bonus points (worth $250) after spending $1,000 in the first 90 days, as well as an introductory 0% APR on both purchases and balance transfers.

Should you get the Synchrony Premier World Mastercard?

The Synchrony Premier World Mastercard's simple 2% cash-back rewards rate makes it so you don't have to keep track of different rates for different spending categories. But without any special perks for new cardholders and no other unique benefits, it may be best to consider other top 2% cash-back credit cards. You may also think about no-annual-fee travel credit cards, which can open up opportunities for other redemption options and benefits.

Synchrony Premier World Mastercard summary

Annual fee$0
Rewards rateUnlimited 2% cash back on every purchase
APR16.99%, 22.99% or 29.99% variable APR, depending on your creditworthiness

Frequently asked Questions

Is the Synchrony Premier World Mastercard right for me?

There's no credit card out there that's best for everyone, so it's important to consider your spending habits, credit score and personal preferences to determine the right fit. If you want simple rewards and redemptions and don't care about getting a welcome bonus or introductory 0% APR, the card could be a good fit. But if you want more flexibility with redeeming your cash back or other benefits, shop around before you apply.

What credit score is needed to get the Synchrony Premier Mastercard?
Is there a difference between Mastercard and World Mastercard?

About the Authors

Ben Luthi

Ben Luthi

Ben has been writing about money since 2013. He's been on staff at NerdWallet as a credit card writer and for Student Loan Hero, where he covered student loans and other personal finance topics. Ben's work has appeared in U.S. News, The New York Times, Experian, FICO, Credit Karma, Bankrate and more

Full bio
Robin Saks Frankel

Robin Saks Frankel

Robin Saks Frankel is a credit cards and personal finance writer and editor for Sound Dollar. Previously, she covered credit cards and related content at other national web publications including Forbes Advisor, NerdWallet, Bankrate and HerMoney. She's been featured as a personal finance expert in outlets including CNBC, Business Insider, CBS Marketplace, and has appeared on or contributed to The New York Times, Fox News, CBS Radio, ABC Radio, NPR, International Business Times and NBC, ABC and CBS TV affiliates nationwide.

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