Synchrony Premier Mastercard Review: No-Frills 2% Cash Back

Synchrony Premier Mastercard Benefits

Unlimited Cash Back

One of the best things about the Synchrony Premier Mastercard is that it offers unlimited cash back. The 2% cash-back rate is a good deal for maximizing rewards on purchases, especially those that don’t fall into bonus categories on other cards.

For example, if you spend $2,000 per month on the card, you’ll earn $40 in cash-back rewards each month, or $480 in a year. I’ve spent as much as $2,200 a month with my card, and I earned $360 in cash-back rewards last year.

No Categories or Opt-Ins Required

For those who don’t want to hassle with remembering which card to use for different purchases or activating rotating rewards categories, the Synchrony Premier is an ideal card. It offers an unlimited flat rewards rate of 2% on every purchase, which means you just need to spend and earn.

I have another card that has 5% cash-back rewards in rotating categories and 1% otherwise. I use that card for the qualifying 5% purchases and my Synchrony Premier for everything else.

No Annual Fee

The Synchrony Premier doesn’t charge an annual fee, so you don’t have to mentally calculate whether its benefits make it worth keeping for the long term. That said, most of its competitors with similar earning rates are also no-annual-fee credit cards.

Cash Back Credited Automatically

The Synchrony Premier Card is simple when it comes to redeeming your cash back. The rewards you earn are credited automatically to your statement within two billing cycles, which means you won’t have to navigate complicated redemption processes.

Synchrony Premier Mastercard Drawbacks

No Introductory APR

The Synchrony Premier Card doesn’t offer a 0% introductory annual percentage rate (APR) on purchases or balance transfers like many competing cards do. In addition, on purchases and balance transfers, it charges a 18.24% – 33.99% Variable APR as of January 1, 2025, which is quite high at the top end of the range.

If you’re looking for a card that will help you pay off debt or large purchases without interest, this isn’t it.

No Welcome Bonus

Most of the best rewards credit cards on the market offer a welcome bonus of cash or points after meeting a minimum spending requirement in the first months of opening the account. An intro bonus is a great way to kickstart your rewards earning, but the Synchrony Premier Mastercard doesn’t offer one.

One Cash-Back Redemption Option

Many cash-back credit cards offer multiple ways to use your rewards, such as for direct deposits to a bank account, travel or gift cards. With the Synchrony Premier Card, you’re locked into one redemption option — a statement credit to offset what you owe. This could be a drawback for those who prefer flexible redemption options.

Who Is the Synchrony Premier Mastercard Best For?

The Synchrony Premier Mastercard is best for those who will use it regularly to maximize its unlimited 2% cash-back rewards. It’s a good fit if you don’t want to deal with complex spending categories and don’t care about extra frills or perks.

I use the card for just about everything I can, including my recurring monthly expenses, like gas, groceries, utilities, phone, internet, streaming services and cable. However, you should only do this if you can pay off the total balance each month. Otherwise, the rewards you earn may be wiped out by the interest.

Is It the Right Card for You?

Here are some things to consider if you’re thinking about applying for the Synchrony Premier Card:

• Where do you spend the most? If your typical expenses aren’t in categories that typically earn a bonus with other cards (such as groceries, gas or dining), this card could be a catch-all for your general spending. Plus, you won’t have to worry about an annual fee cutting into your earnings.
• How do you want to use rewards? The Synchrony Premier Mastercard comes with a single redemption option, so it’s not a good pick if you want to use rewards for things like travel or gift cards. It can help you earn rewards on purchases not covered by your other cards.
• Do you want an introductory APR? If you’re planning to transfer a balance or make a big purchase, a card with a low introductory rate would be a better choice.
• Are you interested in other benefits? Other 2% cash-back cards are available with better perks, such as cell phone protection and extended warranty. Be sure to evaluate competing cards to see which best suits your needs.

Alternatives to the Synchrony Premier Mastercard

Before applying for the Synchrony Premier Card, consider what these no-annual-fee alternatives have to offer.

• Citi Double Cash® Card (an advertising partner): The Double Cash Card also earns 2% cash back (1% when you make a purchase and 1% when you pay it off). It has several advantages over the Synchrony Premier Mastercard, including a 0% intro APR for 18 months on Balance Transfers, followed by a 17.99% – 27.99% (Variable) APR. Other Citi Double Cash benefits include a $200 welcome bonus after spending $1,500 on purchases in the first six months of account opening, the ability to transfer rewards to Citi’s airline and hotel partners, and an extended warranty on eligible purchases.
• Wells Fargo Active Cash® Card: Also offering unlimited 2% cash rewards on purchases, the Active Cash Card offers a $200 cash rewards bonus after spending $500 in purchases in the first three months of account opening. New cardholders receive a 0% intro APR for 12 months from account opening on qualifying balance transfers and on purchases, then a 18.99%, 23.99%, or 28.99% Variable APR. Additional perks include cell phone protection and secondary car rental insurance.