Are you looking for a steady cash back credit card that rewards each purchase you make?
The Synchrony Premier World Mastercard® is one of a growing list of no-annual-fee cards that offers 2% cash back on purchases regardless of spending category.
Money expert Clark Howard recommends carrying at least one credit card that returns a good flat cash back rate so you know exactly what you’re getting with each purchase. And this one fits that description.
But is this one the right fit for your wallet?
In this review, I’ll examine the merits of this offering from Synchrony in an effort to help you decide if it’s a good choice for your financial life.
Table of Contents
Synchrony Premier World Mastercard®: Card Overview
Card Issuer:
Synchrony Bank
Card Processor:
Mastercard
Card Type:
Cash Back
Annual Fee:
$0.00
Foreign Transaction Fee:
None
Auto Rental Insurance Coverage:
No
Cell Phone Coverage:
No
Rewards Program Details:
2% Cash Back on Every Purchase: Your cash back is unlimited and gets credited to your statement every month, automatically. |
Synchrony Premier World Mastercard®: 5 Things To Know
As you consider whether this card is right for you, here are five things I think are important to know.
1. Simplicity Is the Strategy
Credit card companies often can send your head swimming with points multipliers, category restrictions and redemption restrictions.
Synchrony Bank is taking the polar opposite approach with this card. The marketing ploy, which is based on the power of saying “no” to that kind of treatment, kind of says it all: “No hassles, no fooling, no finagling—no kidding! Enjoy the power of No—and earn 2% cash back on every purchase.”
There are no category restrictions or spending limits for the 2% cash back. And there is no opt-in or redemption action necessary. The cash back you earn is automatically applied as a statement credit on your monthly bill.
2. You’ll Get Some of the Benefits of Carrying a World Mastercard Logo
This card is branded with World Mastercard, which entitled you to a certain tier of benefits as part of card membership.
Most notable is cell phone protection, provided that you pay for your wireless phone bill with this credit card.
You also will get access to complimentary benefits such as:
- Mastercard’s ID Theft Protection
- Zero Liability Fraud Protection
- Discounts and credits from businesses including Lyft, DoorDash and Hello Fresh
3. There Is No Welcome Bonus Offer
Many credit cards will offer you a very achievable chance to earn a welcome bonus worth hundreds of dollars if you’re willing to spend heavily with the card for a short duration. This card is not ideal for that strategy.
In fact, it does not offer a welcome bonus at all.
Clark says that you shouldn’t make a long-term decision on a credit card for a short-term gain, but if you’re the type of consumer who runs through multiple credit cards for bonuses you will be disappointed here.
4. There Is No 0% APR Offer
Some credit cards will lure consumers in with the promise of an extended period of 0% APR on either new purchases made with the card or a balance transfer from an existing credit card. This card offers neither.
And, as far as Team Clark is concerned, that’s alright. Clark often recommends that consumers avoid the potential pitfalls of a 0% APR cards and instead focus on paying things off as quickly as possible via a low fixed-rate APR credit card acquired at a local credit union.
5. 2% Cash Back Is Great, But Understand Your Upside Is Limited
We spend a lot of time talking up cards that pay back a guaranteed 2% cash back on all purchases.
That’s because 2% is better than the typical reward rate you see from many cash back credit cards, and it effectively means you’re only paying 98 cents on every dollar that you spend with the card as long as you avoid interest by paying the bill in full each month.
But understand that you are not going to get the rotating 5% categories of a Chase Freedom Flex or Discover it, and it’s never going to beat the top cash back earners in specific categories like travel, gas, groceries, dining or streaming.
The downfall of those cards, though, is that many of them offer 1% back or less on purchases made outside of the specialty categories. So oftentimes you’re winning in the long run with your consistent 2% with the Synchrony card.
Synchrony Premier World Mastercard: Pros and Cons
Are you considering adding the Synchrony Premier World Mastercard® to your wallet? Let’s review some of the pros and cons of the card before you make your final decision:
Pros | Cons |
2% cash back on all purchases | No welcome bonus |
No annual fee and no caps to rewards or category restrictions | No introductory APR period |
World Mastercard perks, including cell phone protection | No bonus cash back opportunities |
Bottom Line: This card isn’t going to wow you with a big welcome bonus or some extravagant travel rewards. But that’s OK.
If you’re following Clark’s advice of securing a steady cash back card, it’s hard to beat the unlimited 2% cash back that this card offers.
With no annual fee and an automated rewards redemption process, this card gets the job done on saving you 2% on everything you purchase. Just remember that you need to pay the bill in full each month to enjoy that benefit. Paying interest on your purchases will quickly negate any benefits of a rewards credit card.
Do you have the Synchrony Premier World Mastercard? We’d love to hear about your experience in the Clark.com community.