Is A Synchrony Bank Card Good For Daily Use? KEY TAKEAWAYS
Credit cards are like lifelines for many American citizens and Synchrony is one of the major players in the store card business. Learn if Synchrony store cards are good for your daily use as well as the different ways to use these cards. Getting to know more about the different kinds of Synchrony credit cards and knowing the difference between them. Tips on how you can choose the best Synchrony credit card and how you can get approved for one. As American citizens, most of us depend on credit cards for our day-to-day purchases.
With so many options to choose from, it becomes pretty confusing to pick a good credit card.
Being one of the largest store card issuers in the USA, Synchrony offers various bank cards.
So, if you’re here, you’re wondering if a Synchrony card is the right choice.
In this article, we will go over the different types of Synchrony cards available to you as well as the ins and outs of using them for your daily needs.
Read it carefully to find out if a Synchrony Credit card is a good match for your lifestyle.
Are Synchrony Bank Cards Good For Daily Use? Synchrony Bank issues a wide variety of credit cards. They help you earn rewards and build your credit while making purchases.
Some cards offer financial promotions, minimum monthly payments, an outstanding rate, and a minimum interest charge. Some cards provide cash and rewards for new accounts and sign-ups.
There are some limitations, too. The store cards can be used at specific locations only, and there are restrictions on redeeming the rewards. And besides, you’re taking a massive risk with deferred interest, and some cards have high annual percentage rates.
Therefore, the answer to the question “if a Synchrony card is good for daily use” depends on the type of card and your spending habits.
If you mainly shop at a specific store, getting a store credit card for that particular store benefits you. If you shop at various locations, there are better choices than a credit card restricted to a specific store.
Weigh down the pros and cons to decide on the right card. I have some tips at the end to help you with it.
DID YOU KNOW? Synchrony is a major issuer of store credit cards, with over 70 million active customer accounts. Its partners include Amazon, Walgreens, PayPal, and Lowe’s.
Different Ways You Can Use Synchrony Bank Cards Following are some ways you can use Synchrony cards for your benefit.
You can use store cards while purchasing from particular stores and earn reward points and cash back. Synchrony Master Card allows users to purchase items from any partnered store and redeem cash-back savings without limitations. Certain cards provide cash back on dining purchases, and it’s possible to use them while dining. Unique cards with financial promos are available for specific needs such as wellness, home needs, car repairs, etc. When you don’t have enough money for high-amount purchases, it’s possible to use the credit cards and pay the amount to Synchrony Bank within 6, 12, 24, or 48 months, depending on your credit agreement. Secured credit cards allow you to deposit funds for future purchases. It helps to reach your savings goals sooner and to control your spending. It’s possible to use Synchrony Bank’s business cards to offer payment solutions to your customers. About Synchrony Bank Cards Synchrony offers both branded and non-branded credit cards. This bank has collaborations with many retailers. So, it has a vast portfolio of co-branded store cards. Some of them might be useful for you, and some may not.
Let’s look at some of the bank card types briefly.
Branded Synchrony Bank Cards This bank offers various types of branded cards. Below are some of them.
Synchrony Premier World Mastercard Synchrony Premier Mastercard is known for offering a 2% cash back on every purchase without any annual fee.
In addition, there’s no limit to how much cash back you can earn. The cash-back earnings are converted to a statement at the end of each month. It’s possible to redeem your earnings without any limits. So, if you’re looking for simplicity, consider this card.
Synchrony Premier Mastercard is also a world-tier card. Hence, there are many other benefits from the Mastercard network shops.
Synchrony is a better option than the other flat-rate cash-back cards out there.
Remember that Synchrony Bank only offers its Premier World Mastercard to people with excellent credit or a FICO score of 720 or higher.
Synchrony Plus World Mastercard Synchrony Bank offers the Plus World Mastercard to people with an above-average credit limit or a FICO score of 690 or higher.
This card has a 1% cashback on every purchase. Like the Premier Mastercard, there’s no annual fee; the money earned is added to your bank statement at the end of each month.
Synchrony Preferred Mastercard Synchrony Preferred Mastercard is the best for credit building. It’s offered to people with fair credit or a FICO score of 630 or above.
The APR varies with the market based on the prime rate, which is ideal for first-time cardholders.
Note: All three cards have ID theft protection and travel and lifestyle services. The Premier Mastercard is the best as it has the highest cashback, but it’s only given to people with high credits.
Synchrony HOME Credit Card The Synchrony Home credit card lets consumers purchase home goods from its partner shops.
Will you earn cash back or get discounts?
NO. Synchrony Bank gives people promotional financing or deferred interest. I’ll explain what it is. Keep reading.
The promotional financing is six months for purchases between $299 and $1,999 and 12 months for purchases above $1,999.
You won’t be charged any interest if you pay off the total amount within the promotional period. Still, you must pay interest on the original purchase amount if you carry a balance.
For example, suppose you’re buying a good home for $1,000 . If you pay the $1,000 within six months, it’s interest-free. If you paid only $950 and $50 remains, you’ll have to pay the interest for $1,000 and not $50 .
This makes the Synchrony cards a bit risky. Also, this card doesn’t earn you any rewards and works only at Synchrony partner stores.
Read this article to understand the advantages and risks of using credit cards to cover housing expenses.
Synchrony’s Carecredit Credit Card Synchrony Carecredit credit card offers promotional financing for your wellness needs, such as dental care, cosmetic treatments, veterinary care, and many more.
It has partnerships with many health and wellness clinics and pharmacies. Hence, you can use this card in over 260K locations.
Synchrony Car Care Synchrony Car Care credit card offers promotional financing for purchases of $199 or more for six months.
It covers the car’s repairs, parts, gas, and services. It’s possible to use this in over 1 million auto-merchant stores and gas stations.
Synchrony Outdoors Synchrony Outdoors credit card offers a unique financing program to purchase Powersports vehicle accessories, services, and parts.
It doesn’t include promotions to buy Powersports vehicles, and you can use this card in many shops.
Mattress Firm Credit Card Mattress Firm is a dedicated credit line for purchasing bedding items. It offers 6, 12, 24, and 48-month promo periods .
Sporting Goods Credit Card This card offers promotional financing and convenient monthly payments to buy sports goods from various sports dealers nationwide.
Co-Branded Synchrony Bank Cards Synchrony Bank issues closed-loop and open-loop co-branded credit cards.
You can use the closed-loop cards only in the partnered shops, while the open-loop cards can be used anywhere that accepts cards.
Below are some of the co-branded credit cards.
Paypal Cashback World Mastercard Paypal CashBack Card offers 2% cashback or more on every purchase. As PayPal is accepted for many purchases and online shopping, this card could be handy if you’re the right shopper.
You must open a PayPal account first to get this card.
Venmo Visa Credit Card Venmo cards offer excellent reward rates.
First, it selects the top 8 purchases for the month and rewards you with:
3% cash-back for the highest spent category, 2% for the second highest paid purchase, and 1% for all other purchases. There are no limits to earning rewards. Remember, you must use this card with a Venmo account and the Venmo app.
Amazon Prime Store Card Amazon Prime store cards can be used only on Amazon.com or other Amazon-owned businesses.
It offers 5% cash back on all your purchases after signing into the Amazon Prime account.
So, if you don’t have an Amazon Prime membership, you won’t be able to enjoy all its perks. It also offers special financing with 0% interest if you can pay it off within the promo period.
Verizon Visa Card The Verizon Visa card offers 4% cash back at grocery shops and gas stations.
The downside is that you can redeem these Verizon dollars only during Verizon purchases, such as buying a new phone, paying for Verizon wireless, paying phone bills, or making a travel booking through the Verizon portal.
So, this is ideal for Verizon customers only.
Sam’s Club Mastercard Sam’s Club MasterCard is one of the best gas cards on the market at present.
It offers 5% back on gas and EV charging stations and 3% back on dining for people with Sam’s Club Membership. Plus, level members can get more benefits than base-level members.
Tips To Choose The Ideal Synchrony Card Check your credit score to ensure you qualify for the card. Some companies offer credit cards without checking your credit score. Check them out here.
Identify why you need the card. If it’s to build credit, choose a secured card. If it is to save on interest, choose a low-interest or 0% APR card. If your goal is to earn rewards, then select a reward-based card. List the pros and cons based on your purpose, such as the annual fee, minimum monthly payments, reward-redeeming restrictions, etc. Finally, apply for the card that helps you achieve your financial goals at your convenience. How To Ensure Your Synchrony Credit Card Request Gets Approved Its Synchrony cards online. Some synchrony partners offer a prequalification option to help decide if you’re eligible for credit approval, and it only takes a few seconds.
Fill out the application correctly, as it affects your card approval.
Another factor is the credit score.
Your credit score increases as long as you maintain a high card balance and pay on time. If a payment is missed, then the credit score goes down. Higher credit scores qualify you to get your credit card requests approved quickly.
Credit cards without credit checks can help you build a credit history. Check out the ten credit cards with no credit check in 2024 here.
Did you know? You can open a non-resident account at a Swiss bank in the USA. Read for more information.
Most Americans have some credit card debt. A recent Clever Real Estate survey found that 3 in 5 Americans (61%) are in credit card debt, owing an average of $5,875. In addition, 23% say they go deeper into credit card debt every month and 14% say they’ve missed a payment in 2023.
Final Words Synchrony Bank offers various Master, Visa, and store cards. They have their pros and cons.
Ultimately, the choice depends on your shopping habits and your needs. Read the credit card agreement carefully and fully understand it before applying for the maximum perks.
FAQs Ans: Synchrony is the largest store credit card issuer in the US.
Ans: Yes, Synchrony reports to three major credit bureaus: Experian, TransUnion, and Equifax.
Ans: If you have a Visa or Mastercard, you can use it to withdraw cash, but credit card cash advances are pretty expensive. So, pay attention to it.
