Synchrony Premier Mastercard | Synchrony Bank (2024)

FAQs

Is it hard to get a Synchrony Premier Mastercard? ›

Yes, it is hard to get the Synchrony Premier World Mastercard® because it requires excellent credit for approval. Unless your credit score is 750 and you have a lot of income, it will be difficult for you to get approved for the Synchrony Premier Card.

750+ credit score needed

You need excellent credit to get the Synchrony Premier.

The Synchrony Mastercard is issued by Synchrony Bank pursuant to a license by Mastercard International Incorporated. Mastercard, World Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

Synchrony Bank will pay $2.6 million as part of a class action lawsuit settlement to resolve claims it violated federal telemarketing laws by placing calls to customers about accounts they didn't own.

Does the Synchrony Premier card have pre-approval? You cannot check for Synchrony Premier pre-approval. Synchrony Bank does not offer pre-approval through its website, so anyone interested in applying for the Synchrony Premier Card will have to do so without the benefit of checking for pre-approval beforehand.

Not full service: Synchrony Bank doesn't offer a checking account. Not as generous: Other banks may offer more generous ATM reimbursem*nts than Synchrony, which reimburses customers $5 per month for out-of-network ATM charges. Online only: Synchrony is an online-only bank, so there are no in-person branch locations.

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

For instance, Synchrony Bank uses the VantageScore 4.0 scoring model when evaluating credit card applications.

Your credit limit starts at $200, and you will have the opportunity after the account is opened to build your credit limit up to $5,000 by adding funds to your security deposit. Your refundable² security deposit then acts as your credit limit, putting you in control.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Why won't Synchrony Bank approve me? ›

While credit scores are very important, Synchrony Bank credit card approval depends on several other factors as well. For example, applicants need to have enough income to make payments on the card. Synchrony Bank will also look at existing debts when considering your application.

Synchrony Bank holds an A+ rating from the Better Business Bureau (BBB), although it's not a BBB-accredited business. Despite this high rating, it's important to note that the bank has received a considerable number of complaints through the BBB platform, with more than 7,000 posted within the past three years.

Fitch Ratings - New York - 05 Apr 2024: Fitch Ratings has affirmed all of Synchrony Financial's (SYF) and subsidiaries' ratings including its Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook is Positive.

BOSTON – In response to the announcement by Synchrony Bank that new rules lowering late fees are driving it to raise rates on its credit cards, consumer advocates questioned what is driving the higher rates and defended the new late fee rule by the Consumer Financial Protection Bureau.

*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the Synchrony Financial business (formerly GE Capital Retail Finance).

The First PREMIER Bank credit score requirement is 500 for all cards, which means that people with bad credit or better have high approval odds. If your credit score is below the threshold needed for a credit card from First PREMIER Bank, it's best to wait to apply until you meet the credit score requirement.

What's the Synchrony Bank credit card credit score requirement? It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

Generally, a credit score of at least 600 is required to be considered for a Synchrony credit card or store card. However, certain cards may require a higher credit score, typically around 660 or higher.

You need a 500 FICO score or higher to be eligible for the Premier Bankcard Mastercard. If your score is lower, you might have a higher chance of acceptance with a secured card. You need a 500 FICO score or higher to be eligible for the Premier Bankcard Mastercard.