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.

The Synchrony Premier World Mastercard®, which offers 2% cash back on every purchase to individuals with excellent credit (FICO scores of 720 or higher). The Synchrony Plus World Mastercard, which is designed for those with at least good credit (scores of 690 or higher) and earns 1% cash back on every purchase.

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. Greater than 300. Synchrony doesn't offer loans directly to conumers, they are a deposit only bank.

Chip Lupo, Credit Card Writer

Yes, Synchrony Bank does a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time.

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.

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.

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

As an online-only bank, Synchrony can't compete with legacy banks that have thousands of physical locations, and it doesn't offer a checking account. But those seeking high-yield savings and CD accounts will find that Synchrony's options are generally more competitive with some of the best bank offerings on the market.

A class action complaint has been filed against Synchrony. Among other things, the action alleges that Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors.

Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness.

What will fail a credit check? ›

Here are some of the most common culprits: Missed or late payments on financial obligations such as mortgages, loans, or credit cards can raise red flags for potential lenders. Defaults on loans signal a serious financial faux pas, indicating a history of unfulfilled commitments.

Is Synchrony Bank a reliable bank? Synchrony is a reputable bank with a history that can be traced back to 1932. Additionally, the money you deposit in a Synchrony Bank savings account, money market account or CD is covered under FDIC insurance—$250,000 per depositor, per bank, per ownership category.

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.

The First PREMIER® Bank Mastercard Credit Card is available to people with bad credit. That means people with credit scores below 640 have a shot at getting approved for the First PREMIER® Bank Mastercard Credit Card.

Unlike the Synchrony Premier, the Citi Double Cash requires redeeming rewards instead of offering automatic redemption. The Citi Double Cash offers one of the most impressive low APRs on the market for balance transfers. It offers a 0% intro for 18 months on Balance Transfers.

A FICO® Score of 670 or higher is recommended to apply for the Citi Strata Premier℠ Card. Citi is selective with the applicants it approves, and it usually takes good credit or excellent credit to qualify. A credit score of 700 or higher will make an approval even more likely.