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Synovus Cash Rewards Visa review

Synovus Cash Rewards Visa review

Published: December 8, 2017
Ratings Policy
Balance Transfer Rating:
2.9 rating
2.9 rating
2.9 / 5
Introductory Offer: 2.8
Net Value: 4.8
Features: 1.0

In a nutshell:

The Synovus Cash Rewards Visa Platinum card offers one of the lowest interest rates you can get on a credit card, but its 0-percent balance transfer offer only lasts for six months, making it a riskier choice for cardholders with big balances.

0% Introductory Period
6 months

Transfer Fee
3%

Introductory Purchase APR
0% for 6 months

Regular APR
8.24-22.24% (variable)

Annual Fee
$0

Other Notable Features: Visa checkout, car rental insurance, emergency card and cash replacement, zero fraud liability

Cash Back Rating:
2.4 rating
2.4 rating
2.4 / 5
Rewards Value: 2.3
Annual Percentage Rate: 4.7
Rewards Flexibility: 2.7
Features: 1.0

In a nutshell:

Though the rewards rate is average, the Synovus Cash Rewards Visa gives you the chance to maximize your cash rewards by selecting a quarterly bonus from a list of high-earning categories.

Rewards Rate

  • 3% cash back on dining
  • 3% cash back on quarterly category ($3,000 quarterly purchase limit)
  • 1% cash back on other purchases

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$276

APR
8.24-22.24% (variable)

Rewards Redemption
Pros

  • Cash doesn’t expire
  • No minimum on the amount of cash back
  • Can redeem rewards as statement credit or deposit into a checking or savings account

Cons

  • You must remember to activate your bonus category each quarter (though at least it defaults to gas purchases, so you still earn the 3% bonus)
  • Can’t transfer cash to other rewards programs

Other Notable Features: Visa checkout, car rental insurance, emergency card and cash replacement, zero fraud liability

Low Interest Rating:
4.3 rating
4.3 rating
4.3 / 5
Rates, Fees, Penalties: 4.6
Rewards: 2.6
Features: 1.0

In a nutshell:

For cardholders with excellent credit, the Synovus Cash Rewards Visa offers a very low interest rate, a 0-percent introductory period on balance transfers and new purchases and a decent cash back rewards program.

Regular APR
8.24-22.24% (variable)

Introductory Purchase APR
0% for 6 months

Introductory Balance Transfer APR
0% for 6 months

Fees

  • No annual fee
  • 3% balance transfer fee
  • 3% foreign transaction fee
  • 4% cash advance fee

Penalties

  • $35 late payment fee
  • No penalty APR
  • $25 returned payment fee

Other Notable Features: Visa checkout, car rental insurance, emergency card and cash replacement, zero fraud liability

No Annual Fee Rating:
2.5 rating
2.5 rating
2.5 / 5
Rewards Value: 2.5
Annual Percentage Rate: 4.6
Rewards Flexibility: 2.7
Features: 1.0

In a nutshell:

The Synovus Cash Rewards Visa card lacks a sign-up bonus, but it offers a good return on gas, restaurant and grocery purchases.

Rewards Rate

  • 3% cash back on dining
  • 3% cash back on quarterly category ($3,000 quarterly purchase limit)
  • 1% cash back on other purchases

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$276

APR
8.24-22.24% (variable)

Rewards Redemption
Pros

  • Cash doesn’t expire
  • No minimum on the amount of cash back
  • Can redeem rewards as statement credit or deposit into a checking or savings account

Cons

  • You must remember to activate your bonus category each quarter (though at least it defaults to gas purchases, so you still earn the 3% bonus)
  • Can’t transfer cash to other rewards programs

Other Notable Features: Visa checkout, car rental insurance, emergency card and cash replacement, zero fraud liability

Rewards Rating:
2.4 rating
2.4 rating
2.4 / 5
Rewards Value: 2.3
Annual Percentage Rate: 4.7
Rewards Flexibility: 2.7
Features: 1.0

In a nutshell:

The rewards rate on the Synovus Cash Rewards Visa is average, though it does give cardholders a good opportunity to maximize cash back on gas, grocery and restaurant purchases, thanks to its quarterly rotating bonus.

Rewards Rate

  • 3% cash back on dining
  • 3% cash back on quarterly category ($3,000 quarterly purchase limit)
  • 1% cash back on other purchases

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$276

APR
8.24-22.24% (variable)

Rewards Redemption
Pros

  • Cash doesn’t expire
  • No minimum on the amount of cash back
  • Can redeem rewards as statement credit or deposit into a checking or savings account

Cons

  • You must remember to activate your bonus category each quarter (though at least it defaults to gas purchases, so you still earn the 3% bonus)
  • Can’t transfer cash to other rewards programs

Other Notable Features: Visa checkout, car rental insurance, emergency card and cash replacement, zero fraud liability

Though it features a merely average cash back program, the Synovus Cash Rewards card does offer an exceptionally low interest rate for cardholders with excellent credit, making it a good basic credit card if you plan to carry a balance. But be sure you can qualify for the card’s lowest rate before you apply. The Synovus Cash Rewards Visa offers a wide range of potential APRs, making it tough to guess which rate you’ll actually get.

Average cash back rate

For most cardholders, the Synovus Cash Rewards offers an average amount of cash back. You get 3 percent cash back on your restaurant purchases, 3 percent cash back on a category of your choice with a limit of $3,000 in purchases per quarter and 1 percent cash back on the remainder of your purchases. On the plus side, the rotating bonus includes very lucrative categories, such as restaurant and gas purchases, so you can take advantage of it to maximize your cash back rewards, especially if you spend more than average in a particular category. And, though you must activate the category each quarter to earn the bonus on the category of your choice, it defaults to gas purchases in case you fail to activate it.

One major downside to the card is that it doesn’t offer a sign-up bonus. Many competitors offer a $100 to $200 incentive for signing and using their cards, substantially boosting your overall rewards earnings.

Industry-leading APR … for some

Despite its lackluster rewards program, the Synovus Cash Rewards Visa isn’t a bad card if you need to carry a balance. For cardholders with excellent credit, the Cash Rewards Visa offers a standout APR of just 8.24 percent, which is well below the vast majority of cards. The average low-interest-rate credit card charges a minimum of 12.89 percent, according to CreditCards.com data. The range of potential APRs is exceptionally wide, though, so you may not qualify for the card’s lowest rate. At 22.24 percent, the card’s maximum APR is about average for a cash back card.

Why get the Synovus Cash Rewards Visa card?

  • You plan to carry a balance and can qualify for the card’s lowest rate.
  • You spend a higher than average amount on restaurants, groceries or gas.
  • You’re looking for a card that offers a high cash back rate in any of the above categories.
  • You’re already a customer of a Synovus-affiliated bank and want a card with the same bank.

How to use the Synovus Cash Rewards Visa card:

  • If you plan to carry a balance, use this card for any purchases you can’t pay off in full.
  • Remember to activate your bonus category each quarter to earn the highest amount of cash back.

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