Reviews Synovus Cash Rewards Visa review
Synovus Cash Rewards Visa review

Synovus Cash Rewards Visa review

Published: April 21, 2017
Ratings Policy
Balance Transfer Rating:
2.9 rating
2.9 rating
2.9 / 5
Introductory Offer: 2.8
Net Value: 4.6
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%

Regular APR
7.74-21.74%

Annual Fee
$0

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

Cash Back Rating:
1.6 rating
1.6 rating
1.6 / 5
Rewards Value: 0.4
Annual Percentage Rate: 4.0
Rewards Flexibility: 3.3
Features: 1.0

In a nutshell:

With a stingy rewards rate and uncommonly slow redemption, the Synovus Cash Rewards Visa ranks near the bottom of our list of cash back cards.

Rewards Rate
Up to 1% cash back on general purchases

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$141

APR
7.74-21.74%

Rewards Redemption
Pros

  • Cash doesn’t expire
  • No minimum on the amount of cash back

Cons

  • You have to wait a year to redeem your cash
  • You can only redeem cash back as a check
  • Maximum of $400 cash back
  • You must spend $3,000 per year to earn 1 percent cash back
  • Can’t transfer cash to other rewards programs

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

No Annual Fee Rating:
1.3 rating
1.3 rating
1.3 / 5
Rewards Value: 0.1
Annual Percentage Rate: 4.9
Rewards Flexibility: 2.6
Features: 1.0

In a nutshell:

Beside the low interest rate, there’s not much to recommend this no-annual-fee card – the rewards rate is meager and there are too many restrictions on redeeming your cash back.

Rewards Rate
Up to 1% cash back on general purchases

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$141

APR
7.74-21.74%

Rewards Redemption
Pros

  • Cash doesn’t expire
  • No minimum on the amount of cash back

Cons

  • You have to wait a year to redeem your cash
  • You can only redeem cash back as a check
  • Maximum of $400 cash back
  • You must spend $3,000 per year to earn 1 percent cash back
  • 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:
1.4 rating
1.4 rating
1.4 / 5
Rewards Value: 0.3
Annual Percentage Rate: 5.0
Rewards Flexibility: 2.6
Features: 1.0

In a nutshell:

The Synovus Cash Rewards Visa Platinum offers cardholders with excellent credit one of the lowest APRs available on a credit card; but its rewards program is too stingy to get much benefit beyond the extra low APR.

Rewards Rate
Up to 1% cash back on general purchases

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$141

APR
7.74-21.74%

Rewards Redemption
Pros

  • Cash doesn’t expire
  • No minimum on the amount of cash back

Cons

  • You have to wait a year to redeem your cash
  • You can only redeem cash back as a check
  • Maximum of $400 cash back
  • You must spend $3,000 per year to earn 1 percent cash back
  • Can’t transfer cash to other rewards programs

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

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You won’t earn much with this ungenerous cash back card. Unless you spend above a certain threshold, you won’t even earn 1 percent, which is typically the minimum for a cash back card.

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.

Miserly rewards
The Synovus Cash Rewards Visa bills itself as a cash back card, but the rewards are so minimal that earning cash back shouldn’t be the primary reason you apply. Cash rewards start at just 0.25 percent for every dollar you spend, up to $1,500. If you spend more than $1,500 in a calendar year, you’ll earn 0.5 percent cash back on your next $1,500. If you spend more than $3,000 in a calendar year, you’ll earn 1 percent cash back for the remainder of the year on any purchases you make after you hit the $3,000 threshold. So, for example, if you spend roughly $1,325 a month, or $15,900 a year, you’ll earn just $141 by the end of your card’s first year.

A bonus for carrying a balance
You can bump earnings up slightly if you carry a balance, but not by much. Synovus offers a small bonus up to 1 percent for every month that you pay interest

Strong limits on redemption
You’ll have to wait, though, before you can claim whatever you redeemed. Synovus only cuts rewards checks once a year. So you won’t see any cash back until the end of your card’s first year. You also won’t be able to have your cash deposited into your account or redeem it as a statement credit. Synovus will only mail a check. On the plus side, Synovus doesn’t set a minimum on how much you can redeem. It does, unfortunately, put a $400 yearly cap on the total amount you can earn.

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 7.74 percent, which is well below the vast majority of cards. The average low-interest-rate credit card charges a minimum of 12.16 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 21.74 percent, the card’s maximum APR is about average for a cash back card.

Reasons to get it:

  • You plan to carry a balance and can qualify for the card’s lowest rate.
  • You want a simple, no-frills card that also offers some rewards.
  • You’re already a customer of a Synovus-affiliated bank and want a card with the same bank.

How to use it:

  • Be sure to spend more than $3,000 a year in order to maximize cash back.
  • If you plan to carry a balance, use this card for any purchases you can’t pay off in full.
  • Be patient with redemption. You’ll have to wait awhile before you receive rewards.

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