Business Rewards Visa® from Synovus Bank Review

Navigating the world of credit cards can often be overwhelming due to the plethora of options available. However, if you are a business owner or someone looking for a versatile rewards credit card, the Business Rewards Visa® from Synovus Bank could be an excellent fit. This card is designed to provide significant value through its unique rewards structure and travel benefits, all while maintaining a no-annual-fee status. In this comprehensive review, we’ll delve into every aspect of the Business Rewards Visa® from Synovus Bank to help you make an informed decision.

Business Rewards Visa® from Synovus Bank Key Takeaways

1. Rewards Structure: Earn 3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn category of your choice. Additionally, earn 1x points on all other eligible purchases with no limit on the points you can earn.
2. Introductory APR Offer: 0% Introductory APR for the first six months on both purchases and balance transfers.
3. Variable APR: After the introductory period, the APR ranges between 14.49% and 24.99%, depending on your creditworthiness.
4. Travel Benefits: Comprehensive travel insurance, including travel accident insurance, auto rental collision damage waiver, emergency evacuation and transportation coverage, and hotel theft protection.
5. Fees: No annual fee, but foreign transaction fees and other standard fees apply.
6. Credit Requirement: Suitable for individuals with good to excellent credit scores (670-799).

Business Rewards Visa® from Synovus Bank Pros and Cons

Pros:

– No Annual Fee: This card does not charge an annual fee, making it an attractive option for those who want to maximize rewards without incurring additional costs.
– Intro APR Period: The introductory 0% APR for six months on both purchases and balance transfers offers flexibility and potential savings for new cardholders.
– Flexible Rewards: The 3x points on up to $3,000 in net spend quarterly for purchases in a category of your choice allows you to tailor your rewards to your spending habits.
– Comprehensive Travel Benefits: The card provides extensive travel-related protections and insurances, which can be highly valuable for frequent travelers.

Cons:

– Foreign Transaction Fee: A foreign transaction fee applies, which can be a downside for those who frequently travel abroad or make purchases in foreign currencies.
– No Welcome Bonus: The absence of a sign-up bonus or introductory offer might make the card less appealing compared to other rewards cards that offer substantial initial bonuses.
– Variable APR: The APR range of 14.49% to 24.99% can be high, particularly if you do not qualify for the lower end of the spectrum.
– Limited Reward Categories: Although the dynamic earn category is flexible, the cap on 3x points limits the maximum rewards you can earn in a quarter.

Business Rewards Visa® from Synovus Bank Benefits

Rewards Program

The Business Rewards Visa® from Synovus Bank offers a competitive rewards structure that can greatly benefit cardholders who are strategic with their spending. The card features:
– 3x Points: Earn three points per dollar spent on up to $3,000 in net spend quarterly in a dynamic earn category of your choice. Categories may include options like office supplies, travel, dining, and more.
– 1x Points: Earn one point per dollar spent on all other eligible purchases with no cap on the points you can earn.
This dynamic earn category system allows you to focus your highest rewards on the areas where you spend the most, maximizing the value you get from the card.

Travel Benefits

Travel protections are a significant highlight of the Business Rewards Visa® from Synovus Bank. These benefits include:
– Travel Accident Insurance: Up to $500,000 in coverage, providing peace of mind for you and your family while traveling.
– Auto Rental Collision Damage Waiver: This benefit protects you against damage or theft of a rental vehicle, potentially saving you from costly rental insurance fees.
– Travel & Emergency Assistance Services: Access to a 24/7 hotline that can assist with medical, legal, and travel issues, ensuring you are not alone in case of emergencies when away from home.
– Hotel Theft Protection: Coverage up to $1,500 for personal property stolen from your hotel/motel room in the United States or Canada.
– Lost Luggage Reimbursement: Reimbursement up to $5,000 per trip for lost luggage due to theft or misdirection by a common carrier.
– Emergency Evacuation and Transportation Coverage: Coverage for emergency medical transportation, providing essential support in critical situations.

Rates and Fees

Understanding the rates and fees associated with the Business Rewards Visa® from Synovus Bank is crucial for making the most of this card.
– Purchase Intro APR: 0% introductory APR for the first six months, allowing you to make significant purchases without incurring interest.
– Purchase APR: Variable APR of 14.49% to 24.99% after the introductory period, depending on your creditworthiness.
– Balance Transfer APR: 0% introductory APR for the first six months on balance transfers, followed by a variable APR of 14.49% to 24.99%.
– Cash Advance APR: 24.99% variable APR, which is standard but can be costly if not paid off quickly.
– Fees:
– No annual fee.
– No fees for balance transfers.
– Cash advance fee of 5% of the cash advance amount, with a $10 minimum.
– Return payment fee of $39.
– Late payment fee up to $39.

Additional Features

– 0% Intro APR: The six-month introductory APR period provides a great opportunity to finance larger purchases or transfer existing balances without immediate interest costs.
– Low Interest: The potential for a relatively low variable APR, depending on your credit score, makes this card a competitive choice.
– Rewards Bonus Points: The ability to earn bonus points in a category of your choice adds flexibility and customization to your rewards strategy.
– Lost Luggage Reimbursement: This benefit can save you significant money and hassle in the event of lost luggage during your travels.
– Auto Rental Insurance: Eliminates the need to purchase additional collision damage waivers from rental companies, providing both convenience and savings.
– 24/7 Travel Assistant: Access to professional assistance for travel and emergency situations, enhancing your overall travel experience.
– Good to Excellent Credit Requirement: Catering to individuals with good to excellent credit scores ensures that cardholders are likely to benefit from lower interest rates and higher credit limits.

About the Issuer: Synovus Bank

Synovus Bank is a well-established financial institution offering a range of credit card options tailored to various needs. Known for its customer service and reliability, Synovus Bank provides comprehensive support to its cardholders, including online account management and customer service assistance.

Manage Your Account & Pay Your Bill

Cardholders can easily manage their accounts and pay their bills online through Synovus Bank’s website. Additionally, customer service is accessible for any queries or assistance required, ensuring a smooth and efficient experience.

Conclusion

The Business Rewards Visa® from Synovus Bank stands out as a versatile and valuable credit card option for business owners and individuals looking to maximize their rewards. With no annual fee, a flexible rewards structure, and comprehensive travel benefits, this card offers substantial value. While the foreign transaction fee and lack of a welcome bonus are potential drawbacks, the overall benefits and features make it a compelling choice for those with good to excellent credit.
Ultimately, the Business Rewards Visa® from Synovus Bank is designed to cater to the needs of savvy spenders who can leverage its dynamic earn categories and travel protections to their advantage. If you align your spending habits with the card’s features, you can enjoy significant rewards and peace of mind while traveling.
Whether you’re a frequent traveler, a business owner, or simply someone looking for a rewarding credit card with no annual fee, the Business Rewards Visa® from Synovus Bank deserves serious consideration. Evaluate your spending patterns, travel needs, and financial goals to determine if this card is the right fit for you.