Cash Rewards Visa® from Synovus Bank Review

In recent years, the credit card market has seen a significant rise in the number of options available to consumers, each offering various perks and benefits. One card that stands out in the crowded space is the Cash Rewards Visa® from Synovus Bank. Known for its attractive cash back rewards and competitive APR rates, this card is a strong contender for those seeking value and flexibility in their spending. This review will delve into the key features, benefits, pros and cons, and overall value of the Cash Rewards Visa® from Synovus Bank.

Cash Rewards Visa® from Synovus Bank Key Takeaways

Before diving into the detailed review, here are some key takeaways that summarize the main points of the Cash Rewards Visa® from Synovus Bank:
– Cash Back Rewards: Earn 3% cash back on purchases in the dining category, 3% cash back on up to $3,000 in net spending quarterly for purchases in a dynamic earn category of your choice, and 1% cash back on all other eligible purchases with no cap.
– Introductory APR: Benefit from a 0% introductory APR for the first six months on both purchases and balance transfers.
– Variable APR: After the introductory period, the APR ranges from 17.49% to 24.99% based on your creditworthiness.
– No Annual Fee: Enjoy the perks without being burdened by an annual fee.
– Credit Score Requirement: Suitable for individuals with good to excellent credit scores (670-799).

Cash Rewards Visa® from Synovus Bank Pros and Cons

As with any financial product, the Cash Rewards Visa® from Synovus Bank has its strengths and weaknesses. Here’s a closer look at the pros and cons:

Pros:

1. No Annual Fee: One of the card’s standout features is the $0 annual fee, allowing you to maximize your cash back rewards without worrying about offsetting an annual cost.
2. Introductory APR Period: The 0% introductory APR for the first six months on both purchases and balance transfers can be a significant benefit if you plan to make large purchases or transfer existing balances.
3. Flexible Cash Back Categories: The ability to earn 3% cash back on up to $3,000 in net spending quarterly on a dynamic earn category of your choice adds a layer of customization that can maximize rewards based on your spending habits.
4. Competitive Cash Back Rates: With 3% cash back on dining and up to $3,000 in net spending in a category of your choice each quarter, this card offers highly competitive cash back rates, especially for those who dine out frequently.
5. Good for High Credit Scores: This card is an excellent choice for individuals with good to excellent credit, offering attractive APR rates and cash back opportunities.

Cons:

1. No Welcome Bonus: Unlike some other cash back cards, the Cash Rewards Visa® from Synovus Bank does not offer a welcome bonus, which may be a drawback for some potential cardholders.
2. Foreign Transaction Fee: The card does have a foreign transaction fee, which can be a disadvantage for those who travel internationally frequently.
3. APR Range: The variable APR after the introductory period can be as high as 24.99%, which can be costly for those who carry a balance.

Cash Rewards Visa® from Synovus Bank Benefits

1. Cash Back Rewards

The primary benefit of the Cash Rewards Visa® from Synovus Bank is its cash back rewards program. Here’s a detailed breakdown:
– 3% Cash Back on Dining: If you enjoy dining out, this card offers a generous 3% cash back on all purchases in the dining category. This includes restaurants, cafes, and even some food delivery services.
– 3% Cash Back on Dynamic Earn Category: Every quarter, you can choose a category where you will earn 3% cash back on up to $3,000 in net spending. This allows you to tailor your rewards to your spending patterns. Categories may include options like travel, groceries, gas, or entertainment.
– 1% Cash Back on All Other Purchases: For all other eligible purchases, you’ll earn 1% cash back with no cap. This ensures that every dollar you spend earns you a reward.

2. Introductory APR

The card offers a 0% introductory APR for the first six months on purchases and balance transfers. This can be particularly advantageous for those looking to make significant purchases or consolidate existing debt. It allows you to pay off your balance without incurring interest during this period, making it a financially savvy choice if used wisely.

3. No Annual Fee

The absence of an annual fee is a significant benefit, as it allows cardholders to enjoy the rewards and benefits without the burden of an additional yearly cost. This is particularly beneficial for those who may not spend enough to justify an annual fee but still want to earn cash back on their purchases.

4. Flexibility in Cash Back Categories

The dynamic earn category allows cardholders to earn 3% cash back on up to $3,000 in net spending quarterly in a category of their choice. This flexibility means you can adjust your rewards based on your changing spending habits, maximizing your cash back potential.

5. Good to Excellent Credit Score Requirement

The card is designed for individuals with good to excellent credit scores (670-799), making it a suitable option for those who have a strong credit history and are looking for a card that rewards their financial responsibility.

Rate and Fee Information

Understanding the rates and fees associated with the Cash Rewards Visa® from Synovus Bank is crucial to maximizing its benefits and minimizing costs. Here’s a detailed look:
– Purchase Intro APR: 0% introductory APR for the first six months.
– Purchase APR: After the introductory period, the APR ranges from 17.49% to 24.99% variable, depending on your creditworthiness.
– Intro Balance Transfer APR: 0% introductory APR for the first six months on balance transfers.
– Balance Transfer APR: After the introductory period, the APR ranges from 17.49% to 24.99% variable.
– APR for Cash Advances: 24.99% variable.
– Fees:
– Annual Fee: $0.
– Cash Advance Fee: Either $10 or 5% of the amount of the cash advance, whichever is greater (except on overdraft protection transactions).
– Return Payment Fee: Up to $39.
– Late Payment Fee: Up to $39.

About the Issuer: Synovus Bank

Synovus Bank is a well-established financial institution known for its diverse range of banking products and services. With a strong commitment to customer service and a comprehensive suite of credit card options, Synovus Bank aims to meet the varying needs of its customers. The Cash Rewards Visa® is one of their most popular offerings, providing cardholders with valuable rewards and competitive rates.

Manage Your Account & Pay Your Bill

Synovus Bank offers convenient options for managing your account and paying your bill:
– Online Account Management: You can manage your account and pay your bill online through the Synovus Bank website. This allows you to track your spending, view your rewards, and make payments at your convenience.
– Customer Service: If you need assistance, you can call Synovus Bank’s customer service for support.

Conclusion

The Cash Rewards Visa® from Synovus Bank is a versatile and rewarding credit card that offers significant benefits for those with good to excellent credit. With its competitive cash back rates, flexible rewards categories, and 0% introductory APR, this card provides excellent value without the burden of an annual fee. While it does have some drawbacks, such as the lack of a welcome bonus and foreign transaction fees, its overall benefits make it a strong contender in the cash back credit card market.
Whether you’re a frequent diner, a savvy shopper looking to maximize rewards on specific categories, or someone seeking a card with a favorable introductory APR, the Cash Rewards Visa® from Synovus Bank is worth considering. As with any financial product, it’s essential to evaluate your spending habits and financial goals to determine if this card aligns with your needs. If it does, you could find yourself enjoying substantial cash back rewards and valuable financial flexibility.