Synchrony Reviews and Ratings

Synchrony Financial company logo

Synchrony is one of the biggest credit card issuers in the United States. It runs the bank behind store cards for Amazon, Lowe’s, Sam’s Club, PayPal and Walgreens. It also manages Synchrony Bank, an online savings bank, and CareCredit, a credit card for medical and dental costs.

Most people do not know that their store card comes from Synchrony. This review looks at the company’s full product lineup. That includes savings accounts, store cards, the Synchrony Premier Mastercard and CareCredit. It also flags a major concern. CareCredit uses deferred interest, and the Consumer Financial Protection Bureau (CFPB) has taken action against the company because of it.

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What is Synchrony?

Synchrony website homepage

Synchrony Financial (NYSE SYF) is a public company based in Stamford, Connecticut. It split from GE Capital in 2014. Since then, it has grown into one of the largest consumer lenders in the country.

Synchrony Bank is the company’s banking arm. It is insured by the FDIC, which covers deposits up to $250,000 per person, per bank, per account type. The bank is online only and has no branches.

The company has four main product lines for consumers. These are savings accounts, store credit cards, CareCredit and the Synchrony Premier Mastercard. It also has a business lending side, but this review covers only consumer products.

Synchrony works differently from a normal bank. It issues cards on behalf of stores. When someone opens a Lowe’s card, they are really opening a Synchrony Bank account. The card shows the store name, but the account belongs to Synchrony. All payments and disputes go through Synchrony.

Synchrony key services and programs

Synchrony Bank high-yield savings account

Synchrony Bank has a high-yield savings account paying 3.40 percent APY as of May 20, 2026. The rate can change at any time. There is no minimum deposit, no minimum balance and no monthly fee. The account is FDIC-insured.

The bank says that “charges for specific services may reduce earnings.” Consumers should read the full fee schedule before opening an account.

Here is how Synchrony stacks up against other online savings options as of May 2026.

• Marcus by Goldman Sachs pays 3.50 percent APY with no fees and no minimum balance
• Ally Bank pays 3.10 percent APY with no fees and no minimum balance
• SoFi pays up to 4.00 percent APY with direct deposit, while the base rate is 3.30 percent APY

Synchrony falls in the middle of this group. It beats Ally but trails Marcus and SoFi.

CDs and money market accounts

Synchrony Bank also offers CDs and a money market account. CDs have no minimum balance to open, but pulling money out early may lead to a penalty. The money market account works like the savings account but adds check-writing. All deposit products are FDIC-insured.

No monthly fees and no minimums

Every Synchrony Bank savings product has no monthly fee and no minimum balance. The biggest gap is the lack of a checking account. Synchrony is a savings-only bank. People who need daily banking will have to open a checking account somewhere else. Synchrony does offer ATM access through the Allpoint network, which has more than 55,000 fee-free locations.

Store-branded credit cards

Synchrony runs the largest store card program in the country. Shoppers apply at the store, but the account sits at Synchrony Bank. Major partners include Amazon, Lowe’s, Sam’s Club, PayPal, Walgreens, Rooms To Go, Belk, Venmo and Discount Tire.

Each card has its own terms. APRs, promo periods, rewards and credit limits all vary by store. Most of these cards are closed-loop. That means they only work at the store that issued them.

All Synchrony cards are managed through one platform. Consumers can use the MySynchrony app or the synchrony.com web portal. The card may carry a store logo, but the account behind it belongs to Synchrony.

Synchrony Premier Mastercard

The Synchrony Premier World Mastercard earns 2 percent cash back on every purchase. There is no spending cap and no annual fee. Cash back shows up as a statement credit within two billing cycles. The APR ranges from 17.49 percent to 33.24 percent as of January 2026.

There is no sign-up bonus and no 0 percent intro APR. The card goes up against the Citi Double Cash and the Wells Fargo Active Cash. WalletHub named it a top 2 percent cash back card for 2026.

This card works anywhere Mastercard is accepted. Cardholders also get Mastercard World perks like ID Theft Protection and Priceless Experiences.

CareCredit

CareCredit is Synchrony’s health care credit card. It works at doctors, dentists, eye care providers, vets and wellness centers in the Synchrony network. Purchases of $200 or more may qualify for promo periods of 6, 12, 18 or 24 months.

But CareCredit is not a true 0 percent APR card. It uses deferred interest instead, and this difference carries real financial risk.

With deferred interest, the cardholder must pay the full balance before the promo period ends. If even $1 is left when the deadline hits, the full APR of 26.99 percent kicks in going back to the original purchase date. The whole original balance gets hit with back-dated interest, not just what is left over.

This has drawn harsh feedback online. Reddit threads on r/personalfinance and r/CRedit are full of stories about surprise charges worth thousands of dollars. One user shared that a $10,000 CareCredit balance led to a $4,973 interest charge after the promo ended with $1,270 still owed.

CareCredit is complex enough to deserve its own full review. In this article, it gets a focused section but not standalone treatment.

Synchrony Pay Later (BNPL)

Synchrony Pay Later lets shoppers split purchases into equal payments over time. Terms, interest and store options all vary, so consumers should check the product page for the latest details.

Network cards

Synchrony also has two network cards for specific spending areas. The Synchrony HOME card works at home improvement stores. The Synchrony Car Care card works at auto service shops. Both may offer promo financing, so consumers should check whether deferred interest applies before signing up for any offer.

Synchrony pricing and fees

Synchrony Bank savings products have no monthly fees, no minimum deposits and no minimum balances. CDs may charge a penalty for early withdrawal. The money market account has no monthly fee.

Credit card costs vary by product. Store card APRs tend to range from 20 to 30 percent or more once promos expire. The Premier Mastercard APR ranges from 17.49 percent to 33.24 percent. CareCredit charges 26.99 percent on deferred interest balances.

The Premier Mastercard has no annual fee. Most store cards do not have one either. The Premier card does charge a 4 percent balance transfer fee with a $10 minimum.

Synchrony customer reviews and complaints

Trustpilot reviews

Synchrony Trustpilot profile

Synchrony Bank has a 1.0 out of 5 rating on Trustpilot from about 1,710 reviews. The platform notes that “most reviewers were let down.” Common complaints include hidden fees, payment issues, wrong balances and unhelpful support.

Synchrony Financial and Synchrony Business each have their own Trustpilot profiles with 40 and 34 reviews. Feedback across all three profiles skews negative.

Better Business Bureau (BBB) reviews

Synchrony BBB profile

Synchrony is not BBB-accredited and has a “Not Rated” status. It has 2,517 customer reviews on the site, with an average score of 1.05 out of 5.

Top complaint themes include billing errors, credit report mistakes, surprise interest charges, account closures and credit limit cuts. The BBB notes that the company is still working through older complaints.

Synchrony handles one of the largest card portfolios in the country, so some of the volume is due to scale. Still, the patterns come up often enough to raise real concerns.

Reddit reviews

Consumer views on Reddit vary a lot depending on the product. The most active threads appear on r/personalfinance, r/CreditCards, r/Banking and r/CRedit.

Feedback on the savings side tends to be positive. One r/Banking user called the app “really good” and liked the rate and approval process. Another praised linking outside accounts without using Plaid.

Credit card reviews are more mixed. Some users like the high credit limits and easy tools, while others report sudden closures, limit cuts and poor support.

The worst feedback targets CareCredit. Users on r/personalfinance and r/CRedit tell stories of huge back-dated interest charges after missing promo deadlines. One popular thread covers a $4,973 charge on one account. Another user said Synchrony refused even a two-month extension.

CFPB complaint database

Synchrony Bank gets a high number of complaints filed with the CFPB. This is partly because of the size of its store card portfolio.

Two major CFPB actions stand out.

In 2013, the CFPB told GE Capital (now Synchrony) and CareCredit to refund up to $34.1 million to more than 1 million consumers. The issue was deceptive sign-up tactics. People were led to believe their CareCredit cards had no interest. The full order is on the CFPB enforcement database.

In 2014, the CFPB ordered GE Capital to pay about $225 million in relief for misleading marketing and lending bias. The company refunded $56 million to 638,000 consumers. It also paid $169 million to about 108,000 borrowers cut from debt relief due to national origin. Details are on the CFPB website.

App store ratings

Synchrony has two consumer apps. The Synchrony Bank savings app has 4.8 out of 5 on the App Store with over 75,000 reviews. On Google Play, it has 4.6 out of 5 with over 62,000 reviews. These scores hold up well against top rivals.

The MySynchrony credit card app is a separate download. Consumers should check ratings on both platforms before installing.

Synchrony complaints and red flags

A few recurring problems stand out for anyone weighing Synchrony products.

The 2013 CFPB case led to $34.1 million in refunds. The 2014 case led to $225 million in relief. Both are on public record with the CFPB.

CareCredit deferred interest complaints keep coming in across many platforms. The core model has not changed since the 2013 action.

Billing errors and credit report disputes come up often in both BBB and CFPB records.

Synchrony also has a habit of closing store card accounts without warning. This shows up on both BBB and Reddit. Credit limit cuts are another sore spot. WalletHub reviewers say their limits were slashed or cards canceled even with clean payment records.

Synchrony outcomes and success rate

Synchrony Bank savings products beat the national average by a wide margin. The national average APY is 0.38 percent as of May 2026. Synchrony pays about nine times more at 3.40 percent. All deposits are FDIC-insured, so there is no risk on savings up to $250,000.

Credit card results depend on how consumers handle the products. Paying in full each month works well. The Premier card gives 2 percent back, and store cards offer partner rewards.

But carrying a balance gets costly. Store card APRs often top 25 percent after promos end. CareCredit can hit borrowers with the full interest charge if any balance stays past the promo window.

Synchrony has not shared approval rates or savings benchmarks for its credit products.

Synchrony pros and cons

Pros

• The savings account pays 3.40 percent APY with no fees and no minimum balance
• All savings products are FDIC-insured up to $250,000
• A large store card network, all managed through one app
• The Premier Mastercard gives 2 percent cash back with no annual fee
• CareCredit works at a broad network of health care providers
• Over 55,000 fee-free ATMs through Allpoint
• The Synchrony Bank app scores well on both the App Store and Google Play

Cons

• CareCredit deferred interest is the biggest risk in the lineup
• No checking account, since Synchrony is savings-only
• High CFPB complaint volume, backed by over $259 million in past relief
• Store card APRs often top 25 percent after promos end
• Accounts may be closed or limits cut without notice
• No branches, so all banking is online, by phone or in-app
• Not BBB-accredited, with a 1.05 out of 5 review average

Synchrony vs Marcus by Goldman Sachs

Both Synchrony and Marcus are online-only savings banks with no branches and no monthly fees.

• Synchrony pays 3.40 percent APY as of May 2026, while Marcus pays 3.50 percent APY
• Neither requires a minimum deposit or balance
• Both are FDIC-insured
• Marcus has no credit card, while Synchrony offers the Premier Mastercard with 2 percent cash back
• Synchrony gives ATM access through Allpoint, while Marcus does not for savings
• Both have CDs, and Marcus adds a 14-month promo CD and a no-penalty CD

For savings alone, Marcus has a slight edge on rate. For people who also want a cash back card, Synchrony has more to offer.

Who should use Synchrony

Synchrony Bank savings products fit people who want a simple, no-fee, FDIC-insured account with a solid rate. They work best for those who already bank elsewhere for checking.

Store cards make sense for regular shoppers at Synchrony partner stores. The main rule is to pay off any promo balance in full before it expires.

CareCredit may work for people with a set health care bill at a provider in the network. But it only makes sense for those sure they can pay in full before the promo ends. Anyone unsure should look at other options.

The Premier Mastercard is a good pick for people who want flat 2 percent cash back with no annual fee and nothing to track.

Who should look elsewhere instead of Synchrony

Synchrony is not the best fit for everyone.

• People who want checking and savings in one place should look at Ally or SoFi
• Anyone unsure about paying CareCredit in full before the deadline should try personal loans or true 0 percent APR cards
• Shoppers who carry store card balances should skip Synchrony’s high-APR retail cards
• People who want face-to-face banking should pick a bank with branches

Synchrony bottom line

Synchrony has a wide range of consumer products. Its savings accounts are strong and free of fees. The Premier Mastercard gives 2 percent cash back with no annual fee, and its store card network is the largest in the country.

But CareCredit calls for real caution. The deferred interest model has caused harm to many consumers, and the CFPB has stepped in with enforcement action. The key fact is this. If any balance is left when the promo ends, interest at 26.99 percent gets charged going back to the purchase date on the full original amount.

Synchrony Bank savings products earn a solid thumbs up for people seeking a simple, high-yield, FDIC-insured account. Store cards and CareCredit get a conditional pass, meant only for people who always clear promo balances in full before they expire.

Synchrony frequently asked questions

Is Synchrony Bank FDIC-insured

Yes. Synchrony Bank is FDIC-insured. Deposits are covered up to $250,000 per person, per bank, per account type.

Does CareCredit charge interest

It depends on whether the balance is paid in full during the promo period. Paying on time means no interest. But if any amount is left after the deadline, the 26.99 percent APR hits the whole original balance going back to the purchase date.

Can Synchrony close accounts without notice

Yes. Many reports on BBB and Reddit describe Synchrony closing store cards with no warning. This usually happens due to inactivity or risk reviews.

Does Synchrony Bank have a checking account

No. Synchrony Bank only offers savings products. These include high yield savings accounts, CDs and money market accounts. People who need checking will need a different bank.

How does the Synchrony Premier Mastercard compare to the Citi Double Cash

Both give 2 percent cash back with no annual fee, but they pay it differently. Synchrony puts the full 2 percent on as a statement credit. Citi splits it into 1 percent on buys and 1 percent on payments. The Synchrony card includes Mastercard World perks. Neither card has a 0 percent intro APR.

Disclaimer This article is for informational purposes only and does not constitute legal, financial, or tax advice. Always consult a licensed professional for advice tailored to your situation.