The first card I got since I swore them off 9 years ago was my Synovus Cash Rewards Visa card which I got from my local bank where I have my checking account. I applied with them because I didn't know I had a chance yet at getting any of the really cool cards. I used it for 8 months before discovering the wider world of cards for myself and it served its purpose. I developed some history with it and took good care of it despite its measly $1000 CL and 1% cash back on everything. It's been in the sock drawer for a while.
Until now, the rewards structure on this card was pretty crap. There's some complicated math around earnings from the first $3000 in purchases (less than 1%), but after that it earns 1% on everything, in the form of a check they mail you on the account anniversary printed in $20 increments. Easy to see why I haven't used it since I got other cards.
Today I got an interesting notice in the mail about some changes they're bringing to this product:
- 3% unlimited cash back in the dining category
- 3% Dynamic Earn cash back in a category of your choice on up to $3000 in net spend per quarter
- 1% unlimited cash back on all eligible purchases
- "Pay Me Back" option -- select specific transactions to pay back with points
- Statement credit and direct deposit options for cash back
- Ability to redeem at any amount after $25, down to the penny
- Convenient and easy online redemption -- www.mypurchaseperks.com
These are some pretty big changes. I'd been wanting to get a 3% dining card at some point, and now I won't have to. As for the Dynamic Earning categories, I know gas is one because the footnote says that is selected by default. I don't know the other categories yet. Direct deposit redemptions are only to a Synovus checking or savings account.
This card may actually find its way back in my wallet. I'd probably want to get a CLI, though, since $1K doesn't leave a lot of wiggle room.
I'm not sure what the underwriting is like for Synovus. I already had a checking and savings account when I got this card. I don't know what their policy is toward customers without an existing relationship or outside the Synovus region (AL, FL, GA, SC, TN).
I didn't know Synovus had a CC of their own. I've always thought of them as just the owner of banks. lol
Doesn't sound too shabby if they give more than $1000 SLs.
However there is a link to a rates and fees document which gives some hints.
Looks like the old Purchase Perks points card will be divided into two products. Previously you could get it in a Premier tier ($50 AF) or a Basic tier ($12 AF). The Premier tier allowed you to earn up to 200,000 points per year and the basic tier allowed 120,000 points per year.
For the new cards, one will be called the Travel Rewards Visa card and have a $50 AF and no FTF. The other will just be called the Rewards Visa and have no AF. Presumably they will both earn points which can be redeemed at mypurchaseperks.com for merchandise, gift cards, etc.
I also saw yesterday on the mypurchaseperks.com site some language in the footnotes about the points cards also earning 3x on restaurants and 3x in a quarterly customer-selected category. It's not there today though.
@MrDisco99 wrote:The first card I got since I swore them off 9 years ago was my Synovus Cash Rewards Visa card which I got from my local bank where I have my checking account. I applied with them because I didn't know I had a chance yet at getting any of the really cool cards. I used it for 8 months before discovering the wider world of cards for myself and it served its purpose. I developed some history with it and took good care of it despite its measly $1000 CL and 1% cash back on everything. It's been in the sock drawer for a while.
Until now, the rewards structure on this card was pretty crap. There's some complicated math around earnings from the first $3000 in purchases (less than 1%), but after that it earns 1% on everything, in the form of a check they mail you on the account anniversary printed in $20 increments. Easy to see why I haven't used it since I got other cards.
Today I got an interesting notice in the mail about some changes they're bringing to this product:
- 3% unlimited cash back in the dining category
- 3% Dynamic Earn cash back in a category of your choice on up to $3000 in net spend per quarter
- 1% unlimited cash back on all eligible purchases
- "Pay Me Back" option -- select specific transactions to pay back with points
- Statement credit and direct deposit options for cash back
- Ability to redeem at any amount after $25, down to the penny
- Convenient and easy online redemption -- www.mypurchaseperks.com
These are some pretty big changes. I'd been wanting to get a 3% dining card at some point, and now I won't have to. As for the Dynamic Earning categories, I know gas is one because the footnote says that is selected by default. I don't know the other categories yet. Direct deposit redemptions are only to a Synovus checking or savings account.
This card may actually find its way back in my wallet. I'd probably want to get a CLI, though, since $1K doesn't leave a lot of wiggle room.
I'm not sure what the underwriting is like for Synovus. I already had a checking and savings account when I got this card. I don't know what their policy is toward customers without an existing relationship or outside the Synovus region (AL, FL, GA, SC, TN).
You're famous, dude! "According to MrDisco99 on myFICO there are some significant changes being made to the Synovus Cash Rewards Visa card. " https://www.doctorofcredit.com/synovus-cash-rewards-visa-review-3-cash-back-dining-category-choice-a...
Why do you think I call him "the immortal that walks among men"? 😋
