The Synovus secured credit card is ranked fourth among all banks in the Southeast for 2021, and offers 1% cash back on eligible purchases. The only negative is the Foreign transaction fee, which can add up to about $20 per transaction. However, many consumers are satisfied with their credit card and would recommend it to others. In fact, this is the bank that ranked second in customer satisfaction in 2020.
$200 cash deposit required
The first step in applying for a secured credit card is making a cash deposit. The amount of the cash deposit will determine the amount of credit you can borrow. Some cards will allow you to deposit up to $2000, while others will only require a $200 cash deposit. You can choose to use your savings or an existing credit card to fund the deposit. If you have poor credit, a secured card will be a good option.
The downside is that a secured card will not offer a 0% introductory APR, but it does offer a low ongoing APR. Despite its lower interest rate, the Synovus secured credit card does require a cash deposit of $200. While this amount is a minimum, it is still a large amount. In addition to the $200 cash deposit, you will have to open a Synovus bank account in order to use the card.
0% intro APR for first 12 months
If you are considering getting a new credit card, you may want to check out Synovus’ Platinum 0% Intro Rate Mastercard Secured Credit Card. While it is a secured card, it acts more like a normal credit card. This card also comes with a low annual fee and a generous $2,000 credit line. There are some stipulations for getting this card, though, so it’s best to read the details before applying.
Those with excellent credit may want to look into the Synovus Visa Signature Card. This card requires an initial refundable deposit of $200 to $2,000, which is the credit limit. The money can be used to cover missed bills, or it can be refunded to you once the account is closed in good standing. This card can also affect your credit score, so you should keep this in mind before making a final decision.
Aside from its low interest rate, the Synovus Business Visa credit card also comes with a flexible rewards program. Each quarter, cardholders choose a bonus category that they wish to earn points for. This flexible rewards program allows cardholders to change their bonus category as many times as they want. The card also comes with no annual fee or balance transfer fee, and has a generous 0% intro APR period for the first 12 months.
For those who have poor credit, Synovus Bank’s Platinum Secured Credit Card is one of the best options. This card requires an initial deposit between $200 and $2,000 and is accepted for all types of credit card transactions. This credit card has no minimum credit score and is accepted everywhere else. You can even use it at hotels and car rental places, so it’s a great way to improve your credit score.
If you own a small business, the Synovus Business Visa Credit Card may be the perfect choice. This card offers the lowest rates and comes with no extraneous fees. This card also earns competitive cash-back rewards on everyday purchases. It’s a great way to boost your savings. So, if you own a business and are looking for a credit card for your business, try it out today.
No annual fee
If you’re looking for a credit card with no annual fee, Synovus Bank offers a credit card that has no annual charge. The card offers 0% APR for the first 12 months, and you can use it to make purchases, make balance transfers, and use overdraft protection. It also offers secondary benefits like the MasterCard and Visa networks. The Synovus bank’s website will give you detailed information about credit cards and how to apply.
While the rewards on the Synovus secured credit card are nice, you may not be able to use them if you’re not interested in making frequent purchases. Better rewards come with higher fees. The annual fee may not be worth it if you don’t use the rewards. You should consider what you’d like to get out of the rewards before deciding which card is best for you. This may be a good option if you’re looking for a simple card with great rewards.
If you’re interested in applying for a no-annual-fee secured credit card, Synovus Bank offers a program called First Progress. Unlike many other secured credit cards, this one doesn’t require perfect credit. It’s a great option for people with bad credit or limited borrowing history. The Synovus bank reports activity to the three major credit bureaus to update your credit score.
Another secured credit card is the First Progress Platinum Prestige Mastercard, which requires a $200-$2,000 deposit with Synovus Bank. While it doesn’t charge an annual fee, it has a higher APR than the other two cards. This card is perfect for those who want a credit card with a low interest rate, but don’t want to pay a high annual fee. Synovus secured credit cards can also be used to make large purchases without paying high interest rates.
Cash back
While the rewards on the Synovus secured credit card are not impressive, the bank does offer a few good perks. For starters, its 0% introductory APR is great for new cardholders. Other perks include travel insurance, hotel theft protection, and auto rental insurance. Business credit cards from Synovus are also good options. A Synovus business account allows a business owner to have up to 23 cards at a time – five guarantor cards and eighteen employee cards.
The bank offers a range of secured and unsecured credit cards. They report to all three credit bureaus, so you can use your new card responsibly to improve your credit score. Synovus offers 0% introductory APR for the first six months, which is great for large purchases, but you’re better off choosing a card with a more lucrative welcome offer, such as cash back or travel rewards. Synovus also gives new cardholders the option to redeem their cash back for free gifts and other rewards.
If you’re considering a Synovus bank secured credit card, the cash back rewards can be applied to your balance as a statement credit or deposited into your Synovus bank account. You can also opt to apply cash back rewards to specific transactions. The “Pay Me Back” option lets you apply cash back rewards to specific transactions. Simply activate the bonus category on your credit card each quarter and your rewards will appear on your statement.
You’ll earn cash back on every purchase you make with a Synovus credit card. The cash back rate is on average 3 percent, but the maximum amount per quarter is $3,000. This card is great for those who are constantly on the go, and eat out frequently. You’ll also earn cash back on lunch purchases you make during your day at work. The cash back is earned on purchases made at restaurants, takeaway stands, and most fast food locations.
A Synovus secured credit card can be a good choice for those who want to build their credit and establish good financial habits. With a good credit history, you can easily apply for a Synovus secured credit card. Apply online today and get a free application! It’s that easy. The only thing you need to do is pay a deposit. Once you’ve made your deposit, the credit card company will automatically set your credit limit.
Upgrade to unsecured status in six to nine months
Many secured credit card issuers set up clear “graduation pathways” for their customers, with a six to nine-month runway for successful cardholders. In addition to making payments on time, most secured cards require pre-approval, which thoroughly examines a cardholder’s credit history and financial status. Nonetheless, these cards offer a great opportunity to upgrade to unsecured status in the future.
The process to graduate from a secured card to an unsecured one is unique and depends on the issuer and the individual situation. Some secured cards will allow you to raise your credit limit without a security deposit, while others won’t. In the end, achieving an unsecured credit card is the most important goal. However, it’s not always easy. Here are a few tips to make your transition as smooth as possible.
Foreign transaction fee
The foreign transaction fee is a major consideration in any financial transaction, but this one is particularly significant for a secured card. Synovus Bank is a Canadian private company that provides credit cards and other financial services to individuals and businesses. While many credit cards charge a foreign transaction fee, the Synovus secured card does not. Therefore, if you’re thinking of applying for a credit card, be sure to read the small print and find out exactly what the fee is before you apply.
There are several benefits to applying for a Synovus credit card. You will receive secondary benefits from the MasterCard and Visa networks. The fees will vary depending on your credit score. The higher your score, the better the terms and rewards offered by the issuer. You can check with your Synovus bank to see if you qualify for a credit card and which rewards you can expect. Also, be sure to check whether you’re eligible for bonuses and rewards.
What is Secured Credit Card?
It is a credit card that a consumer can apply for when they have low or no credit. While personal loans for people with bad credit typically come with interest charges, a secured card does not. A consumer can establish a credit line of up to two hundred dollars by paying a security deposit. However, a larger deposit is required to get a higher credit limit. This can be a good option for people who need to use credit cards for emergencies, such as when they travel.
When comparing secured cards, you should be aware that many of them only offer rewards for raising your credit score. You will want to focus on the most basic features of a card such as the interest rate, annual fee, and minimum balance. In addition, you should know that a secured card will have a low credit limit, which you will only use 30 percent of. This can be a good thing for someone with bad credit or a low credit score.
A secured credit card is not an unsecured card, but a type of prepaid card. It requires a cash deposit, which acts as a credit limit, and some issuers don’t require a credit check. In addition, these cards are ideal for people with little or no credit.
If you can afford the monthly payments, you can use the card to make online purchases, travel, and shop. Secured credit cards are great for people with bad credit, as they are much cheaper and easier to obtain than unsecured cards.
FAQ
1. What is a Synovus Secured Credit Card?
It’s your credit-boosting sidekick! This card is designed to help you build or rebuild credit. It’s backed by a cash deposit that you provide, and your credit limit is usually the amount of that deposit.
2. How does the Synovus Secured Credit Card work?
You load it up with a deposit, use it like a regular credit card, and pay off your balance each month. It’s like training wheels for your credit, helping you stay upright while you build credit strength!
3. Where can I use my Synovus Secured Credit Card?
You can use it anywhere Visa is accepted. That’s like being invited to a worldwide shopping party!
4. What happens to my deposit?
Your deposit is held as collateral in a savings account. It’s like having a money security blanket. If you always pay off your balance and eventually graduate to an unsecured card, you’ll get your deposit back!
5. Does the Synovus Secured Credit Card have an annual fee?
The Synovus Secured Credit Card does have an annual fee. Be sure to check Synovus’ website for the most recent information. It’s like checking the weather before a picnic—you want to be prepared for what’s coming.
6. Can I earn rewards with my Synovus Secured Credit Card?
Unfortunately, secured cards typically don’t offer rewards. But think of your growing credit score as the reward, like a tree you’re nurturing from a seedling!
7. How can I upgrade to an unsecured credit card?
After responsibly using your secured card and building a good credit history, you can apply for an unsecured card. It’s like graduating from credit kindergarten!
8. How do I apply for a Synovus Secured Credit Card?
You can apply online or visit a Synovus branch. It’s as easy as ordering a pizza – just choose what you want, provide the necessary information and submit!
9. How does the Synovus Secured Credit Card help me build credit?
Every time you make a purchase and pay it off, you’re showing that you can handle credit responsibly. Synovus reports your activity to the credit bureaus, which can help boost your credit score over time. Think of it as a video game where paying off your balance earns you points!
10. Can I add authorized users?
Typically, you can add authorized users to your card. It’s like giving them a backstage pass to your credit card account, but remember, you’re still the one responsible for paying off any purchases they make!
11. Can I set up automatic payments for my Synovus Secured Credit Card?
Yes, you can typically set up automatic payments. It’s like having a personal assistant for your bills – they’ll never miss a payment date!
12. What happens if I miss a payment on my Synovus Secured Credit Card?
If you miss a payment, you might be charged a late fee, and it could negatively impact your credit score. It’s like forgetting the lyrics during a live concert – there might be some consequences!