What is a credit balance refund on the Synchrony Premier? This question is about the Synchrony Premier World Mastercard®

What is a credit balance refund on the Synchrony Premier?

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This question is about the Synchrony Premier World Mastercard®

Chip Lupo, Credit Card Writer

@CLoop • 01/20/22 This answer was first published on 01/20/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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A credit balance refund on the Synchrony Premier World Mastercard® is a reimbursement for paying more than the total balance owed on the credit card. For example, a cardholder who has a balance of $500, but pays $600, can get a credit balance refund of the $100 that they overpaid.

Cardholders can request a Synchrony Premier credit balance refund: by phone (1-844-406-7427) or by sending a written request to FCBI/Billing Error, P.O. Box 965035, Orlando, FL 32896-5035. They can get their refund in the form of a check or an ACH refund credit to the bank account from which the payment was originally taken. Legally, a credit card issuer is obligated to issue a credit balance refund within seven business days of your request for one.

Please note that you are not required to request a credit balance refund if you overpay your Synchrony Premier credit card. If you have a negative balance on your account, meaning you’ve paid more than you owe, future purchases will be credited until the balance is back to zero. If you maintain a negative credit balance for six months, Synchrony Bank is required to offer you a refund.

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To get a Synchrony Premier cash advance:

Call Synchrony customer service at 1 (866) 419-4096 and request a PIN, if you don’t already have one.
Insert the credit card at an ATM and enter the PIN.
Select the cash advance option on the ATM screen.
Enter the amount you’d like to withdraw.… read full answer

Withdraw the cash and remove the credit card from the ATM.

Before you take out a Synchrony Premier cash advance, it’s important to note that it is a very expensive transaction. For starters, there’s a cash advance fee of 5% (min $10). There’s also a separate cash advance APR of 29.99% that applies as soon as you withdraw the cash. There may be ATM-owner fees, too.

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What is the Synchrony Premier Card exchange rate?

The Synchrony Premier Card exchange rate is Mastercard’s exchange rate on the date you make a purchase, plus any foreign transaction fees. While Mastercard exchange rates change daily, the Synchrony Premier foreign fee is always 3% of the transaction.

It’s best to use a credit card with no foreign transaction fee… read full answer when making purchases from international merchants. As long as you have such a card and avoid dynamic currency conversion, the exchange rates you’ll pay on international spending with a credit card will be much lower than those you’d get from converting cash with banks, credit unions, or airport currency exchange services.

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What is the Synchrony Premier Card credit score requirement?

The Synchrony Premier World Mastercard® credit score requirement is 750 or better. That means people with excellent credit have a shot at getting approved for the Synchrony Premier Card.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Synchrony Premier Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Synchrony Premier credit score requirement. You can check your credit score for free on WalletHub.

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