295/65R20 is 1.02" taller than 275/65R20, a +3.00% change in diameter. That is more than the 3% many tire shops use as a limit, so plan on recalibrating the speedometer and checking ABS and stability control.
Ground clearance changes by 0.51" (half the diameter change), and the tire needs 0.51" more room above it.
295/65R20 is 0.79" wider. On the same wheel offset about half of that, 0.39", moves toward the suspension and half toward the fender.
Both fit a 20" wheel; the sidewall is 0.51" taller on 295/65R20.
Details: 275/65R20 in inches · 295/65R20 in inches · change sizes in the calculator