SunTrust has a number of features that can be used to improve credit scores. You can make a minimum deposit as low as $300, and there is no annual fee or penalty APR for late payment. Cash back rewards are also available. The card offers all of the perks that you'd expect from credit cards.
$300 minimum deposit
SunTrust Secured Credit Card accounts require a $300 minimum deposit to open. This amount can vary depending on your credit score. The money you deposit is then put into a secured savings account where it earns interest while you're using your credit card. Your deposit will return to you once your account is closed in good standing. The card's best feature is its ability to be upgraded to an unsanctioned card if your credit score increases.
Although $300 is not unreasonable, a minimum deposit of $300 can be very costly, especially if one lives paycheck to paycheck. Even though a small amount might seem reasonable to you, credit scores are dependent on your credit usage. If you use 30% or more of your credit available, your credit score will be affected.
No penalty APR for late payments
Suntrust Secured Credit Card With Cash Rewards has a low annual cost and no penalty APR for late payment. To be eligible for the card, applicants need to deposit $300 in a savings account. This money earns interest while the card is open, and will be returned to the applicant when the account is closed in good standing. The amount of the initial deposit (which may reach as high as $5,000) determines how much credit the card will allow.
SunTrust Secured Credit Card has a rewards structure that is similar to its sister card, SunTrust Cash Rewards Credit Card. The card pays 2% cashback on your first $6,000 in gas purchases, and 1% cashback on all other purchases. However, this card is not suitable for people who have recently filed for bankruptcy.
No annual charge
The SunTrust Secured Credit Card has no annual fee and can be a great choice for those without a credit history or who want to repair it. You must make a $300 deposit. The bank will also provide a savings account. It also reports monthly to the three major credit bureaus. You can also get a free FICO score. You can access your score online and via the bank’s mobile app. Rewards can be used to purchase products or services with the card.
With the SunTrust Secured Credit Card with Cash Rewards, you can earn up to 2% cash back on your purchases. This card also offers other perks, such as free FICO credit score access every month and purchase assurance. Moreover, the Discover it Secured Credit Card offers additional benefits like free overnight card replacement and the ability to freeze your account if it is lost or stolen.
Cash back Rewards
Suntrust offers a variety of credit cards with cash back rewards. Platinum Mastercard for instance offers 1% cashback on purchases, no annual fees, and no foreign transaction fee. It also offers 2% cash back at gas stations and 1% cash back on everything else. You can also spend as much as $6,000 per annum without having to pay interest.
SunTrust Secured Credit Card is not only a great way to earn cash rewards, but it can also help you build solid credit histories. This card can improve your credit score by reporting all of your payments to the major consumer credit agencies. SunTrust Secured Card provides up to 22% cash back for qualified purchases.