SunTrust has a number of features that can be used to improve credit scores. SunTrust offers a minimum deposit requirement of $300 as well as no annual fee and no penalty for late payments. You also get cash back rewards. It offers all the benefits you would expect from a credit-card.
$300 Minimum Deposit
SunTrust Secured Credit Card Accounts require a $300 minimum deposit. Your credit score may affect the amount you deposit. Your money is put into a secure savings account that earns interest as you use 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.
While $300 is not a huge amount, it can prove to be costly, especially for those who live paycheck-to-paycheck. A small deposit may seem reasonable but your credit score will depend on your credit use. You'll be penalized if your credit card uses more than 30% of your available credit.
Late payments are exempt from penalty APR
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 SunTrust Secured Credit Card pays 2% cash back for the first $6,000 worth of gas and 1% cashback for all subsequent purchases. People who have filed bankruptcy recently are not eligible for this card.
No annual fees
SunTrust Secured Credit Card comes with no annual fees. It's a great choice for those with bad credit histories or who wish to rebuild it. It requires a small deposit of $300 and is backed by a savings account with the bank. The card also reports to all three major credit bureaus each month. The card also provides a free FICO rating. Access your score online, or through the bank's mobile apps, is also possible. Rewards can be used to purchase products or services with the card.
SunTrust Secured Card with Cash Rewards allows you to get up to 2% cashback on your purchases. The card offers additional perks such as purchase guarantee and FICO credit score access every other month. Additionally, the Discover it Security Credit Card provides additional benefits like a free overnight card replacement or the ability of freezing your account in case it is lost/stolen.
Cash back incentives
Suntrust offers several credit cards that offer cash back rewards. Platinum Mastercard is one example. It offers 1% cashback for purchases and comes with no annual fees. There are also no foreign transaction charges. You also get 1% cashback on all other purchases and 2% cash back at gas stations. You can also spend up to $6,000 annually without paying interest.
SunTrust Secured Credit Card provides cash rewards as well as helping you to build a strong credit history. By reporting your payment history to the major consumer credit bureaus, this card can help you improve your credit score. SunTrust Secured Card allows you to get up to 2.5% cash back on qualified purchases.