SunTrust offers several features to help improve your credit score. There is no minimum deposit of $300 and no penalty APR on late payments. Cash back rewards are also available. It has all the perks one would expect from an credit card.
$300 Minimum Deposit
The SunTrust Secured Credit Card requires a minimum deposit of $300 to open an account. This amount can vary depending on your credit score. Your money is put into a secure savings account that earns interest as you use your credit card. Once your account closes in good standing, your deposit will be returned. Another great feature of this card is that it can be upgraded to an unsecured card if your credit score improves significantly.
A minimum deposit of $300 is not outrageous, but it can be a pain in the neck, especially if you're living paycheck to paycheck. Although a small deposit may seem reasonable, your credit score is dependent on how much you use credit. You'll be penalized if your credit card uses more than 30% of your available credit.
Late payments do not incur a penalty APR
The Suntrust Secured Credit Card with Cash Rewards comes with a low annual fee and no penalty APR for late payments. To qualify for the card applicants must deposit at least $300 into a special savings account. This money earns interest during the card's open period and will be returned when the account is closed. The credit limit on the card is determined by the amount of the initial deposit, which may be as high as $5,000.
SunTrust Secured Credit Card is similar in its rewards structure to its sister card SunTrust 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. The card is not appropriate for anyone who has recently filed for bankruptcy.
No annual charge
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. You will need to make a small $300 deposit and have a savings account. Each month, the card reports directly to all three major credit reporting agencies. You can also get a free FICO score. Your score can be accessed online or via the bank's mobile application. There are also rewards available that can be used for merchandise and services.
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. You can also get the Discover it Secured Credit Card with additional benefits, such as a free overnight replacement card or the ability to freeze your account in the event of loss or theft.
Cash back incentives
Suntrust offers a variety of credit cards with cash back rewards. Platinum Mastercard, for example, offers 1% cashback on purchases and is free from annual fees. It also has no foreign transaction fees. It also offers 2% gas station cashback and 1% cashback on everything else. It also allows you to spend up to $6,000 per year without incurring interest.
SunTrust Secured Credit Card provides cash rewards as well as helping you to build a strong credit history. This card can improve credit scores by reporting your payment history at the major credit bureaus. SunTrust Secured Card allows you to get up to 2.5% cash back on qualified purchases.