SunTrust provides a variety of features for those looking to improve their credit score. 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
The SunTrust Secured Credit Card requires a minimum deposit of $300 to open an account. This amount may vary depending on your credit score. You can deposit the money into a secured savings account, where it earns interest while using 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. A small deposit may seem reasonable but your credit score will depend on your credit use. You will be penalized for using your credit card to more than 30%.
Late payments do not incur a penalty APR
Suntrust Secured Credit Card - Cash Rewards offers a low annual fee, no penalty APR and no late fees. To be eligible for the card, applicants need to deposit $300 in a savings account. This money earns interest during the card's open period and will be returned when the account is closed. The initial deposit can amount to as much as $5,000. This determines the credit limit.
The SunTrust Secured Credit Card features a rewards structure similar to its sister card, the SunTrust Cash Rewards Credit Card. It pays 2% cash back on the first $6,000 of gas purchases and 1% cash back on all other purchases. This card is not recommended for those who have just filed bankruptcy.
No annual fee
SunTrust Secured Credit Card doesn't require an annual fee. It is a great option for anyone with poor credit or someone who wants to repair it. The bank will provide a savings account and a $300 deposit. Each month, the card reports directly to all three major credit reporting agencies. The card also provides a free FICO rating. You can access your score online and via the bank’s mobile app. You can also earn rewards with the card that you can use to buy merchandise or services.
SunTrust Secured Visa Credit Card with Cash Reward allows you up to 2% cashback for purchases. The card offers additional perks such as purchase guarantee and FICO credit score access every other month. Additional benefits include a free replacement card for lost or stolen cards and the ability freeze your account.
Cash back rewards
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. It offers 2% cashback at gas stations, and 1% cashback for everything else. It allows you to spend up $6,000 per year, without any interest.
SunTrust Secured Credit Card offers cash rewards and can help you build credit. 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.