SunTrust provides a variety of features for those looking to improve their credit score. These features include a $300 minimum deposit, no annual fees and zero penalty APR for late payments. Cash back rewards are also available. It offers all the benefits you would expect from a credit-card.
$300 minimum deposit
SunTrust Secured Credit Card account opening requires a minimum deposit $300 This amount will vary depending upon your credit score. You can deposit the money into a secured savings account, where it earns interest while 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 excessive, it can cause headaches if you live paycheck to paycheck. While a small deposit might seem reasonable, keep in mind that your credit score depends on your credit usage. You will be penalized for using your credit card to more than 30%.
No penalty APR for late payments
Suntrust Secured Credit Card offers Cash Rewards with a Low Annual Fee and No Penalty APR for Late Payments. The minimum deposit required to be eligible for this card is $300 in a special savings bank 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 initial deposit amount, which can be as high as $5,000, determines the credit limit of the card.
SunTrust Secured Credit Card comes with a rewards structure very similar to that of its sister card, SunTrust cash Rewards Credit Card. It gives you 2% cashback on first $6,000 of gas purchase and 1% cashback on all others. The card is not appropriate for anyone who has recently filed for bankruptcy.
There is no annual fee
SunTrust Secured Credit Card does not have an annual fee. This card is great for people who don't have a good credit history or want to fix it. You will need to make a small $300 deposit and have a savings account. It also reports monthly to the three major credit bureaus. You can also get a free FICO score. Access your score online, or through the bank's mobile apps, is also possible. You can also earn rewards with the card that you can use to buy merchandise or services.
SunTrust Secured credit card with cash rewards allows you to earn as much as 2% cashback on all your purchases. The card offers additional perks such as purchase guarantee and FICO credit score access every other month. 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 many 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% gas station cashback and 1% cashback on everything else. You can also spend up to $6,000 annually without paying interest.
In addition to offering cash rewards, the SunTrust Secured Credit Card can also help you build a solid credit history. This card can improve credit scores by reporting your payment history at the major credit bureaus. In addition, the SunTrust Secured Card offers up to 2% cash back on qualifying purchases.