SunTrust offers many features for people who wish to improve credit scores. These features include a $300 minimum deposit, no annual fees and zero penalty APR for late payments. The card also offers Cash back rewards. In short, it has all of the perks you'd expect from a credit card.
Minimum deposit of $300
SunTrust Secured Credit Card accounts require a $300 minimum deposit to open. 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. Your deposit will be returned once your account is in good standing. This card also has the great advantage of being able to be upgraded to an unprotected card if you have a good credit rating.
While $300 is not a huge amount, it can prove to be costly, especially for those who live paycheck-to-paycheck. Even though a small amount might seem reasonable to you, credit scores are dependent on your credit usage. 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 - Cash Rewards offers a low annual fee, no penalty APR and no late fees. To be eligible, applicants must have deposited a minimum $300 in a specific savings account. This money earns an interest while the card remains open. It will be returned to applicants when the account is closed. 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. 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 fee
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 must make a $300 deposit. The bank will also provide a savings account. It also reports monthly to the three major credit bureaus. It also offers 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.
SunTrust Secured credit card with cash rewards allows you to earn as much as 2% cashback on all your purchases. This card also offers other perks, such as free FICO credit score access every month and purchase assurance. The Discover it Secured Credit Card also offers additional benefits such as free replacement of your card and the ability to lock it if it is stolen or lost.
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% cashback at petrol stations and 1% back on everything else. It also allows you to spend up to $6,000 per year without incurring interest.
In addition to offering cash rewards, the SunTrust Secured Credit Card can also help you build a solid credit history. By reporting your payment history to the major consumer credit bureaus, this card can help you improve your credit score. In addition, the SunTrust Secured Card offers up to 2% cash back on qualifying purchases.