SunTrust offers several features to help improve your credit score. Some of these features include a minimum deposit of $300, no annual fee and no penalty APR for late payments. You can also earn cash back rewards with the card. The card offers all of the perks that you'd expect from credit cards.
Minimum deposit of $300
SunTrust Secured Credit Card Accounts require a $300 minimum deposit. This amount will vary depending upon your credit score. The money that you deposit goes into a savings account. It earns interest while your credit cards are being used. 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. A small deposit may seem reasonable but your credit score will depend on your credit use. If you use 30% or more of your credit available, your credit score will be affected.
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 for the card, applicants need to deposit $300 in a savings account. The money earns interest while it is open and will be returned to the applicant once 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 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.
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. The card also reports to all three major credit bureaus each month. Additionally, the card offers a free FICO scoring. You can access your score online and via the bank’s mobile app. The card also offers rewards that can be used to purchase merchandise or services.
SunTrust Secured Cash Rewards Credit Card allows you to earn up to 2.2% cashback on purchases The card offers additional perks such as purchase guarantee and FICO credit score access every other month. 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 many 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. You can also spend as much as $6,000 per annum without having to pay 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. SunTrust Secured Card provides up to 22% cash back for qualified purchases.