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. The card also comes with Cash Back Rewards. You will find all the perks you would expect from your credit card.
$300 minimum deposit
SunTrust Secured Credit Card Accounts require a $300 minimum deposit. Your credit score may affect the amount you deposit. The money you deposit is placed into a secured savings bank where it earns an interest while you use your creditcard. Your deposit will return to you once your account is closed in good standing. Another great feature of this card is that it can be upgraded to an unsecured card if your credit score improves significantly.
Although $300 is not unreasonable, a minimum deposit of $300 can be very costly, especially if one lives paycheck to paycheck. A small deposit may seem reasonable but your credit score will depend on your credit use. You'll be penalized if your credit card uses more than 30% of your available credit.
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. The money earns interest while it is open and will be returned to the applicant once the account is closed. The amount of the initial deposit (which may reach as high as $5,000) determines how much credit the card will allow.
The SunTrust Secured Credit Card features a rewards structure similar to its sister card, the SunTrust Cash Rewards Credit Card. It offers a 2% cashback for gas purchases up to $6,000 and a 1% cashback for all other purchases. People who have filed bankruptcy recently are not eligible for this card.
No annual fee
SunTrust Secured Credit Card is free of annual fees and can be a great option for people with bad credit or those who are trying to improve it. It requires a small deposit of $300 and is backed by a savings account with the bank. It also reports monthly to the three major credit bureaus. In addition, it offers a free FICO score. You can also access your score online or on the bank's mobile app. There are also rewards available that can be used for merchandise and services.
SunTrust Secured Cash Rewards Credit Card allows you to earn up to 2.2% cashback on purchases You also get purchase assurance and FICO credit score access each 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 incentives
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. You also get 1% cashback on all other purchases and 2% cash back at gas stations. You can also spend up to $6,000 annually without paying interest.
SunTrust Secured Credit Card is not only a great way to earn cash rewards, but it can also help you build solid credit histories. This card can improve your credit score by reporting all of your payments to the major consumer credit agencies. SunTrust Secured Card gives you up to 2% cashback for qualifying purchases.