SunTrust offers many features for people who wish to improve credit scores. SunTrust offers a minimum deposit requirement of $300 as well as no annual fee and no penalty 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.
$300 minimum deposit
SunTrust Secured Credit Card accounts require a $300 minimum deposit to open. This amount will vary depending upon your credit score. 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. The card's best feature is its ability to be upgraded to an unsanctioned card if your credit score increases.
While $300 is not a huge amount, it can prove to be costly, especially for those who live paycheck-to-paycheck. Although a small deposit may seem reasonable, your credit score is dependent on how much you use credit. You'll be penalized if your credit card uses more than 30% of your available credit.
Late payments are exempt from penalty APR
The Suntrust Secured Credit Card with Cash Rewards comes with a low annual fee and no penalty APR for late payments. To be eligible for the card, applicants need to deposit $300 in a savings account. This money earns interest and is returned to the applicant after the account closes in good standing. 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. 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 fees
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. The bank will provide a savings account and a $300 deposit. The card also reports to all three major credit bureaus each month. You can also get a free FICO score. You can also access your score online or on the bank's mobile app. Rewards can be used to purchase products or services with the card.
SunTrust Secured Visa Credit Card with Cash Reward allows you up to 2% cashback for purchases. Other perks include free FICO credit score access and purchase assurance. Additionally, the Discover it Security Credit Card provides additional benefits like a free overnight card replacement or the ability of freezing your account in case it is lost/stolen.
Cash back rewards
Suntrust offers credit cards with cashback rewards. Platinum Mastercard for instance offers 1% cashback on purchases, no annual fees, and no foreign transaction fee. It offers 2% cashback at gas stations, and 1% cashback for everything else. You can also spend up to $6,000 annually without paying interest.
SunTrust Secured Credit Card not only offers cash rewards but can also help build your credit history. This card can improve your credit score by reporting all of your payments to the major consumer credit agencies. SunTrust Secured Card also offers up to 2% cashback on certain purchases