SunTrust has a number of features that can be used to improve credit scores. These features include a $300 minimum deposit, no annual fees and zero penalty APR for late payments. Cash back rewards are also available. In short, it has all of the perks you'd expect from a 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 then put into a secured savings account where it earns interest while you're using your credit card. Once your account closes in good standing, your deposit will be returned. Another great feature of this card is that it can be upgraded to an unsecured card if your credit score improves significantly.
A minimum deposit of $300 is not outrageous, but it can be a pain in the neck, especially if you're living 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 do not incur a penalty APR
Suntrust Secured Credit Card offers Cash Rewards with a Low Annual Fee and No Penalty APR for Late Payments. To be eligible, applicants must have deposited a minimum $300 in a specific savings account. This money earns interest during the card's open period and will be returned when the account is closed. The credit limit on the card is determined by the amount of the initial deposit, which may be as high as $5,000.
SunTrust Secured Credit Card comes with a rewards structure very similar to that of its sister card, 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. However, this card is not suitable for people who have recently filed for bankruptcy.
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 must make a $300 deposit. The bank will also provide a savings account. The card also reports to each of the major credit bureaus every month. 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 Cash Rewards Credit Card allows you to earn up to 2.2% cashback on purchases Other perks include free FICO credit score access 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 incentives
Suntrust offers many credit cards with cash-back rewards. Platinum Mastercard has a 1% cash back reward, free annual fees and no foreign transaction fees. It also offers 2% cashback at petrol stations and 1% back on everything else. It allows you to spend up $6,000 per year, without any interest.
SunTrust Secured Credit Card not only offers cash rewards but can also help build your credit history. This card can help you increase your credit score. It will report your payment history directly to the major consumer credit reporting agencies. SunTrust Secured Card provides up to 22% cash back for qualified purchases.