| Last updated on November 14th, 2023
SunTrust Secured Credit Card
SunTrust Secured Credit Card
- 19.99% variable based on the Prime Rate Regular Purchase APR
- 19.99% variable based on the Prime Rate Balance Transfer APR
- 24.99% variable based on the Prime Rate% Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 2% cash back on up to $6,000 spent annually on gas and groceries
- Earn 1% unlimited cash back on all other qualifying purchases
- Earn interest on your security deposit while you build your credit
- Get set up with SunTrust Loyalty Cash Bonuses
- Regular Purchase APR: 19.99% variable based on the Prime Rate
- Balance Transfer APR: 19.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 24.99% variable based on the Prime Rate%
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $32
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- Minimum Deposit Required: $300
At a Glance
Building or repairing your credit history can be a daunting task, and finding a secured card offer that allows you to establish good financial habits while simultaneously earning rewards from everyday purchases isn’t easy. Fortunately, the SunTrust Secured Credit Card lets you control your spending, build your creditworthiness, and also earn up to 2% cash back every time you use your card.
Ideal for Those Who:
- You need to repair, rebuild, or establish credit history
- You want to earn cash back rewards while improving your creditworthiness
- You can make a deposit of at least $300 to establish your credit limit
- You’d like a secured card that comes with the perks and benefits of an unsecured rewards card
SunTrust Secured Credit Card Review
Since the SunTrust Secured Credit Card is a secured card, it’s a great option for folks who have not yet established credit history or who need to rebuild and repair their creditworthiness. As with all secured credit cards, a deposit is required – the minimum for this card is $300 – to be put into a SunTrust Secured Savings Account in order to open your secured card account. You’ll make a one-time deposit (which can be up to the amount of your approved limit); this will determine your spending limit. The money in your Secured Savings Account will earn interest even as you improve your credit score by using your new card. Good credit is not necessary to open this card; your credit limit will be determined by your underwriter.
Earn Cash Back While Building Credit
What sets the Secured Credit Card from SunTrust apart from its competition is the rewards program that is associated with this secured credit card. Typically, a secured card is a basic offer meant for the sole purpose of rebuilding credit; SunTrust has made their secured credit card offering much more attractive by allowing the cardholder to earn unlimited cash back rewards as they increase their creditworthiness.
Earn 2% cash back on gas and groceries for up to $6,000 spent annually, and 1% unlimited cash back on all other qualifying purchases. In short, this secured card from SunTrust looks and functions just like an unsecured card from Mastercard®; the difference lies in how your credit limit is determined. SunTrust will monitor your spending and payment history and report it to the major credit bureaus so that you can watch your credit score increase as you capitalize on your new credit card account.
Other Card Features
The SunTrust Secured Credit Card with Cash Rewards also features all of the perks associated with SunTrust’s other credit card offerings. As a cardholder, you’ll enjoy flexible rewards options when you redeem your cash back rewards, as well as a Loyalty Cash Bonus of 10%, 25% or 50% based on your deposit relationship with the bank when your cash back is redeemed directly into a SunTrust Checking, Savings or Money Market account. You’ll have free access to your FICO® score via online banking; the score will be updated each month, and you’ll be able to track your progress at your leisure. SunTrust will even provide online tools like credit education and insights into what affects your score, so you can stay on track while you earn rewards and interest. It’s not often you come across a secured card with cash rewards.
Should You Apply for the SunTrust Secured Credit Card?
The SunTrust Secured Credit Card is a rarity among secured cards in that it offers cash back rewards. In this regard, the card is similar to the Discover it Secured Card, which also provides cash back on gas (and dining, instead of groceries with the SunTrust Card). Add in a competitive APR on purchases and modest annual fee and you have the makings of a very good secured card, indeed.
Related Article: What Are the Best Secured Cards for Building Credit?
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