Last updated on February 24th, 2023
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Truist Enjoy Cash Secured Credit Card
Truist Enjoy Cash Secured Credit Card
- 24.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 24.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Enjoy Cash Secured Visa® Credit Card is a secured cash back credit card from Truist. The card offers elevated cash rewards on gas, groceries, and utilities, plus the chance to build a positive credit history for a modest $19 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn up to 3% cash back on gas, 2% on utilities and groceries (with a combined $1,000 monthly cap), and 1% back on all other eligible purchases
- Unlimited cash back rewards
- Monthly payment history will be reported to three major credit bureaus
- Up to 50% Loyalty Cash Bonus based on your Truist deposit relationship when cash rewards are redeemed into a Truist deposit account
- Low annual fee
- Regular Purchase APR: 24.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 24.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 27.24% 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: $19
- Late Payment Penalty Fee: Up to $40
- Minimum Deposit Required: See Terms
- You already bank with Truist
- You can afford the $400 minimum deposit requirement
- You want versatile cash back rewards
Enjoy Cash Secured Visa® Credit Card Review
The Enjoy Cash Secured Visa® Credit Card offers Truist customers unlimited cash back, the chance to build credit, and more – all for a $19 annual fee. The card is the secured version of the no annual fee Truist Enjoy Cash Credit Card.
Refundable Security Deposit Requirement
Because the Truist Enjoy Cash Secured Card is a secured credit card, it requires a refundable security deposit to open. This deposit acts as the collateral for the loan – and also the credit limit.
With the Truist secured card, that deposit requirement is fairly steep – $400. Applicants are required to provide a $400 minimum refundable deposit in a Truist Secured Savings Account to open. For comparison, many other secured cards require just $200 to open, meaning the Truist Enjoy Cash Secured might be pricing itself out of the market for some customers.
Build Credit with On-Time Payments
Secured credit cards are a great way to build credit. Because of the security deposit, secured cards require users to think carefully when making purchases – establishing sound financial habits. These habits, In turn, can lead to credit-score improvement.
Truist amplifies the credit-building aspects of the card by regularly reporting to three major credit bureaus (Experian, Equifax, and TransUnion). Make your payments on time and keep your credit utilization below 30% and your score could rise significantly over time.
Earn Unlimited Cash Back
The main selling point with the Truist Enjoy Cash Visa is the chance to select how you earn your cash back. The secured version of the card bypasses this option, instead offering unlimited cash back on bonus categories.
Enjoy Cash Secured Cardholders earn 3% back on gas station purchases, 2% back on both groceries and utility payments, and 1% back on all other purchases with the card. The 3% (gas) and 2% cash back categories (utilities and grocery store purchases) only apply towards the first $1,000 in monthly spending on those categories, with all other purchases after that earning a flat 1% back.
How to Redeem Cash Back Rewards
Redeeming cash back with Truist is straightforward – and lucrative should you already bank with the brand (including SunTrust and BB&T). Cash back applies as direct deposits into external accounts or as statement credit into a Truist account.
This second option, Truist deposit, earns an additional Loyalty Cash Bonus based on the accountholder’s Truist banking relationship. Cardholders can earn a 10%, 25%, or 50% Loyalty Cash Bonus based on their Truist deposit relationship when cash rewards are redeemed into a Truist deposit account.
Other Card Features
Other notable features of the Enjoy Cash Visa Card from Truist include:
- $19 annual fee
- No foreign transaction fees
- Visa® Zero Liability
- Customizable card controls to provide additional security
- EMV chip technology and contactless payment capabilities
- Mobile wallet compatibility for faster checkout
Should You Apply for the Enjoy Cash Secured Visa® Credit Card from Truist?
The Enjoy Cash Secured Visa® Credit Card offers cardholders credit building tools and the benefits of up to 3% cash back in one nice package. The 3% back on gas and 2% back on groceries and utilities is lucrative – even if both categories are capped at $1,000 total per month.
For a secured card, there is plenty to love about the Truist Enjoy Cash Secured. Still, the steep minimum deposit requirement might price some consumers out – fortunately, there are plenty of other excellent credit cards for bad credit to consider.