SunTrust Mastercard Business credit card review | finder.com

SunTrust MasterCard Business Credit Card review – October 2018

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A card with high cash back in two categories, a long intro APR for purchases and no annual fee.

30-second take

  • Get this card if your business spends up to $2,000 a month on office supplies and gas.
  • Pick something else if you spend more or want stronger cash back in general.
  • Apply with a good to excellent credit score of 670 or higher.
Product NameSunTrust MasterCard Business Credit Card
Annual Fee$0
APR (Annual Percentage Rate) for Purchases14.24% to 21.24% variable
Introductory Purchase APR0% for the first 12 months (then 14.24% to 21.24% variable)
Balance Transfer Fee$5 or 3% of the transaction, whichever is greater
Cash Advance Rate27.24% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$5 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $49
Returned Payment Fee$32
Rates & FeesRates & Fees
Minimum Age18 years of age
Reward Value per Dollar1% cash back

The basics

SunTrust MasterCard Business Credit Card can be a good card for businesses that spend up to $2,000 every month on office supplies and gas. You won’t lose any of your rewards to an annual fee, and if you redeem your cash back with an ACH deposit to a SunTrust checking or savings account, you’re eligible for a bonus.

If you’re looking to invest in high-dollar items for your business, use your card to take advantage of a long intro APR period on purchases.

The only drawback: You must live in SunTrust’s service area of 11 Southeastern states or Washington, DC.

What states fall within SunTrust's footprint?

You can take advantage of SunTrust’s benefits — including its suite of credit cards — if you live in:

  • Alabama
  • Arkansas
  • Georgia
  • Florida
  • Maryland
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia
  • Washington, DC.
  • West Virginia

The perks

  • Cash back.

    Get 5% back on combined purchases of office supplies and gas on up to $2,000 a month for the first 12 months your account is open. After that, your rate reverts to 3% on up to $2,000 in office supplies and gas purchases. When you reach the cap in your first and subsequent years, your rate reverts to 1%. Add to this the 1% cash back you’ll earn on all other business purchases.

  • Intro APR period on purchases.

    Take advantage of a 0% intro APR period on purchases in the first 12 months your account is open. After that, a variable APR of 14.24% to 21.24% applies.

  • No annual fee.

    You won’t pay an annual fee for this card’s perks, making it a good choice for small businesses in the long term.

How do I redeem my cash back with the SunTrust MasterCard Business Credit Card?

After you’ve earned at least $5, log in to your online account or call 855-574-2423 to redeem your rewards.

You can have your cash back deposited into your SunTrust checking or savings account or applied as a statement credit.

When you redeem your cash back directly into your business savings, checking or money market account, you’re eligible for a cash deposit bonus of 10% or 25% based on your business deposit relationship with SunTrust. If you’ve earned $500 in cash back, you might see a bonus reward of $50 or $125.

You’ll also like …

  • Mastercard Easy Savings Program.

    Earn automatic rebates of up to 25% at participating merchants, including Bing Ads and Avis.

  • Mastercard benefits.

    Get extended warranties and purchase protection for up to 90 days against theft or damage. When traveling, you’ll also get accident insurance of up to $250,000 against death and dismemberment, roadside and travel emergency assistance and more.

  • Free employee cards.

    Earn more cash back on your employees’ spending, and set spending limits for peace of mind.

  • Online management tools.

    Stay on top of your business’s spending and pay your bills through your online account.

What to watch out for

  • Foreign transaction fees.

    Each time you swipe your card outside of the States, you’ll pay a fee equal to 3% of the transaction. If you often travel abroad, transaction fees can add up quickly.

  • Penalty APR.

    After two consecutive late payments, SunTrust may impose a penalty APR of 27.24% to your account. To revert that rate, you’ll need to keep your account in good standing and make minimum payments on time for at least six consecutive months.

  • Loss of intro APR period.

    With only one single late payment, SunTrust may revoke your intro APR, imposing the current variable APR on purchases.

  • No intro APR period on balance transfers.

    The card comes with an intro APR period on purchases, but not on balance transfers. If that’s what you’re looking for, you may want to compare balance transfer cards for businesses.

  • No signup bonus.

    Many competitors offer a bonus during your first few months of card membership after you spend a specific amount. Unfortunately, this card has no such offer.

Consider other cards if …

  • You spend more than $24,000 a year on office supplies and gas.

    If you spend between $25,000 and $50,000 a year in these two categories, the SimplyCash® Plus Business Credit Card from American Express might be a better option. You earn high cash back on office supplies and wireless telephone services as well as a slightly lower — but still decent — cashback rate on a category of your choice. Earn accelerated rewards on up to $50,000 a year in purchases. After that, you get 1% back, which also applies on all other purchases.

    For bigger spending of up to $250,000 a year on gas and office supplies, the Business Advantage Cash Rewards Mastercard® credit card by Bank of America is a strong choice. You earn at a high rate in these two categories until you reach the cap, and 1% back after that. You’ll also earn accelerated rewards on dining and 1% cash back on all other purchases.

  • You don’t spend much in any specific category.

    In that case, the Capital One® Spark® Cash for Business may suit your business well. You’ll earn 2% cash back on everything you buy — but with an annual fee. To offset the fee with cashback rewards, you’ll need to spend at least $4,500.

Compare business credit cards

Updated October 23rd, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.
None (Charge Card)
$0 annual fee for the first year ($250 thereafter)
This charge card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
20.24% variable
$0 annual fee for the first year ($175 thereafter)
Earn 50,000 Membership Rewards® points after you spend $5,000 in qualifying purchases on the Card within your first 3 months of Card Membership.
14.24%, 19.24% or 21.24% variable
0% for the first 9 months (then 14.24%, 19.24% or 21.24% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 14.24% - 21.24% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months.
17.74% to 22.74% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.74% to 24.74% variable
$0 annual fee for the first year ($99 thereafter)
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day.
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
0% for the first 9 months (then 17.74% to 24.74% variable)
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.99% to 25.99% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening.

Compare up to 4 providers

What size business is the SunTrust MasterCard Business Credit Card good for?

The card could great for small businesses that spend up to $2,000 each month on gas, office supplies or both. Doing so earns you up to $1,200 cash back for the first year and $720 from your second year on — just in these two categories alone.

If you hold a SunTrust business checking or savings account, you’re eligible for more cash back when what you’ve earned is deposited directly into your account. This effectively increases your cashback rate to up to 6.25% on gas and office supplies in your first year and up to 3.75% starting in your second year.

What should I know before I apply?

To open a SunTrust MasterCard Business Credit Card, you must be an authorized representative of your company and live within SunTrust’s service area.

You’ll also need to provide information like:

  • Business name and contact information.
  • Business tax ID number.
  • Information about your business and its finances.
The guarantor must also provide their:

  • Full name and contact information.
  • Date of birth and Social Security number.
  • Annual income.

What credit score do I need?

SunTrust pulls the personal credit score of all guarantors listed on your application. For the best chance at a low APR and high credit line, apply with a good to excellent personal credit score of 670 or higher.

What do customers say about SunTrust MasterCard Business Credit Card?

The Better Business Bureau rates SunTrust an A+, accrediting the bank since 1967. As of this writing, SunTrust has 59 negative reviews and more than 990 complaints. These reviews combined with the BBB rating give it a composite score of 3.71 out of 5.

Many negative reviews revolve around customer service issues and fees but don’t speak to the credit card specifically.

How to apply for the SunTrust MasterCard Business Credit Card?

  1. Go to the SunTrust website and find the SunTrust MasterCard Business Credit Card in the list of small business offers. Click Apply now.
  2. Complete the application form with your personal and business information.
  3. Review and submit your application.

How long will it take to get my SunTrust MasterCard Business Credit Card?

After you apply, you can expect to hear back in seven to 10 business days. Your decision letter arrives by mail with your new credit card.

No worries if you’re feeling impatient. Call the credit approval line at 866-243-7719 after two to three business days to learn whether you’re approved. You’ll need identifying information, such as your Social Security number, to access the decision.

I got the card. Now what?

  • Download the SunTrust Business Mobile app. Use the app to pay your bills, monitor your account, find an ATM and more.
  • Pay on time. Paying late can hurt with a penalty fee of up to $49. After two late payments, SunTrust may impose a penalty APR of 27.24%, which can last for six consecutive months of paying the minimum on time. You’ll also lose your intro APR period on purchases.
  • Avoid paying fees. This card is heavy on fees. You’ll pay a fee for foreign transactions, balance transfers, cash advances, overdraft, late payments, returned payments, stopped payments and research.
  • Customer service. Call 800-786-8787 (800-SUNTRUST) for automated assistance 24/7.

Bottom line

If you’re looking for a simple, no-annual-fee card for your business, the SunTrust MasterCard Business Credit Card could be a good choice. You’ll earn high cash back on gas and office supplies, with an intro APR period on purchases.

However, if you’re looking for a balance transfer card or want to compare other card options, read our guide to business credit cards to find the best one you’re eligible for.

Frequently asked questions

Kliment Dukovski

Kliment Dukovski is a writer who specializes in global financial markets and personal finance, with a focus on credit cards. His main goal is to deliver honest and accurate information to help you make the right financial decision. When he's not writing about finance-related subjects, he writes sci-fi stories.

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