SunTrust Secured Credit Card with Cash Rewards review
Build or repair your credit with this rare cash back secured card that returns up to 2% on gas and groceries, among other perks.
- Get this card if you want to build or rebuild your credit with the perk of cash back rewards.
- Pick something else if you want a secured credit card with no annual fees.
- Fair credit score of 300 to 669 recommended.
Up to 2x
Purchase APR (variable)
Recommended credit score
|Product Name||SunTrust Secured Credit Card with Cash Rewards|
|Purchase APR||19.99% variable|
|Balance transfer APR||19.99% variable|
|Balance transfer fee||$10 or 3% of the transaction, whichever is greater|
|Cash advance rate||24.99% variable|
|Cash advance fee||$10 or 4% of the cash advance amount, whichever is greater|
|Foreign transaction fee||None|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $39|
|Additional cardholder fee||$0|
How to apply for the SunTrust Secured Credit Card
Apply for the SunTrust Secured Credit Card if you’re:
- At least 18 years old.
- A US citizen or resident.
Once the bank extends conditional approval, you’ll need to open a SunTrust savings account with your deposit, which is then used to determine your credit limit.
Information you’ll need
To apply for the SunTrust Secured Credit Card, you’ll need to provide:
- Your full name and contact information.
- Details about your employment and income.
- Your residential status and monthly rent or mortgage payment.
Unlike other secured cards, you’ll need to apply for the card at one of 1,400 SunTrust Bank branches in the US or by calling 800.SUNTRUST.
Find your nearest bank with SunTrust’s online branch and ATM locator.
How likely is approval?
A fair credit score of 300 or higher increases the chances of your application’s approval.
How long will it take to be approved?
SunTrust doesn’t specify how long it will be before you know the status of your approval. But approval for similar cards takes about seven to 10 business days.
You’ll find that several secured credit cards vie for your attention, but not many offer cash back or rewards. What sets the SunTrust Secured Credit Card with Cash Rewards apart from its competition is 2% cash back on up to 6,000 spent annually on qualifying gas and grocery purchases. All other purchases come with 1% cash back.
You can quickly make up for the $32 annual fee if you spend at least $1,600 on qualifying gas and grocery purchases each year — an easy feat for most of us. If you’d rather avoid annual fees, look into secured credit cards with no annual fees.
Redeem your cash back directly into a SunTrust checking, savings or money market account to get a 10% to 75% bonus, depending on your existing bank relationship.
This card’s real value is consistent account reporting to the three major credit bureaus. Which means that with responsible spending and on-time payments, you’re soon on your way to graduating to an unsecured card. You’ll also get free access to your FICO score, updated each month.
To apply for this card, you’ll need to visit a SunTrust Bank branch across 11 southeastern states and Washington, D.C. Or call them directly at 1-800-SUNTRUST.
- Cash back rewards. A secured card with cash back rewards? Yes: 2% on up to $6,000 spent on qualifying fuel and grocery purchases each year and 1% on all other purchases.
- Flexible redemption. Redeem your rewards for cash back, statement credit, a bank deposit, travel, gift cards and more.
- Cash deposit bonus. Deposit your rewards directly into a SunTrust checking, savings or money market account to get a bonus of up to 75% more, depending on the combined total of your deposits and investments with the bank.
You’ll also like …
- Free FICO Score. Get your updated FICO score through SunTrust’s online banking platform.
- Platinum Mastercard benefits. The card comes with purchase assurance, extended warranties, price protection, MasterAssist travel services, Master RoadAssist roadside service and Mastercard global service.
How to make this card’s annual fee worth it
Cash back rewards on your spending make it easy to offset the $32 annual fee. If you spend $3,200 on everyday purchases annually, you’ll get back $32. With gas and grocery purchases, you’ll get there even more quickly. Set up recurring payments to further maximize your cash back.
What to watch out for
- $32 annual fee. Use your card regularly to offset the cost with rewards.
- Stiff penalties. Late and returned payments can set you back by up to $39.
- Foreign transaction fees. If you use this card outside of the US, you’ll pay 0% of each transaction in US dollars in fees.
I got the card. Now what?
- Keep track of your spending. Log in to your SunTrust account to monitor your spending and easily make payments. Use it to view your updated FICO Score each month as well.
- Avoid interest. You’ll get 25 grace days after each billing date to avoid paying interest on your purchases. Remember that cash advances don’t come with grace days.
- Avoid fees. Late and returned payments can leave noticeable dents in your wallet. You’ll also need to pay fees for balance transfers, cash advances and overseas transactions.
- Customer service. For general banking services, call 800.SUNTRUST. Or connect via Twitter at @SunTrust or on Facebook @SunTrust.
Compare secured credit cards
Though you’ll pay an annual fee, this card is among the rarer secured cards that come with fun cash back rewards. It’s backed by a trusted bank, but you’ll need to apply at a branch or over the phone to get started.