Review: SunTrust Bank Credit Cards

suntrust-credit-cardSunTrust offers 4 consumer credit card choices. An overview / review of SunTrust offerings is below. Most of these cards offer online applications, except the secured card:

  • The SunTrust Cash Rewards Credit Card offers you 2% cash back on gas and grocery purchases (for up to $6000 in annual purchases) and 1% cash back on everything else you buy with the card. You can get an extra 10% (or more for certain clients) on your earned cash back if you have it deposited into a SunTrust checking or savings account. For example, if you deposit $100 in earned cash to a SunTrust account, they’ll add $10 for a total of $110.

  • The SunTrust Travel Rewards MasterCard offers you 3% cash back on airfare, hotel and car rental purchases, and 1% cash back on all other purchases. However, there is a $89 annual fee unless you are a SunTrust Signature Advantage, Premier, or Private Wealth Management client — this definitely is a downside unless you really travel a ton.
  • The SunTrust Prime Rewards Card offers a fairly uninteresting 1% cash back. (See our Best Cash Back Credit Cards page for better deals there.) However, it also offers balance transfers at the Prime Rate (currently 3.5%) for the first 3 years, and there is no balance transfer fee on balances transferred in the first 60 days, which is a pretty unique balance transfer deal in today’s market. (Most balance transfer deals offer a 0% rate but for a shorter time than this card, and they usually have a transfer fee of at least 3%. See our Best 0% Balance Transfer Credit Cards to compare.)
  • The SunTrust Secured Credit Card is aimed at those with no credit history or those rebuilding their credit scores after past credit problems. You deposit $300 or more into a SunTrust savings account as collateral, and your card has the same limit as the amount you deposited. However, you still pay off your credit card each month; the savings account money is just a security deposit in case you default on your payments. This secured card is unique in that it offers rewards: 2% cash back on gas and grocery purchases, and 1% cash back on all other purchases. Like many secured credit cards, it does have an annual fee — $32 in this case. Interest rate is 20.24%.