Most people with bad credit or no credit have trouble getting traditional cards. Many unsecured credit card companies only grant membership to those with fair to excellent credit. If you are having trouble getting approved for an unsecured card, you might want to consider a secured credit card. Hopefully, a secured card will help build your credit score until you can obtain a traditional card. Many companies offer secured cards, so you need to find the right one for you. SunTrust is a reliable bank that provides secured credit cards to consumers.
Advantages of SunTrust Secured Credit Card
- Build credit score
- Earn cash back
- Rewards do not expire
- Concierge service
- Travel accident insurance
- Balance transfers available
Disadvantages of SunTrust Secured Credit Card
- No sign up bonus
- Annual fee
- Foreign transaction fees
- Cannot increase your credit limit
Rates and Terms of SunTrust Secured Credit Card
This card offers an APR of 19.99-22.24%. The annual fee is $32, and the foreign transaction fee is 3%. The card is embedded with a chip that protects against fraud. You can obtain 2% cash back on gas and grocery purchases; 1% on all other purchases. Cash rewards can be in the form of a statement credit or a check. If you make payments on time, SunTrust might eventually provide you with an unsecured card. Customers with a SunTrust bank account have the opportunity to earn an additional bonus of 10%. After approval from the bank, you are required to open a secured card savings account with the bank. You must make at least a $300 deposit into the account. Your credit limit will be equal to the amount of your deposit. Payment are reported each month to all three of the major credit bureaus. Make sure you make your payments on time, so you can improve your credit score.
The bottom line is that SunTrust is one of the best choices for a secured credit card. This is a pretty new card from the bank, but it is a good choice if you cannot get a traditional card. Customer satisfaction is high, and most people with the card claim that the company has excellent customer service. With the secured card, it is best if you pay off your balance each month. If you decide to apply for this card, it is best if you get an account with the bank to take advantage of the extra bonus.