LAST UPDATED: October 7th, 2022
SunTrust is a financial services company that offers a wide variety of products and services for its customers. SunTrust provides its customers with banking, lending, and investment solutions with 24/7 online access throughout the Mid-Atlantic and Southeast regions of the United States.The company offers consumers with excellent credit histories a variety of credit card options to choose from that feature hundreds of redemption options. SunTrust is not FDIC-insured and its investment and insurance products are not bank-guaranteed.
- Flexible credit card options
- Numerous reward redemption choices
- Free credit score and resources
Flexible Credit Card Options
SunTrust offers its customers three main credit cards to choose from with flexible options. Customers are able to select a card that can help reward them for everyday purchases or travel. Customers can also select a card that helps them either consolidate debt or build their personal credit. SunTrust helps consumers compare these various options on their website to help them decide which credit card is most suitable for their exact needs. All credit cards include the following features:
- Cash back rewards bonus
- Rewards program
- FICO score program
- EMV chip technology
- 24-hour customer service
- Online banking with bill pay
Numerous Reward Redemption Choices
Cardholders are able to earn numerous reward redemption choices for eligible purchases. These rewards may be redeemed towards cash back, travel, merchandise, or gift cards. Cardholders can select rewards as direct deposits or statement credits into any personal banking account. Cardholders may receive up to five percent cash back on $6,000 worth of either gas/grocery or travel purchases made within the first year, depending on card selection. A full list of all rewards can be found directly on SunTrust's website.
Free Credit Score and Resources
SunTrust provides a free online library for consumers on its website with a wide variety of credit card informational articles and other resources.The company's FICO program provides a free credit score score that is updated on a monthly basis and up to a year of a person's credit history. Cardholders must have an online or mobile banking account to access these features included in the FICO program. The company also offers a variety of other credit products such as personal loans and lines of credit.
- High APR rates
- Additional fees
- Redemption limitations
High APR Rates
The annual percentage rate (APR) charged by SunTrust varies from 0 to 21.49 percent, depending on the applicant's overall creditworthiness. The 0 percent introductory APR for balance transfers lasts for only 15 months. After that, it rises to range from 10.74 percent to 21.74 percent. According to the company's terms and conditions on its website, cash advances and overdraft APRs rates go as high as 25.49 percent. These rates are slightly higher than the amounts charged by similar competitors. Individuals with less than perfect credit may want to consider alternative options from other credit card companies.
Most options the company provides feature no annual fee. However, the SunTrust Travel Rewards credit card does charge an annual fee of $89. The company also charges transaction fees of the greater of $10 or 3 to 4 percent on some cash back cards for balance transfers and cash advances. Consumers wishing to consolidate large amount of debt may want to double-check the cost of potential fees prior to transferring any balances from other credit cards. Penalty fees for late or returned payments can cost up to $38 per transaction.
Cardholders are not able to redeem cash whenever they choose. Cash back can only be redeemed at the end of the card's closing period and must be more than the $25 required minimum for redemption. According to the company's terms and conditions listed on its website, reward redemption requests can take five days or more to be initiated and processed. After the first 12 months, the unlimited cash back reward drops from five percent to up to two percent cash back, which is the average standard in the industry. Cardholders that wish to deposit their cash back rewards into a non-SunTrust bank account will be charged an additional fee.
The Bottom Line
SunTrust offers three types of credit cards for consumers with flexible options and numerous redemption choices. These credit card offers can be used to build credit, consolidate debt, or reward everyday/travel purchases. Cardholders enrolled in online banking receive a free FICO score along with a wealth of credit information and resources. The SunTrust credit card offers are best suited for individuals with excellent credit histories.
SunTrust credit card feature higher APR rates than many of its competitors along with additional fees. Restrictions also apply to the reward redemption process. In order to maximize received features and benefits, cardholders must have a personal banking account with SunTrust.
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