Looking at the financial market, there are a plethora of different credit card options. Our personal favorite is the cash-back rewards credit card.
This option provides you with the ability to earn cash rewards on gas and grocery purchases within a certain time frame. Looking at the different banks that do offer this option, SunTrust is among the most reliable ones.
Let's discuss what you need in order to apply for their credit card, as well as what benefits you can reap from their program. Let’s get right to it!
Fees and Charges
The first thing that we want to talk about is the promotional offer that is the main highlight of the SunTrust Credit Card. As a customer, you will be eligible for 5% cash rewards for any qualified gas and grocery purchases up to $6,000 within the first 12 months.
Additionally, the interest rate for the first 15 billing cycles on balance transfers and purchases is 0%. After this period, you will be subjected to a variable annual percentage rate between 11.24% and 21.24% depending on your creditworthiness and current financial situation.
Like with most other banks, the APR will vary depending on the current market prime rate.
When it comes to cash advances and overdrafts, the APR is set to 24.99%. However, it can be higher or lower depending on the aforementioned prime rate. The balance transfer is set to $10 or 3% of the sum, whichever is greater.
Apart from the aforementioned promotional offer, you will also get to enjoy unlimited 2% cashback on gas and qualifying grocery purchases, as well as 1% on all other purchases. Luckily, there aren’t annual fees or foreign transfer charges.
Finally, the late or return payment fee can be up to $39.
How to Apply
When it comes to eligibility requirements, the main criteria is creditworthiness. For the cash rewards program, SunTrust asks for a credit score of at least 700 (rated as good).
Apart from that, you need to be over 18 years old and a permanent US resident or citizen in order to apply for this credit card.
When it comes to the online application process, it is fast and simple. Simply log in to the SunTrust official website and fill in the required info, including documentation proving that you meet the aforementioned criteria.
You should get an instant decision on whether or not you are approved for the cash rewards credit card. If approved, you should get the card within a couple of business days.
Bank Contact Details
When it comes to applying for a credit card, you will want to make sure that the bank offers a reliable customer support team. There are a couple of different ways that you can contact SunTrust.
Bank Location: use the generator on the official website to find the nearest branch;
Phone: 877-377-9230; every Monday to Friday from 8 am to 8 pm EST, and from 8 am to 5 pm EST on Saturday
Features and Benefits
The most important feature of the SunTrust Credit Card is that you will be able to enjoy 5% cashback on all qualified gas and grocery purchases for the first 12 months.
Not only that, but after that period, you are subject to 2% unlimited cash back on the same purchases, as well as 1% unlimited on all other purchases.
If you would like to find out more about the Capital One Credit Card, take a look here.
Summary
The SunTrust Credit Card is a fantastic example of a cash rewards program.
While the suggested credit score may not be that easy to achieve, the 5% cashback for the first 12 months, as well as the 2% and 1% unlimited cash rewards, makes it a good option for consolidating your budget. Good luck!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
