When you build business credit, you need to be in the know about all of your options. And, if you’re an existing Suntrust Bank member, you’ve probably wondered about the brands’ business credit cards. If you’re not, you may have seen mention of Suntrust’s cash rewards cards online. Get all of your questions answered here.
First, you can learn about Suntrust Bank and see a summary of each business card they offer. Then, see a thorough exploration of both cards. And, finally, read answers to some of the most frequently asked questions. When you’re finished reading, you should be able to determine if a Suntrust business credit card is right for you.
What is Suntrust Bank (Soon to be Trusit)?
Both existing brands have disclosed that members should continue banking as usual. They promise to make the transition seamless for their members. And, new credit applications should be processed as usual.
What is a Suntrust Business Credit Card?
Suntrust business credit cards are popular funding options for companies interested in building their credit or accessing multiple lines of credit for working capital/investments. The brand offers a cash rewards card for businesses and a card designed specifically for non-profits.
- Suntrust business credit card rewards include cash back, loyalty cash, automatic rebates, and flexible spending.
- And, non-profit cardholders can leverage rebates on eligible spending.
Suntrust Business Credit Cards Comparison
Now, let’s take a look at a summary of the advantages of business credit cards available through Suntrust Bank.
What do Suntrust’s Business Cards Have in Common?
First of all, Suntrust credit cards for businesses and non-profits have a 0% introductory rate for the first 12 months with no annual fee. So, if you have your card paid off within the first year, you won’t owe additional costs for the funding.
Next, both cards offer the benefits of the Mastercard EasySavings® Program. Through this program, you can leverage notable savings for your business on hotels, restaurants, travel, business services, fuel, and maintenance partners. Earn a 4% rebate on spending at more than 18K restaurants and 5K hotels worldwide.
Furthermore, both cards offer Zero Liability, which protects cardholders from unauthorized transactions.
Exclusive Suntrust Business Credit Card Rewards
The business credit card offers exclusive cash rewards. Cardholders can redeem cash rewards earned in the form of cash deposits into your checking or savings accounts or redeem toward a statement credit. Alternatively, you can opt to use your rewards to purchase gift cards, merchandise, or travel.
And, Suntrust rewards do not expire, as long as your account/credit line is open. And, there is no spending limit. So, you can let your rewards build as long as you like before you redeem. However, rewards earned prior to 2012 will expire five years from the date they were earned.
For the first 12 months after opening your account, you will receive 5% cash back on each qualifying purchase for the first $2,000 spent each billing period. After the first year, you will continue to earn 3% cash rewards on eligible spending. And, Purchases made outside of Suntrust’s partner network will earn 1% cash back.
So, with a Suntrust business card, you’ll earn 1-5% cash back on purchases that you can redeem at any time.
Wait.. there’s more. Suntrust banking customers can leverage added benefits from this card. When you deposit your cash rewards into a Suntrust checking or savings account, you can get an additional 10-25% bonus.
If you deposit $100 in cash rewards into your Suntrust business checking, savings, or money market account, your actual earnings will total $110. And, if you deposit $100 in rewards into a SunTrust Business Advantage Plus Demand Deposit Account (DDA), you’ll earn $125 in all.
This credit card provides the most benefit for existing Suntrust banking members who use their card often.
Unfortunately, the non-profit card doesn’t come with the same rewards as the business card. But, the interest rate on the card is competitive and users can take advantage of Mastercard’s EasySavings® program.
Suntrust Business Credit Card Requirements:
What credit score do you need to get a Suntrust credit card? Well, it better be excellent. After checking in with MyFico forums, it looks like Suntrust only extends credit to businesses with an Equifax FICO 8 score above 700.
And, when cardholders use their card responsibly, their credit limit seems to go up after about a year with the company.
How does the Suntrust Credit Program Work?
Here are some more details about what you should expect from the Suntrust credit program, should you be approved for the business card.
Does Suntrust charge for a cash advance?
Yes, as with most credit cards, Suntrust offers cash advances for a fee. Initially, when your credit line is approved through Suntrust, you will be assigned a cash advance limit. Your advance limit may or may not fluctuate with your card’s spending limit.
And, according to the card’s terms and conditions, the initial fee will be the greater of $5 or 3% of the amount of the advance. And, the APR on a cash advance, which will begin to accrue immediately, will be 24.74%.
So, upfront, on a $500 cash advance, you will pay $15. Then, you’ll owe interest on the amount until the total is paid.
What is the typical APR for a business credit card with Suntrust?
As of January 2020 and also according to the card’s terms and conditions, you can expect your interest rate to vary. The annual interest rate that will kick in after your promotional spending period will be between 13.74 and 20.74%.
According to the Bureau of Consumer Financial Protection, in an updated report published last year, the average credit card annual percentage rate (APR) for private label credit cards is 26.4%, so the Suntrust offer is competitive.
How often can you ask for a credit line increase on a Suntrust business credit card?
Suntrust offers most Suntrust business card holders a spending limit increase after about a year of responsible payment activity. So, you can wait for the 12-month mark, or you can take matters into your own hands at any time by calling Suntrust’s customer service department and requesting one.
What is a Suntrust promo code?
From time to time, Suntrust will offer members exclusive promotional bonuses — for example, “Earn $200 when you open a new checking account.”
These promo codes may be sent out via email and are sometimes available on the Suntrust Bank website. To leverage a promo code, you can use the code online when you take advantage of the offer or take the code into a branch with you.
Does Suntrust have credit cards/does Suntrust offer credit?
Yes. Suntrust Bank (soon to be Truist) offers credit for both individuals and businesses to leverage.
How much does it cost to open a Suntrust account?
A Suntrust checking account is free to open, but a $100 minimum deposit is required. Your $7 Monthly maintenance fee can be waived with eligible account activity and for students for up to 5 years.
Is Suntrust Bank going out of business?
No, Suntrust Bank is a trusted financial institution with 1400+ branches across the United States. The idea that they are going out of business comes from the company’s current merger with BB&T.
How do I increase my credit limit with Suntrust?
Suntrust will automatically increase your credit limit with responsible payment activity. To manually request a credit increase, call 1-800-477-9702.
Can I pay my Suntrust credit card online?
Yes. Suntrust offers online expense management tools including online credit card payments.
What is Suntrust bill pay?
Suntrust bill pay is an online bill payment solution that Suntrust Bank offers their members as a convenience.
How does Suntrust cash back work?
When you use your Suntrust cash rewards card to make purchases, you can redeem earned rewards by depositing into you checking or savings account or using them to apply toward statement credit.
How do you redeem Suntrust rewards?
Login to your Suntrust rewards account and find the ‘Cash’ tab in the navigation menu. Then, select your method of redemption. Choose the amount of rewards you would like to redeem. Your rewards will be automatically added to the account you have selected.
Do Suntrust cash rewards expire?
No, Suntrust cash rewards do not expire as long as your account is open.
Suntrust offers a great business credit card with a 0% promotional interest rate that lasts 12 months. Thereafter, the APR is competitive. The cashback rewards during this period are impressive. And, Suntrust Bank members can take advantage of even more business savings. All in all, when you’re building business credit, this is an excellent card to aim for.
If you want to build your business credit profile and access more small business lines of credit without high origination fees, start here: learn how to obtain business credit in 30 days.