The SunTrust Cash Rewards MasterCard is a rewards credit card which offers a higher earnings rate on gas and grocery store purchases. Additionally, new account holders now receive an introductory annual percentage rate on purchases and balance transfers.
New card members receive a 0% introductory APR on purchases and balance transfers for the first 12 months that your account is open. After this time, the APR will be 14.99% to 21.99%. Your actual APR is determined at the time of approval and is based upon your creditworthiness and other factors. There is a balance transfer fee of $10 or 4% of the total amount transferred (whichever is greater) applied to each transfer. The $10 minimum is nearly double what most credit cards charge and this fee is not waived during the promotional period. Note: Members may lose this promotional APR on purchases and balance transfers if a late payment is made. Your regular APR will then apply.
Cardholders earn 2% cash back on grocery store and gasoline qualifying purchases. This rewards rate is capped at $6,000 annually. After this spending threshold is reached, your remaining grocery and gas purchases earn 1% cash back for the rest of the year. All other purchases made with the SunTrust Cash Rewards MasterCard earn unlimited 1% cash back. Your cash back balance does not expire and there is no program in which you must enroll. Card members automatically earn cash back rewards as soon as the card is used.
SunTrust banking customers also receive a 10% cash back deposit bonus each time a cash back redemption is electronically transferred to a SunTrust checking, savings, or money market account. For example, if you redeem $50 you will earn an additional $5 cash back reward. This increases the cash back reward rate slightly if you are a SunTrust customer.
Members can redeem cash back rewards in the following ways:
- Statement Credit
- Electronic Deposit
To redeem, there must be a minimum of $25 in your cash back rewards account.
Cardholders receive additional benefits with the SunTrust Cash Rewards MasterCard. These include:
- Price Protection- If you find a lower advertised price on an item you purchased with the card within 120 days from the date of purchase, you may be reimbursed for difference in cost.
- Extended Warranty- Doubles the original manufacturer’s or store brand warranty for up to one year. Exclusions and limitations apply.
- Purchase Assurance- Covers damaged or stolen items within 90 days of the purchase price. Exclusions and limitations apply.
- Baggage Delay- Reimburses you for replacement of essential personal or business items when your baggage is delayed.
- Luxury Hotels and Resorts Portfolio- Receive upgrades, early check-in/late check-out, or complimentary breakfast. Subject to availability.
- MasterAssist Travel Assistance- Trip/travel planning, referrals for lawyers, doctors, or embassy information when traveling more than 100 miles from home.
The SunTrust Cash Rewards MasterCard comes with Chip Technology which gives cardholders another layer of security. This is a good perk if you frequently travel abroad since most foreign merchants already use chip-enhanced terminals to process credit card transactions.
There is a 3% foreign transaction fee applied to all purchases made with the card while traveling outside of the U.S.
There is no annual fee for this card.
Below we have broken down the specific details of the SunTrust Cash Rewards MasterCard to help you determine if it’s worth signing up.
New account holders receive a 0% introductory APR on both purchases and balance transfers for the first 12 months that your account is open. After this promotional period ends, the annual percentage rate will be between 14.99% and 23.99% depending on your credit score and other factors at the time of approval. This is an excellent opportunity for anyone wanting to purchase a big ticket item or move a high interest balance to a card with a lower APR while also saving 12 months of interest charges. There is a balance transfer fee of $10 or 4% of the total amount (whichever is greater) applied to each transfer that is processed. This fee is not waived during the promotional offer and is nearly double the standard minimum fee for transfers.
Easy to earn rewards:
Members earn cash back rewards at the rate of 2% on grocery store and gasoline purchases. All other purchases earn 1% cash back. The bonus 2% rate is capped at $6,000 per year in combined purchases. Once the spending limit is reached, all other purchases in this category earn 1% cash back. The 1% rate on all other purchases has no spending cap.
Qualifying purchases are new retail purchases minus any credits, returns, or other adjustments. Fees and interest, balance transfers, and cash advances do not count as purchases and do not earn cash back rewards.
Easy to redeem rewards:
Cardholders may redeem cash back rewards in any of three ways:
- Statement Credit
- Electronic Deposit
You must have a minimum of $25 in cash back rewards in order to redeem. As long as your account remains in good standing, cash back rewards do not expire.
Cash back rewards bonus deposit:
SunTrust banking customers receive a 10% cash back rewards bonus deposit whenever a redemption amount is electronically transferred to a SunTrust checking, savings, or money market account. For example, if you transferred $50 you would receive a bonus deposit of $5 into your cash back rewards account.
Additional MasterCard benefits:
Members receive these benefits as well:
- Price Protection
- Extended Warranty
- Purchase Assurance
- Baggage Delay
- Luxury Hotels and Resorts Portfolio
- MasterAssist Travel Assistance
The SunTrust Cash Rewards MasterCard comes with advanced chip technology which adds another layer of security when using the card.
No annual fee:
There is no annual fee associated with this card.
The small print:
The 2% bonus rate that is applied to grocery store and gasoline purchases is solely based on the Merchant Category Code that is submitted with each transaction. Generally, big retailers like Walmart, Costco and Target are not considered grocery stores or gas stations and therefore purchases made there do not qualify for the 2% rate.
Introductory APR can be withdrawn:
The 0% introductory APR on purchases and balance transfers can end if you make a late payment. Your actual APR (14.99%-23.99%) will then be applied.
Bonus rewards rate is capped:
The 2% cash back reward rate for grocery store and gasoline purchases is capped at $6,000 per year. Once the spending limit is reached, purchases earn 1% cash back. If you regularly spend more than this amount annually, your overall rewards rate may not be that great.
Only SunTrust banking customers receive cash back bonus:
The 10% cash back rewards bonus deposit is not available to all card members – but only slightly improves the cash back rewards rate.
Not everyone will qualify:
Applicants usually need to have very good to excellent credit (730+ FICO) to qualify for this card. If you feel you will make the most of the 2% cash back rewards this may be a card to consider. However, if most of your purchases will end up earning just 1% cash back there are other rewards credit cards which offer better deals (without all the spending caps and disclaimers).