You can get smooth cash back when you use the SunTrust Bank Cash Rewards Credit Card to make purchases. Of course you also have options for earning points that are redeemable for travel, lodging and merchandise credits. In essence, the rewards program for this hard has been designed with customizable versatility in mind. SunTrust promotes the concept of “spending the way you want”. But how much do they really put into it? Is this another marketing ploy by a credit card issuer, aimed at generating profits and nothing more? Let’s take a closer look and find out.
Cash Back Rewards and the SunTrust Bank Cash Rewards Credit Card
Every credit card, including the SunTrust Bank Cash Rewards Credit Card, has to appeal to consumers. Credit consumers (and who isn’t one these days) are astute, at least about the details of rewards programs And, of course, they are rightful to be so. This card promises individual rewards customization options – well, at least two of them. Basically you get to choose your double rewards categories. You get the choice to earn double points on all purchases from either:
- Fuel, groceries and pharmaceuticals, or
- Dining, entertainment and travel;
Hmm. Pretty cool at first thought. With the SunTrust Bank Cash Rewards Credit Card, if you mainly work a lot, eat at home and have expensive prescriptions to fill (and who doesn’t these days), then choose option 1. If you are a little luckier and eat out a lot, travel bunches and enjoy frequent entertainment sources, then, of course, choose option number two. Whichever option you select, the double points will only apply to the first $6000 you spend in your chosen category each year. After you reach the $6000 mark, your cash back rewards points will be cut in half to 1%.
And in case you’re wondering, all purchases outside the double-point categories earn 1% cash back credits. One more way to earn cash back credit is to redeem your existing cash back credit by accepting it as an electronic deposit into your approved SunTrust savings or checking account. SunTrust Bank Cash Rewards Credit Card cardholders need only to call SunTrust at 800-477-9702 in order to complete those deposit transactions. By doing this, you will earn another 10% cash back credit (off the cash back credit your are redeeming). In other words, if you redeem $100 in cash back credit by taking it as an electronic deposit into your SunTrust account, the you earn another $10 in cash back credit off the transaction. That’s a rare move for most card companies. There are no other restrictions and your points never expire. Everyone who is accepted for a SunTrust Bank Cash Rewards Credit Card will automatically be enrolled in the SunTrust Cash Rewards program.
Customer Love and the SunTrust Bank Cash Rewards Credit Card
The SunTrust Bank Cash Rewards Credit Card is not alone. In fact, there are hundreds of credit cards available in the market today. And credit card issuing companies all have one goal in mind: to attract and then maintain customer loyalty. That generates long-term profits. That make life good. They need for their cardholders to love them. And the way to earn that customer love is to extend love to those customers. The biggest mistake credit card issuers make today is pissing off the cardholders. There are too many sources of information, too many online venues for angry customers to vent through now. Take a look at any unbiased credit card review site (like this one), and you’ll quickly see that the most proliferate complaint lodged against CC companies concerns poor, substandard customer care.
It so happens that the SunTrust Bank Cash Rewards Credit Card has a fine reputation for providing friendly and helpful customer care services. SunTrust says that they understand that you don’t only use your card from 9 to 5. They provide 24-hour customer service via telephone. SunTrust operates more than 1700 branches and more than 3,000 automatic teller machines throughout the southern US and D.C.
The second most frequent complaint I encounter in my research has to with unfair APRs and fees. People are sick to death of credit card companies milking them for fees associated with card use. However, sort of like an ad in the Super Bowl, the fees and interest charges are what generates profits for the companies. And so that’s not going to change. So, are the APRs and fees of the SunTrust Bank Cash Rewards Credit Card fair or not? Well, compared to other card options, I think they are. They fall within the range of most other cards available out there. Here they are:
- 0% purchase and balance transfer APR for 12 months;
- Subsequent APRs for purchases and balance transfers will be set between 14.99% and 21.99%;
- Cash advance APR is 24.99%;
- Minimum of $1.50 in interest charges, if any interest is charged at all;
- Billing cycle due date is at least 25 days after closing of each billing cycle;
- APRs vary with the Prime Rate;
Fees of the SunTrust Bank Cash Rewards Credit Card
- No annual fees;
- Balance transfers cost the most between $10 and 4% of the transaction amount;
- Cash advances cost the same as balance transfers;
- Foreign transaction fees are a straight 3% of the US-dollar amount of the transactions;
- Penalty fees for late and/or returned payments is $35;
- For complete terms and conditions, visit the SunTrust website…
The bottom line about the SunTrust Bank Cash Rewards Credit Card
The SunTrust Bank Cash Rewards Credit Card is a good choice for those that need a reputable card that performs. Customer care standards are valued by SunTrust and they make obvious attempts to show it. That’s nice, especially in a saturated market where demand is constant. The fees and APRs are average. The cash back rewards options are also average. It is notable that you get the choice between double categories, but that’s probably the best thing about the entire program. And remember, even double points are just a small, kickback for using a card. The real value will come from a card that provides long-term, friendly and honesty helpful customer care. So, I give this card a positive approval and recommend exploring it further.