Published on May 12th, 2015 | by William Charles5
SunTrust Cash Rewards Credit Card Review – 5% Cash Back On Gas & Groceries 1st Year + 10% Bonus, $6,000 Spend Limit
SunTrust offers a credit card called the ‘SunTrust Cash Rewards Credit Card Review‘, much like their checking accounts this card is only available in the following states: Alabama, Arkansas, DC, Florida, Georgia, Mississipi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia.
- No annual fee
- No sign up bonus
- Card earns at the following rates:
- 5% cash back on up to $6,000 in qualifying gas and grocery purchases for first twelve months after account opening
- 2% cash back on up to $6,000 annually in qualifying gas and grocery purchases thereafter
- 1% cash back on all other purchases and after you reach that cap
- 10% bonus when you redeem your cash rewards into a SunTrust checking, savings, or money market account
- 0% introductory APR for twelve months, then 14.99%-21.99%
- EMV Chip
Cards with spending limits suck, especially if you’re doing any manufactured spending. Let’s assume a best case scenario, you sign up for the card and spend exactly $6,000 at grocery/gas stations and have a SunTrust checking account (they regularly have sign up bonuses, so not a ridiculous assumption). You would earn a total of $330 in cash back.
If you put that same spend on a 2% cash back card, you’d earn $120 in cash back. So you can see this card as having a maximum cash sign up bonus of $210, as we know there are a lot of cards with a higher cash sign up bonus than that.
There are also a host of other cards that earn at a high rate at gas stations without it only being for the first year (we’ll be doing a full review of one of these cards tomorrow) and at grocery stores as well. If this card earned 5% in these categories year two on-wards as well, this would be a winner. Given that it’s only for the first year I don’t think it makes a lot of sense for most people unless you’re already running into spending caps on your other grocery cards, in which case this doesn’t exactly give you that much more volume to run anyway.
Check for personalized offers
One thing I did find interesting is that SunTrust has a button you can click to check for personalized offers. I wonder if they are using that to pre-approve some people or offer them a sign up bonus? I don’t live in a qualifying state, otherwise I would check. If somebody does check, can they please share their experiences? It would be good to add them to our master list of pre-approval credit card checkers.
Hat tip to Maximizing Money