Q: When I was younger I really messed up my credit big time and want to rebuild. Do you know if there is a SunTrust secured credit card and if it’s any good? Because I have my savings and checking account with them and figured they would be the best place to get a card since I already bank with them.
A: SunTrust Bank is known for being an extremely conservativein terms of offering credit. I know that normally, you need good credit to apply and get approved for one of their cards.
Now as far as a secured credit card, I’ve never heard of SunTrust offering one. I’m sure you’ve already look at their website and have seen these:
- Platinum Visa
- Platinum Visa with rewards
- Visa Signature with rewards
But these are all unsecured cards. I did a search on their site for the word “secured” and nothing came up. But I called their main customer service line (at 1.800.786.8787) and this is what the rep told me:
- SunTrust has never offered a secured credit card before.
- They reason why they haven’t is because their more conservative with lending (as mentioned above).
- Now here’s the surprise – He said they will be issuing a secured card for the first time in the near future. I pressed him for details (whether it will be Visa or MasterCard, how much will the fees be, etc) and he didn’t have any of the info. Though he did say you can expect it later in 2012. But guess what? 2012 came and gone and there was no secured card that ever came to fruition.
So there you have it… there’s not one right now, but will be in the future. However it’s impossible to know whether it will be a good deal or not, without hearing the details.
If you don’t want to wait around for the SunTrust Bank secured card then my recommendation would be you either go with another good secured card or one for fair credit. There are some reasonable offers that you can apply for today to start rebuilding your credit.
Last but not least, even if you do choose to go with the one from SunTrust, remember that having multiple lines of credit is important for your history. So my recommendation would be to get 2 cards, as long as the fees aren’t excessive.
Written or last updated for 2013