SunTrust (now Truist) is a bank based out of Atlanta. They became Truist after merging with BB&T (Branch Banking and Trust Company). It’s one of the 10 largest U.S. banks, and they offer three credit cards plus a private credit card option. All four cards are unimpressive, but may be worth considering for a year or two.
The three public cards have a “loyalty bonus” of “10%, 25% or 50%, based on your deposit relationship with SunTrust when you redeem rewards directly to a SunTrust Checking, Savings or Money Market account.” Program enrollment requires a checking account. It’s not as good as Bank of America’s Preferred Rewards program.
- 10% = $0+ in assets
- 25% = $25-100k in assets
- 50% = $100k+ in assets
Prime Rewards Credit Card
- 1% cash back on all purchases (1.5% with 50% bonus)
- Sign-up bonus: earn $100 after spending $500 in 90 days
- $0 annual fee
⭐
This is one of the worst credit cards available anywhere. Even low-tier cards like the Capital One Quicksilver are significantly better. Over a dozen cards earn unlimited 2% cash back on all purchases, so any rate below 2% is a poor choice. The Prime Rewards card is a last resort for those who can’t get approved for a better card.
Cash Rewards Credit Card
- 2% cash back on gas (3% with 50% bonus)
- 2% cash back on groceries (3% with 50% bonus)
- 1% cash back on all other purchases (1.5% with 50% bonus)
- Sign-up bonus: earn 5% cash back on gas and groceries instead of 2%, for your first 12 months (up to $6,000 in spending)
- $0 annual fee and 0% APR for your first 15 months
⭐⭐
This card is decent for the first 12 months, although other cards already earn 4-5% cash back on gas/grocery purchases. Alternatives may even have an extra sign-up bonus. Citi Custom Cash is the best card for groceries right now. It earns 5% cash back (up to $6,000 in spending) plus a $200-300 sign-up bonus and 0% APR for 15 months. Then for gas stations, four cards earn 4-5% cash back year-round. There isn’t really a reason to get the SunTrust Cash Rewards card, but it’s not as bad as the Prime Rewards card.
Travel Rewards Credit Card
- 3% cash back on travel (4.5% with 50% bonus)
- 2% cash back on dining (3% with 50% bonus)
- 1% cash back on all other purchases (1.5% with 50% bonus)
- Sign-up bonus: earn $250 after spending $1,000 in 90 days
- $89 annual fee (waived the first year) and zero foreign transaction fees
- $100 credit toward Global Entry every 5 years
⭐⭐
This card would be good if it didn’t have an annual fee, especially with a 50% loyalty bonus. But if you have $100k or more to park at a bank, you can probably afford a premium travel card like the Chase Sapphire Reserve or Capital One Venture X. Or a mid-tier card like Citi Premier or Bank of America Premium Rewards. Some people can argue in favor of SunTrust’s card, but it doesn’t make much sense side-by-side with competitors. There aren’t enough benefits to offset a $89 fee. Most people would effectively lose money by holding the Travel Rewards card long-term.
Private Wealth Management Credit Card
Card is issued as either Visa Infinite or World Elite Mastercard.
- 3x points on travel (5.25% with 75% bonus)
- 3x points on dining (5.25% with 75% bonus)
- 2x points on gas (3.5% with 75% bonus)
- 2x points on groceries (3.5% with 75% bonus)
- 1x points on all other purchases (1.75% with 75% bonus)
- No sign-up bonus
- $450 annual fee (waived the first year) and zero foreign transaction fees
- $100 credit toward Global Entry every 5 years
- Priority Pass Select with 5 free annual lounge visits
⭐⭐
Unlike the above cards, this gets a 75% loyalty bonus “when you redeem your cash back directly into a SunTrust deposit account—checking, savings or money market.” To be a Private Wealth client though, you need at least $1 million in assets.
The other issue is the annual fee. Most premium cards offer plenty of benefits and credits to offset their fees. SunTrust gives almost nothing. They have Priority Pass and free Global Entry, but so do a dozen other cards. There isn’t a point to having a SunTrust card when competitors are better. 5.25% cash back on travel/dining is good, but most premium cards can easily get 5% or more. 3.5% on gas/grocery is ok, but several cards earn 4-5% instead. To fully offset the $450 annual fee, you’d need to spend $60,000 to $180,000 a year on travel/dining. If you’re at that point, you’d probably prefer American Express Centurion or another high-tier card. SunTrust doesn’t offer enough benefits, and a $0 sign-up bonus is embarrassing. The annual fee being waived the first year might count as a “sign-up bonus,” but many cards offer more than $450 in value for new applicants.
Notes
Disclaimer: This review was last updated in January 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to take advantage of our personalized consulting services!