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5 Things to Know About the SunTrust Prime Rewards Credit Card

March 11, 2019
Credit Cards, Low Interest and No Fee Credit Cards
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If you’re looking for a credit card with super-low interest for a very long time, you’ll be hard-pressed to find a better deal than the one offered by the SunTrust Prime Rewards Credit Card. It also ticks several other boxes for features you don’t usually find on credit cards with promotional low interest rates.

The catch? It’s not available to residents in every state. But if you’re able to apply and need this kind of card, add it to your short list for consideration.

Here are five things to know about the SunTrust Prime Rewards Credit Card.

» MORE: Best low interest and 0% APR credit cards

1. It has an incredibly long low-interest period — but no 0% period

Compared with similar credit cards, the low-interest period is silly-long: 3 year introductory offer at Prime Rate (currently 5.50% variable APR) on balance transfers made in the first 60 days after account opening. Variable 13.49%–23.49% APR thereafter.

If you need to carry a balance, that’s lengthy peace of mind to know that you won’t be paying through the nose on interest charges.

However, other cards offer shorter promotional periods at 0% interest.

2. No balance transfer fee (also stellar)

If your credit card balance happens to be on another card, no worries. You can move the balance to this card without paying a balance transfer fee, assuming you transfer within the first 60 days of account opening. After that, the fee is 3% of the balance transferred or $10, whichever is greater.

Credit cards typically charge a balance transfer fee of 3% to 5%, which eats into any interest savings from transferring the balance.

» MORE: Best no balance transfer fee credit cards

3. It’s not available in every state

Here’s the main catch for many people.

If you have an account with SunTrust, you can apply for this card from any state in the U.S. except for Vermont, according to the issuer. But if you’re not an account holder, the issuer will accept applications only from 11 states and Washington, D.C., as of March 2019.

Those states are Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.

» MORE: 5 things to know about the SunTrust Travel Rewards Credit Card

4. It comes with rewards and a bonus

You don’t expect a sign-up bonus with this type of card, but it has one: $100 in statement credit after you spend $500 on qualifying purchases, in the first 3 months after account opening.

You also earn rewards: 1% cash back on everything you purchase with the card. If you’re a SunTrust customer, you earn a loyalty bonus of 10%, 25% or 50% of the amount redeemed, based on the type of account you have and how much money you have on deposit.

The bonus and rewards aren’t amazing compared with primo rewards cards, but the fact that a card in this category offers a bonus and rewards at all is a nice plus.

» MORE: 5 things to know about the SunTrust Cash Rewards Credit Card

5. It’s fee-friendly

Besides having a no balance transfer fee period, the card has an annual fee of $0 and no foreign transaction fees. (It does, however, have the usual fees for cash advances and late payments, for example.)

Carrying a credit card balance isn’t ideal, but if you have one, the SunTrust Prime Rewards Credit Card can reduce what you pay in interest — for a very long time.

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