Truist Bank Secured Credit Card
Truist Bank Cards information with Bright
Card Summary
The TRUIST Bank Secured Card, also known as the Enjoy Cash Secured Credit Card, has several unique features that set it apart from other secured credit cards. With its unique features, benefits, and accessibility, the Truist Bank Secured Credit Card has garnered attention as a viable option in secured credit products.
In this review, we will delve into the key aspects of this card, exploring its terms, benefits, and suitability for various consumer needs.
Pros:
- Easy Approval: The TRUIST BANK Secured Card is offered instantly as approval does not depend on your credit score or monthly income.
- Build/Improve Credit Score: You can build or improve your credit score with this card by following corrective measures, such as repaying your credit card by its due date or converting your dues into EMIs if you are unable to pay.
- Earns Interest: The fixed deposit pledged as collateral with the respective bank continues to earn higher FD interest for you.
- Higher Capital Efficiency: The card offers easy access to funds in times of financial shortfalls, thus avoiding you to prematurely close your FDs and incurring premature withdrawal penalty in the process.
- Cash Back Rewards: The card offers up to 3% cash back on gas, and 2% on utilities and groceries (with a combined $1,000 monthly cap)—and 1% on all other eligible purchases.
- Loyalty Cash Bonus: When you redeem your rewards into a Truist deposit account, you earn a minimum 10% loyalty bonus (up to a 50% bonus the more you have in your account).
Card Summary - Cons
- Requires Security Deposit: You tie up your own money as a deposit, which is inaccessible until you close the account and pay off the balance.
- Potential for High Fees: Secured cards often have higher annual fees and interest rates compared to unsecured cards.
- Lower Credit Limit: Initial credit limits on secured cards are usually lower than with unsecured cards, limiting your spending power.
- Fewer Perks and Rewards: Secured cards typically offer fewer perks and rewards compared to unsecured cards.
- Annual Fee: The card charges a $19 annual fee.
- APR: The card has a 24.49% variable APR on purchases and balance transfers.
Rates and fees
Highlights
Comparative Analysis with Other Cards
- BankAmericard® Secured Credit Card:
The BankAmericard® Secured Credit Card offers a pathway to credit building with a refundable security deposit and potential credit limit increases over time. In contrast, the Enjoy Cash Secured Credit Card by TRUIST Bank stands out with its competitive APR and straightforward cashback rewards program. While both cards serve as tools for credit building, the Enjoy Cash Secured Credit Card provides an added benefit of earning cashback rewards on purchases, making it a more attractive option for those looking to maximize rewards while rebuilding credit.
- First National Bank of Omaha Secured Visa® Card:
The First National Bank of Omaha Secured Visa® Card provides individuals with an opportunity to establish or rebuild credit with a refundable security deposit and competitive fees. However, the Enjoy Cash Secured Credit Card by TRUIST Bank distinguishes itself with its competitive APR and straightforward cashback rewards program. While both cards offer similar credit-building benefits, the Enjoy Cash Secured Credit Card offers an additional incentive of earning cashback rewards on purchases, making it a more appealing option for those seeking to earn rewards while building credit.
- Capital One® Secured Mastercard®:
The Capital One® Secured Mastercard® offers a pathway to credit building with a refundable security deposit and potential credit limit increases over time. However, the Enjoy Cash Secured Credit Card by TRUIST Bank stands out with its competitive APR and straightforward cashback rewards program. While both cards serve as tools for credit building, the Enjoy Cash Secured Credit Card provides an added benefit of earning cashback rewards on purchases, making it a more enticing option for those looking to earn rewards while rebuilding credit.
- Citi® Secured Mastercard®:
The Citi® Secured Mastercard® offers a straightforward approach to credit building with a refundable security deposit and the potential for credit limit increases over time. In contrast, the Enjoy Cash Secured Credit Card by TRUIST Bank distinguishes itself with its competitive APR and straightforward cashback rewards program. While both cards serve as tools for credit building, the choice between them may depend on whether you prioritize a low-cost option or maximizing cashback rewards while building credit.
- First Progress Platinum Select Mastercard® Secured Credit Card:
The First Progress Platinum Select Mastercard® Secured Credit Card offers a low annual fee and a straightforward application process, making it accessible for individuals looking to establish or rebuild credit. Conversely, the Enjoy Cash Secured Credit Card by TRUIST Bank emphasizes simplicity in credit building and cashback rewards, allowing cardholders to earn rewards while building credit. Depending on your preference for low fees or cashback rewards, one of these cards may better suit your financial goals.
- USAA Secured Card Visa Platinum® Card:
The USAA Secured Card Visa Platinum® Card offers a secured credit card option with no annual fee and competitive interest rates. However, the Enjoy Cash Secured Credit Card by TRUIST Bank distinguishes itself with its competitive APR and straightforward cashback rewards program. While both cards provide opportunities for credit building, choosing between them may depend on whether you prioritize a banking relationship with USAA or maximizing cashback rewards while building credit with TRUIST Bank.
Conclusion
In conclusion, the Truist Bank Secured Credit Card emerges as a promising tool for individuals looking to improve their credit standing responsibly. With its straightforward application process, low minimum deposit requirement, and potential for credit limit increases over time, it offers a practical means of building creditworthiness. While the card does carry certain fees and limitations, its benefits, such as fraud protection and access to credit education resources, contribute to its overall value proposition.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
