SunTrust Business Credit Card Review & Alternatives
SunTrust's business credit card offers basic functions but falls short of meeting your company's spend management needs. We provide a framework for choosing the right solution and alternatives to consider instead.
We’re comparing the top business credit cards on the market to make choosing one easier. This time we’re evaluating the SunTrust Business Cash Rewards Credit Card and its alternatives through a lens of features that are critical to business success.
You can find our other business credit card comparisons here:
How to evaluate business credit cards
Consider the following questions to determine if the SunTrust Business Cash Rewards Credit Card is a good fit for your company.
Does SunTrust simplify the payment process?
SunTrust’s Business Cash Rewards Credit Card simplifies payments somewhat.
SunTrust Bank’s core product is a physical card, and it offers its business clients unlimited physical cards to hand out to employees.
Unfortunately, this card doesn’t come with a virtual card option, which would significantly simplify the payment process by allowing more employees faster access to the company card, with greater protections in place.
Customers can schedule bill payments online but only if they have a SunTrust checking account.
Does the SunTrust business credit card reduce admin?
The SunTrust business credit card doesn’t offer features that reduce admin work for finance teams.
Because the card doesn’t have a virtual card option to enable a company-wide rollout of cards, expense reports and reimbursements are still necessary. SunTrust doesn’t help make these tedious tasks easier because it doesn’t offer cardholders receipt capture or OCR document scanning capabilities.
While SunTrust offers an integration with QuickBooks to simplify accounting, the card lacks a travel platform integration.
Fortunately, SunTrust’s online banking platform and small business app are user-friendly.
Does the SunTrust business credit card give you real-time visibility into total spend?
SunTrust gives businesses real-time visibility into certain aspects of company spend, but doesn’t provide a complete picture.
Cardholders and admins can view credit card transactions as they happen on SunTrust’s online portal. Because businesses can give out an unlimited number of physical cards to employees, finance team members don’t have to wait for expense reports to be submitted to understand credit card spending.
However, SunTrust’s online portal doesn’t let its users track their non-credit card accrued expenses (like invoices) or payroll, which prevents it from being a comprehensive spend management tool.
Can the SunTrust business credit card prevent over-budget or out-of-policy spending?
SunTrust isn’t equipped with tools that prevent overspending or out-of-policy spending.
While SunTrust business credit card customers can set card spend limits for each user, they can’t allocate budgets to those cards or set granular controls around types of transactions. These limits are the only safeguard against inappropriate spending, as the card doesn’t come with approval features to ensure that employees don’t abuse the corporate card policy.
Does the SunTrust business credit card empower your team members to manage their own budgets?
No. This credit card doesn’t have a budget-to-actual reporting feature, so cardholders have to rely on daily spending reports or high transaction amount alerts to ensure they’re sticking to the budget.
What are the SunTrust business credit card’s fees?
Here’s an overview of the fees you’ll encounter by using the SunTrust Business Cash Rewards Credit Card.
Information is accurate as of January 29, 2021
How do I qualify for the SunTrust business credit card?
Typical approved applicants of the SunTrust Business Cash Rewards Credit Card have a credit score of 700 or higher. And unless you fit into their ‘Corporate’ category, your credit card limit will be capped at $50,000.
SunTrust business credit card perks that don’t matter
SunTrust’s Business Cash Rewards card offers its customers credit limits and balance transfers. While these features seem beneficial, they could actually end up costing your business a lot of money. Why risk paying costly interest to “float” your balance for a month with a credit limit? Plus balance transfers will set you back $5 or 3% – whichever is greater – which can really add up.
This card offers 3% cash back on gas and office supplies and 1% cash back on other purchases. While this perk seems rewarding, does the amount of cash you get back outweigh the cost of administration time spent on expense reports and reimbursements, and over-budget spending that SunTrust’s card doesn’t help curb?
SunTrust vs Lola.com
Here’s an overview of how the SunTrust Business Cash Rewards Credit Card compares to Lola.com’s Corporate Card.
Who is a good fit for SunTrust?
Small businesses that handle few transactions and have few employees making transactions could be a good fit for SunTrust’s business credit card. Because the card lacks sophisticated budget controls and limits, it’s best for small teams that don’t have plans to expand.
Who is a good fit for Lola.com?
Companies that have their sights set on growth are prime candidates for Lola.com’s corporate card. It gives agile, growing teams the ability to control their finances more closely while empowering cardholders to spend within the company policy.
Does the SunTrust Business Credit Card simplify the payment process?
Kind of. While SunTrust offers physical cards and online bill pay, it lacks a virtual card solution.
Does the SunTrust Business Credit Card reduce admin?
Nope. The SunTrust card lacks features that reduce admin work for finance teams.
Does the SunTrust Business Credit Card give you real-time visibility into total spend?
SunTrust gives customers real-time visibility only into some aspects of company spend, making it an incomplete spend management solution.
Can the SunTrust Business Credit Card prevent over-budget or out-of-policy spending?
The SunTrust card isn’t equipped with tools that uphold spending policy or prevent overspending.
Does the SunTrust Business Credit Card empower your team members to manage their own budgets?
In a very limited way. Cardholders can see daily spending reports and receive transaction alerts.
What are the SunTrust Business Credit Card’s fees?
No annual fee, 0% intro APR period lasting 12 months, then a regular variable APR, 3% balance transfer fee, 3% foreign transaction fee.
How do I qualify for the SunTrust Business Credit Card?
You’ll need a credit score of at least 700.
What are SunTrust Business Credit Card perks that don’t matter?
Credit limits, balance transfers, and cash back.
Does the SunTrust Business Credit Card offer rewards?
Yes. Cardholders can get 3% cash back on gas and office supplies, and 1% cash back on all other purchases.