Truist Enjoy Cash Secured Credit Card Review

As a financial expert, I have had the opportunity to delve deep into the various credit card offerings available in the market, and today I am excited to share my comprehensive review of the Truist Enjoy Cash Secured Credit Card. This credit card is designed specifically for individuals with no credit history or fair credit scores ranging from 0 to 669. It aims to provide a stepping stone for those looking to build or rebuild their credit while offering a variety of cash-back rewards.

Truist Enjoy Cash Secured Credit Card Review

The Truist Enjoy Cash Secured Credit Card comes with a straightforward cash-back rewards program that can be quite appealing for those who frequently spend on gas, utilities, and groceries. Here’s a detailed breakdown of what you can expect from this card.

Cash Back Rewards

The primary allure of this credit card lies in its cash-back rewards structure:
– 3% Cash Back on Gas: Ideal for individuals who have significant fuel expenses, this benefit can lead to substantial savings over time.
– 2% Cash Back on Utilities and Groceries: With a combined monthly cap of $1,000, this feature is tailored for everyday essential spending.
– 1% Cash Back on All Other Eligible Purchases: This ensures that cardholders still earn rewards on miscellaneous purchases.

Interest Rates and Fees

Understanding the cost of carrying this card is crucial for making an informed decision:
– Annual Fee: $19 annually, which is relatively low compared to many other secured credit cards.
– Purchase APR: 24.49% Variable, which can be considered high, making it essential to pay off balances promptly.
– Balance Transfer APR: 24.49% Variable, with a fee of $10.00 or 3% of the amount of the transfer, whichever is greater.
– Cash Advance APR: 27.49% Variable, with a fee of $10.00 or 4% of the amount of each advance, whichever is greater.
– Late Payment Fee: Up to $40, encouraging timely payments to avoid additional costs.

Additional Features

– No Foreign Transaction Fees: A significant benefit for those who travel internationally, saving 2-3% on purchases made abroad.
– Fraud Protection: Ensures your transactions are secure and you are not held liable for unauthorized purchases.
– Purchase Protection: Provides coverage for items purchased with the card, adding an extra layer of security.

Truist Enjoy Cash Secured Credit Card Key Takeaways

Here are the key takeaways from my review of the Truist Enjoy Cash Secured Credit Card:
1. Target Audience: This card is best suited for individuals looking to build or rebuild their credit history, with a credit score range of 0-669.
2. Reward Structure: The card offers substantial cash-back rewards on gas, utilities, and groceries, making it a practical choice for everyday spending.
3. Fees and Interest Rates: The annual fee is modest, but the high APRs necessitate responsible usage to avoid costly interest charges.
4. No Foreign Transaction Fees: A notable advantage for international travelers, providing additional savings.
5. Security Features: Fraud protection and purchase protection add value and peace of mind for cardholders.

Truist Enjoy Cash Secured Credit Card Pros and Cons

Before making a decision, it’s essential to weigh the pros and cons of any financial product. Here’s a balanced view of the Truist Enjoy Cash Secured Credit Card.

Pros

– No Foreign Transaction Fees: A great benefit for those who travel abroad, allowing for hassle-free international purchases without additional costs.
– Cash Back Rewards: The tiered rewards structure is appealing, especially for frequent spenders on gas and household essentials.
– Low Annual Fee: At $19 annually, the fee is quite reasonable compared to other secured cards.
– Credit Building: Ideal for those with no credit history or fair credit scores, providing an opportunity to build or improve credit.

Cons

– High APR: The purchase APR of 24.49% Variable is on the higher side, making it crucial to pay off balances in full each month to avoid interest charges.
– No Intro APR Period: The absence of an introductory APR period means cardholders start accruing interest immediately if they carry a balance.
– Monthly Cap on 2% Cash Back: The $1,000 monthly cap on utilities and groceries limits the potential rewards for high spenders in these categories.

Truist Enjoy Cash Secured Credit Card Benefits

The Truist Enjoy Cash Secured Credit Card offers a range of benefits beyond its cash-back rewards, making it a competitive option in the secured card market.

Credit Building

One of the primary benefits of this card is its ability to help individuals build or rebuild their credit. By making timely payments and maintaining a low balance, cardholders can improve their credit scores over time. Truist Bank reports to all three major credit bureaus, ensuring your responsible credit behavior is documented.

Cash Back Rewards

The card’s cash-back rewards structure is designed to maximize savings on everyday expenses. The 3% cash back on gas is particularly beneficial for those with long commutes or frequent travel. The 2% cash back on utilities and groceries, though capped at $1,000 monthly, still provides significant savings for essential spending. The 1% cash back on all other purchases ensures you earn rewards on a wide range of transactions.

No Foreign Transaction Fees

For individuals who travel internationally, the absence of foreign transaction fees is a major advantage. This feature can save cardholders 2-3% on each purchase made abroad, which can add up quickly during extended trips.

Security Features

The card comes with robust security features, including fraud protection and purchase protection. Fraud protection ensures you are not held liable for unauthorized transactions, while purchase protection covers eligible items against theft or damage for a specified period after purchase.

Payment Flexibility

The Truist Enjoy Cash Secured Credit Card offers flexible payment options, allowing cardholders to manage their finances more effectively. You can pay your bill online through the credit card issuer’s website or by calling customer service.

Conclusion

The Truist Enjoy Cash Secured Credit Card is a valuable tool for individuals looking to build or rebuild their credit while earning cash-back rewards on everyday purchases. With its reasonable annual fee, robust cash-back rewards structure, and no foreign transaction fees, it offers a competitive package for those with no credit history or fair credit scores.
However, the high APR and lack of an introductory APR period mean that cardholders must use the card responsibly to avoid costly interest charges. By paying off balances in full each month and making timely payments, cardholders can maximize the benefits of this card while improving their credit scores.
Overall, the Truist Enjoy Cash Secured Credit Card is a solid choice for those seeking to establish a positive credit history while enjoying the perks of a cash-back rewards program. If you fall within the target audience and can manage your spending and payments responsibly, this card could be a valuable addition to your financial toolkit.