How to Do a Balance Transfer with a SunTrust Credit Card
If you want to move the existing balance from one credit card to a new SunTrust credit card, it can help you get your debt under control by saving money on interest charges. And if you want to transfer the existing balance from a SunTrust account to a new credit card, read on to follow these steps.
Credit card interest rates vary, but for most people, you’ll face somewhere between 19.99% to 24.99% APR on all standard cards. You can, of course, apply for a 0% interest rate credit card, but those options require an excellent credit rating.
Carrying a balance on one of these high-interest credit cards can lead to some hefty interest payments. Keeping an eye out for introductory no-fee balance transfers, like the one currently offered by SunTrust, can be the financial boost you need to get back on top of your monthly credit card payments.
SunTrust is currently offering a no-fee transfer of balance for new customers, which means you’ll avoid the fee to transfer your balance from an old card to a new SunTrust credit card. More importantly, SunTrust is also offering a three-year introductory interest rate on balance transfers.
Apply for SunTrust Prime Rewards
If you haven’t already explored the SunTrust website for details on their balance transfer card, the application process online is relatively easy. With a few simple personal and financial details, the application process can take only a few minutes. If you prefer to apply in person, you can also do so at a physical SunTrust branch. There are many locations across the country.
Gather Your Balance Transfer Information
Here is how to do a balance transfer with a SunTrust credit card. Once approved for a SunTrust credit card, you have 60 days to transfer any balances from other credit cards. After 60 days, the standard transfer fee of $10 or 3 percent of the balance being transferred (whichever is greater) goes into effect.
When you prepare to make the transaction, it may be handy to have the most recent credit card statement pulled up on your computer or on paper in front of you. You’ll need only a few pieces of information to complete the transfer. The most important two snippets of information are your full credit card account number from the other non-SunTrust card as well as the balance being moved.
Applying to transfer funds from one card to another is often a much simpler process than the credit card application itself. But, if you are going to request it online, you’ll also need access to SunTrust online banking. You can enroll here.
Contact SunTrust to Initiate Your Balance Transfer
There are two ways of requesting a balance transfer. If you have already enrolled in online banking with SunTrust, you can make the request online. First, log into your online account, then click the “Balance Transfer” button, which should appear on the same page as your credit card details. You’ll need to fill in the details of the transfer (account number, balance, etc.), and any promotional offers on balance transfers will be automatically applied once you hit submit.
You may also call (800) 477-9702 if you prefer to work with someone directly about completing a balance transfer. The customer service agent will need to verify your identity and will then require the same types of information as the online application, including account number and balance to be transferred.
Details to Keep in Mind on Balance Transfers
Balance transfers offer a way for people to save on interest rates as they pay down their credit card balance. Because balance transfers often have a different interest rate than purchases made directly on the receiving card, your credit card bill can get confusing.
If you already had charges on your SunTrust card, these will still accumulate the usual interest rate. This also applies to any purchases made after the transfer. Until you pay off the balance transfer in its chronological order with the other charges on your card, both interest rates will apply. For some people, it is simpler to transfer funds and then pay that off before making any more purchases on that card.
Be sure to continue making payments on the old card until you have confirmed the transfer is complete. It can take several days for the transaction to go through, so keep checking in on your old bill before getting rid of it altogether. You’ll also want to ensure that you keep up on your payments on the new SunTrust card, as late payments may void the special offer.
How to Transfer a Balance from a SunTrust Credit Card
- Apply for a credit card that offers an introductory 0% APR for balance transfers or at least a rate that is much lower than your SunTrust credit card.
- Once you’re approved, gather your account details on your SunTrust credit card, including the account number and balance owed.
- Read through the terms and conditions of your new card for balance transfers to gain an in-depth understanding of the process.
- Call the new card issuer or enroll in the issuer’s online banking to begin the balance transfer process.
- Approval is not automatic and payment isn’t necessarily immediate, so await final confirmation of fund transfer and check both accounts before reducing or stopping your payments to SunTrust.
Balance transfer offers can be a helpful way to make inroads in paying off your credit card debt. It can even allow you to combine multiple credit card bills into one monthly payment and avoid paying higher interest rates. So long as you use the balance transfer offer to make personal financial progress and keep up on payments, it can really save you money over the long run.
Author: Tom Flynn (Community Manager)
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