Ever wondered how to make your everyday spending work harder for you? Imagine getting a little something back every time you swipe your card for groceries, gas, or even that much-needed coffee! That's the magic of cash back, and Truist Bank offers a robust program designed to put money back in your pocket. But how exactly does it work? Let's dive deep into the world of Truist cash back, exploring every facet from earning to redeeming, with a step-by-step guide to help you maximize your rewards!
Understanding the Basics: What is Truist Cash Back?
At its core, Truist cash back refers to the rewards you earn on eligible purchases made with certain Truist credit cards. Instead of points or miles, you receive a percentage of your spending back as cash rewards. This can be a flat rate on all purchases, or a tiered structure that offers higher cash back in specific spending categories. The goal is simple: reward you for your spending habits.
Key Concept: The Truist Enjoy Cash Credit Card
When we talk about Truist cash back, the Truist Enjoy Cash Credit Card is often the star of the show. This card is specifically designed for cash back enthusiasts, offering two distinct ways to earn:
- Option 1: Tiered Cash Back
- 3% cash back on gas and EV charging purchases.
- 2% cash back on utilities and groceries (with a combined $1,000 monthly spend cap).
- 1% cash back on all other eligible purchases.
- Option 2: Flat Rate Cash Back
- 1.5% cash back on all eligible purchases.
It's crucial to note that when you apply for the Truist Enjoy Cash card, you choose one of these two options, and you cannot change it later. So, a little forethought about your spending habits can go a long way!
Step 1: Choosing Your Truist Cash Back Card
This is where your journey to maximizing cash back begins!
Sub-heading: Assess Your Spending Habits
Before you even think about applying, take a real honest look at where your money goes each month. Do you:
- Drive a lot and spend a significant amount on gas?
- Have high utility bills and do most of your grocery shopping at traditional supermarkets?
- Tend to have diverse spending across many categories, with no single area dominating?
Your answers will directly influence which Truist Enjoy Cash option is best for you. If gas, groceries, and utilities make up a large portion of your budget and you can stay within the $1,000 combined monthly cap for 2% and 3% categories, the tiered option might be more lucrative. If your spending is more varied or you consistently spend above that cap in the bonus categories, the flat 1.5% might be a simpler and more rewarding choice overall.
Sub-heading: Compare Truist Cash Back Cards
While the Truist Enjoy Cash card is the primary cash back offering for personal use, Truist also offers other cards with different reward structures (like points for travel or premium rewards). Make sure you're looking at the cash back specific cards if that's your goal.
- Truist Enjoy Cash Credit Card: As detailed above, your go-to for direct cash back rewards.
- Truist Business Cash Rewards Credit Card: For business owners, this card offers 3% cash back on gas, 2% at restaurants and office supply stores (up to a $2,000 combined monthly cap), and 1% on all other eligible purchases. It also has loyalty bonus potential for business deposit accounts.
- Truist Wealth Credit Card: For Wealth clients, this card offers a premium cash back structure with 3% on travel and dining, 2% on gas, EV charging, and groceries, and 1% on all other eligible purchases, along with a significant loyalty cash bonus.
Always review the most current rates, fees, and reward structures directly on the Truist website before applying, as these can change.
Step 2: Earning Your Cash Back Rewards
Once you have your Truist cash back card in hand, it's time to start accumulating those rewards!
Sub-heading: Making Eligible Purchases
This is the most straightforward part. Every time you use your Truist cash back credit card for an eligible purchase, you'll earn rewards based on your chosen earning structure.
- What are "Eligible Purchases"? Generally, eligible purchases include most everyday spending where you use your card for payment. However, it's important to be aware of what doesn't typically count:
- Cash advances
- Balance transfers
- Returns or credits
- Fees and interest charges
- Transactions like wire transfers or cryptocurrency purchases.
Sub-heading: Understanding Merchant Category Codes (MCCs)
This is a critical detail for tiered cash back cards. Truist (and other card issuers) rely on Merchant Category Codes (MCCs) to determine if a purchase qualifies for a bonus cash back rate.
- How it Works: Every merchant is assigned an MCC that broadly defines their business type (e.g., "Grocery Store," "Gas Station"). If you have the tiered Truist Enjoy Cash card, and you buy groceries at a store with a "Grocery Store" MCC, you'll earn 2% cash back.
- Potential Pitfalls: Be aware that sometimes, a store you think is in a certain category might have a different MCC. For example, buying groceries at a large warehouse club or a pharmacy might not always fall under the "Grocery Store" MCC and could instead earn you only the base 1% cash back. If you're ever unsure, you can often call Truist's Rewards Service Center for clarification.
Sub-heading: Monitoring Your Rewards
Truist makes it easy to track your accumulated cash rewards.
- You can view your cash rewards balance at any time through Truist Online Banking or the Truist Mobile Banking App.
- Rewards are typically posted to your account daily, though some eligible purchases might take up to 8 weeks to fully process and appear in your rewards balance. Rewards are considered earned when they are posted to your Rewards Account.
Step 3: Redeeming Your Hard-Earned Cash Back
This is the exciting part – turning your spending into tangible savings! Truist offers several flexible redemption options.
Sub-heading: Redemption Channels
You can redeem your cash rewards through:
- The Rewards Website: Accessible via Truist Online Banking or the Truist Mobile Banking App (cardrewards.truist.com). This is generally the most convenient method.
- Truist Rewards Service Center: You can call them directly to redeem your rewards. Be aware that there may be a redemption fee when calling the Rewards Service Center, so using the online portal is often preferred.
Sub-heading: Redemption Options
Truist provides a variety of ways to use your cash back:
- Cash Back:
- Statement Credit: This is one of the most popular options. Your cash rewards are applied directly to your credit card balance, reducing the amount you owe. It's important to note that a statement credit reduces your balance but does not count as a payment toward your minimum payment due.
- Electronic Deposit: You can have your cash rewards deposited directly into an eligible Truist personal checking, personal savings, or personal money market account.
- Check by Mail: Truist can mail you a physical check for your cash back.
- Gift Cards: Redeem your rewards for gift cards to various retailers and restaurants.
- Merchandise: Explore a catalog of products available for redemption.
- Travel: Use your cash rewards towards airline tickets, hotel bookings, car rentals, and even cruise bookings and activities.
- Event Tickets: Occasionally, other experiences or event tickets may be available.
Sub-heading: Loyalty Cash Bonus
This is a fantastic feature for Truist banking customers! If you elect to have your cash rewards electronically deposited into an eligible Truist personal checking, personal savings, or personal money market account, you may earn an elevated Loyalty Cash Bonus. The bonus percentage can vary based on your deposit relationship with Truist and the type/balance of your Truist deposit account.
- For example, with a Truist One Checking account, you could receive a bonus of 20%, 30%, 40%, or even 50% added to your cash redemption amount, depending on your combined average relationship ledger balances. This significantly boosts the value of your cash back!
Step 4: Maximizing Your Truist Cash Back
Now that you understand the mechanics, let's talk strategy!
Sub-heading: Strategic Card Usage
- Match Spending to Earning: If you have the tiered Truist Enjoy Cash card, always use it for gas, EV charging, groceries, and utilities to maximize your 3% and 2% earnings. For all other purchases, ensure you're using it to get that consistent 1% back.
- Stay Within Caps: For the tiered card, be mindful of the $1,000 monthly combined spend cap on 2% and 3% categories. Once you hit that cap, subsequent purchases in those categories will only earn 1%. Consider if another card in your wallet might offer higher rewards for spending beyond that cap if you frequently exceed it.
- Everyday Purchases: Even small, routine purchases add up. Use your card for daily coffees, subscriptions, and online shopping to steadily accumulate rewards.
Sub-heading: Leverage the Loyalty Cash Bonus
If you have or are considering opening a Truist deposit account, the Loyalty Cash Bonus is a huge differentiator. By directing your cash back redemptions into a Truist checking or savings account, you can significantly amplify your rewards, sometimes by as much as 50%! This makes holding a Truist deposit account alongside your cash back credit card a very attractive proposition.
Sub-heading: Monitor for Special Offers and Deals
Truist occasionally offers special promotional offers or deals that can earn you additional cash back. Keep an eye on your Truist online banking or mobile app for these personalized offers. These are separate from your standard credit card rewards but can provide extra savings.
Step 5: Important Considerations
While Truist cash back is a great way to save, there are a few important details to keep in mind.
Sub-heading: Rewards Expiration
Truist cash rewards do expire. They are tracked and redeemed on a first-to-expire basis. Rewards earned will expire at the end of the month that is five (5) years from the date of issuance. This gives you plenty of time to redeem, but it's wise to occasionally check your balance and redeem if you have a significant amount nearing expiration.
Sub-heading: Account Status
Your Truist cash back credit card account must remain in "Good Standing" to earn and redeem rewards. This means keeping your account open and making timely payments. If you close your credit card account, any accumulated, unredeemed cash rewards will be forfeited.
Sub-heading: Taxes
Earning and redemption of cash rewards may be subject to income tax or other taxes. Any applicable federal, state, or local tax obligations related to the program are your responsibility.
Conclusion
Truist's cash back program, particularly through the Truist Enjoy Cash Credit Card, offers a straightforward and rewarding way to get more value from your everyday spending. By understanding the earning structures, smart redemption options like the Loyalty Cash Bonus, and keeping an eye on important terms, you can effectively use Truist cash back to save money and reach your financial goals. So, what are you waiting for? Start swiping smart and earning that cash back today!
10 Related FAQ Questions
How to choose between the 1.5% and 3-2-1% Truist Enjoy Cash options?
- Quick Answer: Choose the 3-2-1% option if a significant portion of your spending (up to $1,000 monthly combined) is on gas/EV charging, groceries, and utilities. Opt for the 1.5% if your spending is more diverse or consistently exceeds those category caps.
How to redeem Truist cash back for a statement credit?
- Quick Answer: Log into your Truist Online Banking or use the Truist Mobile Banking App, navigate to the Rewards section, and select "Statement Credit" as your redemption option.
How to get the Truist Loyalty Cash Bonus?
- Quick Answer: Redeem your cash rewards by electronically depositing them into an eligible Truist personal checking, savings, or money market account. The bonus percentage depends on your Truist deposit relationship and balances.
How to check my Truist cash back balance?
- Quick Answer: You can easily check your cash rewards balance by logging into Truist Online Banking or the Truist Mobile Banking App.
How to avoid losing my Truist cash back rewards?
- Quick Answer: Redeem your rewards before they expire (typically five years from issuance) and ensure your Truist credit card account remains open and in good standing.
How to earn more cash back with Truist?
- Quick Answer: Use your Truist cash back card for all eligible purchases, especially in bonus categories if you have the tiered earning option. Also, consider leveraging the Loyalty Cash Bonus by redeeming into a Truist deposit account.
How to contact Truist customer service about my cash back?
- Quick Answer: You can typically contact the Truist Rewards Service Center at 855-522-8076 or the general Truist customer service line at 844-4TRUIST (844-487-8478).
How to use Truist cash back for travel?
- Quick Answer: Through the Rewards Website or by calling the Rewards Service Center, you can redeem your accumulated cash rewards towards various travel options like airline tickets, hotel bookings, and car rentals.
How to know if a purchase qualifies for bonus cash back?
- Quick Answer: Truist relies on Merchant Category Codes (MCCs) assigned by a third party. While most common gas stations, grocery stores, and utility providers will qualify, some merchants might be coded differently. You can contact the Rewards Service Center for specific MCC inquiries.
How to get a physical check for my Truist cash back?
- Quick Answer: When redeeming your cash rewards through the Rewards Website or the Truist Rewards Service Center, select the option to have a check mailed to you.
