With the Fifth Third 1.67% Money/Again card, the worth is true there within the title: That flat 1.67% cash-back fee is the determine you get by dividing 5 by three (or a “fifth third”). It is definitely a singular fee and a intelligent advertising technique, and it is barely higher than the 1.5% flat fee you would possibly discover on another cash-back bank cards.
However nowadays, even 1.67% again is a low-ball provide, particularly contemplating that this card would not function a welcome bonus. If in case you have good credit score (usually, FICO scores of 690 or increased), it’s potential to qualify for bank cards that earn 2% money again on all purchases.
In truth, Fifth Third Financial institution itself has simply such a product in its portfolio, known as the Most popular Money/Again Card — though it has some further hoops to leap by.
Right here’s what to know in regards to the Fifth Third 1.67% Money/Again card.
🤓Nerdy Tip
As of this writing, the Fifth Third 1.67% Money/Again card is not out there in case you dwell in Montana or Vermont.
1. There is not any annual price, but in addition no welcome provide
The Fifth Third 1.67% Money/Again card has a $0 annual price, and it doesn’t cost overseas transaction charges for purchases made overseas. As a Mastercard, it’s additionally broadly accepted for worldwide purchases.
However in contrast to many cash-back bank cards, there is no welcome bonus for brand new cardholders, which is disappointing provided that this card’s ongoing rewards fee on spending is already underwhelming.
2. You want a Fifth Third account to use for the cardboard
Apart from the standard necessities like a credit score historical past and revenue, you’ll additionally must have a Fifth Third account to use for the Fifth Third 1.67% Money Again bank card. Different bank cards usually don’t have this as a requirement to qualify.
In case you’re already a Fifth Third buyer, this requirement received’t matter. However opening an account simply to qualify for this card alone is not price it.
3. Higher incentives exist
A rewards fee of 1.67% is not terrible, however it’s mediocre by in the present day’s requirements. And as famous above, there’s additionally no sign-up bonus that will help you.
You are able to do higher on each fronts.
The Wells Fargo Lively Money® Card, as an illustration, earns 2% money again on all eligible purchases. It additionally has a bonus provide for brand new cardholders who can meet the spending requirement: Earn a $200 money rewards bonus after spending $500 in purchases within the first 3 months. On prime of that, you will get a 0% intro APR on Purchases for 12 months and 0% intro APR on Steadiness Transfers 12 months from account opening on qualifying steadiness transfers, after which the continuing APR of 19.24%, 24.24%, or 29.24% Variable APR.
And in case you’re keen to trace bonus classes, take into account a card just like the Blue Money On a regular basis® Card from American Categorical. It earns 3% money again at U.S. supermarkets on as much as $6,000 spent per 12 months; 3% money again at U.S. fuel stations on as much as $6,000 spent per 12 months; 3% money again on U.S. on-line retail purchases on as much as $6,000 spent per 12 months; and 1% money again on different purchases. Phrases apply. This card additionally has a welcome provide for brand new cardholders: Earn a $200 assertion credit score after you spend $2,000 in purchases in your new Card inside the first 6 months. Phrases Apply. As well as, if provides a 0% intro APR for 15 months on purchases and steadiness transfers, after which the continuing APR of 18.24%-29.24% Variable APR. Phrases apply; see charges and charges.
4. Redemption choices are flexibile
With the Fifth Third 1.67% Money/Again card, you’ll be able to signal as much as obtain automated redemptions to your Fifth Third checking or financial savings account; you’ll be able to take the money again within the type of a paper verify or an announcement credit score to the cardboard; or you should use your rewards to pay down the principal of your Fifth Third mortgage mortgage. It is also potential to redeem your rewards for present playing cards and airline tickets. Rewards will not expire so long as your card account is open and energetic.
The cardboard’s choice to redeem rewards towards a mortgage is uncommon, and it may be handy and helpful. Nonetheless, you could possibly do the identical factor with rewards earned on a 2% cash-back bank card, so long as you do not thoughts taking just a few additional guide steps.
5. The excessive APR makes carrying balances costly
Rewards bank cards are likely to cost excessive ongoing curiosity on balances, and the Fifth Third 1.67% Money/Again card isn’t any exception. As of this writing, it has an APR that may vary almost as excessive as 30%, relying in your creditworthiness.
Except you’ll be able to repay your bank card invoice in full each month to keep away from curiosity fees, it’s not price placing purchases on this card for the aim of incomes rewards. The price of curiosity will far exceed any cash-back worth.
