Secured credit cards help people build a credit history and repair their low credit scores. It provides an opportunity to be responsible and start healthy financial habits.
Many secured credit cards come with low deposits, and Fifth Third Bank credit card is no exception to this rule. Applying for a secure card can put you on track to obtaining an excellent credit score.
Fifth Third Bank has an excellent secure credit card offer. Here is everything you need to know about this credit card, including how to apply and what fees accompany the card.
Features and Benefits
The flexible deposit range is one of the best features of the Fifth Third Bank secured credit card. Customers can choose any amount between $300 and $5,000. The upper limit is very impressive for a secured credit provider.
Fifth Third will continuously report your activity to the three main credit bureaus. This will help you build credit quickly, provided your consumption patterns are responsible and you keep track of your balance.
Like any other credit card, the secure Fifth Third Bank card provides a few additional perks. There is extra smartphone protection for up to two claims per year if it is used to pay the phone bill each month. Some other perks include the following.
- Price protection and longer warranties on certain eligible purchases
- Global Service provides access to card replacements and cash advances during emergencies
- Airport Concierge assigns a representative at any airport to guide through the local processes
Also read: First Credit Card Advice – Things to Know When Starting to Build Credit
Eligibility Info and How to Apply
The Fifth Third Bank secured credit card is designed to help people repair or build their credit score. As a result, the minimum score accepted for it is 300. Furthermore, there is an age limit, as everyone applying for a credit card must be at least 18 years old. Additionally, you must be either a US citizen or a resident of the US.
Before the application, you need to make sure you have certain documents. Firstly, the bank requires your contact details, address, and financial information. This includes your employment status, total annual income, monthly expenditures, bank account details, and identifying information, such as a Social Security number.
Fifth Third Bank can be contacted via phone to discuss current credit card options. Alternatively, you start an online application by visiting the Fifth Third Bank website.
Fees and Interest
The secured card comes with an Annual Percentage Rate (APR) for purchases and balance transfers of 28.49%. For cash advances, it is slightly higher, reaching 29.49%.
However, you can avoid paying interest by making sure that you cover the entire balance within 23 days after the closing of the billing cycle.
Furthermore, there is an annual fee of $24 for the card. Other transaction fees include the following.
- Minimum interest charge of $1.50
- Balance transfer fee of either $5 or 4%, whichever is higher
- Cash advance of $10 or 5%, whichever is higher
- Foreign exchange fees of 3% out of each transaction
- Late payment fee of up to $40
Just like any other secured card provider, Fifth Third Bank also requires its customers to provide collateral. For this card, this means you need to provide a cash deposit of a minimum of $300 that will secure the card. However, you can deposit up to $5,000. The credit limit is tied to this deposit and will fund the account.
Fifth Third Bank Contact Details
Fifth Third Bank can be contacted via phone by dialing 1-866-671-5353. Their friendly customer service representatives offer insights about their products and services, including credit cards, benefits, and more.
The bank is headquartered in Cincinnati, OH, and its address is 38 Fountain Square Plaza, Cincinnati, Ohio, United States.
Also read: The Benefits of a US Bank Credit Card: Rewards, Perks, How to Apply and More
Summary
All in all, the Fifth Third Bank secured credit card is an excellent choice for people without a credit card history or anyone with a low credit score.
What makes it stand out from the crowd is that it provides numerous extra perks, just like any other conventional, unsecured credit card. With responsible use, this can be a one-way ticket to building an excellent credit score. See if you qualify online today!
Disclaimer: There are risks involved when using credit card products. Always be sure to read the bank’s terms and conditions page for more information.
