Fifth Third Secured Card
All information about Fifth Third Bank | Bright Money to build credit
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Card Summary
Fifth Third Secured Card helps cardholders build or improve their credit scores.
A $300 security deposit (up to $5,000) is required for the card. This must be deposited into your personal savings account.
A $24 annual fee is charged. Both balance transfer and purchase transactions have an APR variable at 23.99%.
The Best Features:
Interest earned on security deposits: Your Fifth Third Bank savings account earns you interest.
Drawbacks:
The Fifth Third Secured Card offers no sign-up bonus and 0% APR. This is unlike many credit cards.
Card Summary - Cons
Rates and fees
Highlights
Credit history is important. This information can be shared with all three credit bureaus. You can feel confident about your credit building without feeling tempted to spend beyond what you have available.
To secure your card, make a $300 non-refundable deposit to a Fifth Third Relationship Savings account. Your credit limit and account will both be funded by this deposit.
You get the same benefits as a regular credit card. You can achieve more by responsible card use and be eligible to receive future credit line increase or an upgrade to an unsecure credit card.
You have zero liability: Protect your account from unauthorised purchases.
Mastercard ID Theft Insurance: You can get assistance from resolution services to restore your good standing prior to being harmed.
Mastercard Airport Concierge: Get your personal concierge with a Secured MasterCard to make it easier and faster for you to fly through airports. Visit mastercard.com/ airport concierge for more details.
Fifth Third Secured Credit Card Benefits: Holders of Fifth Third Secured Cards have access to valuable banking and consumer benefits including:
Airport concierge service,
Protection against identity theft,
No liability coverage.
Comparative Analysis with Other Cards
Fifth Third Secured Card Vs. Capital One Platinum Secured credit Card
Annual Fee: $54 per year for the Fifth Third Secured Card Annual fee: The Capital One Platinum Secured Credit Card doesn't have an annual charge.
Rewards: This card does not offer any cash-back, points, or travel reward program.
Sign up bonus: No card provides a sign up bonus.
Benefits: The Fifth Third Secured Card offers valuable consumer benefits such as zero liability protection and airport concierge services. Capital One Platinum Secured credit card holders have access to Mastercard identity theft protection, fraud coverage, and emergency card services.
Fifth Third Secured Credit Card Fifth Third Secured Card vs. Discover it Secured credit card
Reward Program: Fifth Third Secured Card doesn't offer any rewards programs. You can earn up to $1,000 combined gas station and restaurant cashback per quarter with the Discover it Secured credit card. All other purchases are eligible for a 1% cashback.
Sign up bonus: Fifth Third Secured Card doesn't offer any sign-up bonuses. Your total cashback rewards from the Discover it Secured credit card are instantly matched dollar-for-dollar at the end for all new cardholders.
Benefits: Fifth Third Secured Card provides consumers with benefits such as zero liability protection and airport concierge services. Identity theft protection is also included. Cardholders of the Discover It Secured Credit Card have free access to travel and consumer benefits.
Conclusion
The Fifth Third Secured Credit Card presents a viable and strategic avenue for individuals aiming to fortify their financial standing and cultivate a positive credit history for future credit inquiries. By adhering to the principles of responsible credit management and timely payments, cardholders can experience a transformation in their credit scores, opening doors to an array of financial prospects.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
