I spend a lot of my time learning and evaluating cash-back credit cards, so it takes lots for a brand new bank card to shock me. I virtually hate to confess it, however the brand new Fifth Third 1.67% Cash/Back Card threw me for a loop.
Not as a result of 1.67% Money/Again has a revolutionary rewards program or gorgeous advantages lineup. That’s why I hate to confess it: the novelty is mainly a gimmick, and proper there within the title of the cardboard.
You simply don’t see bank cards with a flat 1.67% cash-back fee fairly often. 1.5%, positive. 2%, undoubtedly. However 1.67%? Simply what is Fifth Third considering?
I had no thought till somebody significantly better at math jogged my memory that 5 divided by 3 equals 1.67. 5/3…Fifth Third…1.67.
You get it now. Seems it’s proper there within the emblem too. (And the “Money/Again” bit is per the slash-in-the-name factor too.) Hats off to Fifth Third’s advertising and marketing division for this one, you’re smarter than I’m.
What Is the Fifth Third 1.67% Money/Again Card?
This would possibly shock you, however the Fifth Third 1.67% Money/Again Card is a cash-back bank card that earns limitless 1.67% money again on all eligible purchases. Gas, groceries, takeout, journey — all of it earns on the similar fee.
It’s essential to have a Fifth Third Momentum® Checking account to use for the 1.67% Money/Again Card. That is an inconvenience when you don’t need or want one other checking account, however Momentum Banking is fee-free and simple to open on-line, so it won’t be a dealbreaker. If and while you improve to Fifth Third Preferred Banking, which has harder-to-avoid charges, you might qualify for the two% cash-back Fifth Third Preferred Cash/Back Card.
In any other case, the 1.67% Money/Again Card is a reasonably normal Mastercard. Right here’s what else you must know earlier than you apply.
What Units the Fifth Third 1.67% Money/Again Card Aside
The Fifth Third 1.67% Money/Again Card isn’t a revolutionary bank card, nevertheless it does have three uncommon or distinctive options value noting:
- Limitless 1.67% Money Again. Novelty, gimmick, no matter you need to name it — the 1.67% Money/Again Card goes the place few if any cash-back bank cards have gone earlier than it.
- Tied to a Particular Fifth Third Financial institution Account. This isn’t an excellent factor in my ebook, except you’re already a Fifth Third Momentum Checking buyer. Well-liked no-annual-fee cash-back bank cards typically don’t require you to have a selected checking account earlier than you apply.
- Strong Introductory Steadiness Switch Promotion. The 1.67% Money/Again Card has a 0% APR introductory promotion on balance transfers for 12 months from account opening. That’s one of many higher stability switch presents within the class.
Key Options of the Fifth Third 1.67% Money/Again Card
Let’s discover an important options of the Fifth Third 1.67% Money/Again Card in additional element.
Incomes Money Again
The 1.67% Card’s rewards program couldn’t be less complicated. All eligible purchases earn 1.67% money again, with no caps on incomes potential and no bonus rewards classes or tiers to complicate issues. Rewards don’t expire so long as your account stays open and in good standing.
As flat cash-back charges go, 1.67% occupies a center floor between the comparatively low 1% to 1.5% fee provided by many entry-level playing cards and the two% to 2.5% provided by extra beneficiant playing cards. It’s nothing particular, however not insultingly low.
Redeeming Money Again
You may redeem money again in any quantity, at any time. One of the best ways to do that is by establishing automated redemptions, zeroing out your rewards stability every month and decreasing the time funding of redeeming to zero as nicely.
Intro Steadiness Switch Supply
The 1.67% Card has a 0% APR introductory supply on stability transfers made through the first 12 months of account opening.
You gained’t pay curiosity on these transfers till the thirteenth billing cycle after your account is open. Be sure you repay any transferred balances in full through the interval although, otherwise you’ll should pay deferred curiosity on any unpaid portion after the introductory interval ends.
There’s no corresponding promotion for purchases, so this isn’t the best card when you’re planning to make a giant buy early on within the hopes that you just gained’t should pay curiosity on it.
Cell Cellphone Safety
This card’s signature value-added profit is a comparatively beneficiant cellphone safety plan value as much as $1,000 per 12 months. The utmost per declare is $800, much less a $50 deductible, and also you’re restricted to 2 claims per 12 months.
The catch: It’s important to pay your cellphone invoice in full along with your 1.67% Card every month for the profit to stay in impact. If a month goes by and not using a cellphone invoice fee showing in your assertion, protection not applies.
Contactless Funds
Hyperlink your 1.67% Card to your cellular pockets to make contactless tap-to-payments along with your cellphone wherever it’s attainable. The cardboard is suitable with Google Pay, Apple Pay, and Samsung Pay.
Necessary Charges
There’s no annual charge or overseas transaction charge. The latter isn’t normal for a primary cash-back card, so it counts as a stable perk, particularly when you plan to journey outdoors america.
Credit score Required
The 1.67% Money/Again Card requires respectable (or higher) credit score. You’ll have bother qualifying for this card in case your FICO rating is beneath 700.
Benefits of the Fifth Third 1.67% Money/Again Card
The 1.67% Card’s vivid spots embody its respectable cash-back fee, stable stability switch promotion, and no annual charge.
- 1.67% on All Eligible Purchases. The title says all of it. Each buy earns 1.67%, day-after-day, with no caps or restrictions on how a lot you possibly can earn.
- No Annual Price. The 1.67% Card doesn’t cost an annual charge. That is par for the course for this kind of cash-back card, however nonetheless value noting as a bonus.
- 0% APR on Steadiness Transfers for 12 Months. Steadiness transfers made early inside 12 months of account opening don’t accrue curiosity for the complete interval, making this a stable if not spectacular stability switch card. Simply make sure to repay transfers in full earlier than the intro interval ends or you might be on the hook for deferred curiosity.
- Simple to Redeem Money Again. You may redeem money again in any quantity, at any time. Enroll in automated redemption to set and overlook your month-to-month redemptions.
- No International Transaction Charges. This card doesn’t cost overseas transaction charges, which is good news when you plan to journey outdoors america or make purchases from abroad retailers.
- Comes With Complimentary Cell Cellphone Safety. Pay your cellphone invoice in full every month along with your 1.67% Money/Again Card and revel in complimentary cellphone safety value as much as $800 per declare and $1,000 per 12-month interval.
Disadvantages of the Fifth Third 1.67% Money/Again Card
The 1.67% Card has some notable drawbacks that would offer you pause. Take into account them rigorously earlier than you apply.
- Requires a Fifth Third Financial institution Account. It’s essential to open a Fifth Third Momentum Checking account earlier than making use of for this card. Hottest cash-back bank cards don’t require a linked checking account as a situation of approval, so this can be a particular downside for individuals who aren’t already Fifth Third clients.
- No Bonus Rewards. 1.67% money again is a high-quality rewards fee, however it could be good when you might do higher. And you may’t with this card.
- No Signal-up Bonus. This card doesn’t have a sign-up bonus both. The perfect no-annual-fee cash-back bank cards do.
- No 0% APR Buy Promotion. The 1.67% Card’s intro stability switch promotion doesn’t pair with a comparable buy promotion, as is commonly the case. A transparent downside when you’re planning a significant buy.
How the Fifth Third 1.67% Money/Again Card Stacks Up
Earlier than you apply for the Fifth Third 1.67% Money/Again Card, see the way it compares to a different fashionable cash-back bank card: the Citi Double Cash Card.
| Fifth Third 1.67% Card | Citi Double Money Card | |
| Rewards Fee | 1.67% on all eligible purchases | 1% again while you make purchases + 1% again on stability funds |
| 0% APR Supply | 0% for 12 months on stability transfers, then common APR | 0% for 18 months on stability transfers, then common APR |
| Signal-up Bonus | None | None |
| Annual Price | $0 | $0 |
Different Credit score Playing cards to Take into account
The Double Money and 1.67% Money/Again Playing cards aren’t the one fish within the cash-back bank card sea, in fact. Take into account these options as nicely.
Remaining Phrase
The Fifth Third 1.67% Cash/Back Card has an uncommon cash-back fee and requires a selected Fifth Third checking account (Momentum Checking) to use. Past these two telltale options, there’s not lots to put in writing house about right here.
For me, that’s the place the dialog ends. It’s not value my time (or the hit to my credit score rating) to use for a bank card that doesn’t stand out in some ways and certainly requires me to use for a second checking account earlier than I get my palms on it.
However had been I an current Fifth Third buyer or somebody planning to modify to Fifth Third anyway, I’d be joyful I had the choice. The 1.67% Card isn’t a horrible product — it’s simply not one to exit of your approach for.
