I spend a lot of my time learning and evaluating cash-back bank cards, so it takes quite a bit for a brand new bank card to shock me. I nearly hate to confess it, however the brand new Fifth Third 1.67% Money/Again 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 identify of the cardboard.
You simply don’t see bank cards with a flat 1.67% cash-back price fairly often. 1.5%, certain. 2%, undoubtedly. However 1.67%? Simply what is Fifth Third considering?
I had no concept till somebody a lot 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 in step with 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. Gasoline, groceries, takeout, journey — all of it earns on the identical price.
You should 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 may not be a dealbreaker. If and while you improve to Fifth Third Most popular Banking, which has harder-to-avoid charges, you could qualify for the two% cash-back Fifth Third Most popular Money/Again Card.
In any other case, the 1.67% Money/Again Card is a fairly customary Mastercard. Right here’s what else it is best to 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, but it surely does have three uncommon or distinctive options price 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 a superb factor in my e-book, until you’re already a Fifth Third Momentum Checking buyer. Common no-annual-fee cash-back bank cards typically don’t require you to have a particular checking account earlier than you apply.
- Stable Introductory Steadiness Switch Promotion. The 1.67% Money/Again Card has a 0% APR introductory promotion on stability transfers for 12 months from account opening. That’s one of many higher stability switch provides within the class.
Key Options of the Fifth Third 1.67% Money/Again Card
Let’s discover crucial 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 easier. 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% price 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 possibly can redeem money again in any quantity, at any time. The easiest way to do that is by organising automated redemptions, zeroing out your rewards stability every month and decreasing the time funding of redeeming to zero as effectively.
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. You should definitely repay any transferred balances in full through the interval although, otherwise you’ll need to pay deferred curiosity on any unpaid portion after the introductory interval ends.
There’s no corresponding promotion for purchases, so this isn’t the correct card when you’re planning to make a giant buy early on within the hopes that you simply gained’t need to pay curiosity on it.
Cell Cellphone Safety
This card’s signature value-added profit is a comparatively beneficiant mobile phone safety plan price 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: You need to pay your mobile phone invoice in full together with your 1.67% Card every month for the profit to stay in impact. If a month goes by with no mobile phone invoice cost showing in your assertion, protection now not applies.
Hyperlink your 1.67% Card to your cell pockets to make contactless tap-to-payments together with your telephone anyplace it’s potential. The cardboard is appropriate with Google Pay, Apple Pay, and Samsung Pay.
There’s no annual payment or international transaction payment. The latter isn’t customary for a fundamental cash-back card, so it counts as a strong perk, particularly when you plan to journey exterior america.
Credit score Required
The 1.67% Money/Again Card requires respectable (or higher) credit score. You’ll have hassle qualifying for this card in case your FICO rating is under 700.
Benefits of the Fifth Third 1.67% Money/Again Card
The 1.67% Card’s vibrant spots embody its respectable cash-back price, strong stability switch promotion, and no annual payment.
- 1.67% on All Eligible Purchases. The identify says all of it. Each buy earns 1.67%, day by day, with no caps or restrictions on how a lot you’ll be able to earn.
- No Annual Payment. The 1.67% Card doesn’t cost an annual payment. That is par for the course for the sort of cash-back card, however nonetheless price 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 your entire interval, making this a strong if not spectacular stability switch card. Simply you’ll want to repay transfers in full earlier than the intro interval ends or you could be on the hook for deferred curiosity.
- Straightforward to Redeem Money Again. You possibly can redeem money again in any quantity, at any time. Enroll in automated redemption to set and overlook your month-to-month redemptions.
- No Overseas Transaction Charges. This card doesn’t cost international transaction charges, which is good news when you plan to journey exterior america or make purchases from abroad retailers.
- Comes With Complimentary Cell Cellphone Safety. Pay your mobile phone invoice in full every month together with your 1.67% Money/Again Card and revel in complimentary mobile phone safety price 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. Think about them fastidiously earlier than you apply.
- Requires a Fifth Third Financial institution Account. You should 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 disadvantage for individuals who aren’t already Fifth Third prospects.
- No Bonus Rewards. 1.67% money again is a superb rewards price, however it might be good when you might do higher. And you’ll’t with this card.
- No Signal-up Bonus. This card doesn’t have a sign-up bonus both. The most effective 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 disadvantage 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 widespread cash-back bank card: the Citi Double Money Card.
|Fifth Third 1.67% Card||Citi Double Money Card|
|Rewards Charge||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|
Different Credit score Playing cards to Think about
The Double Money and 1.67% Money/Again Playing cards aren’t the one fish within the cash-back bank card sea, in fact. Think about these alternate options as effectively.
The Fifth Third 1.67% Money/Again Card has an uncommon cash-back price and requires a particular Fifth Third checking account (Momentum Checking) to use. Past these two telltale options, there’s not quite a bit to put in writing dwelling about right here.
For me, that’s the place the dialog ends. It’s not price 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 have been I an present Fifth Third buyer or somebody planning to change to Fifth Third anyway, I’d be completely satisfied I had the choice. The 1.67% Card isn’t a horrible product — it’s simply not one to exit of your manner for.