Fifth Third Preferred Cash/Back Card
- Best for: Fifth Third Preferred Banking clients who want their card at the same bank; clients who spend abroad
- What Sets It Apart: Flat 2% cash back with no annual or foreign transaction fee; cash back deposits to Fifth Third checking or savings
- Cost: $0 annual fee; no foreign transaction fee; 19.24% to 29.24% variable APR; balance transfer fee of 4% ($5 minimum)
- Features: 2% cash back on all purchases; a 0% intro APR on balance transfers for 12 billing cycles; optional automatic monthly redemption from $25
- Pros: No caps or categories; no foreign transaction fee; one login with your Fifth Third accounts
- Cons: Requires Preferred Banking and $100,000 in combined balances; no welcome bonus; no 0% intro APR on purchases; no cell phone protection
Get the Fifth Third Preferred Cash/Back Card if you already keep $100,000 at Fifth Third. It pays a flat 2% back with no annual fee and no fee on purchases abroad. Don’t move money to Fifth Third just for it, since a national 2% card pays the same rate with no balance requirement.
Fifth Third offers this Mastercard only to Preferred Banking clients, who need a Preferred Checking account and $100,000 in combined deposit and investment balances there, IRAs included. Other applicants can get the 1.67% Cash/Back Card, with the same rates and fees but 1.67% back.
Key Features
- 2% cash back on every purchase, as points worth 1 cent each
- No annual fee and no foreign transaction fee
- A variable interest rate (APR) of 19.24% to 29.24% on purchases
- 0% intro APR on balance transfers for the first 12 billing cycles, with a 4% fee ($5 minimum)
- Cash back as a statement credit or a deposit to Fifth Third checking or savings, which can happen automatically each month once you’ve earned $25
Pros
- No spending caps or categories to track
- No foreign transaction fee, unlike the Wells Fargo Active Cash, which adds 3% to purchases in other currencies, or $60 per $2,000 spent
- One Fifth Third login for the card, your accounts, and your rewards
Cons
- Preferred Checking charges $25 in any month your combined balances never reach $100,000
- No welcome bonus, while the Active Cash pays $100 after $500 in purchases in the first 3 months
- No 0% intro APR on purchases, which the Active Cash gives for 12 months
- No cell phone protection, which the Active Cash provides when you pay your phone bill with it
- Closing the card forfeits any cash back you haven’t redeemed, though New York residents get 90 days to redeem it
Preferred Banking clients who want their card at the same bank should get it, especially if they spend abroad, where it charges no fee and the Active Cash charges 3%. Anyone who’d have to move money to qualify should get a national 2% card such as the Active Cash, which adds a $100 bonus and cell phone protection.
Learn more about the Fifth Third Preferred Cash/Back Card or see how it compares to the best cash back credit cards.
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