New Fifth Third Cash/Back Card offers unlimited 1.67% rewards

Posted: 17 November 2020 12:46 pm
News
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The new Fifth Third Bank credit card comes with no annual fee and an unlimited 1.67% cash back on all purchases.

With the new credit card, Fifth Third Bank joins credit card behemoths like American Express, Chase and Wells Fargo. But unlike the 1.5% cashback rate offered by the aforementioned banks, the new Fifth Third Cash/Back Card offers a slightly better cashback rate of 1.67%.

Does a 0.17% cashback really make a difference?

When you put it that way, the difference seems small. In reality, though, the difference in cash back earned largely depends on the amount spent each year.

Here’s an example of different annual spending amounts and how much of a difference 1.67% vs. 1.5% cashback would make:

Annual spendingCash back earned with a 1.67% cardCash back earned with a 1.5% card
$15,000$250$225
$20,000$334$300
$25,000$417$375
$30,000$501$450

To put this into perspective: for every $5,000 spent, you roughly earn $9 more with a 1.67% cashback card than you would with a 1.5% cashback card.

Other Fifth Third Cash/Back Card benefits

Aside from a slightly better cashback rate than some competitor cards, the Fifth Third Cash/Back Card is stacked with additional features. For example, you get:

  • No foreign transaction fees. Competitor cashback cards charge up to a 3% fee for every transaction made abroad or online with foreign merchants. With the Fifth Third Cash/Back Card, there’s a $0 foreign transaction fee.
  • Intro APR period on balance transfers. With many card providers removing 0% balance transfer offers — and some removing balance transfers altogether — the Fifth Third Cash/Back Card offers 0% intro APR for the first 12 billing cycles after account opening, and a variable APR of 15.49% to 25.49% thereafter.
  • Cell phone protection. When cardholders pay their phone bill with this card, they get coverage of up to $800 per claim and up to $1,000 per card in a 12-month period. The cardholder is limited to two claims per 12-month period with a $50 deductible. This is a rare feature not found in most competitor cards.

Another Fifth Third Cash/Back Card credit card

Fifth Third Bank offers a slightly boosted version of this card to its clients with Preferred or a Private Bank relationship. The main difference between this card and the standard version is that the Preferred card offers 2% cash back instead of 1.67%. All other benefits are roughly the same.

Photo: Supplied

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