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$24
Annual fee
25.74%
Purchase APR (variable)
300
Recommended credit score
Review by
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
At first glance, the Fifth Third Secured Card appears like a middle-of-the-road secured card. It requires a minimum deposit of $300, requires a $24 annual fee and carries a 25.74% variable purchase APR.
However, the card offers a few surprises. Notably, your full security deposit amount goes into an interest-bearing Fifth Third savings account. Few cards offer the same ability to earn interest on your deposit. The card’s $5,000 maximum is also hard to beat.
The card’s primary downside is accessibility – you’ll have to apply in person at a Fifth Third bank, available in just 10 states. But if you live in one of these states, the Fifth Third Secured Card is a strong option for raising credit.
It may take a few business days up to a few weeks to receive a decision. Upon approval, you can typically expect your card and welcome materials in the mail within seven to 10 days.
Once the bank extends conditional approval, you’ll need to open a Fifth Third interest-bearing savings account and deposit at least $300. The amount you deposit determines your credit limit.
Establish your line of credit by depositing as little as $300 or as much as $5,000 into your new Fifth Third interest-bearing savings account.
If $300 seems like a high minimum deposit, consider another secured-card provider. You’ll find many that let you deposit a minimum of $200, or less.
Fifth Third reports important account information to the three major credit bureaus to help build your credit.
Use this card to pay your phone bill each month and get protection against theft and damage for a maximum of two claims every 12 months.
The card comes with price protection and extended warranties on eligible purchases made with your card.
You can also jet-set around the world with access to Mastercard’s travel features. With Airport Concierge, a representative can meet you at airports of your choice and guide you through local bureaucracy. Global Service gives you access to emergency services like card replacements and cash advances.
This product may not be wildly expensive, but you’ll find many secured cards without annual fees. For the cost, you might expect this card to offer rewards or other perks to make the fee worth it.
You’ll need to visit a Fifth Third Bank branch in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee or West Virginia to open this card. If this is inconvenient, there are plenty of secured cards to apply for online.
You’ll receive a purchase and balance transfer APR of 25.74% variable. That’s high compared to the average credit card APR of around 16%, though it’s not unheard of for a secured card.
Late payments come with fees of up to $38 — standard across many credit cards.
This isn’t the best card for international travel given that each time you use your card abroad you’ll pay 3% of the transaction in fees.
To apply for this card, you must be at least 18 years old. You must also be a US citizen or a permanent resident of the US.
Before you visit a First Third Bank branch, have the following information on hand:
Apply for this card if you’re rebuilding credit, but you may want to have a credit score between 300 and 669. If your credit is too low, your application may still be declined. In that case, you might have better approval odds with a no-credit-check secured card.
Fifth Third Bank has been accredited with the Better Business Bureau (BBB) since 1928 and has an A+ rating. Though it has almost 900 customer complaints on its profile, the BBB reports most of them as answered or resolved. This implies that even if you end up having an issue with Fifth Third Bank, it’s likely that you’ll be able to get assistance.
This card can help you build your credit, provided you don’t mind applying in person at a Fifth Third bank. And while your deposit will gain interest, you’ll want to compare that against the card’s annual fee and moderately high minimum security deposit. If this card doesn’t sound like the right fit, compare your secured card options to find a similar card — perhaps one with rewards or no annual fee.