Establish or rebuild healthy credit with this basic secured card.
30-second take
- Get this card if you want to build or rebuild your credit.
- Pick something else if you want a secured credit card with no annual fee, or you want to pay a lower security deposit.
- You’re welcome to apply if you’re rebuilding credit.
| Product Name | Fifth Third Secured Card |
|---|---|
| Card Type | Mastercard |
| Annual Fee | $24 |
| APR (Annual Percentage Rate) for Purchases | 25.74% variable |
| Introductory Purchase APR | N/A |
| Balance Transfer APR | 25.74% variable |
| Introductory Balance Transfer APR | N/A |
| Balance Transfer Fee | $5 or 4% of the transaction, whichever is greater |
| Cash Advance Rate | 26.74% variable |
| Foreign Transaction Fee | 3% of the transaction value |
| Cash Advance Fee | $5 or 4% of the cash advance amount, whichever is greater |
| Interest Free Period | Up to 23 days |
| Late Payment Fee | Up to $38 |
| Minimum Age | 18 years of age |
|---|
The basics
The Fifth Third Secured Card is one of several that can help you build your credit. This card requires a deposit that becomes your line of credit, with a minimum of $300 — fairly middle of the road for secured cards. However, it’s $5,000 maximum is hard to beat. And your full deposit amount goes into an interest-bearing Fifth Third savings account.
The perks
$300 minimum starting deposit.
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.
Consistent reporting to the bureaus.
Fifth Third reports important account information to the three major credit bureaus to help build your credit.
You’ll also like …
Extra smartphone protection.
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.
Purchase and travel benefits.
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.
What to watch out for
Annual fee: $24.
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.
Apply in a Fifth Third branch only.
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.
High interest rate.
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.
High late fees.
Late payments come with fees of up to $38 — standard across many credit cards.
Foreign transaction fees.
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.
Consider other cards if …
You don’t want to pay an annual fee.
You’ll find great secured cards with no annual fees. Two no-annual-fee cards, the Discover it® Secured and Secured Mastercard® from Capital One®, also happen to be among the top secured products on the market.
You want a lower minimum security deposit.
You can easily find a card with a $200 minimum deposit. The Secured Mastercard® from Capital One® is a notable pick — you may be able to deposit $49 or $99 and still receive a $200 credit limit. And with the Digital Federal Credit Union Visa Secured, your upfront cost could be as low as $15.
You want a lower APR.
Some secured cards offer the chance at a low interest rate. However, not all cards guarantee a low APR, and some may charge annual fees.
You want an unsecured card.
Try your hand at an unsecured card if you don’t want to put down a security deposit. But be careful about cards with high annual and even monthly fees, especially if you have less-than-perfect credit.
The Deserve® Classic Card may be a good option. Though it has a $0 annual fee, its provider uses considers more than your credit score when determining your creditworthiness. That could help you get a card when you might be denied by other banks.
Compare our secured credit cards
What should I know before I apply?
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.
Required information
Before you visit a First Third Bank branch, have the following information on hand:
- Your address and contact details.
- Financial information, such as your total annual income, employment status, monthly housing payment and bank account details.
- Identifying details such as your Social Security number and mother’s maiden name.
What credit score do I need?
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.
What do customers say about the Fifth Third 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.
How to apply for the Fifth Third Secured Card
- Unlike other secured cards, you’ll need to visit a Fifth Third Bank branch to apply for this card. Click Find a branch to find the nearest location.
- Search for a branch by ZIP code, your city or your state.
How long will it take to get my Fifth Third Secured Card?
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.
I got the card. Now what?
- Monitor your spending. The Fifth Third online banking system lets you keep track of your spending and easily make payments online.
- Avoid interest. After the close of each billing cycle, you’ll have a grace period of at least 23 days to pay off your purchase balance before it accrues interest. Keep in mind that there’s no grace period on balance transfers or cash advances.
- Avoid fees. Paying late can set you back up to $38. Cash advances, balance transfers and foreign transactions also come with fees.
- Customer service. For support, call the number on the back of your card. You can also call 800-972-3030 for the personal-banking helpline. If you’d like to connect through social media, you can find the bank on Twitter at @FifthThird or on Facebook @FifthThirdBank.
Bottom line
This card can help you build your credit, but it has an annual fee and a moderately high minimum security deposit. You’ll also have to apply at a Fifth Third Bank branch. Compare your options to find a similar card — perhaps one with rewards or no annual fee.
