The Fifth Third Cash Rewards MasterCard generates cash back rewards on every purchase. Additionally, new account holders currently receive a 0% introductory annual percentage rate on purchases and balance transfers. It is issued by Fifth Third Bank.
The Fifth Third Cash Rewards MasterCard offers new account holders a 0% introductory APR on all purchases and balance transfers for the first 12 billing cycles once your account is activated. After this promotional period ends, your APR will be between 12.99% and 23.99% based on your creditworthiness at the time of approval. Up to 10 balance transfer requests may be submitted at one time. There is a minimum amount of $100 per request. A balance transfer fee of $5 or 4% of the total amount transferred (whichever is greater) will be applied to your account when each balance transfer request is processed. This fee is not waived during the introductory APR promotional period. Transfers may take two to four weeks to complete.
Cardholders earn 2% cash back “Everyday Bonus Real Life Rewards” for every dollar spent on grocery store and gasoline purchases. The 2% earning rate for combined purchases is capped at $1,500 per each calendar quarter. After this amount is reached, members earn 1% cash back on grocery and gas purchases for the remainder of the quarter. All other purchases earn 1% cash back for every dollar spent (no limits).
Card members have various options when redeeming Everyday Bonus Real Life Rewards. These include:
- Cash Back and Deposits – Points may be redeemed as a deposit to your Fifth Third Checking or Savings account, or as a check.
- Loan and Mortgage Payments – Points may be used to pay down a Fifth Third Loan or automatic redemptions may be set up to pay down a Fifth Third Mortgage.
- Gift Cards and Merchandise – Points may be redeemed for gift cards from brand name retailers and restaurants.
- Travel – Points may be used to book travel through the Real Life Rewards self-booking travel tool (with TripAdvisor ratings) for flights, hotels, and car rentals.
Members are eligible to receive Cellular Phone Protection which provides coverage against damage and/or theft of your cell phone. Up to two additional phone lines may be included in the coverage at no cost to you- provided they are listed on your wireless billing statement.
Cardholders receive additional MasterCard benefits, such as:
- Concierge Service- Provides exclusive access to dining and entertainment venues. Also provides 24/7 assistance with reservations and travel tickets.
- MasterCard Zero Liability- Protects you from any fraudulent transactions made on your card.
- Travel Assistance Services- 24/7 help when dealing with lost or stolen luggage, legal questions, or emergency medical situations. Also assists in obtaining emergency cash funds.
- MasterCard Global Service- Provides 24/7 emergency customer service anywhere and in any language.
- Travel Accident Insurance- Provides coverage for you and your dependents should anything happen while on a trip purchased with your Fifth Third Cash Rewards MasterCard.
Card members are charged a 3% foreign transaction fee on all purchases made on the card while traveling internationally.
There is no annual fee associated with this card.
The Facts
Below we have broken down the specifics of the Fifth Third Cash Rewards MasterCard to assist you in determining if it’s a good choice for you.
The Good:
Introductory APR:
New account holders receive a 0% introductory APR on purchases and balance transfers for the first 12 billing cycles from the time of approval. Once this promotional period ends, your actual APR will be a variable rate of 12.99% to 23.99% depending on your credit score and other factors at the time you are approved for the card. For people wanting to purchase a big ticket item and pay it off over the course of a year without incurring any interest charges, this is a definite perk. It’s also a good deal for anyone who has a high interest credit card balance and would like to move it to a different card with a lower APR. Note: a balance transfer fee of $5 or 4% of the total amount transferred (whichever is greater) is applied to each transfer. This fee is not waived during the introductory APR promotion. Ten balance transfer requests may be submitted at once (the minimum transfer amount is $100) and each may take up to four weeks to post to your account.
Additional MasterCard benefits:
- Concierge Service
- MasterCard Zero Liability
- Travel Assistance Services
- MasterCard Global Service
- Travel Accident Insurance
Easy to earn cash back rewards:
Card members earn Everyday Bonus Real Life Rewards at the following rates:
| Cash back rate | Category |
| 2% | Grocery and gasoline purchases |
| 1% | All other purchases |
The 2% rate for grocery and gasoline transactions is capped at $1,500 in combined purchases per each calendar quarter. Once the spending limit is reached, any additional gas and grocery purchases will earn 1% cash back for the remainder of the quarter. The 1% rate on all other purchases has no spending cap.
Multiple redemption options:
Members have several options available when redeeming cash back rewards. These include using points for:
- Cash Back and Deposits
- Loan and Mortgage Payments
- Gift Cards and Merchandise
- Travel
Cell Phone Protection:
Cardholders may take advantage of Cell Phone Protection coverage which is available to all members. This plan provides protection against damage to or theft of your cell phone. There is a $50 deductible per claim (two claims may be submitted during a 12-month period). The maximum benefit allowed per claim is $200 ($400 within a 12-month period). To obtain coverage, you must pay your wireless bills each month using your Fifth Third Cash Rewards MasterCard. Your coverage will be activated on the first day of the calendar month following the first payment of your bill with the card. Up to two additional phone lines may be covered with this protection plan as long as the numbers are listed on your wireless bill.
No annual fee:
There is no annual membership fee charged for this card.
The Bad:
Not everyone will qualify:
The Fifth Third Cash Rewards MasterCard normally requires a very good to excellent credit score (740+FICO) for applicants to be approved. Given that this is a fairly standard rewards credit card, you may want to consider a rewards card that delivers a better rate of return on rewards (with no spending limits) before signing up for this one. Plus many rewards credit cards also offer a sign up bonus to new members. This one does not.
The Ugly:
High cash back rewards rate is capped:
The 2% rewards rate on grocery and gasoline purchases is capped at $1,500 per calendar quarter. If a large portion of your monthly budget is spent on these two categories, the overall rewards rate may not be that great once you factor in that any purchases over $1,500 per quarter only earn 1% cash back rewards.