Fifth Third Platinum MasterCard Review

Fifth Third Platinum MasterCardThe Fifth Third Platinum MasterCard is a basic MasterCard credit card which offers new members a good introductory APR on purchases and balance transfers.  It is not a rewards card so cardholders do not accumulate points or earn cash back.  It is issued by Fifth Third Bank.

New account holders receive a 0% introductory annual percentage rate on purchases and balance transfers for the first 15 billing cycles after your account is opened.  After this promotional period ends, your actual APR will be 10.99% to 23.99% based on your creditworthiness at the time of approval.  Card members may submit up to 10 balance transfer requests at one time ($100 minimum per request).  A balance transfer fee of $5 or 4% of the total amount (whichever is greater) will be charged for each transfer.  Balance transfers may take up to four weeks to complete.

Members receive these additional MasterCard benefits:

  • MasterCard Zero Liability- Protects you from any unauthorized transactions made on your card.
  • Price Protection- If you find a lower advertised price for an item you purchased with the card within 60 days from the date of purchase, you may be entitled to reimbursement for the cost difference. Restrictions and limitations apply.
  • Extended Warranty- Doubles the original manufacturer’s or store brand warranty for up to one year when you pay with your card. Restrictions and exclusions apply.
  • MasterCard Global Service- Provides 24/7 emergency customer service anywhere and in any language.
  • Travel Assistance Services- 24/7 assistance with lost or stolen luggage, emergency medical situations, legal advice, and help obtaining emergency cash funds.
  • Master RoadAssist Service- 24-hour assistance for any problems occurring when you are driving.

Cardholders are eligible to receive Cellular Phone Protection which provides coverage against damage to or theft of your cell phone (including up to two more phone lines listed on your wireless billing statement).

The Fifth Third Platinum MasterCard charges members a 3% foreign transaction fee on all purchases made on the card outside of the U.S.  For people who frequently travel abroad, use of this card for hotel and restaurant purchases can quickly realize a high amount of fees.

There is no annual fee associated with this card.

The Facts

Below we have broken down the specific details of the Fifth Third Platinum MasterCard to help you determine if it’s worth signing up.

The Good:

Introductory APR:

New account holders receive a 0% introductory APR on purchases and balance transfers for the first 15 billing cycles once your account is activated.  After this time, your actual APR will be between 10.99% and 23.99% depending on your credit score and payment history when you are approved.  This promotional period is a good perk for anyone who wants to purchase a big-ticket item and pay it off within 15 months without incurring any interest charges.  It also is a solid benefit if you have a high-interest credit card balance which you want to transfer to a card with a lower APR.  Note that a fee of $5 or 4% of the total amount is applied to each balance transfer.  This fee is not waived during the 0% APR promotional period.  Card members may request up to 10 balance transfers at a time.  The minimum transfer amount is $100.  Balance transfers may take up to four weeks to process and post to your account.

Cellular Phone Protection:

Cardholders are eligible to receive the Cellular Phone Protection plan which protects against damage and/or theft of your cell phone.  This plan has a $50 deductible for each claim and a maximum of two claims may be submitted during a 12-month period.  The benefit amount per claim is capped at $200 ($400 within a 12-month period).  You must use the Fifth Third Platinum MasterCard to pay your wireless bills each month in order to receive this coverage.  Your protection begins the first day of the calendar month following the first payment of your wireless bill with the card.  This protection plan includes coverage for up to two additional phone lines listed on your wireless telephone bill.

Additional MasterCard benefits:

Members receive these additional benefits from MasterCard:

  • MasterCard Zero Liability
  • Price Protection
  • Extended Warranty
  • MasterCard Global Service
  • Travel Assistance Services
  • Master RoadAssist Service

No annual fee:

There is no annual membership fee charged for this card.

The Bad:

Very good credit needed to qualify:

Applicants generally need to have a very good credit score (740+ FICO) to qualify for the Fifth Third Platinum MasterCard.  Considering it is not a rewards card, people with good to excellent credit may want to look at a few other credit cards before making a decision.  For instance, the Capital One Venture Rewards Credit Card does come with an annual fee of $89 (which is waived for the first year), but card members earn double points on every purchase all the time.  The current signup bonus is 40,000 points ($400 in rewards) when you make $3,000 in purchases within the first three months plus there are no foreign transaction fees.

The Ugly:

No rewards:

Card members do not earn points or cash back rewards with this card.  While there is no annual fee charged for the Fifth Third Platinum MasterCard and the 0% introductory APR (first 15 billing cycles) is generous, the lack of rewards makes this a pretty ordinary credit card overall.