This is a very special type of cash rewards card. As with most cash back rewards cards, the cardholder will earn points for every purchase they make. Once they have earned enough points, they can exchange them for a statement credit. What sets the Fifth Third Bancorp MasterCard Homeowner Plus Value card apart from other cash back credit cards is that the cardholder can apply these statement credits directly to their Fifth Third mortgage.
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Credit cards and mortgages are two of the most important and often confusing parts of a person’s financial life. To help get through some of the more complicated things more easily you can go financial sites such as SmartMoney.com.
Homeowner Plus Value Card Rates and Fees
The majority of the Fifth Third credit cards have the same rates and this card is no different. The card has no interest for the first year. After the year is over, the new interest rate will be based on the cardholder’s credit score. This new rate for purchases and balance transfers will be between 12.99 and 23.99%. If the cardholder makes a cash advance like a credit card check, they will be charged 24.99% in interest.
Fifth Third MC Homeowner Plus Value Card Penalty Rates
There is also a credit card penalty interest rate with this card. A penalty interest rate is a rate that applies to a card if the cardholder does not handle their account responsibly. If a payment is late, returned, or a credit card check is returned, the cardholder’s interest rate will automatically be raised to 24.99%. In the case of a late payment, the payment has to be more than sixty days late for the new rate to apply. If the cardholder makes six consecutive payments on time, their interest rate will be returned to the original lower rate.
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