Secured credit cards were, for a time, sort of looked upon as an “I don’t have any choice”, type of credit card. Then came secured credit cards such as those provided by Fifth Third Bank. Fifth Third Bank’s secured MasterCard offers some unexpected perks that make this a very appealing choice no matter what your credit score is.
The first thing that you need to understand is that Fifth Third Bank is a regular banking institution, not just a credit card company. They are a well-established and financially sound bank that has been doing business since 1908.
Their odd name comes from the fact that Fifth National Bank and Third National Bank merged in 1908 to create the unusual name of Fifth Third Bank. Despite their name, they have thrived and now offer a myriad of banking options as well as seven different credit card options.
Fifth Third Bank Secured MasterCard Details
The first thing that you need to know about the Fifth Third Bank Secured MasterCard is that it has some of the benefits that you would expect from an unsecured MasterCard.
- Each card offers zero liability for unknown purchases or if your card is stolen. In addition, you are eligible for discounts if you use your card at specific locations and you have access to free online bill pay and Internet banking.
- You will also qualify for purchase assurance, which means that if something you purchase is lost, stolen or damaged within 90-days of purchase, then Fifth Third Bank will refund your money.
- In addition, Fifth Third Bank offers cell phone protection. If you pay your bill using your secured MasterCard and your phone is lost, stolen or damaged, then Fifth Third Bank will replace it for you.
- Fifth Third Bank reports to all three major credit-scoring companies and your secured card will not be distinguished as such. In other words, this secured card can help you build or rebuild your credit.
To qualify for this secured card, you need to open a savings account with Fifth Third Bank with a minimum of $450. There are no max limitations set for this card, so your credit limit will expand with your savings account. If you close your savings account or remove the money, your credit card will be cancelled. Compare credit card offers now!
Your credit limit is based on your savings account total. However, your payments and credit will not be coming out of that account. It is held there to ensure that if you default on your payments, then Fifth Third Bank can collect on your debt.
Things to Consider Before Applying for the Fifth Third Bank Secured MasterCard
Like a regular credit card, there are interest rates applied to your purchases. This interest rate is 23.99% APR regardless of your credit score. There is a 24.99 APR for all cash advances as well as a $5 fee. In addition, there is a $24 annual fee.
This secured MasterCard is only available in 14 states, so it may not be available where you live.
Who Should Apply for the Fifth Third Bank Secured MasterCard
This MasterCard is a bad credit credit card. If you have a credit score of under 620, then this is the card for you. If you are one of the millions of people who are trying to get away from credit cards but need one handy for car rentals and such, then this may also work for you, even if you have good credit.
The Fifth Third Bank Secured MasterCard is an excellent option, especially for a secured credit card. If, however, you feel that this isn’t the card for you, try our credit chaser tool to find the right credit card now!
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