As a secured card, it does require a deposit of at least $300 and there is an annual fee of $24 – but that’s super low compared to the competition.
In this review, I’ll go in-depth on the card so you can determine if it’s the right secured card for you.
- Best for: Rebuilding your credit.
- Intro offer/sign-up bonus: None.
- Cash back: None.
- Intro APR: None.
- Regular APR: 23.99% Variable.
- Other unique features: Low annual fee; the ability to deposit up to $5,000.
The Fifth Third Secured card doesn’t have any rewards tied to it, so you won’t earn you points or cash back. This is fairly common for secured cards, though, so it’s nothing to be alarmed by.
There is no sign-up bonus with the Fifth Third Secured card, but they do allow you to deposit (and get a credit line) up to $5,000, which will increase your spending capacity right away.
There is a 23.99% annual percentage rate (APR) on purchases and balance transfers.
This card has an annual fee of $24.
- Balance transfer fee – Either $5 or 4% of the amount of each transfer, whichever is greater.
- Cash advance fee – Either $10 or 5% of the amount of each cash advance, whichever is greater.
- Foreign transaction fee – 3% of each transaction in U.S. dollars.
- Late payment fee – Up to $39.
Other unique benefits
- Ability to build your credit history – Your account information will be shared with the three major credit reporting agencies – Equifax, Transunion, and Experian.
- Manage your spending – Your credit line is whatever you make it with your deposit. You can deposit as little as $300 and as much as $5,000. This can help you manage your spending by creating a budget and spending limit.
- Get future line increases and an unsecured card – With timely payments and responsible management of the card, you’ll be eligible for credit line increases and/or an unsecured card from Fifth Third.
- Zero liability protection – Receive protection from any unauthorized purchases on your account.
- Mastercard ID theft protection – Get resolution service assistance if someone happens to steal your identity. This will help restore the credit and standing that you had before the violation.
- Mastercard airport concierge – You’ll have the ability to get your very own concierge that will help you get through airports easier and quicker.
- Mastercard Global service – Receive emergency customer service anytime and anywhere by simply calling Mastercard support at 800-307-7309.
- Extra smartphone protection – When you use your secured Mastercard to pay your phone bill every month, you receive additional protection against any damage or theft for up to two claims every year.
Pros & cons
- Low minimum deposit — You’ll be able to establish your line of credit with as little as $300, which goes right into an interest-bearing account with Fifth Third Bank.
- Reporting to all three credit reporting agencies — As you use the card over time, your account history will be reported to the three major credit reporting agencies, allowing you to establish and build your credit.
- A lot of perks for a secured card — There are quite a few extra benefits with this card, including
Mastercard Airport Concierge and Zero Liability protection.
- Low barrier to entry — Since it’s a secured card, you can have poor credit and still get approved for the card.
- Cheap annual fee — At just $24, the annual fee is fairly manageable. That’s just $2 per month when you break it out.
- No rewards program — You won’t have the ability to earn cash back, points, or miles.
- No sign-up bonus — Unlike some other cards, you won’t get any bonus for signing up for the card (like extra points, cash back, or anything else).
- Foreign transaction fees — You’ll pay a 3% foreign transaction fee, so it’s not an ideal card to take abroad.
Fifth Third Secured card compared
|Fifth Third Secured Card||Credit One Bank American Express® Credit Card||CreditStacks Mastercard®|
|Cash back||None||1% cash back on all purchases||None|
|APR||25.49%||28.49% Variable||15.49% Variable|
Credit One Bank American Express® Credit Card
The Credit One Bank American Express® Credit Card is a great alternative to the Fifth Third Secured card for a number of reasons.
It also has a fairly low annual fee of $39, with only a slighter higher regular APR of 28.49% Variable.
However, this card does offer rewards: you get 1% cash back on all your purchases. You also get free access to your credit score so you can see how you’re doing while building or rebuilding your credit.
To help you pay down bills quicker, this card lets you redeem your rewards as a statement credit. Plus, you can pick your bill due date and gain access to perks like travel accident insurance, car rental loss, and damage insurance, and return protection on purchases.
The CreditStacks Mastercard® doesn’t require credit history, and you can gain access to a credit line up to $5,000, just like you can with the Fifth Third Secured Card. However, you don’t have to make any kind of deposit.
One big upside is the annual fee is $0, beating out the Fifth Third Secured Card. The regular APR is 15.49% Variable. The late payment fee is up to $27, compared to Fifth Third Secured Card’s up to $39 fee.
This card is geared towards people who are coming to the United States for the first time and want credit to access. That’s why you can get it without a Social Security number.
All your credit card activity will be reported to Equifax, helping your build your score in no time. You’ll receive credit tips via email and their app as well.
Should you get the Fifth Third Secured card?
At first glance, it looks like the Fifth Third Secured card is subpar compared to different secured cards. While it doesn’t have as many perks as some other secured cards, it definitely has a place in your wallet.
First of all, your security deposit goes into an interest-bearing account with Fifth Third, which is uncommon for most credit cards. You can also deposit up to $5,000 if you want, which is nearly unheard of for secured cards. This gives you a high spending capacity out of the gates.
Finally, it has a bunch of extra perks, like cell phone protection, Mastercard Airport Concierge, and identity theft protection. Yes, having an annual fee isn’t ideal – but it’s only $24. If you’re looking for a solid secured card that’ll be accepted everywhere, try this one.
Despite not having any rewards or a sign-up bonus, the Fifth Third Secured Card is impressive. The ability to get a high credit line out of the gates and earn interest on that deposit are huge bonuses. If you’re looking to build or rebuild your credit, definitely give the Fifth Third Secured card a look.