What Is Fifth Third Bank, and Are Its Credit Cards Right for You?

Fifth Third Bank, headquartered in Cincinnati, may seem like an unusual name for a financial institution, but its origin is far from random.

The bank’s name traces back to the merger of Third National Bank and Fifth National Bank at the turn of the 20th century, resulting in the creation of Fifth Third Bank. Embracing its distinctive name, the bank’s logo features the fraction 5/3, and its motto emphasizes being “Fifth Third Better” than its competitors.

Today, Fifth Third Bank operates branches across nearly a dozen states in the East Coast and Midwest regions, offering a range of financial products such as mortgages, insurance, mutual funds, and credit cards.

Among the credit and charge cards issued by Fifth Third Bank are:

• Preferred Cash/Back Card.

• Stand up to Cancer Credit Card. (No longer accepting applications.)

• TRIO Preferred Credit Card. (No longer accepting applications.)

• Truly Simple Credit Card. (No longer accepting applications.)

To apply for Fifth Third Bank credit cards, individuals must reside in a state where the bank has a branch presence.

Here’s a detailed overview of some of their featured cards:

Fifth Third Bank creatively integrated its name into the 1.67% Cash/Back card, offering a cash back rate equivalent to dividing 5 by 3. This card provides 1.67% cash back on all purchases without any restrictions or expiration dates on rewards. Rewards can be redeemed for statement credits or deposits into Fifth Third checking or savings accounts. Additionally, the card currently features a 0% APR period for the initial 12 billing cycles on balance transfers and includes cell phone insurance benefits.

Despite the absence of an annual fee or foreign transaction fees, the 1.67% Cash/Back card offers a compelling combination of perks, although it lacks a sign-up bonus.

The Pay with GasBuddy+ card operates as a charge card rather than a credit card, necessitating immediate payment without the option to carry a balance. Users can enjoy savings of up to 33 cents per gallon as long as their account remains in good standing. To maximize discounts, cardholders must enroll in autopay and utilize the GasBuddy app to locate the best deals, with rewards automatically applied to their next gas fill-up.

The Preferred Cash/Back card closely resembles the 1.67% Cash/Back card in most aspects, except for its higher rewards rate. This card offers an unlimited and uncapped 2% cash back on all purchases, positioning it among the select few cards with this feature. However, eligibility for the Preferred Cash/Back card requires being a Fifth Third Preferred banking client, necessitating a minimum combined balance of $100,000 across deposit or investment accounts with the bank.

Similar to the 1.67% Cash/Back card, the Preferred Cash/Back card provides cell phone insurance, a promotional 0% intro APR period, and no annual or foreign transaction fees.

Catering to high-net-worth clients, the Private Bank card mirrors the 2% rewards rate of the Preferred Cash card. Exclusive to Fifth Third’s Private Bank members, this card offers a range of premium perks typically associated with travel cards. Cardholders benefit from features such as trip cancellation insurance, access to a personal travel advisor 24/7, and an annual golf outing for four individuals at a Tournament Players Club (TPC) course.

For individuals aiming to establish or rebuild their credit, Fifth Third Bank offers the Secured Card option. Requiring a minimum $300 security deposit to open the credit account, the Secured Card mandates storing the deposit in a Fifth Third Momentum savings account. Upon closure of the Secured card in good standing or an upgrade to another card within Fifth Third’s portfolio, customers receive a full refund of the security deposit. The card also features a $24 annual fee.