Fifth Third Preferred Cash/Back Card

Fifth Third Preferred Cash/Back Card Review

This is a cashback card issued by Fifth Third Bank. If you're wondering whether Fifth Third Preferred Cash/Back Card is the right card for you, read on.

Key Takeaways

• Generous reward rate. You can get a maximum cashback rewards rate of up to 3x.
• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 12 months, which is the average period for 0% APR balance transfer cards.
• Signup bonus. Offers a signup bonus of up to $350 if you spend $3000 within 3 months.
• High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR that ranges from 17.74% up to 27.74%.
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• 4% Balance transfer fee. Fifth Third Preferred Cash/Back Card charges a fee of 4% on balance transfers. For example, a balance of $1,000 could cost $40 in transfer fees. The minimum fee is $5.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
• Multiple credit card benefits. Includes generous credit card perks, such as Auto Rental Collision Damage Waiver, access to a concierge, identity theft protection, and fraud protection.
• Fair or better credit required. You will have good approval odds if your credit score is above 650.

Pros & Cons of Fifth Third Preferred Cash/Back Card

The Good	The Bad
0% APR balance transfer intro rate on balance transfers for up to 12 months. No annual fee. Multiple credit card perks. Offers Auto Rental Collision Damage Waiver. Access to a concierge. Identity Theft Protection. No foreign transaction fee. Fifth Third Preferred Cash/Back Card reports to multiple credit bureaus.	Higher than average purchase APRs. You don't earn rewards on every purchase. Charges a 4% balance transfer fee

Fifth Third Preferred Cash/Back Card FAQ

Does Fifth Third Preferred Cash/Back Card have a cash back or rewards program?

No, it does not offer a rewards program. This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $10 back in cash. However, you can earn up to 3% for purchases in a bonus category.

What are the Fifth Third Preferred Cash/Back Card benefits?

It provides the following benefits:

• Auto Rental Collision Damage Waiver
• Zero fraud liability
• Cell Phone Protection
• Reports to major credit bureaus

What are the relevant APRs for Fifth Third Preferred Cash/Back Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has higher than average regular APRs.

Fifth Third Preferred Cash/Back Card has a variable purchase APR that ranges from 17.74% up to 27.74%. The card has a variable balance transfer APR that ranges from 17.74% up to 27.74%. It also has a variable cash advance APR of 27.24% .

What are the fees for Fifth Third Preferred Cash/Back Card?

The following fees apply:

Fifth Third Preferred Cash/Back Card Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$
Initial Program Fee	$
Foreign Transaction Fee	0%
Returned Payment Fee	$
Late Payment Fee	Starting at up to $40

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does Fifth Third Preferred Cash/Back Card report your account activity to credit bureaus?

Yes, Fifth Third Preferred Cash/Back Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Fifth Third Preferred Cash/Back Card

• Visit the Fifth Third Preferred Cash/Back Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.