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Fifth Third Bank Secured Credit Card Review
The Fifth Third Secured Card is designed to help cardholders establish or rebuild their credit score. The card requires a minimum security deposit of $300 (up to $5,000) made into a personal savings account. There is a $24 annual fee. The APR for both purchases and balance transfers is a variable 29.24%.
- Issuer NameFifth Third Bank
- Credit NeededPoor/Limited/No History
- Annual Fee$24
- Regular APR29.24%
- Balance Transfer Fee$5 or 4% of the amount of each transfer,whichever is greater
- Cash Advance FeeEither $10 or 5% of the amount of each Cash Advance, whichever is greater
- Foreign Transaction Fee3%
- Are trying to build or rebuild your credit.
- Don’t mind paying a nominal annual fee.
- Aren’t looking for a rewards program.
The Fifth Third Secured Card is a straightforward secured card. Your main goal should be to build up your credit incrementally over time so you can move on to an unsecured card that offers you more value and benefits. Use the card to make small purchases and then pay your bill in full each month. Keeping your balance low and avoiding late payments over time are the best ways to see credit score improvement.
Editor’s Take
If you want a credit card that can help you build your credit, the Fifth Third Secured Card can help. Are there better secured credit card offers out there? Yes, from those with no fee to ones that earn some rewards. But remember, this is meant to be a temporary product to establish your creditworthiness so you can graduate to unsecured credit. The card does what you need it to do – it gives you a chance to build credit and reports your activity to the credit bureaus.
Dawn PapandreaContributor
The Fifth Third Secured Card does not have a welcome offer.
There are no rewards to earn on this card. The best way to make the most of the card is to pay your bill on time each month and avoid having high balances relative to your credit limit. For example, if your limit is only $300, try to keep your balance below $100 at all times. Your credit utilization, or how much available credit you are using, is a big component of the credit score calculation.
U.S. News rates credit cards by analyzing factors including fees, interest rates and benefits, each weighed against their importance to determine an overall score for each credit card. Consumers can rely on these ratings to provide objective, accurate assessments of credit card choices.
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