| Last updated on October 27th, 2023
Fifth Third Secured Card
Fifth Third Secured Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 23.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Fifth Third Secured Card is a sound secured credit card and a helpful tool that can help you either build or repair your credit history with responsible use.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Start with as little as a $300 deposit into a Fifth Third Savings Account that earns interest
- Your credit limit will be tied to your deposit amount
- Build your credit history—important account information is shared with the three major credit bureaus
- Build, or rebuild, your credit history with each purchase
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 23.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 4% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $24
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $300
- You have little or no credit history, including a low credit score
- You have a credit history in need of repair
- You want a credit card that will keep you organized with your spending
- You're looking for a credit card that will report your commendable behavior to credit reporting bureaus
- You want the same convenience and benefits you’d get from a traditional unsecured credit card
Fifth Third Secured Card Review
Whether you’re a young adult who’s yet to establish a credit profile or you’ve been around the block, but your credit’s taken a beating recently, having a healthy credit history can make your life easier in several ways.
The path to that goal is best reached with the help of a secured credit card such as the Fifth Third Secured Card. Like other secured cards, it requires a security deposit that the issuer uses as collateral in case you’re not able to pay back money you borrow.
Aside from this condition, the Fifth Third Secured functions almost exactly like an unsecured card.
Unlike an unsecured credit card, though, you won’t find much in the way of perks or additional benefits with this piece of plastic. You are covered with zero liability protection against fraudulent purchases – which is practically standard issue across all credit cards – as well as extended warranty on eligible transactions. Plus, Fifth Third offers extra coverage against damage and theft for your cell phone, so it might be worthwhile to pay your wireless bill with the Fifth Third Secured.
Should You Apply for the Fifth Third Secured Card?
Your primary objective with this card should be to strengthen the health of your credit. Doing so will reward you in the form of lower interest rates, higher credit limits, and more credit cards to consider in the future.
If you’re disciplined by not overspending, and you pay all your statement balances in full each month, Fifth Third will report this positive behavior to the major credit bureaus (TransUnion, Experian, and Equifax). Be aware that if you max out your spending limit or fail to pay your balance, the issuer will also report these actions.
Another reason why you won’t want to carry a balance with secured cards is the fact that their purchase APRs tend to be quite high, and the Fifth Third Secured is no exception. In addition, you’ll have to pay a small annual fee, which is common among secured cards as additional protection for issuers.
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