Fifth Third 1.67% Cash/Back credit card review

Fifth Third 1.67% Cash/Back Card: Overview

APR:

• Intro: 0% introductory APR with balance transfers for the first 12 billing cycles after account opening. (After that, your APR will be 20.74%–29.99% based on your creditworthiness.)
• Purchase: 20.74%–29.99% variable
• Balance transfer: 20.74%–29.99% variable (plus a fee of $5 or 4% of the transferred amount, whichever is greater)
• Cash advance: 29.99% (plus $10 or 5% of the amount of your advance, whichever is greater)

Annual fee: $0

Foreign transaction fee: $0

Convenience check fee: Either $5 or 4% of the amount of each check, whichever is greater

Late payment fee: Up to $40

Minimum interest charged: $1.50

The Fifth Third 1.67% Cash/Back Card is a mostly vanilla cash back credit card. It’s got a fixed 1.67% earning rate on all purchases with the option to redeem for either a direct deposit or a statement credit on your card. This super-simple approach may be a big draw for some—but it can be a deterrent for others. Its one-dimensional approach means that it’s impossible to get outsized value for your rewards.

Many credit cards tack on up to 3% of your total overseas spending. The Fifth Third 1.67% Card waives these foreign transaction fees, so it’s a good companion for international trips. It also doesn’t charge an annual fee, which means it can continue to benefit your credit profile even if your credit card strategy evolves away from using the card regularly. A big factor that makes up your credit score is “length of credit history,” which is determined by the average age of your accounts. By keeping the  card open, your length of credit history will grow even if you don’t use it (though you should swipe it once every six months to avoid account closure due to inactivity).

Fifth Third is a bank that operates primarily in the Midwest—but it has branches from Illinois to West Virginia to Florida. If you don’t live in an area where it has physical locations, you may likely have never heard of it.

Here’s why that’s important: If you don’t have a Fifth Third checking or savings account, you’re ineligible to open the Fifth Third 1.67% Cash/Back Card. Only those with a previous relationship with the bank will qualify.

Fifth Third 1.67% Cash/Back Card: Rewards

The Fifth Third 1.67% Card offers a unique fixed return rate for all purchases: 1.67% uncapped. Sounds random, but it ties in with the bank’s “Fifth Third” motif (5/3 = 1.67). This is an above average return for a no annual fee cash back credit card with a flat earning rate. More common are offers between 1% and 1.5%.

The card technically earns “Rewards Points,” that can be redeemed at a rate of 1 cent per point. When you make a purchase, your points earnings will be rounded (up or down) to the nearest whole number. For example, if you spend $6, you’ll earn 10.02 points. This will be rounded to 10 points.

Does Fifth Third 1.67% Cash/Back Card offer a new customer bonus?

The Fifth Third 1.67% Card doesn’t currently offer a welcome bonus to new members.

How to redeem Fifth Third 1.67% Cash/Back Card rewards

When it comes to using your rewards, the Fifth Third 1.67% Card doesn’t have many tricks up its sleeve.

Statement credit

When you earn points with the Fifth Third 1.67% Card, you can use them toward a statement credit on your card to offset your balance. You can do this immediately after the rewards are posted to your account.

Many cash back credit cards require you to earn a specific amount before you’re eligible to redeem them ($25 is a common threshold). This card does not.

Direct deposit

Alternatively, you can request a direct deposit into your Fifth Third checking or savings account if you don’t currently have a balance on your credit card, or if you’d like to use your funds in some way other than lowering your credit card debt.

Automatic redemptions

If you want to spend as much brain power redeeming your points as you do earning them (i.e., none), you can enroll in auto-redemption which will empty your full rewards balance into your account each month.

Additional benefits

The Fifth Third 1.67% Card’s ongoing benefits aren’t jaw-dropping, but few no annual fee cash back credit card benefits are. Here’s what you can expect:

• Cell phone protection: If your cell phone is lost or stolen, you’ll receive up to $800 per claim (maximum two claims or $1,000 per 12-month period) with a $50 deductible. All you’ve got to do is use the card to pay your monthly phone bill. This is excellent for a no annual fee credit card.
• Contactless payments: You can use your card touch-free with eligible credit card terminals. You can add the card to Apple Pay, Google Pay, and Samsung Pay.
• Easily lock your card: The Fifth Third mobile app allows you to effectively activate and deactivate your credit card at will, similar to flipping a switch. For example, if your card goes missing, you can immediately lock the card until you find it.
• Mastercard ID Theft Protection: Mastercard will monitor the internet (including the dark and deep web) to find any of your sensitive information, including compromised credentials. This is a benefit that all Mastercard credit cards customers have.

Is the Fifth Third 1.67% Cash/Back Card right for you?

It’s true: Many other credit card rewards programs have a higher potential value than the Fifth Third 1.67% Card. Earning airline miles, hotel points, or transferable rewards that can be converted to travel loyalty programs can literally be worth exponentially more. The caveat is that these programs take a lot of research and experimentation to maximize.

The Fifth Third 1.67% Card is for those who don’t have a master’s degree in credit card rewards—and aren’t interested in putting in the effort. With this card, you can guarantee that you’ll get a solid return every time you swipe the card. There are no catches (except perhaps the fact that you must have a Fifth Third checking or savings account to qualify).

Credit cards similar to Fifth Third 1.67% Cash/Back Card

There are plenty of other cash back credit cards that can compete with the Fifth Third 1.67% Card, many of which don’t require you to have a previous relationship with the bank to secure an approval. Here are some of the best credit cards to consider if the Fifth Third 1.67% Card just isn’t doing it for you.

Capital One Quicksilver Cash Rewards Credit Card vs. Fifth Third 1.67% Cash/Back Card

The no annual fee offers an unlimited 1.5% cash back return. This is slightly below the Fifth Third 1.67% Card, but it makes up for the deficit in other ways.

For example, you’ll earn 5% cash back on hotels and rental cars booked through Capital One Travel. You’ll also earn $200 after spending $500 in the first 3 months from account opening. The card even offers six months of free Uber One membership through Nov. 14, 2024 (otherwise $9.99 per month).

Citi® Double Cash Card vs. Fifth Third 1.67% Cash/Back Card

The no annual fee earns 1% back when you make a purchase and 1% back when you pay off that purchase. That’s 2% everywhere, which is notably higher than the Fifth Third 1.67% Card.

The card doesn’t earn a welcome bonus. And its benefits are comparatively slim. For example, it doesn’t waive foreign transaction fees and it doesn’t offer cell phone insurance. If the extra 0.33% in earnings doesn’t offset these shortcomings, the Fifth Third 1.67% Card is likely your better option.

Frequently asked questions

Is the Fifth Third 1.67% Cash/Back Card worth it?

The Fifth Third 1.67% Card is worth it for anyone who values simplicity above all else. It’s got a solid return rate for all purchases—and because it doesn’t incur an annual fee, you’re guaranteed to make a profit (as long as you stay away from other fees like APR and cash advances).

How does a Fifth Third cash back card work?

The Fifth Third 1.67% Cash/Back Card offers a fixed 1.67% return for all purchases. You can redeem them as a direct deposit into your Fifth Third checking or savings account, or you can request that a statement credit be applied to your card.

What is the APR for the Fifth Third 1.67% Card?

The Fifth Third 1.67% Card comes with a 20.74%–29.99% variable APR.

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.