Credit Card Reviews by the Credit Card Detective

Fifth Third Bank also offers the Cash Rewards MasterCard, which at first glance may seem similar to the Real Life Rewards card that Fifth Third also offers. The difference however, is that the Cash Rewards card offers cash back only and does not include the Real Life Rewards Program. Let’s take a look at this card to determine whether the Cash Rewards MasterCard is for you.

The Basics

The Cash Rewards MasterCard has no annual fee. There is an introductory APR of 0% for the first 12 billing cycles on balance transfers and purchases. After that, your APR could be as low as 12.99%.

Cash Rewards Program

Cardholders earn 2% cash back for each dollar spent on gas, grocery or discount store purchases. You will also earn 1% cash back on all other purchases. You can redeem $50 cash rewards check for every $5,000 spent in net purchases. Here is an example of the cash back that you could possibly earn using this card on all of your purchases:

As you can see, if you just spent $400 a month on gas stations, grocery purchases and discount store purchases, you would earn approximately $96 annually in cash rewards.

Other Benefits

The other benefits offered with the Cash Rewards MasterCard from Fifth Third a pretty standard, such as rental insurance and purchase protection. However, if you pay your cell phone bill each month with your credit card, you will also receive cell phone protection in case your phone is accidentally damaged or stolen. This means that you will earn cash back on your cell phone bill each month as well as receive free protection that is usually available for a fee with cell phone providers.

Conclusion of Credit Card Detectives

The Fifth Third Cash Rewards MasterCard is a basic, no frills cash rewards card. If you are looking for a rewards program that is based upon purchases on gas, groceries and discount stores, this may be the card for you as you can receive significant cash rewards on purchases you would be making anyway. Plus, Fifth Third offers the introductory APR of 0% on balance transfers and purchases for an entire year.

The Professional MasterCard is a credit card by Fifth Third for business owners. It not only comes with a rewards program, but a few business related perks as well. Read further to uncover the details of the Professional MasterCard.

The Basics

There is no annual fee for this card and an introductory APR of 0% on purchases for 12 billing cycles. After that, the APR is as low as 14.99%.

Business Benefits

The Fifth Third Professional MasterCard includes  a year end statement that summarizes your credit activity.  Transaction totals in categories such as “travel” and “restaurants assist in budgeting and provides a list of each purchase made with the credit card annually.

Real Life Rewards

Cardholders earn 2 points for each dollar spent at restaurants, office supply stores and utility payments made with the credit card, and one point for each dollar spent on all other purchases. There is no limit to the amount of reward points that can be earned and you can combine points from multiple cards.

All professional cards with Fifth Third are also eligible for the Rewards Accelerator which allows you to earn more points per dollar based on how much you use your card.

Redeeming Rewards Points

Reward points can then be redeemed for restaurant gift cards, paying loans and depositing into savings accounts. There are a number of other options for redeeming your points, including a 10% bonus if you use your points to contribute to a Goal Setter Savings Account or a 529 College Savings Plan.

Conclusion

The Fifth Third Professional MasterCard is a great card for business owners that are interested in earning rewards with their purchases, most notably business purchases. You have a number of ways to redeem your points for valuable rewards and offers and can earn quite a bit if you use the card on everything that you would normally buy for the business. It is also a great card that is currently offering a 0% introductory APR for a whole 12 billing cycles, which would save a large amount of money on office equipment and supplies.

The Homeowner Plus Value Card by Fifth Third offers a slightly different rewards program than other credit cards. Let’s uncover the details of how this card works.

The Basics

There is no annual fee for this card and an introductory APR of  0% on purchases for 12 months. After that, the APR is as low as 12.99%. The Homeowner Plus Value Card is also offered with the Fifth Third Homeowner Plus Value Package, which includes the credit card, debit card, mortgage and checking account.

Rewards Program

Cardholders earn 2 points for each $1 spent on home furnishings and home improvement purchases and 1 point for each $1 spent on all other purchases. New cardholders earn a $100 statement credit when opening a new Fifth Third Mortgage or Easy Home Refi.

Redeeming Points

A $25 statement credit is applied to your mortgage principal each time you earn 2,500 points. Below is an example from Fifth Third on how the rewards program can help in paying down your mortgage.

Conclusion

The Homeowner Plus Value Card is a great card for those who have their mortgages with Fifth Third. It does seem like it may take a while to make a difference in a mortgage with rewards points, but for cardholders that use their cards frequently especially on home purchases, you can end up paying quite a bit on your principal. You also receive the $100 statement credit if you’re contemplating a mortgage with Fifth Third or refinancing. Additionally, new cardholders receive an introductory APR of 0% on purchases for the first 12 months, which also saves money, yet can rack up rewards points to be used for paying on the mortgage.