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.