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Verdict: The Fifth Third Bank Cash Rewards MasterCard allows you to earn cash back for every charge that you make. The card also comes with no annual fee. The purchase interest can be reasonable, or it can be quite high, depending on your creditworthiness. You’ll have to apply first to make sure that your interest rate is low enough. If it is, this can prove to be a valuable card.
Overview: Like most rewards cards on the market today, the Fifth Third Bank Cash Rewards MasterCard allows cardholders to earn their rewards on a multi-tiered structure. In this case, you’ll earn a greater amount of cash back for every dollar that you charge at gas, grocery stores and discount stores.
How This Card Works: You can redeem your cash-back awards for $50 in cash every time you charge $5,000 with your Cash Rewards MasterCard. Once you qualify for such a reward, the $50 will appear as a credit on your monthly statement.
Travel and Shopping Benefits: Every time you charge a dollar at grocery stores, discount retailers or gas stations, you’ll earn a cash-back bonus of 2 percent. For all other purchases, your cash-back bonus will stand at 1 percent. If you’re curious about how quickly that you’re earning cash, you can track your progress either by reading your card’s monthly statement or by logging onto the Fifth Third Bank rewards Web site. Other perks that come with this card include 24-hour, seven-days-a-week roadside assistance and a zero-liability program that prevents unauthorized purchases with your account.
Fees: Fifth Third Bank often provides an introductory interest rate of 0 percent on both purchases and balance transfers. This card is no exception. In this case, the introductory rate offer lasts for 12 billing cycles. After that, your purchase interest rate will jump to anywhere from 12.99 percent to 23.99 percent, depending on your creditworthiness. Cash advances cost either $5 or 4 percent of the amount of the advance, whichever figure is higher. The card’s late-fee payment can hit an industry standard $35, depending upon your card’s balance.
No annual fee.
Purchase interest rate can be low depending on your credit score.
You can earn cash-back bonuses quickly depending upon where you usually shop.
Some purchases bring back lower cash-back bonuses.
Purchase interest rate can soar past 20 percent if you have bad credit.