Fifth Third Bank Platinum MasterCard Review | CreditShout

Fifth Third Bank Platinum MasterCard Review

By Dan Rafter / January 20, 2011

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Verdict: The Fifth Third Bank Platinum MasterCard doesn’t come with many frills. It’s a basic credit card without a miles or cash-back program. But it also comes with no annual fee, an introductory offer of 0 percent interest on both purchases and balance transfers and, depending on your credit, a low purchase interest rate.

Overview: Like most credit cards that don’t offer rewards programs, the Fifth Third Bank Platinum MasterCard advertises its low fees as its main selling point. This card, though, does come with a few perks such as travel accident insurance and a free program that provides cardholders with financial protection should their cell phone get stolen.

How This Card Works: The Fifth Third Bank Platinum MasterCard comes with an introductory interest rate offer of 0 percent for balance transfers and purchases. This period lasts for 12 billign cycles.

Travel and Shopping Benefits: Like most standard credit cards, this one doesn’t come with a host of benefits. It does, however, offer $1 million in travel accident insurance. It also comes with a cell-phone protection feature. Cardholders who damage their cell phones or who have theirs stolen will receive reimbursement of up to $200 for eligible phones. Cardholders, though, will have to purchase their phones with a Fifth Third Bank credit card.

Fees: The fees associated with the Fifth Third Bank Platinum MasterCard are fairly standard in the credit-card industry. The card’s purchase interest rate ranges from a low 10.99 percent to a high 23.99 percent depending on the credit scores of cardholders. The card also has a late-payment fee of $35 and a cash-advance fee of either $5 or 4 percent of the advance amount, whichever is higher. Cardholders should be careful, though, not to miss a payment or make a late payment: The card’s penalty interest rate can rise to 24.99 percent.

Pros

  • Low purchase interest rate depending on creditworthiness.
  • Introductory interest-rate offer of 0 percent on balance transfers and new purchases.
  • Cell-phone protection plan.

Cons

  • Few perks with this card.
  • Penalty interest rate of 24.99 percent.
  • Purchase interest rate can hit 23.99 percent for cardholders with bad credit.
The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone. Additionally, the opinions of the commenters are not necessarily the opinions of this site

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