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