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Verdict: The Fifth Third Bank Professional MasterCard was developed specifically for business owners. That’s because the card separates business expenses and personal expenditures on your monthly statements. It also provides a year-end summary statement that business owners can use to track their business expenses for the year. The card is also a rewards card. Cardholders, then, can earn rewards points for every charge they make.
Overview: The Professional MasterCard comes with no annual fee. Its purchase interest rate, though, is slightly on the high side for cardholders with good credit. For those with bad credit, the purchase interest rate can soar past the 20-percent mark.
How This Card Works: Like many rewards cards, the Professional MasterCard provides rewards points on a two-tiered system. Cardholders will earn more points when they use their card to make purchases at restaurants and office supply stores. They’ll earn extra points when they use their card, too, to make their utility payments.
Travel and Shopping Benefits: Cardholders will earn two rewards points for every dollar they charge at restaurants or office supply stores. They’ll earn the same amount for every dollar they charge when making their utility payments. Cardholders earn a single rewards point for every dollar they charge on all other purchases. There is no limit on the amount of points that consumers can earn, and they can combine points from several MasterCard credit cards to accumulate rewards at a quicker pace. Cardholders can redeem their points for gift certificates, deposits to savings accounts or to pay down outstanding loans.
Fees: During the first 12 billing cycles, cardholders will pay 0 percent interest on both new purchases and balance transfers. After this introductory period ends, cardholders will be charged a purchase interest rate ranging from 14.99 percent to 23.99 percent, depending on the strength of their credit. Late-payment fees can run as high as $39, while the fee for returned payments can cost $35. The card’s over-the-limit fee is $39. Cash advances cost $5 or 4 percent of the advance amount, whichever is higher.
- No annual fee.
- Keeps business and personal expenses separate.
- Rewards program.
- Purchase interest rate can be high, depending on cardholders’ credit scores.
- Late-payment and over-the-limit fees are a high $39.