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Verdict: Credit scores are important. The higher yours are, the lower the rates you’ll have to pay when you borrow money to finance a new car or home. You’ll also qualify for better credit cards, and lower interest rates with them, if you boast strong credit. If you have little credit history, though, or if you’ve made some financial missteps in your past, you’ll need to steadily build to a good credit score. You can do that with credit cards designed for the consumers with weak or limited credit histories, cards such as the Fifth Third Bank Responsible MasterCard.
Overview: There’s a reason the word “Responsible” is in the name of this card. By using this card responsibly, which means making your monthly payments on time without fail and not running up a huge balance, you’ll be demonstrating the actions necessary to boost your credit score. Lenders want to work with borrowers who pay their bills on time. Show lenders that you can do this with this credit card designed for consumers with damaged or limited credit.
How This Card Works: This is not a rewards card, but rather a basic credit card. If you pay your bill on time every month, you’ll avoid any penalty fees. And if you pay off your balance in full each month, you’ll also avoid interest charges.
Travel and Shopping Benefits: As a basic credit card, you won’t be able to use the Fifth Third Bank Responsible MasterCard to earn free airline flights or cash-back bonuses. The card, though, does come with a few perks. It comes with free zero-liability coverage, protecting you from unauthorized purchases made with your card. You can also receive 24-hour, seven-day-a-week roadside service.
Fees: The purchase interest rate attached to this card can range from a low 10.99 percent to a high 23.99 percent depending on your credit history. Cash advances cost either $5 or 4 percent of the advance amount, whichever is higher. You’ll be assessed a late fee of $35 if you don’t make your monthly payment on time. Your interest rate will also jump to the penalty rate of 24.99 percent if you do this, so make sure to pay your monthly bill on time. There is no annual fee with this card.
- You can use card to build your credit history.
- Purchase interest rate can be low depending upon your creditworthiness.
- Protection from fraudulent purchases.
- Interest rate will soar if your credit is weak, up to 23.99 percent.
- Few perks.
- Penalty interest rate of 24.99 percent.