Fifth Third Secured Card Review

Who is the Fifth Third Secured Card for?

The Fifth Third Secured Card is a great tool to establish or rebuild your credit score. If you're new to credit cards or are just trying to restore your credit history, this card provides a great way to do so with its secured feature. This card is secured, meaning it allows users to be able to use credit backed by their own cash deposit. The deposit translates into credit and acts as collateral for the credit card account, providing the cardholder a chance to prove their creditworthiness to credit issuers.

Those considering this card to reconstruct or build their credit, need to have an eligible checking or savings account with Fifth Third to obtain this card. Also, bad to no credit history is accepted and so all those looking to grow their credit score should highly consider this card.

Security Deposit for Credit

A secured card is the same as any regular credit card, with one varying feature, however: the need to put upfront collateral. A security deposit amount is required for you to show your credit deservingness and to secure the bank that is lending you credit. As you use your credit card over time, you can illustrate proper credit management and become eligible for an unsecured card (unsecured cards don't require a deposit). For new credit card users or those with bad credit management, this secured card allows you to stay within your limits.

A minimum of $300 to a maximum of $5,000 can be given in credit to you depending on the amount of cash in your Fifth Third savings account. To say otherwise, the amount of credit you receive is tied to how much money you’re willing to put up front. For example, a Fifth Third savings account with $850 would receive up to $850 in credit. This collateral deposit is refundable as long as the balance is paid in full.

Benefits

A great advantage of this card is that your security deposit can earn interest. In the Fifth Third savings account, you are subject to receiving interest that will help you save a bit of money. While millions won't be made from the interest that you earn with your security deposits, it's a nice bonus to have compared to having no interest at all.

This secured card connects your credit transactions with the 3 major credit bureaus to help create a reputable credit image for you. With this, you’ll be on your way to an unsecured credit card fairly quickly as your creditworthiness becomes more well known.

This card provides zero liability protection which guards you against unauthorized purchases. All you have to do to receive this safety feature is to notify Fifth Credit instantly when your card is lost, stolen, or fraudulently being used. This benefit allows you the peace of mind of having your credit building or rebuilding efforts safely guarded against fraud or theft.

With Mastercard ID Theft Protection, you'll get immediate notification and assistance if your identity is being used at unauthorized places and is being stolen. This card's theft protection monitors all possible areas from where your credentials can be stolen and used, such as the surface, dark and deep web. Many elements of your identity can be monitored through this free service, for example:

• Email addresses
• Debit/credit cards/prepaid cards
• Bank accounts
• Loyalty cards
• Social Security number
• Medical insurance cards
• Drivers’ license

You can simply select what credentials you wish to have monitored by the Mastercard ID Theft Protection service through the user dashboard.

By being a Mastercard holder, Mastercard Global Service is an added benefit of this card. Mastercard Global Service offers worldwide, 24-hour assistance with lost and stolen card reporting, emergency card replacement, and emergency cash advance. You can easily receive a temporary card the next day if in the United States and within two business days elsewhere in the world. To access this service as a Fifth Third Secured card user, simply call Mastercard Global Service promptly to report off your mishappening such as a lost or stolen card. This added feature is excellent for resuming life as normal and helping you go about your day to day purchases without any inconveniences.

Mastercard Airport Concierge enables cardholders to enjoy their own agent to help them fly through airports faster & easier. This service is offered to Fifth Third Secured cardholders for 15% off. With the service being offered at over 700 destinations worldwide, for 24 hours a day and 7 days a week, you'll always have an escort to expedite your travels abroad. With a personal agent to guide you through airports, traveling can become less troublesome and go a lot smoother. Especially in foreign environments where language barriers can cause issues, an airport concierge doesn't seem like a bad idea at all.

No Cash Back/ Rewards

The Fifth Third Secured Card doesn't come with a cashback program or rewards system, so it's mainly conformed to those that want to focus on their credit score. Other secured cards, however, can better serve those that are looking to gain rewards from their purchases.

Annual Fee

This card charges an annual fee of $24, an amount that may be unjustifiable considering the lack of incentives. If however, you're looking at building or restoring your credit score, you might want to consider paying for the annual fee as it is on the lower end of the spectrum of annual fees.

Conclusion

The Fifth Third card is great for those looking to mainly focus on their credit reputation. The secured benefit of this card allows users to be able to learn to properly manage credit cards, tame their spending habits, and overall show creditworthiness. This all, however, comes at an annual cost of $24 which may not be worth it if you’re looking for a rewards system. Those looking to enjoy rewards and points with lower to none annual fees on secured cards should avoid using this card. If however, you’re into simpler and less flashy cards then this may be the perfect fit for you.