Fifth Third Truly Simple Card Review

Who is the Fifth Third Truly Simple card for?

The Fifth Third Truly Simple credit card is a handy tool for large purchases. With no annual fee, this card relieves some financial stress of buying an expensive item with its low introductory APRs for balance transfers and purchases. If you are looking to make a significant purchase quickly that takes more than a year to pay back, this card is the right one for you. This card is perfect for young people just starting to build credit since it provides training wheels for making monthly payments.

It should be noted this card is limited in its audience, as only Fifth Third bank members with eligible credit levels of 700 or above can apply for this card. Even more restricting is its availability in only ten states. The Truly Simple card can only be attained in the states of Georgia, Florida, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, and West Virginia. If you do not live in one of these states, you should consider a different card.

Furthermore, because of the lack of tangible rewards this card has, it is not the ideal match for those looking for high payouts. Unlike airline and hotel cards with the incentive of miles or points, this card is just a tool for safer spending.

Rewards Rate

As briefly mentioned before, the Fifth Third Truly Simple credit card does not have a rewards rate. Unlike cards that earn points in multiples of dollars spent, this card has no rewards for spending more money. While this feature is a bit underwhelming, its usefulness in large purchases coupled with its lack of annual fee makes it a good choice for fitting candidates.

Benefits

The Fifth Third Truly Simple credit card has many benefits that make it appealing. These perks are not specific toward any area, and mostly help ensure financial security. The benefits of this card make it a helpful tool for risk-averse individuals with a fear of identity theft or fraud.

The most exciting perk of this card is its 0% intro APR for balance transfers and purchases for the first 15 months of account opening. This means that any overdue payment in the first 15 months can be paid back later with no extra charge. Similarly, you can transfer balances without any further interest, a feature especially useful to those with a large purchase in mind at the time of account opening. If you are looking to buy an expensive item that takes a long time but less than 15 months to pay back, this card is well worth considering. 

For example, if you want to buy a TV but don’t have all the money upfront, you can still buy it with your Truly Simple card and pay back the expense gradually. If you don’t have the funds for a payment, you can pay it back next month without any additional interest. This benefit not only saves money but also relieves stress a financially concerned individual might have when making a large purchase. That being said, this card is good for beginner credit cardholders who are not very experienced in the responsibility of holding a credit card and making periodic payments.

Another useful benefit of this card is its zero penalty APR for missed payments. This perk spans outside the 15 beginning months and is another helpful tool for those just starting to use credit cards. If you miss a payment even outside the starting 15 months, you will not be charged a penalty amount.

The Truly Simple card also comes with Zero Liability Protection for cardholders. If a purchase is made to your account without your authorization, you will not be held accountable, and will not have to pay for it. This is really helpful for situations where credit card accounts are hacked and used without consent. 

Furthermore, the Truly Simple card comes with Mastercard ID Theft Protection. This feature aids cardholders in the case of identity theft and fraud. If your identity is stolen, you will have services to help bring you back to your previous credit standing. Coupled with Zero Liability Protection, the Fifth Third Truly Simple card gives a sense of security to risk-averse individuals.

Welcome Bonus

There is no upfront welcome bonus for the Truly Simple credit card. However, for the first 15 months, there is a 0% APR for balance transfers and purchases, as elaborated upon above. Though this may seem like a disadvantage, it is not much to lose for the benefits and free price of this card.

Annual Fee

As hinted earlier, one of this cards most attractive features is its lack of an annual fee. Cardholders do not have to pay any yearly charge for using this card, making it a very good choice for stingy individuals. Cardholders can have financial security and intro APR benefits for no additional charge, which is definitely worth it.

Drawbacks

Despite its benefits, this card has some drawbacks worth considering. For starters, the Truly Simple card is a bank card and does not offer tangible rewards in the form of points. It, instead, provides value in the form of low intro APR and financial security.

Also, the audience segment is very limited, as Fifth Bank members with good or excellent credit are the only potential contenders. Cardholders also must live in the ten states mentioned before to have this card.

Conclusion

The Fifth Third Truly Simple card is a useful mechanism for upcoming large purchases. However, with very limited audiences and less significant benefits after the first 15 months, this card may quickly fall out of use for cardholders.

 You can apply for the Fifth Third Truly Simple Card online here.