When looking for a straightforward rewards credit card, the Fifth Third Preferred Cash/Back Card is a popular option to consider. This card offers unlimited 2% cash back on every purchase, making it an attractive choice for those interested in earning rewards effortlessly during everyday spending.
Fifth Third Bank designed this cash back credit card with simplicity and convenience in mind. With no annual fee, the Fifth Third Preferred Cash/Back Card provides a competitive cash back rate without any complicated earning structures or categories. In this article, we will explore the benefits, drawbacks, and key features of this card to help you make an informed decision on whether it’s the right fit for your financial needs.
As you evaluate the Fifth Third Preferred Cash/Back Card, it’s essential to compare its offerings to other cash back credit cards available in the market to ensure you’re making the most of your rewards potential. We’ll also highlight some potential alternatives, so you can make the best choice based on your preferences and spending patterns.
The Fifth Third Preferred Cash/Back Card offers a simple and straightforward rewards structure with its primary benefit being unlimited 2% cash back on every purchase. This makes the card ideal for those who prefer a hassle-free rewards experience without worrying about categories or spending caps.
One major advantage of this card is its lack of an annual fee, which appeals to budget-conscious cardholders looking to minimize expenses while still earning rewards. Additionally, the card offers a 0% APR balance transfer intro rate on balance transfers for up to 12 months, providing an opportunity for those with existing credit card debt to consolidate and potentially save on interest.
The Fifth Third Preferred Cash/Back Card also includes a cell phone protection program, which can provide coverage in case of theft or damage to your phone, adding extra value for cardholders who rely heavily on their mobile devices.
Additionally, since there are no caps on the points earned, this card allows users to enjoy unlimited cash back rewards without limitations, making it a solid choice for individuals with significant monthly expenditures.
The Fifth Third Preferred Cash/Back Card has a few drawbacks that potential cardholders should be aware of when considering this card. One significant disadvantage is the lack of a welcome bonus offer, which is commonly offered by other credit cards to entice new customers.
Additionally, the card does not offer an introductory 0% APR period for purchases or balance transfers. This means that cardholders will not be able to take advantage of a lower interest rate for a limited time after signing up, unlike some other cards on the market.
The card also does not include some popular benefits found with other credit cards, such as travel rewards, dining rewards, or gas rewards. This limits its appeal to those who might spend heavily in specific categories.
Comparing to Competitors
The Fifth Third Preferred Cash/Back Card offers solid benefits with its unlimited 2% cash back on every purchase. When comparing it to top competitors, it is essential to evaluate the overall rewards, fees, and additional benefits offered by each card.
One notable competitor is the Citi Double Cash Card, which also offers a 2% cash back rate, but it’s split into 1% when you make a purchase and another 1% when you pay it off. The Citi Double Cash Card has no annual fee, which is a similar advantage to the Fifth Third Preferred Cash/Back Card.
Another competitor worth considering is the Discover it® Cash Back Card, which provides a 5% cash back rate on rotating quarterly categories, up to $1,500 in combined purchases per quarter, and 1% cash back on all other purchases. While the 5% cash back rate might be more lucrative for some, it is essential to keep in mind that the categories must be activated every quarter, and the rate is only available for up to $1,500 in purchases.
Here’s a quick comparison table of the three mentioned credit cards:
|Credit Card||Cash Back Rate||Additional Features|
|Fifth Third Preferred Cash/Back Card||Unlimited 2% on every purchase||0% APR balance transfer intro rate for up to 12 months, no annual fee|
|Citi Double Cash Card||1% when you make a purchase and 1% when you pay it off (2% total)||No annual fee|
|Discover it® Cash Back||5% on rotating quarterly categories (up to $1,500 in combined purchases), 1% on other purchases||No annual fee, cashback match for the first year|
When comparing the Fifth Third Preferred Cash/Back Card to competitors, it is crucial to consider one’s spending habits and preferences. The simplicity of unlimited 2% cash back on every purchase may be more appealing to some, while others may prefer the potential for higher rewards on specific spending categories with different cards.
The Fifth Third Preferred Cash/Back Card is a straightforward rewards credit card that offers unlimited 2% cash back on every purchase. This card is ideal for those looking for a simple way to earn cash back without the need to keep track of rotating bonus categories or complicated rewards structures.
One major advantage of this card is its lack of an annual fee, making it an accessible option for a wide range of consumers. Furthermore, being part of the Allpoint®, Presto!, and 7-Eleven® network of ATMs provides convenience in terms of ATM accessibility.
However, it is important to consider other cash back cards on the market which may offer higher rewards rates for certain spending categories or additional card benefits. Comparing the Fifth Third Preferred Cash/Back Card with other options will ensure that you select the credit card that best aligns with your spending habits and financial goals.