Fifth Third Secured Mastercard Review

 Card Stats:

fifth third secured mastercardMinimum Security Deposit: $300
Maximum Security Deposit: Unknown

Interest Rate: 23.99%
Introductory Interest Rate: None
Grace Period: 21 days
Foreign Transaction Fees:  None
Annual Fees: $24
Application Fees: None
Rewards Program: None
Signing Promotion: None
Interest Earned on Security Deposit: Yes, interest is calculated based on the savings interest rate offered by fifth third. At the time of publishing this was 0.05%.

Other Features:

  • MasterCard Global Service®
  • Travel Assistance Services
  • Master RoadAssist® Service
  • Free, 24-hour Internet Banking and Online Bill Payment
  • MasterCard® Zero Liability
  • MasterRental® Insurance
  • Cell Phone Protection

Editor’s Review

This review was provided by William Charles, editor of Diabolika. 

This card is only available to people in certain geographical locations. Thankfully this card is unremarkable and there are much better options on the market for potential applicants.

Annual Fees

This card has an annual fee of $24, this is the lowest annual fee on the market – apart from the six different cards that have no annual fee.

APRs

This card has an APR of 23.99% which is the third highest out of all secured cards on the market. It’s also exceptionally high for a regular credit card (secured cards generally have lower interest rates as the credit limit is secured with cash).

Rewards Program

This card does not have a rewards programs. Potential applicants that have a high monthly credit card spend should look into cards with rewards programs.

Credit Reporting

This card reports to all three of the credit bureaus, we’re unsure of whether or not it shows as “secured” or not.

Adding Funds

It’s not possible to add funds to this card to increase the credit limit.

UPGRADING TO AN UNSECURED CARD

There are some reports of being able to upgrade to unsecured card after a period of twenty four months, but we were unable to confirm this when we called 5/3rd bank.

Approval

This card is designed for people with bad credit or no credit history. Most applicants should be approved for this card, but those with bankruptcies on their credit report might struggle.

Final Verdict

There are a lot of secured credit cards on the market that are better than this one. It has an annual fee, no clear graduation path and no rewards program. There is no reason to apply for this card when there are much better cards on the market. If you’re considering applying for this card, check out our best secured credit cards posts first – we promise you won’t be disappointed.

Still want to apply? Use the link found below.

Apply for Fifth Third Secured Mastercard


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