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Fifth Third Bank is a publicly-traded, full-service bank with around $170 billion in total assets.
Headquartered in Cincinnati, Ohio, this subsidiary of Fifth Third Bancorp is one of the largest banks in the Midwest, operating more than 1,000 branches and 2,500 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, and North Carolina.
In this article, we’ll give you the lowdown on all of Fifth Third Bank’s credit cards, rewards, and more.
What Is Real Life Rewards?
Fifth Third Bank’s rewards program is called Real Life Rewards. The points you earn and redeem are called Fifth Third Bank points, and they’re redeemed through the Real Life Rewards program.
This bank exclusively uses the Mastercard payment network for credit cards and debit cards, which is great news for card acceptance.
Depending on which credit card you have, your rewards points will expire 3 years after accrual or not at all.
Your points may also be forfeited immediately if your account is closed for any reason.
Fifth Third Bank Rewards Credit Cards
Today we’re going to take a look at 4 of the major rewards credit cards available through Fifth Third Bank. All of these cards earn Fifth Third Bank points, and each of them has its benefits and drawbacks.
Fifth Third Preferred Cash/Back Card
Fifth Third Preferred Cash/Back card. Image Credit: Fifth Third Bank
The Fifth Third Preferred Cash/Back card is one of the bank’s most popular credit cards.
It doesn’t currently offer a welcome bonus, and it’s available exclusively for those with Fifth Third Preferred Banking accounts ($100,000 in assets or deposits).
With this credit card, you’ll earn an unlimited 2% cash-back on all purchases.
Fifth Third Cash/Back card. Image Credit: Fifth Third Bank
The Fifth Third Cash/Back card is a step down from the Fifth Third Preferred Cash/Back card above. You don’t need to have a Preferred Banking account open to get this card — any eligible Fifth Third checking or savings account will do.
This credit card doesn’t have a welcome bonus, either, but what it does have is the ability to earn 1.67% cash-back on every purchase with no cap.
You’ll enjoy cell phone insurance, zero liability protection, Mastercard travel services, no foreign transaction fees, and digital wallets.
This card has no annual fee, and your points will not expire.
Fifth Third Simply Business™ Card
Fifth Third Simply Business card. Image Credit: Fifth Third Bank
The Fifth Third Simply Business card is our sole business credit card option, though it’s not currently available to new applicants.
Those who have this card, though, will earn 1.67 points per $1 spent with no caps. These points do not expire, either.
In addition, you’ll enjoy solid Mastercard benefits, including receipt management, digital merchant offers, ID theft protection, credit monitoring, car rental insurance, extended warranty, and much more.
Fifth Third Private Bank card. Image Credit: Fifth Third Bank
The Fifth Third Private Bank card is exclusively available to Fifth Third Bank’s Private Bank clients. You need a minimum of $1 million in assets to open a Private Banking account.
This credit card earns 2 points per $1 spent on all purchases, has a lower APR for purchases and balance transfers, and a variety of travel benefits.
This card offers TPC Private Club access, a 24/7 personal travel advisor, and access to Mastercard World Elite benefits.
This card has no foreign transaction fee, and its $300 annual fee is waived for Fifth Third Bank Private Bank clients.
How To Redeem Fifth Third Rewards
You can redeem your Fifth Third Bank points in a number of ways:
Checks
Direct deposit, including auto-deposits into a Fifth Third checking or savings account
Statement credits
Fifth Third mortgage, installment, or line of credit payment
Charitable donations
Stand Up To Cancer redemptions
Gift cards or certificates
Airline tickets and fees
Regardless of how you redeem your points, you’ll get a flat redemption value of 1 cent per point.
Hot Tip: The only exception to the flat 1 cent redemption rate is you can use fewer points on some specially-priced gift cards if you’re a Private Bank client with a Fifth Third Private Bank card.
Depending on how you redeem points, you can expect differing timelines for when those transactions will process.
If you get a check issued, the check will be valid for 90 days. If you redeem for a statement credit, it will process in 1 to 2 weeks.
Payments toward a Fifth Third mortgage, installment loan, or line of credit will be processed in 1 to 2 weeks.
Auto-redemptions into your Fifth Third checking or savings account occur when your balance reaches 2,500 points — at that point, $25 will be applied to your Fifth Third account within 14 days. If you redeem your rewards into a Fifth Third savings account, it’ll also take 1 to 2 weeks.
You must also have had your card account open for at least 48 hours before initiating any redemptions.
To redeem your rewards, simply log into your Fifth Third Bank account and use the online portal to access the Rewards Servicing Center. Click Real Life Rewards, and then you’ll be taken to the portal where you can choose your desired redemption option.
You can also call the Rewards Service Center between Monday and Friday from 9 a.m. to 9 p.m. and Saturday from 9 a.m. to 7 p.m. (EST) at 800-449-2142.
Final Thoughts
Fifth Third Bank doesn’t offer a captivating rewards program.
Even if you are a member of its Private Bank, you’ll only get a maximum of 2% in rewards.
You’ll earn points, but in the vast majority of cases, you’ll only get a fixed 1 cent per point of value, whether you’re booking travel, getting cash-back, or redeeming for gift cards.
For this reason, we can’t recommend having Fifth Third Bank cards if you are looking for outsized value from your rewards.
The information regarding the Fifth Third Preferred Cash/Back Card, Fifth Third Cash/Back Credit Card, Fifth Third Simply Business™ Card, and Fifth Third Private Bank Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Featured Image Credit: Tada Images - stock.adobe.com
Frequently Asked Questions
You can redeem your Fifth Third points by logging into your online account, clicking Real Life Rewards, and choosing how you want to redeem your points.
You can also call the Rewards Servicing Center at 800-449-2142.
The benefits of the Fifth Third credit cards include rewards of up to 2 cents per point, no foreign transaction fees, digital payments, cell phone insurance, Mastercard benefits, and no annual fees on most of the cards.
You can log into your Fifth Third credit card account by clicking here.
You can convert your Fifth Third points to cash by accessing your online account, clicking Real Life Rewards, and choosing to redeem your rewards for checks or direct deposit (if you have a Fifth Third checking or savings account).
Stephen is an established voice in the credit card space, with over 70 to his name. His work has been in publications like The Washington Post, and his Au Points and Awards Consulting Services is used by hundreds of clients.
Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.
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This bonus value is an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.
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