Fifth Third Bank Launches New Consumer Credit Cards

TRIOSM Creates Easy Ways to Earn Cash Back Rewards Faster and Truly SimpleSM Offers a Low Introductory Rate with No Surprise Fees

Fifth Third's new Truly Simple card offers a low introductory rate and no surprise fees. (Photo: Business Wire)

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CINCINNATI--()--Fifth Third understands that consumers want simplicity in their financial lives. So today Fifth Third is introducing two new credit card products, TRIOSM and Truly SimpleSM, that are easy for consumers to understand, use, and maximize their benefits.

TRIO makes it easy to earn more rewards. Customers are automatically enrolled to earn rewards for every dollar they spend, including earning additional rewards at restaurants and gas stations, grocery stores and drug stores - the places people tend to visit most often. A recent NerdWallet survey shows that almost one-third of rewards credit card holders don’t understand how they earn or redeem their rewards.

“Understanding rewards programs should be simple,” Jimm Bell, Director of Consumer and Small Business Payments for Fifth Third Bancorp, said. “Customers don’t want to stand at a register trying to remember which card they should use based on rotating categories that change every month. They want a single card that earns great rewards where they tend to spend most. That’s why we created TRIO.”

Rewards can be redeemed for cash back as a statement credit, deposited into a Fifth Third checking or savings account, or even to pay down a Fifth Third loan or mortgage.1

TRIO features include:

  • 3% cash back rewards for every $1 spent at restaurants and 2% cash back rewards for every $1 spent on gas, and at grocery stores and drug stores, up to $1,500 spend per quarter in these combined purchase categories.1
  • Unlimited 1% cash back rewards for every $1 spent on all other purchases.1
  • $100 bonus when a new cardholder spends $1,000 in the first 90 days from account opening.2
  • No international transaction fees on purchases.3
  • No annual fee.3

For consumers looking for a lower rate on their cards for large purchases or for paying down balances, the Bank now offers the Truly Simple Credit Card.

Truly Simple features include:

  • 0% introductory offer on purchases and balance transfers for 15 billing cycles from account opening. After that, your variable APR will be 12.24% to 23.24%, based upon your creditworthiness.4
  • No annual fee.4

“Consumer habits show that people don’t want to switch cards all the time,” Bell said. “The Truly Simple Credit Card offers a competitive rate and no surprise fees.”

1. See Rewards Terms and Conditions at 53.com/rewards for additional details.

2. New Account Bonus Offer: Offer not available to existing Fifth Third consumer credit card customers or those with a Fifth Third consumer credit card account that has been closed within the last 12 months prior to account opening. To qualify for the new account bonus worth $100, you must make purchases totaling $1,000 or more during the first 90 days from account opening. Upon reaching the purchase qualification, you will receive 10,000 Real Life Rewards Points which can be redeemed for $100 cash back. Qualifying purchases are defined in disclosure #2 above. Please allow 6 to 8 weeks after reaching the purchase qualification for points to be awarded. Your account must be open and in good standing at the time the bonus points are awarded. Bonus points awarded may be subject to tax and you should consult your tax advisor to determine tax requirements.

3. Trio product terms: Variable APR will be 14.24% to 23.24%, based upon your creditworthiness. Variable APRs change with the market based on the Prime Rate. Cash Advance variable APR: 25.24%. Annual Fee: None. Balance Transfer Fee either $5 or 4% of the amount of each transfer, whichever is greater. Cash Advance Fee either $5 or 4% of the amount of each Cash Advance, whichever is greater. Convenience Check Fee either $5 or 4% of the amount of each check, whichever is greater. International Transaction Fee: None. Late Payment Fee of up to $35. Minimum interest charge is $1.00.

4. Truly Simple product terms: Variable APR will be 12.24% to 23.24%, based upon your creditworthiness. Variable APRs change with the market based on the Prime Rate. Cash Advance variable APR: 25.24%. Annual Fee: None. Balance Transfer Fee either $5 or 4% of the amount of each transfer, whichever is greater. Cash Advance Fee either $5 or 4% of the amount of each Cash Advance, whichever is greater. Convenience Check Fee either $5 or 4% of the amount of each check, whichever is greater. International Transaction Fee of 3% of each Transaction in U.S. dollars. Late Payment Fee of up to $35. Minimum interest charged is $1.00.

Credit Cards subject to credit review and approval. Rates determined by creditworthiness of applicant.

Information accurate as of 10/06/2016 and may have changed after that date. To obtain more recent information, please call us at 866-671-5353 or visit your local banking center.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $144 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth and Asset Management. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2016, had $305 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC, Equal Housing Lender

Contacts

Fifth Third Bank
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com

Release Summary

Fifth Third introduces two new credit card products, TRIO and Truly Simple, that are easy for consumers to understand, use and maximize their benefits.

Contacts

Fifth Third Bank
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com