Reviews Fifth Third Business Rewards MasterCard review
Fifth Third Business Rewards MasterCard review

Fifth Third Business Rewards MasterCard review

Published: April 24, 2017
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Ratings Policy
Business Rating:
2.5 rating
2.5 rating
2.5 / 5
Rewards Value 1.6
Annual Percentage Rate 3.4
Rewards Flexibility 3.2
Features 3.0

In a nutshell:

The Fifth Third Business Rewards MasterCard offers decent benefits and business-centric rewards, but its wide range of APRs makes it a risky choice for cardholders with lower credit scores.

Rewards Rate

  • 2:1 on utilities, restaurants and office supplies
  • 1:1 on general purchases

Sign-up Bonus
None

Annual Fee
$0

Estimated Yearly Rewards Value ($4,000 monthly spend)
$557

APR
11.49-22.49%

Rewards Redemption
Pros

  • No limits on earning points
  • No blackout dates
  • No limit on how many points you can redeem
  • Redeem points for travel, gas cards, merchandise, charity credits or cash
  • Use points to help pay off select loans
  • Transfer points to other Fifth Third members

Cons

  • Points expire after 4 years
  • Must book travel through Fifth Third Bank
  • Must earn at least 25,000 points in order to get the maximum point value for travel

Other Notable Features: Complimentary employee cards, car rental insurance, purchase insurance, price protection, extended warranty, baggage insurance, roadside assistance, travel assistance, trip cancellation/interruption protection, concierge service

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If you’re a Fifth Third Bank customer and can qualify for a lower APR, the Fifth Third Business Rewards MasterCard can be a decent choice. Its rewards program isn’t nearly as generous as those of some competitors. However, it offers bonus points on purchases you’re likely to make often, such as office supplies and restaurant meals. It also includes a number of travel-friendly benefits, such as complimentary concierge service and travel insurance.

The Fifth Third Bank card’s maximum APR is on the high side, though, so you want to tread cautiously if you have less-than-perfect credit. It also doesn’t offer any introductory promotions or sign-up bonuses, which is disappointing for a rewards card.

Business-centric bonus points
The most appealing benefit offered by the Fifth Third Business Rewards MasterCard is its business-friendly rewards program. Fifth Third offers an unlimited two points for every dollar spent on office supplies, restaurant purchases and utility payments and one point per dollar spent on everything else. So if you operate a relatively large office or frequently take clients out to lunch, you shouldn’t have much trouble racking up a lot of points.

On the downside, the business card’s average rewards value is relatively low compared to some competitors. According to our estimates, cardholders earn just $556.80 per year if they spend roughly $4,000 a month, which is significantly less than what similar business cards offer.

Flexible redemption
Despite the card’s lower redemption value, Fifth Third Bank makes it relatively easy to redeem the points you earn. It also gives you a number of flexible options so you don’t have to put much effort into redeeming rewards. For example, you can redeem points for travel, gas cards, merchandise, charity credits or cash back. Or, you can apply points toward one of your loans. There are no limits on the number of points you can earn, nor are there restrictions on the number of points you can redeem.

You do have to go through Fifth Third Bank’s travel website to book rewards-funded travel, but there aren’t any blackout dates. So it should be relatively simple to book a hotel or flight.

Decent travel benefits
The Fifth Third Bank Business Rewards MasterCard doesn’t offer as many business-friendly benefits as some competitors. However, it does offer more travel benefits than the average business card, including car rental insurance and trip cancellation and interruption insurance, as well other cardholder benefits such as identity-theft assistance and purchase protection. So it’s a good card to take on the road.

Fifth Third also doesn’t charge you for ordering additional cards for employees, so you don’t have to worry about incurring extra fees when you order multiple cards.

Pricey drawbacks
The Fifth Third Bank Business Rewards MasterCard is less appealing, though, if your credit isn’t perfect, since it’s relatively pricey for cardholders with lower scores. Although the card’s minimum rate starts at just 11.49 percent, the card’s maximum APR runs as high as 22.49 percent. That’s significantly higher than many business cards, making it a riskier choice if you plan to carry a large balance.

The Fifth Third Business card also doesn’t offer any introductory promotions or a sign-up bonus, so you have to pay interest from the start.

Reasons to get it:

  • You spend a lot on utilities, office supplies or restaurant purchases.
  • You’re already a Fifth Third Bank customer or plan to open a Fifth Third checking account to take advantage of the card’s overdraft protection feature.
  • You or your employees travel frequently and need the premium travel benefits.

How to use it:

  • Use your card for all office supply and restaurant purchases in order to maximize the number of points you can earn. But before you use it to pay utility bills, check with your provider to see if there are any extra fees for paying bills with credit. You may find that the extra points aren’t worth the additional fees.
  • Use the card for all domestic travel purchases, including airfare and car rentals, in order to take advantage of the card’s travel benefits.
  • Compare prices before you book travel through Fifth Third Bank’s website. You may find you’re better off redeeming points for merchandise or cash and buying a ticket through another provider.

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