Fifth Third Platinum card review

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For cardholders with excellent credit, the Fifth Third Platinum card seems like a good value. It offers a longer interest-free promotional period than the average balance transfer card and its minimum APR is relatively low. But if you take the time to scroll through the card’s terms and conditions page, you’ll find a higher-than-average balance transfer fee that can cause even modest credit card balances to balloon.

Extended introductory period

The Fifth Third Platinum card’s biggest selling point is its extended interest-free promotion. Cardholders get up to 15 months to pay off a balance transfer before the promotional period expires, making it an attractive pick for cardholders with hefty balances. The average balance transfer card, by contrast, gives cardholders just 12 months to pay off an interest-free balance transfer. Cardholders are also given up to 15 months to make interest-free purchases, which is an especially good value for cardholders who want to make bigger purchases. Many cards that offer an especially long balance transfer period don’t offer an interest-free period on purchases.

Pricey balance transfer fee

Depending on how much you transfer, the Platinum card’s lengthy promotion can potentially save you a substantial amount of money on interest. However, its disappointing balance transfer fee partially cancels out some of those savings – especially if you consolidate debt from multiple cards. Every time you transfer a balance onto the Platinum card, Fifth Third Bank charges a 4-percent balance transfer fee, which can add up quickly if you transfer multiple balances. Just one $5,000 balance transfer, for example, can cost up to $200 in fees – $50 more than a card with a standard 3 percent balance transfer fee would charge.

Wide APR range

The Fifth Third Platinum card also advertises a wide range of potential APRs, making it tough to determine what kind of interest rate you’ll get if you apply. The Platinum card’s minimum available rate is on the low end for balance transfer cards. For example, the average balance transfer card charges a 14.12 percent APR, according to CreditCards.com data, while the Fifth Third Platinum card charges just 10.99 percent to cardholders with the best credit. However, cardholders with lower scores can be charged an APR as high as 23.99 percent, which is steep for a balance transfer card.

Decent benefits

The Fifth Third Platinum card also doesn’t offer a rewards program, so if you can’t qualify for one of the card’s lower rates, the card might not be worth the hassle. It does, however, offer some decent benefits. For example, cardholders are enrolled in a cellphone protection plan that covers up to three cellphones on the same wireless plan. Cardholders also receive ID theft protection, premium travel assistance and free concierge service. The Platinum card doesn’t offer travel accident or rental car insurance, though, which are both widely available on other cards.

Some restrictions on transfers

If you do decide to transfer your balance to the Platinum card, be sure to read its terms and conditions. Fifth Third will only transfer a minimum of $100 to the card, and you can only transfer 10 balances at a time. The total amount of debt you can transfer will also depend on your credit limit.

Why get the Fifth Third Platinum card?

• You’re already a Fifth Third Bank customer and want a card with the same bank.
• You have excellent credit and can qualify for the card’s lowest available rate.
• You have a significant amount of debt to transfer and need at least 15 months to pay it off.
• You’re looking for a lengthy introductory APR on purchases as well as balance transfers.

How to use the Fifth Third Platinum card:

• Remember the card’s balance transfer fee when you calculate how much you need to pay each month to permanently clear your balance.
• Be aggressive with your payments. Try to pay around the same amount each month so that you don’t accidentally fall behind.
• Watch your newest credit card balance if you decide to use your card for purchases. It can be tempting to overspend when you have almost a year and a half to make interest-free purchases.