5 Things to Know About the Fifth Third Bank Preferred Cash Back Card

The Fifth Third Bank Preferred Cash/Back Card offers a competitive 2% cash back on all purchases, but you’ll need to bank with Fifth Third to get it and to deposit your rewards. Plus, it doesn’t come with a welcome offer like other cards in its class.

If you live in one of the handful of states that the bank services and already have a relationship with the institution, the card can be a good option. If you don’t, another flat-rate cash-back card would be a better fit.

Here are five things to know about the Fifth Third Bank Preferred Cash/Back Card.

» MORE: What is Fifth Third Bank, and are its credit cards right for you?

1. It’s not available to all consumers

You must have a Fifth Third Preferred Banking account to get the credit card, which requires a minimum combined balance of $100,000 in deposit or investment accounts with the bank.

Plus, the bank has a footprint in less than a dozen U.S. states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. If you don't live in one of those states, you cannot apply for the card.

2. You'll earn rewards on all purchases

The card is among a select group of competitors that offer an unlimited and uncapped 2% cash back on all purchases. Cardholders earn rewards as points — 2 per every dollar spent. (Each point is worth an industry-standard penny each.)

You can redeem rewards as statement credit or as a deposit into a Fifth Third checking or savings account.

The 2% cash-back rate is top-of-class for those who are eligible for the card and already have a relationship with Third Fifth. If you don't have an account with the bank, and you're in the market for an uncomplicated flat-rate card, there are similarly lucrative options on the market.

The Wells Fargo Active Cash® Card, for example, earns an unlimited 2% cash back on all eligible purchases and charges a $0 annual fee. Rewards can be redeemed for statement credit; withdrawal from Wells Fargo ATMs in $20 increments using a Wells Fargo ATM or debit card, direct deposit into a Wells Fargo checking or savings account; or as a mailed paper check. It comes with the following welcome bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. Plus, it features an APR offer: 0% intro APR on Purchases for 12 months and 0% intro APR on Balance Transfers 12 months from account opening on qualifying balance transfers, and then the ongoing APR of 19.24%, 24.24%, or 29.24% Variable APR.

3. There's a promotional offer for balance transfers

Adding to the card’s competitive profile is an introductory APR offer. As of this writing, you'll get a 0% intro APR on balance transfers for the first 12 billing cycles after the account is opened. After that, your APR will be 19.74% to 29.74% (accurate as of this writing), based on your creditworthiness.

» MORE: NerdWallet's best balance transfer credit cards

4. There’s no welcome bonus

One major knock against the Preferred Cash/Back Card is its lack of a welcome offer. There are other 2% cash-back cards, like the aforementioned Wells Fargo Active Cash® Card, that offer bonuses for new applicants.

The $0-annual fee Citi Double Cash® Card is another example. It features the following: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. On an ongoing basis, the card also earns 2% cash back: 1% back when you make a purchase, then another 1% back when you pay it off.

5. It comes with a few side perks

Along with its ongoing rewards and interest-free offer, the Fifth Third Bank Preferred Cash/Back Card card comes with a number of other benefits. These include: