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|Decent intro balance transfer and purchase APR period||Balance transfer fee|
|No annual fee||No rewards|
|No penalty APR for a missed payment|
Intro 0% APR
The Truly Simple® Credit Card from Fifth Third Bank offers a promotional 0% APR on balance transfers and purchases for the first 15 billing cycles after you open the card. And while that’s a decent offer, you’ll be charged a balance transfer fee of 4% (minimum $5) of any amount transferred.
Once the intro period is over, the APR for both balance transfers and purchases is a variable 13.49% - 24.49%, depending on your credit.
Fifth Third’s card is a solid offer, but it’s not the longest intro 0% APR offer on the market. Other cards have promotions that last 18 months or more. If your goal is to pay the least interest for the longest period of time possible, you might want to go with a different card. If you’ve come up with a repayment plan that is 15 months or less, then this card could be just fine.
Another thing to consider is that balance transfer fee, which is unusually high. Many cards’ intro balance transfer fees hover around 3% of the amount transferred or $5, whichever is greater. As an intro offer, some don’t charge a fee at all if you transfer within a certain amount of time after opening the account.
And though 4% (minimum $5) doesn’t seem like much, a percentage point or two can add up quickly if you’re transferring a large balance — so saving on this fee can be a big deal.
No penalty APR for missed payment
In general, when you miss a payment’s due date by 60 days or more, credit card issuers can charge you a penalty APR on your existing balance. This rate can be charged to your card’s balance until you’ve made six months of on-time payments at the required minimum amount. After that, the issuer has to lower the rate on your existing balance to its original interest rate.
The Truly Simple® Credit Card from Fifth Third Bank does not charge a penalty APR for a missed payment, which is nice but not uncommon among low-interest cards. It does, however, charge a late payment fee of up to $39.
You should always work to make at least your minimum payment on time every month to help protect your credit. But having the extra protection against penalty rates can provide some peace of mind if you’re using a balance transfer card to try to get out from under a lot of debt.
It’s also important to note that Fifth Third Bank reserves the right to revoke any promotional APRs if you make a late payment. That means your balance transfer that had the intro offer could end up being assessed interest during the promotional period if you miss a payment, make a late payment or pay less than the minimum due. The lack of a penalty APR definitely won’t make up for that.
No annual fee
The Truly Simple® Credit Card from Fifth Third Bank doesn’t have an annual fee, which means you can focus all of your money and energy on paying off your debt on the card. Bonus: Once your debt is paid off, you won’t have to continue to pay for the privilege of having the card.
No rewards or sign-up bonus
Balance transfer cards don’t always have rewards, so it’s not unusual that the Truly Simple® Credit Card from Fifth Third Bank also doesn’t have them. On one hand, not having rewards means there’s less of a temptation to overspend in order to get points or cash back while you’re also paying down debt. On the other hand, once you’ve paid off your debt, this card might not be as appealing.
Who this card is good for
The Truly Simple® Credit Card from Fifth Third Bank is marketed as a balance transfer card but has a higher balance transfer fee than many of its competitors. That makes it hard to recommend to people who are looking to use it to consolidate credit card debt.
If you’re already banking with Fifth Third, it might make sense to keep all of your finances in one place. In that case, this card could be nice. If not, you’re likely better off with a different card.
Not sure this is the card for you? Consider these alternatives.
If you’re not sure that the Truly Simple® Credit Card from Fifth Third Bank is the right one for you, there are many alternatives on the market. Here are some to consider.
- Citi® Double Cash Card: This card’s rewards could make it a good choice for people who want to continue to earn rewards with the card after paying off their debt.
- Citi Simplicity® Card: For people who need a lot of time to pay off their debt, this could be a good option.
- Amex EveryDay® Credit Card from American Express: If you have a ton of debt to transfer, you may be able to save some serious money with this card.