Press release
Fifth Third Secured Card Broadens Economic Access for 48,000+ Customers, And Counting
Graduates of Secured Card Program Upgrade to Unlimited 1.67% Cash Back on Purchases and No Annual Fee CINCINNATI--(BUSINESS WIRE)-- Today, Fifth Third
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nGraduates of Secured Card Program Upgrade to Unlimited 1.67% Cash Back on Purchases and No Annual Fee\n\n CINCINNATI--(BUSINESS WIRE)--\nToday, Fifth Third (NASDAQ: FITB) graduated another 3,900 customers through its Fifth Third Secured Card program, which has now helped more than 48,000 customers boost their credit scores and bolster their financial stability since its inception in 2019. Fifth Third Secured Card graduates automatically upgrade to the Bank’s flagship 1.67% Cash/Back Card, earning unlimited 1.67% cash back on purchases with no annual fee, while enjoying a lower purchase APR.\n\nFifth Third’s Secured Card program is designed to help customers who want to build or repair credit establish a positive credit history. Building and maintaining good credit can unlock many benefits for future borrowing, like qualifying for lower interest rates on mortgages and auto loans.\n\nThis spring’s graduates are leaving the program with improved credit and the potential for broader financial access:\n\n\nCustomers who entered the program with no FICO score had an average FICO score of 729 at graduation.\n\n\nCustomers who entered the program with a credit score increased their FICO score from 627 to 721 on average at graduation.\n\n\nMore than 50% of the graduates are receiving a credit limit increase.\n\n\n\"Establishing good credit is a crucial step towards financial stability,\" said Heather Chu, Head of Credit Card & Personal Lending Product at Fifth Third. \"Whether you're opening your first credit card or rebuilding your credit, Fifth Third’s Secured Card can help you create a positive credit history. Today’s graduates have built a strong foundation that can ultimately support long-term wealth and financial wellness.\"\n\nThis year, Fifth Third’s Secured Card program is accelerating from bi-annual to quarterly cycles and anticipates graduating more than 17,000 customers. Customers graduate from Fifth Third’s Secured Card program after meeting key credit criteria like establishing a history of on-time payments over a period of 12 months. Upon graduation, customers are automatically given a 1.67% Cash/Back Card account, and any existing balance is transferred to the new account. The hold on the security deposit funding the Secured Card credit limit is then released, making that money available to the customer.\n\nAbout Fifth ...