rewrite this title 5 Things to Know About the Fifth Third Bank Preferred Cash Back Credit Card – NerdWallet

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 stellar 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.

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.

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.

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.

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.

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: