CINCINNATI — Fifth Third Bank has launched a credit card offering 0% introductory interest for 18 months on purchases and balance transfers, part of an effort by the bank to simplify its card lineup around customers seeking either rewards or lower borrowing costs.
The bank said its new Truly Simple Credit Card carries no annual fee and is issued on the Mastercard network. After the 18-month introductory period, the variable annual percentage rate on purchases and balance transfers ranges from 18.49% to 29.49%, Fifth Third said.
The card is aimed at consumers seeking to finance larger purchases over time or consolidate higher-interest credit card balances, according to the Cincinnati-based bank.
Card Targets Interest Costs, Debt Consolidation
Fifth Third said cardholders can transfer balances and consolidate higher-interest debt through the bank’s mobile app. Customers also can manage automatic payments digitally.
Eligible cardholders can receive more than $120 in annual value through Mastercard’s Instacart benefit program, the bank said.
“People are looking for practical and reliable ways to manage debt, finance important purchases and keep their financial lives simple,” Ben Hoffman, Fifth Third’s chief strategy officer and head of Consumer Products, said in a statement.
Hoffman said the card was designed to combine introductory financing with digital payment-management tools and benefits tied to everyday spending.
The bank said the launch responds to consumer demand for longer introductory financing periods while providing tools intended to help customers manage debt and reduce interest expenses.
Fifth Third Simplifies Credit Card Lineup
The new card also reflects Fifth Third’s effort to organize its credit card portfolio around two primary customer objectives: earning rewards and reducing interest costs.
The bank’s 1.67% Cash/Back card is targeted at customers who want to earn rewards on everyday purchases. The Truly Simple card, meanwhile, is designed for customers seeking to reduce interest expenses, consolidate debt or simplify payments.
Fifth Third said the new card is part of a broader strategy to offer financial products and digital tools that are easier for customers to understand and manage.
The bank said combining introductory financing, digital self-service features and cardholder benefits is intended to give customers greater flexibility in managing purchases and existing credit card debt.
